Another person has said this too, interesting! I might check out EQ bank in the future. What would you say is better about EQ compared to other competitors?
I have a Tangerine account plus a credit card. it's great to have a free transfer fee. However, I am not sure about the credit card. I have the auto payment with the charity organization. When my credit card expires, the charity organization still can deduct the money my my credit card. I called the bank and the customer service told me that my credit card number remains the same with a different security number so they can still pay the organization. This will not happen in other big Canadian banks. I don't feel safe with their credit card.
Thanks for the video...im always curious about these Direct banks. Although I dont see the benefits since I also pay zero fees and same high GIC rates with Cooperatives like Coast Capital or Vancity- and they have brick and mortar branches where i can walk in.
It does make me think twice about depositing too much money into a direct bank. Problems can always crop up and then you're stuck with an agent on the phone lol. Yes, given the same rates and fees, a physical branch is preferable, especially if it's close.
im with EQ Bank and Tangerine, and i haven’t used my Vancity account in years. also EQ has a TaxFree GIC (so does Tangerine) but EQ has higher rates than both Tangerine and Vancity.. EQ’s GICs are higher % than Vancity, Tangerine is in the middle. however I am keeping my Vancity account open in case I need something physical down the line. But their GIC rates, and regular savings account rate is significantly lower than EQ Bank so that’s why I’m not using them as my main
Interesting, thanks for sharing that information. I've actually never heard about Vancity before until I heard about it from you guys. Perhaps I should check it out! Anything else that makes Vancity a winner?
@@LivinginCanada Vancity has very cosy branches, very warm and welcoming (compared to most of the institutions). They waive all the fees if you keep 1,500 in the checking account, they also give free banking to people with disabilities, people who are 25 and younger, and to those 55 and older. they have convenient locations throughout metro Vancouver. they have 3 different fee options $7.75 for unlimited every thing, or pay as you go but I think that ranges from $0.50-$0.75 per transaction, or 1,500$ minimum to waive fees. I would recommend Vancity if you live in metro Vancouver.
@@LivinginCanada but out of all the banks I think EQ bank is the winner for me personally, due to its high interest tax free savings, high interest regular savings, high interest on the money stored on the cash card and cash back for spending, easy to open up GICs, very decent two factor authentication security.
Quick heads up, Tangerine also doesn't always fulfill their 2% cashback. They only pay out with big box stores, small grocery, hardware or other purchases won't be fulfilled. It was surprising to hear this so wanted other to be aware.
Tangerine has no internal money transfer like simply.. btw there is no need to face pictures now they asked u to go to nearest post office to verify your iD and address verification with utility bill
Wish rbc " bought" an online bank cause i was thinking if switching banks in future but have a RDSP with rbc and uts a pain to transfer apparently... I have a Koho prepId card and love it. Especially for the purchases yuu don't want to pay off. Wish thry were with rbc
Only downside I had was that the app asked me for an ID with a picture of me so only having my temporary resident letter made me unavailable to join tangerine. Maybe later, not sure if a CIB can act as a document with ID but will definitely check it out.
I have a query regarding banking.. when we open new account do they give credit cards without credit checks!! Secondly.. in future if we decide to close the account, but wanna keep the credit card.. is that possible!!
Most credit cards do not require you to have an account attached to it (but they may or may not take that into consideration at time of approval), so in general, there should be no problem if you were to close the bank account. Usually banks will do credit checks before they give you a credit card. Hope that helps!
I think that's true, but it depends on the bank so it's best to ask them because each bank has a different procedure. Based on my experience with scotiabank, I've deposited a cheque online via the app several times, and each time I could almost immediately use the money.
I have a checking and savings account, you can choose what accounts to open when you go through the process. I have not applied for Tangerine CC, but I'd guess it would be the standard time, 1-2 weeks.
Ok thank you for your timely response. I am just trying to figure out how to make the transition from applying and creating my account to making a deposit. So would I need to wait until I get the card to make a deposit?
The great thing is that you can use the account even before you get the card (but of course, you will not be able to make withdrawals until then). But you can start using it to pay for things.
Not 100% accurate. I believe that if you do not open an interest-bearing account you do not need to provide. I had this conversation with Royal Bank 30 years ago. The teller thought it was requited. When she checked with her manager, I was proven correct. Privacy-types take note.
Don't use Tangerine!!! I was pretty happy with them before. Recently, they suspended my credit card w/o notify me. The only way to contact them is to call them. No call you back or online chat options. But my goodness, in the past 2 weeks, I made over 30 calls and 3 times I waited over 1 hours, and they just picked up my phone once!!!! The call centre is totally not working. I am so tired of this. My problem is still not solved. I tried to make complaints. Guess what, you need to call them to make complaints. I sent them emails for complaint, no response. This bank is a joke. Will not trust my money with it. They don't care about their customers. I really don't understand how a bank like Tangerine that does not have any front stores can still in business if the one way to contact does not work.
Been very happy with Tangerine ever since I switched to them for my daily banking.
Love your videos. I'm planning to immigrate to Canada soon and your videos teach me so much that will help make a smooth transition.
I'm glad to hear that, all the best on your journey!
We look forward to having you.
Been using it since six months. Haven’t had any major issue. Even customer service has been good for me.
awesome!
always love your videos, so helpful, thank you for being so dedicated to providing newcomers useful tips!
So glad to hear that they are actually useful, thank you!
Do you say ATM’ or ‘ABM’? Let me know in the comments below!
ATM!
ATM
ATM
ATM always has been lol
Born and raised in Vancouver Canada.. I have never heard a single person use ABM... it's ATM
I miss ING direct.
EQ bank is way better. TBH its best to do EQ bank for almost everything, and have another companies credit card and basic bank account.
Another person has said this too, interesting! I might check out EQ bank in the future. What would you say is better about EQ compared to other competitors?
I have a Tangerine account plus a credit card. it's great to have a free transfer fee. However, I am not sure about the credit card. I have the auto payment with the charity organization. When my credit card expires, the charity organization still can deduct the money my my credit card. I called the bank and the customer service told me that my credit card number remains the same with a different security number so they can still pay the organization. This will not happen in other big Canadian banks. I don't feel safe with their credit card.
Been with Tangerine for years. Only thing I don't like about the Money Back card is the limited types of Money-Back categories.
Thanks for the input!
Thanks for the video...im always curious about these Direct banks.
Although I dont see the benefits since I also pay zero fees and same high GIC rates with Cooperatives like Coast Capital or Vancity- and they have brick and mortar branches where i can walk in.
It does make me think twice about depositing too much money into a direct bank. Problems can always crop up and then you're stuck with an agent on the phone lol. Yes, given the same rates and fees, a physical branch is preferable, especially if it's close.
im with EQ Bank and Tangerine, and i haven’t used my Vancity account in years. also EQ has a TaxFree GIC (so does Tangerine) but EQ has higher rates than both Tangerine and Vancity.. EQ’s GICs are higher % than Vancity, Tangerine is in the middle. however I am keeping my Vancity account open in case I need something physical down the line. But their GIC rates, and regular savings account rate is significantly lower than EQ Bank so that’s why I’m not using them as my main
Interesting, thanks for sharing that information. I've actually never heard about Vancity before until I heard about it from you guys. Perhaps I should check it out! Anything else that makes Vancity a winner?
@@LivinginCanada Vancity has very cosy branches, very warm and welcoming (compared to most of the institutions). They waive all the fees if you keep 1,500 in the checking account, they also give free banking to people with disabilities, people who are 25 and younger, and to those 55 and older. they have convenient locations throughout metro Vancouver. they have 3 different fee options $7.75 for unlimited every thing, or pay as you go but I think that ranges from $0.50-$0.75 per transaction, or 1,500$ minimum to waive fees. I would recommend Vancity if you live in metro Vancouver.
@@LivinginCanada but out of all the banks I think EQ bank is the winner for me personally, due to its high interest tax free savings, high interest regular savings, high interest on the money stored on the cash card and cash back for spending, easy to open up GICs, very decent two factor authentication security.
Quick heads up, Tangerine also doesn't always fulfill their 2% cashback. They only pay out with big box stores, small grocery, hardware or other purchases won't be fulfilled. It was surprising to hear this so wanted other to be aware.
@kaku Arora - Very knowledgeable video - keep up the good work 👍- Although I prefer NRE & NRO bank accounts from my home country India
Thanks, interesting to know that!
What bank are you using for your main account?
I still use Scotiabank but am scouting for alternatives.
Tangerine has no internal money transfer like simply.. btw there is no need to face pictures now they asked u to go to nearest post office to verify your iD and address verification with utility bill
Oh really? When I opened my account everything was online.
Same. I did everything online, never required any photo ID's or anything. and got approved for the money back card too.
This is a problem for persons such as myself who pay no utilitues
Tangerine's GICs just became more awesome since they now offer 5.5% for 1 year terms and 5.6% for 1.5 year terms.
Yup, that's awesome indeed!
Wish rbc " bought" an online bank cause i was thinking if switching banks in future but have a RDSP with rbc and uts a pain to transfer apparently... I have a Koho prepId card and love it. Especially for the purchases yuu don't want to pay off. Wish thry were with rbc
There are some benefits to online banking, it's very practical!
Only downside I had was that the app asked me for an ID with a picture of me so only having my temporary resident letter made me unavailable to join tangerine. Maybe later, not sure if a CIB can act as a document with ID but will definitely check it out.
Thanks for the info, very helpful :)
By the way, havevyou considered EQ Bank?
You're welcome! No I haven't really thought of it!
So, how do I deposit cash to my account?? Do I go to a scotiabank atm?
say ATM - like ATM pin number from a scene in movie The riot club 😎
Haha, yes I say ATM too :)
In Canada we say ATM, not the other one
got mine in 2017
Only open with different banks if u can’t get the best deal with other banks
I have a query regarding banking.. when we open new account do they give credit cards without credit checks!! Secondly.. in future if we decide to close the account, but wanna keep the credit card.. is that possible!!
Most credit cards do not require you to have an account attached to it (but they may or may not take that into consideration at time of approval), so in general, there should be no problem if you were to close the bank account. Usually banks will do credit checks before they give you a credit card. Hope that helps!
When depositing a cheque, is it true that they hold it for a few days first? Or can you use your money right away
I think that's true, but it depends on the bank so it's best to ask them because each bank has a different procedure. Based on my experience with scotiabank, I've deposited a cheque online via the app several times, and each time I could almost immediately use the money.
Is scotia bank available in Victoria BC?!
Yes, as far as I know!
Do they have a physical debit card?
Hi when you open an account to tangerine like chequing o saving? How long you can get the credit card?
I have a checking and savings account, you can choose what accounts to open when you go through the process. I have not applied for Tangerine CC, but I'd guess it would be the standard time, 1-2 weeks.
Or you could get a TD Student Account!
Thanks for the tip!
Hi, how do you make deposits ?
You can interac or wire transfer it from other institutions. If you mean cash deposits, I believe you can use the scotiabank atms for that.
Ok thank you for your timely response. I am just trying to figure out how to make the transition from applying and creating my account to making a deposit. So would I need to wait until I get the card to make a deposit?
The great thing is that you can use the account even before you get the card (but of course, you will not be able to make withdrawals until then). But you can start using it to pay for things.
Not 100% accurate. I believe that if you do not open an interest-bearing account you do not need to provide. I had this conversation with Royal Bank 30 years ago. The teller thought it was requited. When she checked with her manager, I was proven correct. Privacy-types take note.
POS company lousy service. Flushed my cards.
What happened?
Don't use Tangerine!!!
I was pretty happy with them before. Recently, they suspended my credit card w/o notify me. The only way to contact them is to call them. No call you back or online chat options. But my goodness, in the past 2 weeks, I made over 30 calls and 3 times I waited over 1 hours, and they just picked up my phone once!!!! The call centre is totally not working. I am so tired of this. My problem is still not solved.
I tried to make complaints. Guess what, you need to call them to make complaints. I sent them emails for complaint, no response. This bank is a joke. Will not trust my money with it. They don't care about their customers.
I really don't understand how a bank like Tangerine that does not have any front stores can still in business if the one way to contact does not work.
Oh no, sorry to hear that! That is the downside of banking with a bank that does not have a branch.