How to transfer more than $50,000 (daily transfer limit) with Tangerine in Canada
This is a rich person’s problem, but one that we occasionally have, nonetheless so I thought I’d do a quick FYI / note for Canadians.
Tangerine Canada has a $50K daily limit on external transfers out of your account, so if you have a bank-to-bank transfer linked (like to Simplii Financial), you can only move $50K at a time, otherwise you get this error message:
Error found
This transaction would put you over your daily limit. Please give us a call at 1-888-464-3232 or 416-756-2424 for further help.
I hate calling and talking on the phone – if they had a chat option I’d be more amenable to this, but I’d rather do the DIY option and not be on hold or anything.
So. the way around this, is if you happen to have multiple accounts with Tangerine – at least one Chequing and one Savings, is you can transfer $50K out of each individual account to the same external one.
I haven’t tried it with 3 accounts because I haven’t had the need to move $150K in a single go, but I suspect it would also work.
All I did was set up a $50K transfer from Tangerine High Interest Savings to Simplii,
Then I set up another $50K transfer from my Tangerine Chequing to Simplii, on the same day.
There, $100K transferred.
Alternatively, by all accounts you can also initiate the transfer from the receiving bank, so ask Simplii to grab $50K from Tangerine, and Tangerine sends the other $50K, and I did try to do this but realized I did not have Tangerine set up as an external bank on Simplii.
Otherwise, you can always call Tangerine’s help desk and they’ll temporarily remove the limit to let you transfer as much as you want/need to.
Enjoy your fat piles of money.
10 Comments
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Sherry of Save. Spend. Splurge.
Just sign up for another account. It’s free, no minimum balance required. Open a savings account, put in $1.
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Hope M. Gabriel
“you can always call Tangerine’s help desk and they’ll temporarily remove the limit to let you transfer as much as you want/need to” this works 100%. Thanks for the guide
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Sherry of Save. Spend. Splurge.
You’re welcome. But I just really don’t like being on the phone so if I can avoid it, this is what I do.
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James Macdonald
Thank you for this tip. I was on hold with Tangerine for thirty minutes then they answered but there was no one there. I could hear talking in the background. I kept saying Hello! Hello! then they cut me off. I called them again and I am on hold for the second time now 12 minutes and counting. This is midnight my time. MT
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Gabriel Jantzi
Same here—so glad you shared this tidbit of wisdom! Thank you.
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Susan
THANK YOU! I only wish I had found this article 35 minutes ago, instead of wasting that time sitting on hold with Tangerine. I immediately hung up and did what you said. Worked great!
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Sherry of Save. Spend. Splurge.
You are so welcome. It took me a bit to figure out how to do it because I needed to send money fast… and a big chunk of it. 🙂
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Taz
And here I am in 2023 trying to find a way to transfer more than 25k out of Tangerine! Apparently a lot happens in one year. The limit now is only 25K per account. To add insult to injury, I can’t appy your trick because I only have a current account and no savings.