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Linked External Account
March 12, 2017
9:19 pm
his6
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September 9, 2016
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I was wondering how this linked external account works?
I have my HSBC account linked in my Tangerine, I was wondering if I pull money from HSBC thru Tangerine, how would that show up on HSBC? EFT? wire transfer?
and i'm also concerned whether or not there would be a fee?
Tangerine says there's no charges on their side, but can't guarantee anything for the other side.
and when i call HSBC, they got no idea what i'm talking about, and keeps assuming i'm talking about a interact transfer.
HSBC have some expensive fees when it comes to transfers, i don't want to use it and have it show up as a wire transfer with $40+ fee attached.

March 12, 2017
9:55 pm
Norman1
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When I pull money from my linked external account using Tangerine's online banking, the debit shows in my linked account as a funds transfer preauthorized debit (PAD).

It is similar to a preauthorized debit for a utility bill.

Ask HSBC how much a preauthorized debit (PAD) would be.

It can't be a wire transfer. Wire transfers can only be used to push money out to another account. Such a wire transfer would have to be initiated from the HSBC side to move money from HSBC to Tangerine.

One can't do a wire transfer to pull money in from another account.

March 13, 2017
2:15 am
his6
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ok, I see, thanks for the information.

March 14, 2017
11:39 am
Doug
British Columbia, Canada
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xup6.yc said
I was wondering how this linked external account works?
I have my HSBC account linked in my Tangerine, I was wondering if I pull money from HSBC thru Tangerine, how would that show up on HSBC? EFT? wire transfer?
and i'm also concerned whether or not there would be a fee?
Tangerine says there's no charges on their side, but can't guarantee anything for the other side.
and when i call HSBC, they got no idea what i'm talking about, and keeps assuming i'm talking about a interact transfer.
HSBC have some expensive fees when it comes to transfers, i don't want to use it and have it show up as a wire transfer with $40+ fee attached.  

HSBC quietly pulled their bank-to-bank, self-to-self transfer functionality last year, encouraging customers to use their "new" (for them anyway, everyone has had it for a decade or two!) Interac e-Transfer functionality as a "convenient alternative". It was actually a decent system; I liked it. With them closing 15-18 branches this year, and likely keeping that pace up for each of the next two (2) years, coupled with them not allowing non-face-to-face account openings anymore, it doesn't make sense to take away digital functionality. 🙁

I get that they want to improve their branches' "numbers" in terms of their branch-based Premium Banker and Premier Relationship Manager sales productivity but they're severely limiting their ability to capture younger millennials, who would be their key target "emerging affluent" demographic for the HSBC Advance wealth-based proposition.

So, you're correct...unless HSBC does an "about face" course correction, to transfer in or out of HSBC, you'll need to "pull" funds from your external accounts away from HSBC as the only way to "push" funds would be either of: (a) a wire transfer (cost prohibitive), (b) writing a cheque to yourself if you have HSBC Advance or HSBC Premier and depositing it in your other bank's ATM or with your smartphone or (c) withdrawing cash from an HSBC branch (limited in transfer amount - most branches won't want to give you more than $3000-5000 without a week's advance notice). 🙂

In terms of if there's a "fee" on the HSBC end for pulling funds from Tangerine? No additional service fee, no as it'll show up as a "pre-authorized payment" or "pre-authorized debit" on the HSBC side and then indicate "Tangerine" in the transaction "narrative" as well as HSBC's internal transaction reference number and EFT tracing number (begins with "EF"), which I do like that HSBC gives you. As far as a regular "activity fee," it'd be completely free with an HSBC Premier, HSBC Advance or HSBC Performance Unlimited Chequing account (although this one carries a $14.95 monthly fee if under age 65) and free with a High Rate Savings Account so long as you don't make more than 3 debit transactions in a given month then it'd be $5.00. It's also free with the since-grandfathered HSBC Advance Savings Account. 🙂

Bottom line: your best bet with HSBC is to "link" your HSBC chequing account with your external accounts and then transfer funds freely from your HSBC savings to your HSBC chequing prior to initiating any transfer.

Cheers,
Doug

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