Moving RRSP Savings from Motus to another FI | motusbank | Discussion forum

I am sharing my recent experience of moving RRSP Savings funds from Motus to Tangerine, but this may be helpful with transfer to a different FI.

I have contacted Motus through their online secure email asking for postal address to which RRSP transfer request should be sent. Tangerine used to ask for it, but I found later they now have Motus in the list of FIs with prepopulated info for transfers and don't need postal address from me.

Address that Motus Support gave me is different from what is in Tangerine transfer form. I decided to go with Tangerine, and their was correct address.
Hint: if your FI asks for that info and you have Tangerine account, get Motus address from Tangerine transfer form. Don't ask Motus for it.

One must provide FI with Motus RRSP Savings account number. This account number can not be found on Motus web page. Regular checking account number is there, under account details, but RRSP Savings is not. Note that RRSP Savings has its own account number.
Hint: RRSP Savings account number can be found in Motusbank app. You can pull it from there. If you don't have an app on smartphone, for Android it is still available in Google Play app store. Not sure about iPhone, but expect it is still in their app store, too.

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RRSP Savings transfer speed impressed me. Last time I did such transfer, years ago, it took about a month. This time: one week.

On Monday morning I submitted RRSP Savings transfer request through my Tangerine account web page.

On Friday I've got a call from Motus verifying that I requested transfer. Caller ID was motusbank and they didn't ask any personal or account related questions. Which I would not have answered, because it were incoming call. This is how identity theft happens. Instead, they just asked if they are speaking to Alexandre and if I requested RRSP transfer to Tangerine. I confirmed. Few hours after that call my RRSP Savings account disappeared on Motus web site.

After the weekend, before Monday noon Tangerine notified me they've got my RRSP from motusbank. I checked my Tangerine account and funds were there.

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I believe Motus charges $50 fee for RRSP transfer, and that is what they have taken from my RRSP funds. I put few dollars to Motus checking account, thinking they may take $50 fee from there, but that was not necessary.

Tangerine offers transfer fee automatic rebate for large amounts transfers. Mine qualifies, so in few days will see.