Personal Finance

What are limits for transfer IN money to Tangerine

  • Last Updated:
  • May 14th, 2019 2:28 pm
[OP]
Deal Fanatic
Feb 4, 2015
6420 posts
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Canada, Eh!!

What are limits for transfer IN money to Tangerine

Gonna contact Tangerine as well but sometimes answers vary between reps so wanted to hear real life experience.

If initiate a transfer online in Tangerine website to transfer money from RBC [or any bank] and into Tangerine is there a limit on transfer amount?

Presume there will be 5 day hold?

Amount around 70k CAD.
.......
July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.
10 replies
Deal Addict
Jan 19, 2017
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georvu wrote: Gonna contact Tangerine as well but sometimes answers vary between reps so wanted to hear real life experience.

If initiate a transfer online in Tangerine website to transfer money from RBC [or any bank] and into Tangerine is there a limit on transfer amount?

Presume there will be 5 day hold?

Amount around 70k CAD.
There is no limit for transfer into Tangerine. Only limit for transfer out.
Deal Addict
Jan 19, 2017
4085 posts
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mack wrote: I thought it was about 300k. Highest I've pulled in was 50k from a linked Scotiabank account.
you can try it out and cancel it .
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Feb 19, 2010
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mack wrote: I thought it was about 300k. Highest I've pulled in was 50k from a linked Scotiabank account.
I've done $500K without any problem. I'm going with the idea that there is no limit on inbound money.
[OP]
Deal Fanatic
Feb 4, 2015
6420 posts
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Canada, Eh!!
Conquistador wrote: I've done $500K without any problem. I'm going with the idea that there is no limit on inbound money.
Do you remember what hold was placed? 5 business days?
.......
July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.
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Feb 19, 2010
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georvu wrote: Do you remember what hold was placed? 5 business days?
Yes, I believe that's what it was.
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Dec 25, 2017
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georvu wrote: Do you remember what hold was placed? 5 business days?
I have a transfer going to Tangerine from RBC. Put it in on the sixth, submitted for processing on the EFT network on the seventh, withdraw came out of my account this morning.

They told me five business days but the one that posted on May. 7 (yesterday) is on hold until the 17th. The transfer from TD (posted today) is on hold until the 21th, funds haven’t left the account but I’m guessing it will overnight. I should ask them but I’m not in a rush for the funds to be made available to me.

Edit: TD just withdraw my account when I just checked.... but they hold the damn funds for five business days after they receive the transfer or something..
[OP]
Deal Fanatic
Feb 4, 2015
6420 posts
2815 upvotes
Canada, Eh!!
IEpicDestroyer wrote: I have a transfer going to Tangerine from RBC. Put it in on the sixth, submitted for processing on the EFT network on the seventh, withdraw came out of my account this morning.

They told me five business days but the one that posted on May. 7 (yesterday) is on hold until the 17th. The transfer from TD (posted today) is on hold until the 21th, funds haven’t left the account but I’m guessing it will overnight. I should ask them but I’m not in a rush for the funds to be made available to me.

Edit: TD just withdraw my account when I just checked.... but they hold the damn funds for five business days after they receive the transfer or something..
Thanks for details!!
.......
July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.
Deal Addict
Dec 25, 2017
2087 posts
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georvu wrote: Thanks for details!!
I was a bit confused this afternoon on this again and decided to look this up. Seems that hold times over $1500 is eight business days, guess they are maxing up the hold times even it only took them three days max to complete the deposit. At least, this is the mandated regulations and it seems to be in line, down to the point where, since I’m a new client, they aren’t obligated to release any funds.
[OP]
Deal Fanatic
Feb 4, 2015
6420 posts
2815 upvotes
Canada, Eh!!
Update: Did transfer last week and hold is 5 business days, i.e. funds available 5 business days after deposit into Tangerine.
.......
July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.

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