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problems opening tangerine checking account

bas12

Member
Apr 20, 2018
15
3
I've been trying to open a bank account with Tangerine, and they keep requesting more and more documents. Last time they sent me this list, of which I need to send something from each of the 3 categories:

1. Proof of ID (Front & Back): (Select 1)

o Canadian Driver's License

o Canadian Passport

o Permanent Resident Card


2. Proof of Address / Utility Bill: (All information must match against your Tangerine Account Information) (Select 1)

o Phone Bill

o Gas, Hydro or Water bill

o Property Tax


3. Proof of employment: (Select 1)

o Paystub or T4 Statement

Anybody else ran into this? I have my PR card now, but no idea when I'll have a job, or a phone bill (I have a speakout sim). I'm kind of happy now that I haven't transferred any funds there, since they would probably be frozen.
I did open an account with Scotia and also have an american express card, so I'm fine. Just thought that tangerine might have better conditions.
 

vensak

VIP Member
Jul 14, 2016
3,857
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Category........
Visa Office......
Vienna
NOC Code......
1225
Job Offer........
Pre-Assessed..
If you are renting, then your renting contract (I would push it under the hydro bill).
As for the job, I cannot advise much.

If you are fresh new in Canada, forget about Tangerine for now. Take one of newcomers accounts in one of the big banks (they do offer 6 months or 1 year without charges). And then later on switch to Tangerine (you will get the job and your hydro bill in between).
 

bas12

Member
Apr 20, 2018
15
3
I've got Scotiabank, though when I was opening it I didn't realize that I needed 4000 balance to avoid fees. So I ended up with their basic option, which is 3.50 per month, but yeah it works for now.

If you are renting, then your renting contract (I would push it under the hydro bill).
As for the job, I cannot advise much.

If you are fresh new in Canada, forget about Tangerine for now. Take one of newcomers accounts in one of the big banks (they do offer 6 months or 1 year without charges). And then later on switch to Tangerine (you will get the job and your hydro bill in between).
 

vensak

VIP Member
Jul 14, 2016
3,857
1,004
120
Category........
Visa Office......
Vienna
NOC Code......
1225
Job Offer........
Pre-Assessed..
I've got Scotiabank, though when I was opening it I didn't realize that I needed 4000 balance to avoid fees. So I ended up with their basic option, which is 3.50 per month, but yeah it works for now.
If you are new immigrant (landed within last 3 years), you can go for the special offers for newcomers. RBC has 6 months free, CIBC has 1 year free.
I have started with RBC, then at the end of 6 months I have switched to CIBC. (1 year free of charge) + Visa credit card with no monthly payments either
I can still do 1 or 2 switches if I need to before my newcomer status will expire.
Now that I am well settled in I can go for those low cost versions.
 

bas12

Member
Apr 20, 2018
15
3
Did you get to keep all the credit cards from these offers?

If you are new immigrant (landed within last 3 years), you can go for the special offers for newcomers. RBC has 6 months free, CIBC has 1 year free.
I have started with RBC, then at the end of 6 months I have switched to CIBC. (1 year free of charge) + Visa credit card with no monthly payments either
I can still do 1 or 2 switches if I need to before my newcomer status will expire.
Now that I am well settled in I can go for those low cost versions.
 

vensak

VIP Member
Jul 14, 2016
3,857
1,004
120
Category........
Visa Office......
Vienna
NOC Code......
1225
Job Offer........
Pre-Assessed..
Did you get to keep all the credit cards from these offers?
As for credit card they will help you build your credit history as such. So if you swap to the other bank it will be very easy to get them (as long as they have them in their portfolio).
When transiting you will shall count with a short overlapping time (2-3 weeks) so that you can migrate all you need (credit cards, payment setup of your bills).
For more details just check around several banks and that's it.
 

bas12

Member
Apr 20, 2018
15
3
As for credit card they will help you build your credit history as such. So if you swap to the other bank it will be very easy to get them (as long as they have them in their portfolio).
When transiting you will shall count with a short overlapping time (2-3 weeks) so that you can migrate all you need (credit cards, payment setup of your bills).
For more details just check around several banks and that's it.
Ok, thanks! Makes sense.
 

trumprefugee

Hero Member
Jun 6, 2017
951
2,551
New York, USA
Category........
PNP
Visa Office......
Ottawa
NOC Code......
2172
App. Filed.......
06-01-2018
Nomination.....
19-12-2017
AOR Received.
07-01-2018
IELTS Request
24-06-2017
Med's Done....
05-01-2018
Passport Req..
09-03-2018
VISA ISSUED...
02-04-2018
LANDED..........
28-05-2018

bas12

Member
Apr 20, 2018
15
3
The purpose of opening a bank account is to have fast and reliable access to the funds.
With tangerine, it seems that there is a risk of being locked out for a long period of time for whatever reason. It's hard to tell how high it is, but seems to be higher than with traditional banking.
That seems like a bad choice for a new immigrant without income and with limited savings, and the incentives are not enough to justify it.
For people who have spare money they can risk being unavailable, it may be an interesting option, but there may be better investment options to consider.

Also, they ran a credit check on me, even though I only applied for a checking account, if that's important for anybody. They didn't specifically tell me they were going to do it, so I was not aware until I got an alert, but it may have been mentioned somewhere in fine print.
 

BC4life

Hero Member
Nov 5, 2015
563
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
There is a no point to open a Tangerine account as a newcomer. As advised above, just get one of the newcomers package from a big 5 bank.

If you are looking for high interest for savings then you can look at EQ Bank.
 

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 :)
 
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vensak

VIP Member
Jul 14, 2016
3,857
1,004
120
Category........
Visa Office......
Vienna
NOC Code......
1225
Job Offer........
Pre-Assessed..
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 :)
There several statements that are not exact there

Traditional banks:
- most of them have programs for newcomers, where you can avoid most fees completely for first 6 to 12 months.
- most of them have additional option how to keep that status as long as you meet certain conditions (for example to have minimum balance or income per month).
- cost of the credit cards does not only depend on your bank but also on type of the credit card (some are free of yearly cost, like what I have) and of course your credit score. So you will face the same problem with online only banks.
- surprisingly big five does use online banking as well, so most of the changes or checkups, you can do online the same way. (pay your bills, apply for a credit card, do most changes).

Tangerine:
- you might be requested to transfer first opening funds using your existing bank account (this is the biggest limitation for newcomers, who do not have Canadian bank account or Canadian check book).
- you might have to prove your current Canadian address with something like hydro for example (that again is difficult for somebody who just came to Canada).
- getting credit cards is not really easier than in one of big 5 (Tangerine will do same credit checks on you that any other bank did and some cards might not be in your range if credit score is missing).