+1(514) 937-9445 or Toll-free (Canada & US) +1 (888) 947-9445

Bank - Tangerine

mattjp1

Hero Member
Jul 23, 2017
412
104
Japan
NOC Code......
1223
Doc's Request.
12-07-2017
Hi all,

I was told by a friend that the bank called "Tangerine" charges lower fees than most other banks.

Just curious, has anyone tried it before and in this case, are you happy with the service?

Appreciate any feedback,
Thanks - matt
 
  • Like
Reactions: ericntd

mattjp1

Hero Member
Jul 23, 2017
412
104
Japan
NOC Code......
1223
Doc's Request.
12-07-2017
Yes, with Tangerine you get a free chequing and savings account and also interest on your chequing balance. This is the same with a few other digital banks - Simplii, Alterna, etc. You can check this article for more info on the pros and cons between a digital bank and traditional banks: https://www.savvynewcanadians.com/how-to-avoid-pesky-canadian-bank-fees/
Thanks, I'm reading this soon.

I heard some people advise to open an account in a main bank + one in an online bank to save on banking fees.. could be interesting.
 

mattjp1

Hero Member
Jul 23, 2017
412
104
Japan
NOC Code......
1223
Doc's Request.
12-07-2017
That's what I do as well - get the best of both worlds!
Thanks for the tips.

To be frank I'm kind of lost with all bank offers for newcomers. Which bank have you chosed as "traditional" bank? I'm comparing and RBC looks alright, a few good advantages for new comers such as no credit history cards/loans etc..
 

Investocrat

Star Member
Jun 4, 2017
116
29
Winnipeg
I use RBC for my traditional bank needs, but honestly, I'm considering moving totally to using a digital bank at some point. I hate having to pay for a chequing account, even though I get some rebates from having multiple account types. For now, you can start with RBC and decide on other options later.
 

mattjp1

Hero Member
Jul 23, 2017
412
104
Japan
NOC Code......
1223
Doc's Request.
12-07-2017
I use RBC for my traditional bank needs, but honestly, I'm considering moving totally to using a digital bank at some point. I hate having to pay for a chequing account, even though I get some rebates from having multiple account types. For now, you can start with RBC and decide on other options later.
Thanks for sharing your experience. I read somewhere chequing account charges are waved if you maintain a certain amount on the account?
 

APPNOV2014NY

Champion Member
Nov 21, 2014
2,950
1,057
Category........
Visa Office......
Sydney/Ottawa
NOC Code......
2172
Job Offer........
Pre-Assessed..
App. Filed.......
12-10-2016
AOR Received.
27-01-2017
Thanks for sharing your experience. I read somewhere chequing account charges are waved if you maintain a certain amount on the account?
Yes. For Scotia it's CAD 4500 in Checking. What a waste of money !!!
 

mattjp1

Hero Member
Jul 23, 2017
412
104
Japan
NOC Code......
1223
Doc's Request.
12-07-2017
Yes. For Scotia it's CAD 4500 in Checking. What a waste of money !!!
Ouch. Well I guess best thing to do is to open an RBC account before landing so at least it's ready and can take international transfers, then after landing, opening a Tangerine account to receive the salary and local banking operations.

I read that Tangerine does not offer international wire transfers, which can be a pain in some cases.
 

roshantrv83

Star Member
Feb 28, 2016
170
4
I am a newcomer. I have started account with one of the big 5 banks and ended up in paying monthly fees. I will share my experience.

Big 5 banks (TD, RBC, BMO, Scotia, CIBC) :-

Pros and cons
  • Pay monthly fees ($4 to $30, depends upon the accounts/ or you need to keep minimum balance in checking/account to wave off those fees)
  • Special fees for credit card yearly. (credit card not easy to get for new comers)
  • Many accounts with less monthly fees have only limited translations (like 12 to 24 per month including all transactions)
  • No or very less interest paid in most accounts.
  • If you need cheque book, you need to pay another $45 to $85 to get that, also you need to personally request to your home branch.
  • For any major changes, you need to personally meet your home branch (only after taking prior appointment on a specific date, you may need to call and fix an appointment (may take 15 to 45 mins to fix an appointment).
  • You can wire transfer to anywhere outside canada.
  • Very easy to start an account once you take an appointment.
Tangerine bank

Pros and cons
  • No fees for any accounts, credit card or debit card.
  • 3.5% interest paid for savings account, good interest paid for checking accounts compared with all the Big 5 banks.
  • Fully on line operational, you may add/edit/delete accounts, anything as you like.
  • For address verification you can go to any nearby canada post-office and show your ID with tangerine DSS number. (dont need to travel to bank/kiosk)
  • Same as secure as Big 5 Banks.
  • You will get debit card through post within few days. Very easy to get credit card and build credit history.
  • You can use all ATM/ABM of scotia bank.
  • You can deposit any cheque by simply taking photo of both sides through tangerine app (no need to go to bank/kiosk)
  • You cannot wire transfer outside canada but can be transfered to any other banks in canada.
  • For account - you need to signup and show ID to nearby postoffice.
  • Use account statement as a proof of address.
While signup for Tangerine accounts you can enter any of your friends reference number (known as orangekey) to get additional $50 free. This is an offer just like Uber app. If you dont have an orange key from any friends, you can use this (orange Key 55209416S1 ). Personally I am very happy with tangerine bank. I got debit card in 2 days though canadapost, after verification. You can visit tangerine webpage and read more details.
I recommend all new comers to start an account, since you may close your account with the Big 5 banks soon or later. I have requested my HR department to credit my salary to tangerine account :)
 
  • Like
Reactions: cadgijoe

fotjon

Star Member
Sep 5, 2016
99
21
Category........
FSW
To open a Tangerine account you need to verify your identity with Canada Post and I found this impossible now. My PR card has 10 digits, while the post worker said that she can enter only 8 digits in their system, so she entered the last 8, but I got no confirmation of registration after that. Maybe the system is not upgraded to accept the new PRs. There is no other way for me to register apart from using the PR card. Anyway its their problem, so I guess I will stay with TD
 
May 2, 2019
2
1
I am a newcomer. I have started account with one of the big 5 banks and ended up in paying monthly fees. I will share my experience.

Big 5 banks (TD, RBC, BMO, Scotia, CIBC) :-

Pros and cons
  • Pay monthly fees ($4 to $30, depends upon the accounts/ or you need to keep minimum balance in checking/account to wave off those fees)
  • Special fees for credit card yearly. (credit card not easy to get for new comers)
  • Many accounts with less monthly fees have only limited translations (like 12 to 24 per month including all transactions)
  • No or very less interest paid in most accounts.
  • If you need cheque book, you need to pay another $45 to $85 to get that, also you need to personally request to your home branch.
  • For any major changes, you need to personally meet your home branch (only after taking prior appointment on a specific date, you may need to call and fix an appointment (may take 15 to 45 mins to fix an appointment).
  • You can wire transfer to anywhere outside canada.
  • Very easy to start an account once you take an appointment.
Tangerine bank

Pros and cons
  • No fees for any accounts, credit card or debit card.
  • 3.5% interest paid for savings account, good interest paid for checking accounts compared with all the Big 5 banks.
  • Fully on line operational, you may add/edit/delete accounts, anything as you like.
  • For address verification you can go to any nearby canada post-office and show your ID with tangerine DSS number. (dont need to travel to bank/kiosk)
  • Same as secure as Big 5 Banks.
  • You will get debit card through post within few days. Very easy to get credit card and build credit history.
  • You can use all ATM/ABM of scotia bank.
  • You can deposit any cheque by simply taking photo of both sides through tangerine app (no need to go to bank/kiosk)
  • You cannot wire transfer outside canada but can be transfered to any other banks in canada.
  • For account - you need to signup and show ID to nearby postoffice.
  • Use account statement as a proof of address.
While signup for Tangerine accounts you can enter any of your friends reference number (known as orangekey) to get additional $50 free. This is an offer just like Uber app. If you dont have an orange key from any friends, you can use this (orange Key 55209416S1 ). Personally I am very happy with tangerine bank. I got debit card in 2 days though canadapost, after verification. You can visit tangerine webpage and read more details.
I recommend all new comers to start an account, since you may close your account with the Big 5 banks soon or later. I have requested my HR department to credit my salary to tangerine account :)
Thanks for the orange key, credited $50 in my new account.
 

BC4life

Hero Member
Nov 5, 2015
562
118
Toronto, ON
Visa Office......
HKVO
NOC Code......
0125
Nomination.....
06-10-2016
AOR Received.
07-12-2016
IELTS Request
Upfront
Med's Request
Upfront
Med's Done....
19-12-2016
Passport Req..
28-02-2017
VISA ISSUED...
09-03-2017
LANDED..........
XX-07-2017
Two other options for online banks are Simplii and Alterna Bank. Simplii offers free cheques, which is not the case for Tangerine.

Simplii is a subsidiary of CIBC so you can access your funds through ATM on the CIBC network. Tangerine is a subsidiary of Scotia Bank.

That being said, as a newcomer it is still recommended to use a traditional bank. Most banks offer free banking for 6 or 12 months with a low limit credit card. I have found online banks not to be newcomer friendly. Simple things such as account activation or obtaining a credit card can be problematic if you do not have an existing credit file.
 
  • Like
Reactions: Melchett

Investocrat

Star Member
Jun 4, 2017
116
29
Winnipeg
I agree with BC4life about trialling out one of the traditional banks for a bit before moving on to an online-only bank. That being said, monthly account fees and almost zero interest rates on the savings account that are being offered by the big banks suck!!

If you are looking to compare the major online (digital) banks and credit unions in Canada that offer great rates, you can read this post:

https://www.savvynewcanadians.com/high-interest-savings-accounts-canada/