Tangerine Bank International Money Transfer

Based out of  Canada, Tangerine is one of the popular direct banks that offer services online via mobile apps and by phone and do not have any physical branches. It indicates that there are fewer costs and fees than with traditional banks, also the customers receive higher interest payments as a result. Coming to the limitations of this bank, as of now you cannot do Tangerine international transfer. Although, there are other options out there through which you can do wire transfers. Keep on reading further to know more about Tangerine Bank.

History of Tangerine

Established in 1997, Tangerine was previously known as ING DIRECT Canada. Its name was changed to Tangerine when it was acquired by Scotiabank in 2012. Tangerine was started with the simple aim of providing more choices to customers. Back then people used to pay high service charges and fees and get low-interest rates. To resolve this problem, Tangerine was formed to ensure Canadians get good direct banking services. Since then, Tangerine has gained popularity for providing direct banking services in a safe and secure way to Canadians. When it comes to direct banking services, Tangerine is a leading choice among customers. 

Also Read: Things to consider when transferring money abroad

Services offered by Tangerine 

Tangerine does not have any physical branches but its services can be availed via mobile apps, by visiting a cafe in Toronto, Vancouver, Montreal or Calgary. Following are some of the other services offered by Tangerine.

• RIFs (Retirement accounts)
• Credit card with money back and no annual fee
• Business accounts
• Investment funds
• Mortgages
• Lines of Credit
• GICs (Guaranteed Investment Certificates) 

How to Open an Account With Tangerine 

In order to open an account at Tangerine Bank you can use one of the two options available – through the Tangerine app or by the website.

Opening an Account Through the Tangerine App

In order to open a bank account through the Tangerine app follow these steps:

• First, you need to download the app either from Google Play Store or from Apple Store.
• Then you have to scan your Canadian ID.
• After that take a selfie.
• The last step is to confirm the information you have given.

Opening an Account Through Tangerine Website 

To sign up for Tangerine through its website make sure you follow the steps mentioned below:

• First, you need to enter your email address.
• Then set up a 6-digit PIN number. Make sure you set a PIN that you are able to remember easily. 
• After setting up the PIN enter an orange key or promo code if you have one. 
• Then, enter your name as per your ID card. 
• After this, you need to provide your social insurance number.
• Then enter your address.
• The last step is to submit the information for review. 

Is Tangerine International Transfer Option Available? 

You cannot do a Tangerine international transfer as it does not permit its account holders to send or receive international money transfers the reason behind it is that it does not have the necessary SWIFT or BIC codes needed to complete a wire transfer. But there are workarounds, you can benefit from the alternative options if you have an account with Tangerine.

Can a Tangerine Account Holder Receive International Transfer? 

An international wire transfer cannot be received on your Tangerine account. Your sender will request your bank’s SWIFT/BIC code when you set up an international wire transfer so that it can be delivered securely. Tangerine does not have a SWIFT/BIC code, so a wire transfer of funds to your account is not possible.

Some Important Information Regarding Tangerine International Transfer 

As compared to using a private currency exchange provider, Tangerine international transfer may take longer to arrive. Also, in order to use their services, you must already have an existing Tangerine bank account. When sending money abroad into another currency, Tangerine Bank may also impose a flat-rate commission charge, and commission charges for bank transfers vary based on the amount you need to send. Private brokers offer fee-free currency transfers, usually for amounts over $5000 (INR 4.10 Lakh).

Your funds will take 5 to 7 days to reach the target bank if you don’t pay a premium through the Tangerine Bank service. Private foreign exchange firms normally carry out the transaction the same day or the day after.

Alternatives for International Money Transfer 

Since Tangerine international transfer is not available you can consider the following alternative methods to do international money transfer:

• Online banks – Other online banks are a notable Tangerine substitute. For instance, two of Tangerine’s competitors are Simplii Financial and EQ Bank. Opening an account with one of these Internet banks is a lucrative alternative because they run cheaply and lack physical branches.
• Other Banks- If talking about Canada, there are other banks through which you can do international money transfers such as Scotiabank, TD Bank or CBIC. 
• Transferwise – International money transfers are available with Transferwise at the actual mid-market exchange rate which is the rate that banks use among themselves.

Must Read: Foreign Money Exchange – How Exchanges Work and Who Governs the Rates

Some Fees that You Should Know About

When talking about banks there are some fees that you should know about in order to be aware of the charges levied by the bank upon you.

• Sending Fee– Sending fee is levied by the bank and is not charged by the money-transferring specialist companies but some companies may ask for the fee in order to finance the transaction. 
• Transfer Fee – The transfer fee is a small fixed fee charged by the bank, it is generally high as compared to the specialist companies that deal in money transfer.

• Exchange Rate – The banks and money transfer services buy currency at the interbank or mid-market rate but they add a margin and take more money from the customers. Banks usually take around 2%-5% of the total amount while money transfer services charge a little less as they take around 0.5%-2% from the customers. 

• Receiving Fee– This type of fee is levied on the receiver who gets money through an international wire transfer in their account. Receiving fees from country to country and bank to bank. 

Fees Charged by Different Banks in Canada for Receiving and Sending International Wire Transfers

The table below represents fees charged by different banks in Canada for international money transfers: 

Bank / Money Transfer Services	International Money Transfer Fees
BMO	Minimum fee- $15 CAD (INR 912) Maximum fee – $125 CAD (INR 7,600)
CIBC	Upto $10,000 CAD (INR 6,08,000) – $30 CAD per wire (INR 1,824) $10,000.01 CAD to $15,000 CAD (INR 6,08,000 – INR 9,12,000)  –  $50 CAD per wire (INR 3,040) More than $15,000 CAD (INR 9,12,000) – $80 CAD per wire (INR 4,864)
RBC	Starting at $45 CAD (INR 2736)
Scotia Bank	$1.99 CAD per wire on selected amounts (INR 121)
TD Bank	$50 CAD (INR 3,040)
Specialist Money Transfer Service	Usually zero

Is Tangerine Secure? 

Tangerine is quite serious about security. To prevent fraud and theft, these cards have microchips inserted in them. After confirming your identity by responding to a series of security questions, you can reset your PIN online if you forget it. If you have any problems, you can call 1-888-SAFE-304, which is a dedicated online security number. The Tangerine apps have improved security as well. For iPhone users, Touch ID uses your distinctive fingerprint to recognize you. Even Face ID is available if you want this option. Also, you can take advantage of Fingerprint ID if your Android device is running version 6.0 or higher.

Also Read: 5 Safest ways to carry money abroad

Advantages of Using Tangerine 

If you have an account with Tangerine then you can be benefitted from the many services it offers. Following are some of the advantages of using Tangerine:

• High-interest rates
• If you have an account with Tangerine then you can use  Scotiabank’s ATMs.
• A low fee is charged from customers and also there are no monthly charges.
• Tangerine offers its customers a highly rated app, desktop and mobile website.

Disadvantages of Using Tangerine 

Following are some of the disadvantages that you should consider while making a decision to open an account with Tangerine:

• The option of Tangerine international transfer is not available.
• People who are not so much into technology will face a little bit of difficulty if they have an account at Tangerine Bank.
• If you are new to Canada, then it will be difficult to open a bank account at Tangerine.
• Tangerine temporarily freezes the bank account if it finds any verification issues.

FAQs

This is everything you need to know about Tangerine international transfer! Worried about the financial hurdles you are facing for your study abroad dreams? Let Fly Finance help you and make your dreams come true!