Personal Finance

Transfering money from one bank to another

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  • May 15th, 2014 11:17 pm
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Deal Addict
Jul 26, 2012
1429 posts
100 upvotes

Transfering money from one bank to another

Will adding 2 bank accounts onto 1 paypal and then withdrawing money from one account and putting it into another be free of charge?
20 replies
Jr. Member
Jul 20, 2013
196 posts
22 upvotes
If it's over $150 then yes. Otherwise it's a $0.50 charge for withdrawing amounts less than $150 from PP to your bank accounts.

Why don't you sign up for an account with Tangerine or PCF and get free transfers this way?
Deal Addict
Jul 26, 2012
1429 posts
100 upvotes
I am trying to transfer money from my cibc to my tangerine, but I dont have a cheque to transfer the money
Deal Addict
Jul 11, 2010
1294 posts
329 upvotes
Toronto
taeyang987 wrote: I am trying to transfer money from my cibc to my tangerine, but I dont have a cheque to transfer the money
Why don't use e-transfer? You can definitely do it from CIBC through online banking
Doug Boswell
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Deal Addict
Jul 26, 2012
1429 posts
100 upvotes
There is a fee of $1 per every $3000, and maximum monthly limit is like $15,000. Which I am trying to move more than that
Deal Addict
User avatar
Dec 10, 2005
3176 posts
691 upvotes
Link your CIBC bank account with your Tangerine account, then you will be able to transfer your funds to/from CIBC to Tangerine free.
Newbie
Jun 24, 2013
4 posts
Due to antilaundering regulations Paypal quite often freeze accounts, which are used to transfer big amounts of money (and especially to make big transfers without underlying buy-sell transactions).
Un-freeze of an account is possible, of course, but it may be (and quite often is) a quite lengthy and annoying process.
The freeze usually happens after the money are transferred into Paypal account, and before it left. So you are rather forced to play along :-)

YMMV, of course.
Deal Expert
User avatar
May 8, 2009
50593 posts
6557 upvotes
Toronto
jmmsyahooca wrote: Due to antilaundering regulations Paypal quite often freeze accounts, which are used to transfer big amounts of money (and especially to make big transfers without underlying buy-sell transactions).
Un-freeze of an account is possible, of course, but it may be (and quite often is) a quite lengthy and annoying process.
The freeze usually happens after the money are transferred into Paypal account, and before it left. So you are rather forced to play along :-)

YMMV, of course.
Yeah, mainly the reason why going through a method that isn't free through your bank is the more smarter thing to do.
Deal Addict
Apr 12, 2005
1425 posts
182 upvotes
taeyang987 wrote: I am trying to transfer money from my cibc to my tangerine, but I dont have a cheque to transfer the money
You don't need a cheque to set up the link. You can go to CIBC and get a confirmation letter that provides the info about your acct(i.e. transit #, acct #, your name, etc.) with CIBC company stamp on it. Fax the letter to Tangerine. I did it with ING before.
Sr. Member
Aug 3, 2006
764 posts
141 upvotes
Toronto
a_1_a wrote: You don't need a cheque to set up the link. You can go to CIBC and get a confirmation letter that provides the info about your acct(i.e. transit #, acct #, your name, etc.) with CIBC company stamp on it. Fax the letter to Tangerine. I did it with ING before.
Don't even need to do that anymore! Seems Tangerine has very recently changed their method of linking external accounts. You no longer need to provide any cheques or forms. Process is now paperless and similar to what PayPal does (verify the amounts deposited by Tangerine to link).

Add a new linked account
1. Provide your account information
You'll have to first provide us with some details of the account you wish to link to your Tangerine Account.
2. We'll send you some cash
Within a couple of business days, we'll deposit two small amounts to the account you're wishing to link to Tangerine Bank.
3. Confirm the amounts
You'll need to know the value of the two deposits that we made to the account you're linking. Once you've verified both amounts, the link will be complete.
Deal Addict
Apr 12, 2005
1425 posts
182 upvotes
BoogieMan wrote: Don't even need to do that anymore! Seems Tangerine has very recently changed their method of linking external accounts. You no longer need to provide any cheques or forms. Process is now paperless and similar to what PayPal does (verify the amounts deposited by Tangerine to link).

Add a new linked account
1. Provide your account information
You'll have to first provide us with some details of the account you wish to link to your Tangerine Account.
2. We'll send you some cash
Within a couple of business days, we'll deposit two small amounts to the account you're wishing to link to Tangerine Bank.
3. Confirm the amounts
You'll need to know the value of the two deposits that we made to the account you're linking. Once you've verified both amounts, the link will be complete.
Did you call the Tangerine CSR to find this info? It is not on its website.
Deal Addict
Apr 12, 2005
1425 posts
182 upvotes
BoogieMan wrote: It is there when you try to link an external account. See this post.

[IMG]http://i.imgur.com/5LM2FaB.png[/IMG]
Image courtesy of member djino ;)
That is for adding additional linked acct if you are an existing Tangerine customer already. i don't think it is for a new customer opening the first acct.
Sr. Member
Aug 3, 2006
764 posts
141 upvotes
Toronto
a_1_a wrote: That is for adding additional linked acct if you are an existing Tangerine customer already. i don't think it is for a new customer opening the first acct.
Correct.
Member
Feb 28, 2012
279 posts
32 upvotes
TORONTO
Just open a line of credit at both and pay it from the other account and vice versa
Deal Addict
Nov 1, 2003
1275 posts
404 upvotes
Has anyone had success linking a LOC account from another bank to Tangerine? I actually have the LOC cheques but tried to use the online link but it says account not valid even though it's a Scotia transit and bank account number. Would it work if I did it the old fashioned way but sending a cheque to Tangerine by mail or will they refuse to link any LOC to the account?
Deal Addict
Apr 12, 2005
1425 posts
182 upvotes
GPS wrote: Has anyone had success linking a LOC account from another bank to Tangerine? I actually have the LOC cheques but tried to use the online link but it says account not valid even though it's a Scotia transit and bank account number. Would it work if I did it the old fashioned way but sending a cheque to Tangerine by mail or will they refuse to link any LOC to the account?
ING/Tangerine doesn't allow LOC acct to be linked.

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