Personal Finance

Tangerine Transfer Out limit - Moving to Simplii Financial - Question

  • Last Updated:
  • Nov 17th, 2017 9:21 pm
[OP]
Banned
Nov 13, 2017
22 posts
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Tangerine Transfer Out limit - Moving to Simplii Financial - Question

My Tangerine transfer out daily limit is $ 50,000 . I know I can speak to a CSR and move out more. But the waiting time for CSR is horrendous and the Tangerine CSR's are pretty rude these days. ING was much better.

Is this $ 50 K limit only if I PUSH money out of Tangerine from the Tangerine side ?

Say if I PULL money from the Simplii side and its more than $ 50,000 will the money go from Tangerine side ?

So if I log into Simplii and do a transfer (PULL) for $ 100 K for money from Tangerine, will it go through or will Tangerine block it ?
12 replies
Member
Nov 6, 2015
459 posts
144 upvotes
Guelph, ON
I didn't even know you could initiate the transfer from Simplii, I've always done it from the Tangerine side.

What I've done in the past is break it up into 2 transfers (24 hours apart).
Sr. Member
User avatar
Feb 20, 2004
597 posts
169 upvotes
I don't think Tang. will block it as I pulled as much from EQ side into my EQ account. So don't see any diff. with Simplii. But I found the easiest way for me was just to write a Tangerine cheque to myself and make a deposit into Simplii. None of that limit to worry about.
Member
User avatar
Sep 6, 2009
406 posts
80 upvotes
wethenorthca wrote:
Nov 15th, 2017 1:10 am
My Tangerine transfer out daily limit is $ 50,000 . I know I can speak to a CSR and move out more. But the waiting time for CSR is horrendous and the Tangerine CSR's are pretty rude these days. ING was much better.

Is this $ 50 K limit only if I PUSH money out of Tangerine from the Tangerine side ?

Say if I PULL money from the Simplii side and its more than $ 50,000 will the money go from Tangerine side ?

So if I log into Simplii and do a transfer (PULL) for $ 100 K for money from Tangerine, will it go through or will Tangerine block it ?
The 50K Tangerine transfer limit is for transferring out from Tangerine. If you pull from Simplii side, it should go through fine. Most likely you'll see the transaction in Simplii the next day after transfer date. However, most of your funds will be on hold for ~5 days. You do earn interest right away on the funds held. NOTE: Simplii does have 50K internal transfer limit per transaction. If you have more than 50K to transfer between chequing or saving, you can either do it yourself in batches of 50K or call Simplii to transfer in one transaction. This is just as painful as Tangerine's transfer limit.

If you call Tangerine to set up a transfer, the transfer will be set up for the next day. Then the funds will be in your Simplii in 2 days. Once the funds show up on the Simplii side, you'll have the full fund balance. There is no hold on this.

I called Tangerine to set up 2 transfers of 500K to Simplii for the promo. Both showed up after 2 days. There is no issue. Unfortunately, my Tangerine link to Simplii is on the chequing account. So I had to call Simplii to transfer funds to saving due to Simplii's 50K transfer limit.
[OP]
Banned
Nov 13, 2017
22 posts
6 upvotes
dadizhu wrote:
Nov 15th, 2017 1:48 am
The 50K Tangerine transfer limit is for transferring out from Tangerine. If you pull from Simplii side, it should go through fine. Most likely you'll see the transaction in Simplii the next day after transfer date. However, most of your funds will be on hold for ~5 days. You do earn interest right away on the funds held. NOTE: Simplii does have 50K internal transfer limit per transaction. If you have more than 50K to transfer between chequing or saving, you can either do it yourself in batches of 50K or call Simplii to transfer in one transaction. This is just as painful as Tangerine's transfer limit.

If you call Tangerine to set up a transfer, the transfer will be set up for the next day. Then the funds will be in your Simplii in 2 days. Once the funds show up on the Simplii side, you'll have the full fund balance. There is no hold on this.

I called Tangerine to set up 2 transfers of 500K to Simplii for the promo. Both showed up after 2 days. There is no issue. Unfortunately, my Tangerine link to Simplii is on the chequing account. So I had to call Simplii to transfer funds to saving due to Simplii's 50K transfer limit.
Cool. Thanks for the info.

So Simplii's transfer limit ( PUSH ) is also $ 50 K just like Tangerine.

So if you PULL more than $ 50 K form the Tangerine side , will Simplii honour it and will the money go out of Simplii to Tangerine ?
Deal Addict
Jan 21, 2014
2136 posts
492 upvotes
wethenorthca wrote:
Nov 15th, 2017 2:10 am
Cool. Thanks for the info.

So Simplii's transfer limit ( PUSH ) is also $ 50 K just like Tangerine.

So if you PULL more than $ 50 K form the Tangerine side , will Simplii honour it and will the money go out of Simplii to Tangerine ?
I think with Simplii or EQ, you just make multiple transactions within their limits on the same day whereas Tangerine limit isfor the day,you can't do anymore on the same day
Member
Nov 9, 2008
498 posts
63 upvotes
Ottawa
Correct for simplii, and eq, multiple transactions.

Tangerine, you can call them and they will transfer more than the "limit".
Deal Addict
Aug 21, 2007
4777 posts
227 upvotes
Markham
not really related, but for simplii, can connections to other accounts be done online (like with tangerine or EQ) or is it mail only?
Banned
Nov 16, 2017
36 posts
11 upvotes
adeel wrote:
Nov 16th, 2017 2:28 pm
not really related, but for simplii, can connections to other accounts be done online (like with tangerine or EQ) or is it mail only?
Mail only by sending them a VOID cheque which has your name on it. Your address probably has to be on it too.

If you don't have a Cheque book you can mail them a form from your bank which has the bank stamp on it & your account details on it. I think the form is similar to the salary direct deposit form which you give your employer.
Banned
Nov 16, 2017
36 posts
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adeel wrote:
Nov 16th, 2017 2:28 pm
not really related, but for simplii, can connections to other accounts be done online (like with tangerine or EQ) or is it mail only?
See the post below. Mail only.
k2200 wrote:
Nov 4th, 2017 6:02 pm
logon to your Simplii account.
On your Account Summary page. Click Transfers (on the left side)
Under Transfers, click Add Accounts


"Your other financial institution's bank, transit and account numbers can be found on the bottom of your cheques. Be sure to include all the digits in your account number, as the number of digits may vary depending on your financial institution. If you do not have pre-printed cheques, ask your financial institution for this information and get a customized account confirmation form. (Detailed instructions will follow on the Add Account confirmation page.)

Conditions for adding an account:
You must send in a void cheque or a customized account confirmation form to complete this request. The address will follow.
The cheque or customized account confirmation form must have your name preprinted on it.
The name on your account with the other financial institution must match your name on your Simplii Financial accounts.
Only personal accounts will be accepted. Business accounts cannot be added.
Accounts which require multiple signatures to transfer cannot be added.
Accounts must be with a Canadian financial institution and funded in Canadian dollars."
Banned
Nov 16, 2017
36 posts
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Tangerine side -External Account linkage procedure from Tangerine side.
djino wrote: ↑ No I don't believe that's it.

You should go back to the "Profile & Settings" section -> "External Accounts". Assuming you do not already have 3 accounts shown, there should be an option to add an external account, do you not see this?

djino
nmclean wrote: ↑ They disable the button that would allow you to confirm the deposits, and only enable it after they send the email. It's a strange procedure, because they have no way of knowing when the deposits will appear for you. They just wait the max length of time... which means you could be waiting up to a full day or two longer than necessary for no reason.

It's always been this way though. You have to give them credit for actually updating the instructions in the email to apply to the new site. Seems they missed that in some of their other messages.
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Aug 18, 2005
16968 posts
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GTA West
I have used EQ to pull more than Tangerine's daily limit out of Tangerine, and it worked just fine.
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Banned
Nov 16, 2017
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Jucius Maximus wrote:
Nov 17th, 2017 3:39 pm
I have used EQ to pull more than Tangerine's daily limit out of Tangerine, and it worked just fine.
I will do the same with Simplii once my Tangerine account is linked. Will PULL more than TING limit from Simplii side

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