I never thought banking would be so easy with Tangerine now. Let’s face it but as a family, rarely do we deal with just one bank. We either have a loan for X over there and a mortgage over here and our pay comes into this other bank. If you have everything at the same bank, you either have amazing negotiating skills or you are leaving money on the table for the benefit of consolidation. Keeping everything consolidated is what we all want really and the banks know that so they don’t always have an incentive to give you what you want.
Just recently, I started discussing renewing my mortgage and I was sensing a reluctance to not match the mortgage rates from mortgage brokers. What? You certainly do not know me as I will move away with no second thought. It’s funny because I was originally with Scotia Bank and had everything there but I can imagine that within a year, I won’t be there anymore except for the fact that Tangerine is owned by Scotia Bank … Basically, The Bank of Nova Scotia still has me but just through their subsidiary.
Now that we have established that most of us need to deal with multiple financial institutions, let’s talk money transfer!
If you are ready to get started with Tangerine, use my Orange Key – 38025164S1 and earn up to $150.
Money Transfer with Tangerine
I have to admit that email money transfer (EMT) was pretty cool but with it came the inconvenience of a fee. Not a huge fee but still a fee. With Tangerine money transfer, all I needed to do was cash in a cheque from my other accounts and I was setup. Just that easy. Once I got setup, I could transfer money around. One of the lacking service at Tangerine is access to a line of credit and since my mortgage is elsewhere, my line of credit happens to be where my mortgage is. It’s pretty standard with HELOCs since the bank needs your house as a collateral so the LOC will be where your mortgage is.
Email Money Transfer
- Pro’s: It’s fast! Nearly instant.
- Con’s: There is a fee and a limit.
Tangerine Money Transfer
- Pro’s: You can transfer any amount to another financial institution where you have a chequing account
- Con’s: It does take a couple of days for the transfer to execute
With Tangerine money transfer I can send or take money from all my accounts and it makes it so easy. I also have an account at Scotia Bank and Royal Bank and the type of money transfer offered by Tangerine is not something they offer. Their banking is setup to prevent you from dealing with other institutions whereas Tangerine expects it. I think it’s brilliant and the banking of the future. All transactions are done from the comfort of home on my computer or mobile device. It’s super convenient.
Related: Tangerine – Why I Am Loving IT!Join 6,000+ Investors & Build a Winning Portfolio