Tangerine Wire Transfer
Over 2 million Canadians use Tangerine to save money on their banking, invest and even borrow.
Can you do a Tangerine wire transfer?
Well no, Tangerine cannot be used for wire transfers!
But there are great and inexpensive options – which can be used easily with Tangerine.
In the next few minutes, we will show how to Wire your money if you have your savings in Tangerine and we will also recommend the three best services to save money and minimise stress.
Let’s dive in.
Disclosure: This post contains affiliate links and potential savings on transfers if you use some of the links! For more information, see my disclosures here.
First here’s the basics:
Tangerine, formerly ING Direct and now owned by Scotiabank, offers fee-free high-interest savings and checking accounts as well as cards, investment and loan products to Canadian residents.
Tangerine saves you money in fees and helps you to save and invest. Even though wire transfer with Tangerine or other international money transfers from Canada cannot be done directly – it can be done using even better options!
1. How to Transfer Money Overseas from Tangerine
Essentially for international transfers, you have two options:
- Set up a wire transfer from a major Canadian bank account linked with your Tangerine account (usually expensive)
- Use specialist money transfer companies like Wise, OFX and WorldRemit to send money abroad (more flexible and affordable).
We will show you both options in detail, starting with the simplest but unfortunately usually the most expensive.
2. Simplest Way to Transfer Money Internationally with Tangerine (Wire Transfer)
The simplest (but usually not the cheapest or best) way to send money abroad is to link your other Canadian bank account with Tangerine to set up an international wire transfer.
When you first set up Tangerine, you will have often done this with a major Canadian bank. This means you already have a major Canadian bank linked to your Tangerine account.
Also Tangerine makes it super easy to “Transfer Money” to this external account – just as easy as transferring between multiple Tangerine accounts.
After you transfer mooney to an external Canadian bank account with your Tangerine account, you can make a wire transfer direct from this bank.
Tangerine lets you link up to 3 external bank accounts and it means you can send amounts higher than your Interac e-transfer limit ($3000 CAD per day).
Note that the process isn’t instant – more on that soon (see “How long do Wire Transfers Take with Tangerine?” below).
Although simple, sending money abroad with high street banks like Scotiabank, RBC, TD, CIBC, and BMO tends to attract a lot of fees. The next section applies to banks and money transfer services so you can compare them side by side.
3. Four Fees You Need to Know About
Here are the four main fees you need to know about:
This fee is only charged by banks and not directly by specialist money transfer companies although some money transfer companies attract this fee because in order to fund the transfer, the bank (where your money originates) needs to Wire money to it.
Note: Most specialist money transfer services we recommend use local bank accounts in Canada which avoids most – if not all of this fee. It also means you can make transfers much more quickly than using the SWIFT network.
Here Are the Different Fees Banks in Canada Charge for Sending and Receiving International Wire Transfers
|Bank / Service||Outgoing international wire transfer fees|
|RBC||Starting at $45 CAD|
|Scotia Bank||$1.99 CAD per transfer on select accounts|
|CIBC||Up to $10,000 CAD: $30 CAD per wire|
$10,000.01 CAD to $50,000 CAD: $50 CAD per wire
More than $50,000 CAD: $80 CAD per wire
|TD Bank||$50 CAD|
|BMO||Minimum charge: $15 CAD|
Maximum charge: $125 CAD
|Specialist Money Transfer Service||Often Zero|
This is generally a small fixed fee charged by a your the bank or money transfer service. and tends to be higher than specialist money transfer companies. Many money transfer services waive this fee.
Although banks and monet transfer services can usually buy currency at the interbank or mid-market rate, they don’t offer this rate to their customers. Instead, they charge a high margin. For bank this is typically 2%-5% of the transfer amount and money transfer services it can be as low as 0.5% to about 2%.
One top pick below does not charge this fee at all.
This is the fee you will pay for receiving an international wire transfer in your high street bank account overseas in Canada.
This can vary a lot between countries and banks.
USA: Usually about $15
UK: Usually £7 or £8
Australia: usually $10 – $12
4. Steps to Transfer Money from Tangerine to Overseas
As mentioned above, to effectively make a Tangerine wire transfer you can either send money abroad with Tangerine using your high street Canadian bank account or a specialist money transfer service.
The only difference is that you may need to use your bank to fund the transaction with the specialist money transfer service.
4.1 With a Canadian High Street Bank Account
You can send money abroad by linking a Canadian bank account with your Tangerine account. This will help you fund your transfer with the money in your Tangerine and then set up the wire transfer online or at a high street bank branch.
To set up your wire transfer online, follow these steps:
- Link your “External” bank account with your Tangerine account. Tangerine may need to confirm this with a micro deposit. (Note: you probably already have an account linked to Tangerine that is with a major bank)
- Go to “Transfer Money” after logging into your Tangerine web portal or app
- Select the account you’ve linked, enter the amount, review the details and hit confirm.
Once you’ve sent money to your linked bank account, log into their app or website to set up the international wire transfer. If you’re new to wire transfers or unsure about the process, visit the nearest branch to get hands on help.
As we keep saying, the next option can save you a lot of money and it is only one step away!
4.2 With a Specialist Money Transfer Service
With a specialist money transfer service you can send money easily (both bank transfers and cash payments) and affordably from the comfort of your home.
Simple: Tangerine → Linked Bank Account → Money Transfer Service (then transfer)
- Set up an account with the money transfer company of your choice and get your account verified (this is required as they’re registered financial services providers)
- Make a transfer with your recipient details, amount etc.
- Send money to the money transfer company from your linked bank account (4.1 shows how to get your money to your linked bank account from Tangerine)
- Track your transfer on the mobile app or on their web portal.
5. Top 3 Money Transfer Options
After over a decade of reviews and using making money transfers ourselves we have found they tend to be designed for different needs.
- Smaller bank to bank transfers (below $9500 CAD)
- Larger bank to bank transfer (above $9500 CAD)
- Cash transfers
Choosing the right service can further help reduce fees and also ensures there are no delays in your money arriving.
Here are our top 3 picks:
Wise (review) is a money transfer company as well as a multi currency account that lets their users hold, manage, and convert between 50+ currencies. In Canada, they recently launched the Wise Card which connects to their multi currency account.
Another reason to use Wise is their transparency. Through the Wise calculator (opens new tab) you can see the fees you pay without signing up for the amount and currencies you want to transfer.
Availability: They are available for registration in 59 countries (including Canada) and enable transfers to 60+ countries in 40+ currencies.
Strengths: Low, transparent fees, great customer service, and unique multi-currency account option.
Fees: Wise offers transfers at the mid-market or interbank rate with no margin that can inflate the fees. Their fees are very low (as low as 0.35%) and they remove sending and receiving fees with local bank accounts in almost all the countries they service.
Wise is available for both individuals and businesses. We use them ourselves and recommend them highly, because you can easily see exactly what you will pay for your transfer using their calculator.
OFX (review) is our top choice for amounts above $9500 CAD due to a combination of factors like 24/7 phone support, online and offline transfers and a fee structure that is designed to work in your favour as the amounts increase.
Also, OFX may charge a fixed fee of $15, however if you click here (opens a new tab) you can avoid these fees all together.
You might like Wise Vs OFX if you can make up your mind.
Availability: OFX supports large bank transfers to 190 countries in 55 currencies.
Strengths: Low fees with high touch customer service (based in Toronto) designed for large amounts. The 24/7 phone support is important because banks (like the one you will use to fund the transfer) have different limits and rules which can make things interesting when you start transferring larger amounts. Transfers can easily be set up online 24/7, but phone support 24/7 generally ensures everything runs really smoothly.
Fees: OFX (normally) charges a flat $15 fee for all transfers below $10,000 CAD as well as a margin on the exchange rate. Above this amount, the flat fee is waived or you can use this link to avoid this fee for ever. Moreover, their margin on the exchange rate goes down as the amount increases, which makes sending large transfers with them extremely affordable. They also remove hidden fees receiving bank fees with local bank accounts worldwide.
OFX is available for personal and business and may come handy if you’re moving abroad, buying property in a different country, etc.
WorldRemit (review) lets their users send cash as well as bank transfers affordably.
When it comes to cash WorldRemit (using the code ‘3FREE‘*) is a clear leader. For starters Canadian residents can get the 3FREE offer, but more importantly WorldRemit helps save a lot of money by allowing you to fund the transfer with your bank account.
Availability: WorldRemit is available for registration in Canada and support transfers to 150 countries worldwide
Strengths: Flexible payout methods, wide base of receiving countries
Fees: WorldRemit’s fees vary by location, payout method, and amount. But rest assured they’re one of the most affordable ways to send cash abroad from Canada because they’ve moved a part of their service (setting up the transfer) online compared to traditional remittance services like WesternUnion (review), MoneyGram (review), and Ria (review), which can be more expensive than high street banks.
WorldRemit also enables you to pay utility bills abroad, top up a family member’s mobile phone, transfer funds to a mobile wallet, or even send bank transfers tobank transfers if required.
6. How Long Do Wire Transfers Take with Tangerine?
After you link your external account with Tangerine, it usually takes 1-2 business days to send the funds to your other bank account (like Scotia, RBC, TD, CIBC, and BMO) but it can be practically instantaneous or maybe a few hoursthrough the interac e-transfer system.
After that, if you use your high street bank account for the transfer it will usually take 3-5 working days and you might have go into the branch.
With a money transfer service, you will need to transfer the money from your high street bank account.
Transfer speeds with specialist money transfer companies can also vary, but it is usually completed in 0-6 working days. This takes into account the time to send moneyfrom your high street bank account. The money transfer service can be sometimes transfer money instantaneously but more often it will take 2-5 days in total.
7. Why We (Still) Love Tangerine
In the interest of full disclosure, we have long been a customer of Tangerine.
We love that you actually earn interest with a savings account. Not to mention these accounts are free to open without monthly fees.
For international transfers, all you need to do to save a bunch of money and bypass the banks is set up an account with a great money transfer service!
Here’s are the banking services offered by Tangerine:
- No-fee, high-interest savings bank accounts (including US Dollar accounts)
- No-fee checking accounts
- Retirement Savings Plans (RSPs)
- Retirement Income Funds (RIFs)
- Business Accounts in Canadian and US Dollars
- Home Equity Line of Credit
- Penalty-free Mortgage
- Guaranteed Investment Certificates (GIC)
While Tangerine is a digital bank they also are a subsidiary of Scotiabank, which makes them a reliable and safe option. And while their services are mostly online, you can visit their physical locations (in Toronto, Vancouver, Calgary, and Montreal) called “Tangerine Cafés” should you have any questions about your account.
These physical locations set them apart from other digital banks. Hopefully this does not add to the fees in the future.
Overall, Tangerine is a great option for your day-to-day banking needs because they’re focused on ensuring savings for their customers. Their savings account earns interest and there are a number of cashback options when you use their checking account or cards (both debit and credit).
And when it comes to money transfer overseas – just like having a big bank account – you have to use a specialist money transfer service (above) to save a small fortune and get the better services they offer.