problems opening tangerine checking account

[seeker9t8]

I landed on 23 March 2019. I transferred around 8000 CAD using a RBC account I opened before I landed. They charged me around 30 CAD for wiring money from abroad. Since I was an overseas employee of RBC, I took the risk. The money was deposited in 3 days and I received a statement from my adviser in case I needed it for immigration purposes (but I didn't as the immigration officers only asked if I'm bringing in more than 10,000 CAD with me which I answered yes and that's it).

I opened a RBC chequing account and applied for a credit card after landing. The credit card was approved immediately with 500 CAD available credit. The agent told me that RBC chequing account has a fee, like 12 to 15 CAD per month. I'm not sure if waived if you keep a certain balance.

I headed over to TD to open another chequing and apply for another credit card. Having a mastercard and a visa will help build credit history. I got a platinum visa credit card from TD with 1000 CAD pre-approved credit. TD also gave me an unlimited chequing account free for 6 months. Chequing accounts are essential in Canada to run your day-to-day transactions. Generally, there come in packages of number of transactions and pre-authorized debits you are allowed to do. Unlimited ones are the best, but some banks charge you more for than or ask you maintain a balance to waive the fees. TD seemed to have a good offer here so I went for it. Also, I was planning to close my RBC accounts as they charged fees.

I want to maintain, at least 3 accounts in 3 different bank so I got a Tangerine account as well. Tangerine is a completely online bank without a branch uses SCOTIABANK ABM (in other words ATM) for transactions. It's a digital bank which is owned by SCOTIABANK so you can trust it. SCOTIABANK is one of the top 5 banks in Canada. Tangerine has a promotion now, which is, if you use an orange key from another account holder (which can be family, friend or anyone), you will receive 25 CAD cash deposited in you Tangerine account if you deposit at least 100 CAD after opening your new Tangerine account. It's free money with no strings attached! You can do the same for earning a few buck after you open a Tangerine account and share your own Orange Key. For now, you may use mine, which is 56239848S1 (Orange Key). You can also open an account without an Orange Key. The only difference is that you won't get the cash bonus.

There are restrictions set in terms of how much money you can withdraw, use for online purchase, use for email money transfer, etc, per day. Therefore, I wanted to keep 3 active accounts in 3 different banks. I decided to close my RBC account, as it was charging me money and other banks offered free accounts. I opened a chequing account with BMO which waived monthly fees for a whole year and offered unlimited transactions.

Generally, I feel banking is more expensive here, so free accounts make a big difference. Imaging paying 25 CAD per month. That's 300 CAD per year. This is where free offers or digital banks really help manage costs yet provide the same level of service.

 

[pereirafelixelias]

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.

 

[vensak]

I landed on 23 March 2019. I transferred around 8000 CAD using a RBC account I opened before I landed. They charged me around 30 CAD for wiring money from abroad. Since I was an overseas employee of RBC, I took the risk. The money was deposited in 3 days and I received a statement from my adviser in case I needed it for immigration purposes (but I didn't as the immigration officers only asked if I'm bringing in more than 10,000 CAD with me which I answered yes and that's it).

I opened a RBC chequing account and applied for a credit card after landing. The credit card was approved immediately with 500 CAD available credit. The agent told me that RBC chequing account has a fee, like 12 to 15 CAD per month. I'm not sure if waived if you keep a certain balance.

I headed over to TD to open another chequing and apply for another credit card. Having a mastercard and a visa will help build credit history. I got a platinum visa credit card from TD with 1000 CAD pre-approved credit. TD also gave me an unlimited chequing account free for 6 months. Chequing accounts are essential in Canada to run your day-to-day transactions. Generally, there come in packages of number of transactions and pre-authorized debits you are allowed to do. Unlimited ones are the best, but some banks charge you more for than or ask you maintain a balance to waive the fees. TD seemed to have a good offer here so I went for it. Also, I was planning to close my RBC accounts as they charged fees.

I want to maintain, at least 3 accounts in 3 different bank so I got a Tangerine account as well. Tangerine is a completely online bank without a branch uses SCOTIABANK ABM (in other words ATM) for transactions. It's a digital bank which is owned by SCOTIABANK so you can trust it. SCOTIABANK is one of the top 5 banks in Canada. Tangerine has a promotion now, which is, if you use an orange key from another account holder (which can be family, friend or anyone), you will receive 25 CAD cash deposited in you Tangerine account if you deposit at least 100 CAD after opening your new Tangerine account. It's free money with no strings attached! You can do the same for earning a few buck after you open a Tangerine account and share your own Orange Key. For now, you may use mine, which is 56239848S1 (Orange Key). You can also open an account without an Orange Key. The only difference is that you won't get the cash bonus.

There are restrictions set in terms of how much money you can withdraw, use for online purchase, use for email money transfer, etc, per day. Therefore, I wanted to keep 3 active accounts in 3 different banks. I decided to close my RBC account, as it was charging me money and other banks offered free accounts. I opened a chequing account with BMO which waived monthly fees for a whole year and offered unlimited transactions.

Generally, I feel banking is more expensive here, so free accounts make a big difference. Imaging paying 25 CAD per month. That's 300 CAD per year. This is where free offers or digital banks really help manage costs yet provide the same level of service.

given current still rather low interest (lets say 1% per year), upkeep of 2000 - 5000 CAD (a requirement for free account by most of big 5) equals to potential loss for 20-50 CAD per year. That is of course if you compare it basic saving products. Yes you can claim that you can invest them and get more of it.
As the same time I can point out, that it is wise to have certain amount of money ready to be used in case of emergency. So something like 5000 emergency fund is a good idea.

I am not promoting traditional banks, but I want to make aware that Tangerine is not a solution for everything (and same goes for RBC or TD or any other bank).
So it really comes down to how will you use your account and which bank style or services are best suited for you.

 

[guydecent]

RBC now offers a monthly fee waiver up to a year. I'm wondering if such an account can be opened online and if there is any other hidden fee that new immigrants should be aware of for the simplest checking account with no credit/debit card? The account will be used for direct deposits by employer.

 

[steaky]

RBC now offers a monthly fee waiver up to a year. I'm wondering if such an account can be opened online and if there is any other hidden fee that new immigrants should be aware of for the simplest checking account with no credit/debit card? The account will be used for direct deposits by employer.

Then what would you do after the waiver? If no monthly fee is what you want, just get a tangerine / simplii internet account.

 

[guydecent]

Then what would you do after the waiver? If no monthly fee is what you want, just get a tangerine / simplii internet account.

I'm one of those people who has to deal in cash oftentimes, services that a simple ATM won't be able to provide. That's why I'm hesitant toward online-only banks. I've completed my soft-landing, have my PR card, SIN and DL in hand. My limitation right now is that I'm outside of Canada need an account so weighing available options.

 

[steaky]

I'm one of those people who has to deal in cash oftentimes, services that a simple ATM won't be able to provide. That's why I'm hesitant toward online-only banks. I've completed my soft-landing, have my PR card, SIN and DL in hand. My limitation right now is that I'm outside of Canada need an account so weighing available options.

Since you are outside Canada, you might not able to open a bank account even at one of the online-only banks.

 

[guydecent]

I had a phone appointment with an RBC branch representative. I told them my situation and they have offered me to open an account for me through their smart phone app while I being on the phone with them. That sounds very convenient!