Personal Finance

Can I set up a pre-authorized debit FROM a Tangerine savings account?

  • Last Updated:
  • May 18th, 2018 10:43 am
[OP]
Jr. Member
Aug 19, 2016
143 posts
60 upvotes

Can I set up a pre-authorized debit FROM a Tangerine savings account?

I have money sitting in a Tangerine savings account. I want to move the money to my account in the United States. I plan to use a service like TransferWise/OFX/VBCE to do that.

Can I?

I would fill out a Pre-Authorized Debit form and give it to the FX transfer company, listing my Tangerine savings account information as the source account. Is it going to work? Or is Tangerine going to refuse the transfer because it's a savings account, and not a checking account?

I'm actually not able to open up a checking account with Tangerine--I missed my chance before I left Canada. Now as a non-resident they let me keep my savings account, but they won't let me open any new accounts so I'd like to do this using my Tangerine savings account. If I can't, I'll have to move the money from Tangerine to Royal Bank (I have that linked at Tangerine) first--but that's a pain, it'll add several days to the process and prevent me from making this an automated, ongoing transfer.
2 replies
Sr. Member
Dec 28, 2007
703 posts
203 upvotes
I have linked my tangerine savings account in other banks (e.g. eqbank), and used that link to pull money out of the account. So your plan should work.
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May 8, 2009
6495 posts
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OP do you have a Simplii account? I found bill pay to TransferWise to be annoying. If you wanna bill pay, move money to EQ (Tangerine to EQ push), then bill pay to Knightsbridge (setup trade via phone). With TransferWise, I was able to do a bank account pull from TW out of my Simplii account. Was much faster. I'm assuming with other big banks it should be fine, too. I tried pulling in TW from EQ account and couldn't seem to work.
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