Personal Finance

Moving $100k from CIBC to tangerine

  • Last Updated:
  • Aug 24th, 2017 12:06 pm
Sr. Member
Dec 29, 2012
523 posts
172 upvotes
Toronto

Moving $100k from CIBC to tangerine

Trying to figure out easiest way to transfer ~$100k from CIBC chequing to tangerine chequing while minimizing fees $. (I don't have a cibc cheque book)

If i link my tangerine account to cibc and pull money from tangerine will CIBC charge me?
15 replies
Deal Addict
Jul 28, 2012
1047 posts
490 upvotes
Trois-Rivières, QC
hydewolf wrote: If i link my tangerine account to cibc and pull money from tangerine will CIBC charge me?
That's a question you should ask CIBC, as it depends on the type of account you have.
Sr. Member
Jan 16, 2009
523 posts
315 upvotes
Vancouver
If you have tangerine, you should be able to link the CIBC account and pull it. No fees either way. But might need to do it in chunks of 25k, or call into Tangerine to do it.
Deal Addict
Dec 1, 2009
1170 posts
122 upvotes
Mississauga
How did you get or save 100k? Well good job though.
Banned
Dec 5, 2015
1338 posts
451 upvotes
Thornhill, ON
Just get a bank draft..it'll be free since they won't have 100k cash for you and will offer you a draft instead

And deposit draft at BoS? (Not sure how tangerine works)
Deal Expert
User avatar
Aug 18, 2005
21223 posts
5939 upvotes
Burlington-Hamilton
wayneg9999 wrote: If you have tangerine, you should be able to link the CIBC account and pull it. No fees either way. But might need to do it in chunks of 25k, or call into Tangerine to do it.
+1, you can link to CIBC from Tangerine without using a paper cheque.
This is definitely the cheapest and most efficient way, assuming you can wait a few days for the link and transfer to go through.
- casual gastronomist -
Deal Fanatic
Jan 21, 2014
8511 posts
6255 upvotes
wayneg9999 wrote: If you have tangerine, you should be able to link the CIBC account and pull it. No fees either way. But might need to do it in chunks of 25k, or call into Tangerine to do it.
I never have to call and I pulled my money from PCF/EQ/TD/RBC to Tangerine so I assume CIBC would be the same. If your CIBC covers the transaction (one regular transaction like Interact or withdrawal) then it would be free, no additional cost such as wire transfer or anything like that. Remember you have to do it from Tangerine
Sr. Member
Dec 29, 2012
523 posts
172 upvotes
Toronto
Doubleshot wrote: Just get a bank draft..it'll be free since they won't have 100k cash for you and will offer you a draft instead

And deposit draft at BoS? (Not sure how tangerine works)
What is 'BoS'?
Sr. Member
Dec 29, 2012
523 posts
172 upvotes
Toronto
jeffdude87 wrote: How did you get or save 100k? Well good job though.
living like a student after grad
Deal Expert
Mar 25, 2005
22705 posts
3696 upvotes
hydewolf wrote: What is 'BoS'?
I'm assuming Scotia.

Just to an EFT through online banking. It's free with Tangerine and you pay regular withdrawal fees with CIBC. You will be limited to 50k each, so just do it twice.
Deal Addict
Jan 29, 2017
3872 posts
2505 upvotes
hydewolf wrote: living like a student after grad
There are no fees if you move in/out money when a transaction is initiated from Tangerine. Have you inquired with CIBC if they charge anything when a transaction is initiated from CIBC?

Hopefully you don't keep it in a chequing for any extended period of time because interest rate is simply awful. Speaking of which once your money is transferred I believe Tangerine has a hold period of a few days. They should have a release amount of a few hundred or a few thousands which could be YMMV.
Sr. Member
User avatar
Oct 19, 2016
650 posts
208 upvotes
Toronto
Just setup an EFT and transfer the money.. as someone mentioned above.. there might be a limit 25K daily.. or something like that.. and its free.
Sr. Member
Nov 24, 2015
559 posts
182 upvotes
btw tangerine might 'hold' your cash (so its not accessible/moveable/useable for a week) when you transfer the money like that. So if u need the cash immediately, might not be the best idea
Member
Nov 27, 2009
319 posts
25 upvotes
Just link CIBC to tangerine.
I just pulled home sale proceeds from TD to tangerine in one transaction. Took 2 business days as usual. Showed up on the tangerine account the next day with only 5k available and rest on hold. The following day it was all available.
Sr. Member
Nov 24, 2015
559 posts
182 upvotes
Musabbir wrote: Just link CIBC to tangerine.
I just pulled home sale proceeds from TD to tangerine in one transaction. Took 2 business days as usual. Showed up on the tangerine account the next day with only 5k available and rest on hold. The following day it was all available.
when i did 40k from TD to tangerine, it held everything except 5k for a week.

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