Exchange rates, Payment methods, How to, Transfer fees and much more
If you are looking at options to send international money transfers, you may be curious about Tangerine. It’s not the typical Canadian bank, as it has no branches and operates entirely online and through ATMs. However, it means that there are less fees and expenses than traditional banks. It can also pay you more interest on your money. While Tangerine may be a popular choice, it does have its limitations. Before you decide on a bank, it’s best to do your research. Keep reading to find out everything you need to know about sending an international money transfer with Tangerine.
Pros
Low fees for accounts, no monthly fees
Account holders can use all Scotiabank ATMs
High interest rates
Highly rated app, desktop and mobile website
Cons
Does not offer international money transfers
Best for customers who are comfortable with technology
Some accounts can be temporarily frozen if there are verification issues
Can be difficult to open account if you’re new to Canada
You can bank with Tangerine using online and mobile banking as well as telephone banking. Since Tangerine is an online-only bank, their mobile apps and other services are top of the line.
For Android users, the Tangerine app is available on Google Play. For iPhone users, there’s an app on the App Store. The apps are rated 4.3 and 4.2 out of 5 respectively. Users like that you can get a quick snapshot of your finances on the first screen when you open the app. You can also locate ATMs, get notifications, and make transfers.
Tangerine takes its security rather seriously. Their cards are embedded with a microchip to protect against theft and fraud. If you forget your PIN, you can reset it online after answering several security questions to verify your identity. There’s a dedicated online security number to call if you have any issues: 1-888-SAFE-304. There’s also enhanced security for the Tangerine apps. For iPhone users there is Touch ID to identify you via your unique fingerprint. You can even take advantage of Face ID if you so choose. If you have an Android device running 6.0 or higher you can also benefit from Fingerprint ID.
You can contact Tangerine in several ways.
Telephone:1‑888‑826‑4374 / 1-416‑756‑2424 (English) or 1‑844‑826‑4374 (French)
Telephone help is available 24 hours a day.
Chat:Chat with Tangerine’s chatbot, which is accessible via their website. The bot won’t always have the answers, but is great for general questions. In order to get responses specific to your account, you must be logged in.
By post:Tangerine, 13389 Steeles Avenue East, Toronto, Ontario, M2H 0A1
In personAlthough an online bank, Tangerine does operate “Cafes” in major cities where you can drop in and speak to a representative.
Tangerine is much more than a website. It was established in 1997 and at the time was known as ING DIRECT Canada. The aim of the bank was to bring more choice to the banking market. Customers had no other option back then than to pay high fees and service charges and get low interest from the larger banks.
A name change came when Scotiabank acquired ING Bank of Canada in 2012. Ever since it was founded, the company has stayed true to its goal. It brings direct banking services to many Canadians every day and does so in a safe and secure way. Among direct banks, Tangerine is the leading choice for customers in Canada.
You have two options for opening an account with Tangerine. Firstly, via the Tangerine app, or secondly by using the website.
Signing up for Tangerine via the app
You can go to the nearest Canada Post office to show your identification. This can be a driver's licence, provincial or territorial ID card, or Canadian passport. You'll also need a proof of residence. Tangerine accepts many different types of documents, including utility bills, leases, and even a university or college transcript
Once verification is completed your new card should arrive in a few days by post. You’ll get access to the entire Scotiabank ATM network if you bank with Tangerine.
You can use an Interac e-transfer, which is a free option.
An Interac e-transfer is usually with the recipient account in half an hour or less.