Tangerine has made a big splash in digital banking. It offers great forex and international money transfer services. It’s a big player in the fintech world.
It was once known as ING Direct Canada and is now part of Scotiabank. Tangerine is perfect for those who love tech and online banking. This review will look at its forex services and compare them to others.
Tangerine has lower fees and no monthly charges. But, it doesn’t offer as many currency services as some others. For example, Desjardins supports more currencies.
Tangerine also charges a 2.5% fee on foreign currency exchanges. If you’re looking for international money transfer options, consider Wise. It has better rates and more flexibility.
We’ll explore Tangerine’s services in more detail. We’ll see how they meet the needs of customers. You can also check out other options here.
Understanding Tangerine’s Foreign Exchange Services
Tangerine mainly deals with CAD and USD for Canadian clients who bank online. The Tangerine World Mastercard® credit card has a 2.5% fee for foreign transactions. This can be expensive for those who travel a lot.
Wise doesn’t charge for currency conversion, making Tangerine’s fees seem high. These extra fees can increase the cost of sending and getting money abroad. Tangerine mainly supports CAD and USD, limiting options for users needing other currencies.
Tangerine offers basic currency exchange, but users might need other options for different currencies. For more on foreign exchange, check out this resource.
Despite Tangerine’s No-Fee Daily Chequing Account, users should consider the costs of foreign transactions. KOHO offers prepaid travel cards as an alternative. Clients looking at Tangerine should compare all fees and services to see if they fit their financial needs.
Review of Tangerine for Foreign Exchange and Transferring Money Internationally
Tangerine offers a digital-first platform for managing funds and making global transfers. It’s designed for those who want convenience, allowing them to manage money from anywhere. The Tangerine transfer process is easy, but it doesn’t offer traditional wire transfers. Users can only get cash from ATMs or use services like Wise for international money transfers.
Tangerine’s interface is user-friendly, making it easy to navigate. It has a daily transfer limit of CAD 25,000, which is great for big transactions. Yet, users should know about the costs of currency conversion. These costs can make Tangerine less appealing, compared to services like Currencies Direct that offer better rates.
| Feature | Tangerine | Alternatives (e.g., Currencies Direct) |
|---|---|---|
| Transfer Process | 100% online, limited to ATM withdrawals or third-party services | Direct wire and international transfer options available |
| Daily Transfer Limit | CAD 25,000 | Potentially higher limits depending on the provider |
| Currency Conversion Costs | Higher costs may apply | More competitive rates available |
| Customer Support | 24/7 phone assistance | Limited hours, varying by provider |
Choosing Tangerine might not be best for those who prefer face-to-face customer service. Despite having over 2 million users in 2023, some might find better options in the global finance world.
Alternatives to Tangerine for International Money Transfers
Looking into international money transfer providers, Wise and Currencies Direct stand out. They offer better service and costs compared to Tangerine. Wise gives a mid-market exchange rate and no hidden fees, making global transfers affordable.
Tangerine, on the other hand, charges up to 2.5% for foreign transactions. This can add up quickly, making it less attractive for frequent international senders.
In a Currencies Direct comparison, it’s clear they match Wise’s value, great for businesses and those needing personal service. Currencies Direct is better for big transfers, making it a good choice for companies and individuals.
Both Wise and Currencies Direct support many currencies. Tangerine, though, mainly deals in Canadian dollars.
Other companies like KOHO and Neo Financial also offer good deals. KOHO lets users avoid foreign transaction fees with certain plans. Neo gives cashback on spending. EQ Bank has personal accounts with no foreign fees, perfect for Canadian transactions abroad.
Exploring these alternatives to Tangerine opens up many affordable ways to manage international money transfers.
