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.
