Personal Finance

Found out to instantly transfer from an external bank to tangerine instantly... why did I never think of this before?

  • Last Updated:
  • Mar 20th, 2017 11:17 am
[OP]
Deal Fanatic
Aug 14, 2007
7649 posts
464 upvotes
Toronto

Found out to instantly transfer from an external bank to tangerine instantly... why did I never think of this before?

So, every friday I transfer my rent to my tangerine account from my external bank but sometimes it takes a few days for the money to actually come out of my external bank account as we all know.

It's not a huge deal but sometimes it's nice to have the money instantly gone that way it's a bit easier to track all spending, etc.

So then I thought why not just EMT the rent to myself and see how it goes. Took 2 minutes to transfer my full rent vs 2-3 business days (+the weekend).


So with that said, how does it take so long to move money out when doing the 'Move my money' option? I'll probably never use that method again.
28 replies
Deal Addict
Feb 26, 2012
1694 posts
232 upvotes
MISSISSAUGA
does this method not cost you $1?

The Move My Money is usually pretty quick for me. If I set it to transfer today, it is usually in my bank end of day next day.
[OP]
Deal Fanatic
Aug 14, 2007
7649 posts
464 upvotes
Toronto
Mr_Dogg wrote:
Mar 17th, 2017 2:40 pm
does this method not cost you $1?

The Move My Money is usually pretty quick for me. If I set it to transfer today, it is usually in my bank end of day next day.
Doesn't cost me anything to email money from my RBC account to anyone. If my father sends me an e-transfer from his TD account then it'll charge him though.


Move my money (for going from RBC to Tangerine) is slow for me, but the $ is there technically in the account (tangerine) the following morning but not actually out of my RBC account for a couple days.
Deal Addict
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Dec 27, 2009
2234 posts
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Ottawa, ON
I do this all the time between my bank accounts (send myself an e-transfer).
Deal Addict
Sep 7, 2004
1077 posts
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Toronto
Ever since my bank started offering free email money transfer I haven't bothered with non EMT transfers since except in situations where the amount exceeds my daily EMT limit. Still sucks that tangerine doesn't allow free email money transfer.

I can't imagine having to go back to an account that doesn't offer free EMT anymore. It would really screw up my money transfer system :p
[OP]
Deal Fanatic
Aug 14, 2007
7649 posts
464 upvotes
Toronto
gqbluez wrote:
Mar 17th, 2017 2:53 pm
Ever since my bank started offering free email money transfer I haven't bothered with non EMT transfers since except in situations where the amount exceeds my daily EMT limit. Still sucks that tangerine doesn't allow free email money transfer.

I can't imagine having to go back to an account that doesn't offer free EMT anymore. It would really screw up my money transfer system :p
Now that I just realized I can do this (maybe I'm very late on realising this) everything is perfect between accounts now.
Deal Addict
Sep 28, 2006
1776 posts
91 upvotes
Downtown Toronto
EMT is cool, but for those who want to avoid the EMT fee if you are charged for it and in a similar situation..


why not write your self a cheque from the one account to the other, use the deposit cheque by smartphone app, avoid any fees. I am assuming you have no hold when cashing cheques.
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Jul 18, 2016
1097 posts
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yatta wrote:
Mar 17th, 2017 3:15 pm
EMT is cool, but for those who want to avoid the EMT fee if you are charged for it and in a similar situation..


why not write your self a cheque from the one account to the other, use the deposit cheque by smartphone app, avoid any fees. I am assuming you have no hold when cashing cheques.
It costs money for each cheque you write. Calculate cost of book of cheques and divide by number of cheques in book. That is your cost to write a cheque.
Newbie
Aug 20, 2015
90 posts
20 upvotes
Toronto
This method is only good if you want to transfer less than $2500-3000. There are daily and weekly limits for most banks.
Deal Addict
Sep 28, 2006
1776 posts
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Downtown Toronto
bewiseman wrote:
Mar 17th, 2017 3:38 pm

It costs money for each cheque you write. Calculate cost of book of cheques and divide by number of cheques in book. That is your cost to write a cheque.
technically if you want to go there. but most banks give you around 75 (edit) free cheques in booklets.. So there would be no cost as I am sure since this is RFD they got free cheques and using 48(edit 4x a month) of them a year for rent is really not an issue. Whne is the last time you used a personal cheque? Don't think much people are going around writing cheques other than rent. I was just trying to make a point to the people asking about avoiding the EMT who didn't have free EMTS and assumed they were doing this once a month.
tsingoo wrote:
Mar 17th, 2017 5:07 pm
This method is only good if you want to transfer less than $2500-3000. There are daily and weekly limits for most banks.
ahh my bad I assumed rent was once a month I re read and he said every Friday... so yeah that can be an issue for come banks
Deal Addict
Dec 30, 1969
2809 posts
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If you Move Money on Friday, Tangerine processes it on Monday (i.e. the next business day, around 2 am EST), and then the other bank usually takes 1 business day to take the money out.
Deal Fanatic
Dec 27, 2013
5269 posts
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Toronto
tsingoo wrote:
Mar 17th, 2017 5:07 pm
This method is only good if you want to transfer less than $2500-3000. There are daily and weekly limits for most banks.
you can get that increased.
Member
User avatar
Mar 9, 2012
455 posts
123 upvotes
KITCHENER
XtremeModder wrote:
Mar 17th, 2017 2:33 pm
So, every friday I transfer my rent to my tangerine account from my external bank but sometimes it takes a few days for the money to actually come out of my external bank account as we all know.

It's not a huge deal but sometimes it's nice to have the money instantly gone that way it's a bit easier to track all spending, etc.

So then I thought why not just EMT the rent to myself and see how it goes. Took 2 minutes to transfer my full rent vs 2-3 business days (+the weekend).


So with that said, how does it take so long to move money out when doing the 'Move my money' option? I'll probably never use that method again.
I guess it really depends if you really need the money "now" vs "in the next business day or two".

$1 is a small price to pay to get instant transfer though.
Deal Addict
Jul 18, 2016
1097 posts
356 upvotes
yatta wrote:
Mar 17th, 2017 6:48 pm
Whne is the last time you used a personal cheque? Don't think much people are going around writing cheques other than rent.
That's precisely my point. They are used so incredibly rarely that I can't justify paying for a book of cheques. I'd rather pay that $1 e-transfer fee. Now, if its a regular thing you're doing, then it makes sense. However, to order a book of cheques so you can do a random transfer of cash, is likely a bad idea. Given how rarely I use cheques, the cost of a random written cheque is likely close to an average of $5. I'd rather pay the $1 e-transfer fee.

(Scotiabank recently changed they monthly plans. I can now send a couple e-transfers per month free of charge. )
Deal Fanatic
User avatar
Aug 8, 2012
6716 posts
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BC
XtremeModder wrote:
Mar 17th, 2017 2:33 pm
So, every friday I transfer my rent to my tangerine account from my external bank but sometimes it takes a few days for the money to actually come out of my external bank account as we all know.

It's not a huge deal but sometimes it's nice to have the money instantly gone that way it's a bit easier to track all spending, etc.

So then I thought why not just EMT the rent to myself and see how it goes. Took 2 minutes to transfer my full rent vs 2-3 business days (+the weekend).


So with that said, how does it take so long to move money out when doing the 'Move my money' option? I'll probably never use that method again.
If it's a scheduled type thing, a Tangerine-side recurring transfer may be easier. Set it to recur on Friday's and it will pull out on Friday depending on the other bank (could be Monday). If you manually initiate it at Tangerine on Friday, it won't happen til Monday. Scheduling it ahead of time makes it happen ON Friday (again, will depend on your other bank).

Instant Interac e-Transfers are fun, but you have to do them manually ... scheduled/automated transfers are nicer.

Sounds like your pay goes to RBC but you pay rent from Tangerine?

You could also deposit pay to Tangerine directly and then the Friday transfer can just be a Tangerine "my savings" -> "rent savings" internal transfer.

I do something like this with Tangerine or EQ (whomever I'm using at the moment).

e.g. at EQ my pay goes into a 'paycheque' savings account twice a month.
From there I have automated transfers to a normal everyday savings, a mortgage account, and an investment account (also twice a month, a day after payday).
Like you said, it's nice to see the "money gone" right away. So my everyday savings is my 'available cash', the rest is siphoned off immediately after it gets deposited.

I also keep an account for annual expenses and put 1/12th of those into that account monthly (automated).

These are all just savings "sub-accounts". EQ lets you make as many of them as you want.

Maybe you have a good reason to use 2 banks ... I find it nicer to use just one (at a time) although I am guilty of using many at various times for various interest-rate-chasing or promo-chasing reasons :)
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