Personal Finance

Tangerine now has transfer out fees

  • Last Updated:
  • Jul 22nd, 2015 1:19 pm
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[OP]
Jr. Member
Jan 6, 2009
132 posts
18 upvotes

Tangerine now has transfer out fees

Was about to put money into an RSP with Tangerine, but usually transfer it out within a year and was just told that they now charge $45 for this service. It has been free forever. Now its $45!!!

Does anyone know if another institution trasnfers out RSP without fees?

Thanks,

NickCDN
108 replies
Deal Addict
User avatar
Dec 27, 2006
1503 posts
160 upvotes
Toronto
Poutinesauce wrote: Nothing will change!
Is "nothing" referred to existing fee structure, or desire for more profit?
Deal Addict
User avatar
Jan 4, 2009
3998 posts
2383 upvotes
on the links
Welcome to capitalism 101...more profit for my BNS stock.

Just negotiate with an FI that will cover the transfer out fee when you transfer in.

p.s. Peoples Trust charges no fee.
Deal Addict
User avatar
Jan 31, 2004
2728 posts
771 upvotes
Montreal
Will there be a 45$ fee as well for selling some tangerine tax free investment funds (like balanced portfolio)??
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Member
Jan 20, 2007
469 posts
122 upvotes
Niagara
NickCDN wrote: Was about to put money into an RSP with Tangerine, but usually transfer it out within a year and was just told that they now charge $45 for this service. It has been free forever. Now its $45!!!

Does anyone know if another institution trasnfers out RSP without fees?

Thanks,

NickCDN
I knew they would : http://forums.redflagdeals.com/tangerin ... st19057707

That about does it for me as it's only going to get worse from here. They will get only one $45 charge from me, when I close my account.
Jr. Member
Oct 10, 2014
176 posts
27 upvotes
Toronto, ON
just making sure i understand, this is a few to deregister RRSP money?
[OP]
Jr. Member
Jan 6, 2009
132 posts
18 upvotes
this fee to to transfer an rsp account to another rsp account at another institution
Member
Dec 29, 2011
215 posts
28 upvotes
Stoney Creek
Does this affect TFSAs too?
Deal Addict
Feb 28, 2003
1322 posts
90 upvotes
Is this when u fully clean out the account only or even when u just transfer out partially?
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Jr. Member
Oct 10, 2014
176 posts
27 upvotes
Toronto, ON
NickCDN wrote: this fee to to transfer an rsp account to another rsp account at another institution
this is an interesting strategy. Thinking about it, since all other institution have refunded me for cost of transfer within a RRSP, Tangerine was actually making easy for them. I'm not saying i am happy about the change.
Banned
Nov 27, 2006
2200 posts
444 upvotes
Toronto
NickCDN wrote: Was about to put money into an RSP with Tangerine, but usually transfer it out within a year and was just told that they now charge $45 for this service. It has been free forever. Now its $45!!!

Does anyone know if another institution trasnfers out RSP without fees?

Thanks,

NickCDN
OH the humanity!!!!!!!
Deal Addict
Jul 19, 2004
1062 posts
357 upvotes
Vancouver
NickCDN wrote: Was about to put money into an RSP with Tangerine, but usually transfer it out within a year and was just told that they now charge $45 for this service. It has been free forever. Now its $45!!!

Does anyone know if another institution trasnfers out RSP without fees?

Thanks,

NickCDN
I'm pretty sure all banks charge a transfer out fee for RRSP's. Usually its up to the receiving institution to refund the transfer charges.
Member
Mar 9, 2014
457 posts
214 upvotes
Where did you get this info? I didn't see anything about this on their website--in fact, it still says there are no fees. I just put in a request to transfer out my RRSP to another institution a few days ago...
Sr. Member
Oct 14, 2012
654 posts
374 upvotes
Woodstock
@ wigglepuppy, I just "chatted" with them. The change is effective January 2015, so if you are already in process you should not have to pay a fee to transfer out your money.
They plan to advise us between now and December by email and by our monthly statements.

@theelf, unfortunately, yes, they are planning to charge a $45 fee to transfer out a RRSP or a TFSA, starting in January 2015.

I think this change is upsetting and it makes me less likely to recommend using Tangerine for a TFSA or a RRSP. If you also don't like the change, please call, send an email, tweet, or send a live chat message to Tangerine and tell them. There's still time for them to rescind the change if enough people object.

If you transfer out your RRSP or TFSA in the next month because of this change, be sure to tell them why!

(I'm not surprised by the change but I am disappointed by it. There are very few ways that Tangerine is better than PC Financial, and they just eliminated 2 of them.)

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