Step-by-Step Instructions for Transferring Money to Tangerine Bank
Many consumers maintain a few different accounts at varied banks and financial institutions, as this allows them to keep better track of their different bills and payments. This is a particularly useful strategy for those who make larger payments from certain accounts, such as for college tuition, small business fees, or other similar transactions.
In these instances, many people take advantage of online banks like Tangerine, as they can conduct all payments and transfers from their computer or mobile device! They can even use Tangerine’s US dollar bank account for easy payments across the border.
However, if you need to move some money around between your accounts, you may wonder how you can transfer money from another bank account to your Tangerine account. To find learn how to transfer money to Tangerine, along with other related facts, keep reading!
Step-by-Step Instructions for Transferring Money to Tangerine Bank
There are two main methods you can use to transfer money from another bank account to your Tangerine account and vice versa- EFT (Electronic Funds Transfer) and Interac e-transfer. Let’s take a look at the way each of these methods works below:
How to transfer money into a Tangerine account from another bank through EFT
EFT, or Electronic Funds Transfer, is a method of moving money that is available at most major Canadian banking institutions.
When you open a Tangerine account, you can link any existing bank accounts to Tangerine through EFT, which makes moving money to and from your other banks very simple.
To use Electronic Funds Transfer to move money in and out of your Tangerine account, follow the steps below:
- Login to your Tangerine account, and head to your “Accounts” page.
- On the top right-hand of your computer screen, select the “Transfer Money” option, which will lead you to a transfer form
- On the form, select which bank you’d like to withdraw your money from (e.g. RBC, Scotiabank, etc.)
- Next, choose which account on Tangerine which you’d like to deposit the money
- Enter the transaction date, and choose whether this will be a recurring transfer
- Enter the total amount of money you’d like to deposit into your Tangerine account and press the “Continue” button
- Finally, you’ll be brought to the review page. Go over all the information to make sure everything was entered correctly, and then press the “Transfer” button to complete the deposit
How to transfer money to a Tangerine account using e-transfer
If you’re amenable to Tangerine’s exchange rates, another method of sending money to and from your Tangerine bank account is through Interac e-transfer, which is a great alternative if your other bank doesn’t support EFT.
To learn how to transfer money to Tangerine through Interac e-transfer, follow the steps below:
- Login to your alternative bank through the website or mobile app and select your “Accounts” page
- If you haven’t already, add the email address or cell phone number linked to your Tangerine account to your recipient list and set it as the account to receive the funds
- Next, enter the amount of money you’d like to transfer
- If your Tangerine account is set up with Autodeposit, you can simply confirm the transaction and send the money over. However, if you don’t have Autodeposit, create a security question and answer to accept the money into your Tangerine account
- Finally, review the information to verify that it’s all accurate, and confirm the transaction
Alternatively, Tangerine account holders can arrange for a manual wire transfer by phoning or visiting their alternative banking institution and providing their Tangerine account information. Note that this may take a few days to process, and wait times vary per bank.
Other related FAQs
Now that you’re aware of how to transfer money to and from your Tangerine account, you may be curious about a few other related facts. For more information regarding Tangerine money transfers, keep reading below:
Can I wire money from Tangerine to another bank account?
If you’d like to send a wire transfer from your Tangerine account to another bank account, contact Tangerine at 1-888-826-4374 and provide your alternative account information to the customer service agent.
To receive a wire transfer to your Tangerine account, visit or phone your other bank and provide your Tangerine account information to the clerk. Note that a funds transfer may take a few days to show up in your Tangerine account, and times vary depending on the banking institution.
What is the e-transfer limit for Tangerine Interac?
Tangerine follows Interac’s company guidelines for transaction limits. Currently, the maximum amount of money an account holder can send per transaction is $3,000 for daily transactions.
For weekly transactions, the amount of money you can send is limited to $10,000 per transaction. Finally, the transaction limit for 30 days is $20,000.
Does Tangerine charge for Interac e-transfers?
All online banking functions for Tangerine are provided to account holders completely free of charge, including sending and receiving Interac e-transfers.
Currently, Tangerine only charges its customers for money owed, such as overdraft fees and non-sufficient funds.
Does Tangerine have a transaction limit for EFT?
At this time, Tangerine does have a transaction limit for Electronic Funds Transfers, to a total of $50,000 per client ID.
Note that this is the daily transaction limit, so if you need to move a larger amount of money over to another bank account, you can do so after a full day has passed since your last transaction.
Is Tangerine a safe online bank?
Tangerine has set up a number of protocols to ensure account holders’ money remains as safe as possible from theft or fraud. Just like the other major banks in Canada, Tangerine has coverage from the Canada Deposit Insurance Corporation.
If any of the banks connected to your Tangerine account go out of business, the coverage from the CDIC will ensure that you receive your money back. This includes money from TFSA and RIF accounts to a maximum amount of $100,000.
Further, Tangerine provides added protection to customers who own mutual funds through the Mutual Funds Dealers Association of Canada’s Investment Protection Corporation.
Overall, Tangerine is considered to be a relatively safe bank, as it uses many of the same protocols as traditional banks.
Conclusion: how to transfer money to Tangerine
You can transfer money into your Tangerine account through two main methods: Electronic Funds Transfer (EFT) and Interac e-transfer. EFT is the simplest way to add money to your Tangerine account, as it is already linked to most of the major banking institutions in Canada. Therefore, provided your bank is compatible with EFT, you simply have to link your alternative bank account to your Tangerine account and complete instant transfers without the need for a third-party transfer service.
That said, consumers also have the option to send funds to their Tangerine account through Interac e-transfer, which is a great alternative if your other bank doesn’t support EFT. Note that if your Tangerine account isn’t set up for Autodeposit, you’ll have to enter a security question and answer to successfully deposit your funds into your account with e-transfer.
Alternatively, you can complete a wire transfer to your Tangerine account by visiting or phoning your other bank and providing your account information to the clerk. However, note that this may take a few days to process.