A few days ago, I signed into my Tangerine account and set up a new link to an external bank account. In other words, I created a link between my Tangerine Savings account and our joint chequing account at a large Canadian bank. All from the comfort and privacy of my own home! As required, I waited for Tangerine to deposit 2 huge sums of money into my Big Bank account as a test of the link. Once those deposits were in, I went online to confirm the link and to test a transfer of my own money from our joint chequing account to my Tangerine savings account.
How to Confirm the Link from a Tangerine Account to a Different Bank’s Account
As part of the setup process, Tangerine deposits two amounts into your account at your other bank, credit union or financial institution. Once the money appears in your transaction history or passbook, you can use the amounts of those two deposits to confirm the link between the accounts.
So first I updated my passbook at a Big Canadian Bank.
(Yep: I have a passbook! There’s no electronic access, actually, to that joint chequing account. And nope we don’t pay any fees for the account. That’s the benefit of “grandfathering” and of opening an account in the days before Blue Gray Gnatcatchers added Ontario to their range.)
Now comes the easy part: confirming the link at Tangerine.
- Sign in to your Tangerine account.
- From the list on the left side of the screen, click on My info and options.
- Click on Links to external accounts.
- Beside the name of the new account you’re adding the connection to, click on the Confirm button.
- Read the instructions. Then type in the amounts that were deposited in your non-Tangerine bank account. Then click on the Confirm button.
If all goes well, you’ll get the message: You’ve successfully validated a new linked account.
How Long Did It Take Tangerine to Link the Accounts?
- I added the External Account to my list on Monday.
- The amounts were deposited overnight on Tuesday night and I could get the numbers on Wednesday morning.
- I just confirmed the account Wednesday evening.
- That’s about 2 days: Pretty good!
How to Transfer Cash from my Big Canadian Bank to My Tangerine Savings Account
Now to raid my husband’s hard-earned money!
- From the list of links on the left of the screen, click on Move my money.
- Check the currency selected is correct. (CAD for Canadian dollars is selected, or you can click on USD for US dollars.)
- Type how much money you want to transfer in the Amount text field.
- From the From drop-down list, select the account from which you wish to withdraw the money.
For example, you could make a withdrawal from your account at- a Big Canadian Bank,
- a credit union,
- a trust company,
- another financial institution or even
- PC Financial.
- From the To drop-down list, select the account into which you wish to deposit the money.
- In the When field, click to select one of
- Now
- Later; or
- Ongoing.
Ongoing is for a steady stream of withdrawals, for example once a week or once a month.
- Click on the Next button.
- Review the details on the You’re almost done screen. If they are ok, click on the Confirm button.
- Make a note of your confirmation number in case anything doesn’t work.
Note that it may take 2 business days for the money to be transferred AND there will be a hold placed on the funds after it arrives so you can’t immediately spend it. (Tangerine will start paying interest once the money lands in your account, though.)
Sign Out of Tangerine Safely
- If you have no other banking, click on the Log me out link.
- For increased security, clear your browser cache and close your browser session.
That’s it!
And apparently I made 23 cents for doing this as so far Tangerine has not debited any of my accounts for the amount they deposited in my Big Bank Account!
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Do you shuffle your money from bank to bank like a gambler arcing a deck of cards through the air? Has your money ever gone astray? Please share your experiences with a comment.
Its easy to send money from my tangerine account to my BMO account. But how do I send money from my BMO account to my tangerine account? Besides the $1 interact email transfer?
I linked our “big bank” account with our Tangerine account ( https://financialcrooks.com/how-link-connect-tangerine-account-to-different-bank/ ) Then I can transfer to/from that bank by setting up a transfer (called Move My Money) within my Tangerine account. NOTE: You don’t need to have a cheque from the Big Bank account any more; you just confirm the connection was made properly ( https://financialcrooks.com/how-confirm-link-transfer-money-tangerine-from-other-bank/ ) after Tangerine makes a couple of small deposits to the Big Bank account.
I agree that paying $1 to send an Interac transfer is too expensive!
Just wondering if your Big bank charge you a fee for transferring money from that account to Tangerine
Each bank has its own fees so I can’t answer in general.
If your Big Bank charges a fee per withdrawal or per pre-authorized payment, it will probably charge a fee to transfer money out into your Tangerine account. You’d have to check with your bank to be sure.
Most banks do not charge for a deposit, though, and so will probably not charge a fee if you send money from Tangerine back to your Big Bank account. Again, you’d have to check to be sure.
Sorry I can’t be more helpful.
I’m still a bit puzzled in regards to the controls. Did you have to give your “Big Bank” authorization to transfer money to Tangerine? Usually when you withdraw money, you need to enter your pin into a machine or card reader. Based on the details in your post, your “Big Bank” is treating this as an internal transaction (ie. the same way it would handle a transfer from your Big Bank Chequeing account to your Big Bank Savings account).
Note: the sending and reporting of the small deposit by Tangerine would satisfy Tangerine as to a proper link, but would it satisfy your “Big Bank”?
The Big Bank sees the transaction of a deposit as an EFT, electronic funds transfer. The withdrawal must be seen as a type of PAD, pre-authorized withdrawal. It would be similar to the way we authorized our insurance company to make a withdrawal directly from our Big Bank account: we never signed anything at the bank to do this, we just signed a form provided by our insurance company.
BMO and CIBC have never granted explicit permission for us to transfer money in or out electronically to Tangerine or Simplii but they let it happen all the time. Depending on your bank plan with a Big Bank, though, you might get charged a fee by them for the transaction. For example, some Big Banks charge you for every withdrawal, or every withdrawal over a certain number per month. Check with your Big Bank before making a transfer to make sure it will not cost you anything. (We have unlimited free withdrawals and deposits from and to our Big Bank accounts.)
I am a client and want to know how to get into my account. , I have been trying for the last hour and am unable to do so. The old way was simple when you only had to say I am client let me in Please help….Thank you
I’m sure you have accessed your account by now but I agree the new site design is poor! As a Tangerine customer, I wish they would change back to the old design, too! (I don’t work for Tangerine.)
Sorry for the slow reply.
I spoke to someone yesterday and set up the transfer to another bank. I was told to go to Tangerine and would confirm my account. CANNOT where this is .please call or email me to walk me through this.
Much thanks.
Sorry I hope you got your link established. I don’t work for Tangerine or any bank so I would not be able to do much to help anyway.