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Tangerine introducing Visa Debit
July 22, 2020
4:35 am
Alexandre
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Inbox message from Tangerine on July 21, 2020.

Some exciting news coming your way soon! We’re introducing Visa* Debit to the Tangerine Chequing Account in the fall, and as a result of that, we’re making updates to our Fee Schedule.
We want to assure you that there will still be no fees for daily transactions like debit purchases, bill payments, and Interac e‑Transfer® transactions.

These changes will take effect on September 21, 2020.

July 22, 2020
11:50 pm
Rick
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July 29, 2020
6:34 am
Sneru
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So disappointing! The Tangerine debit card was great for withdrawing funds in other countries' ABMs that were part of the Global alliance. No conversion fees applied. Now, with the new Visa Debit card, it looks like they are going to skim off an additional 2.5% as a foreign conversion fee! And they have the nerve to pitch this as "exciting news"!

July 30, 2020
2:49 pm
implode
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"Exciting news" indeed. No change on anything except the introduction of the 2.5% foreign conversation fee. Next they'll add other fees, and it will be even more exciting for us. Ingdirect/Tangering debit was my go-to card when I take out money at an ATM when I'm travelling. But with this exciting news, I might as well cancel the debit card and the chequing account. Previously, I had a debit card with just a savings account, but they killed my debit card as I didn't have a chequing account and wouldn't issue me another debit card without opening a chequing account.

July 30, 2020
5:57 pm
Peseta
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implode said
Ingdirect/Tangering debit was my go-to card when I take out money at an ATM when I'm travelling. But with this exciting news, I might as well cancel the debit card and the chequing account.  

It used to be my go-to card as well, but I have been using STACK (prepaid MasterCard) for foreign ATM withdrawals for about 2 years now and its much, much better than what Tangerine offers. With Tangerine/Scotia you are limited to Global ATM Alliance bank machines. With STACK, on the other hand, you can use any bank machine in any country. As long as the foreign ATM doesn't charge you fees, there are no charges on STACK's end (2.5% forex or withdrawal fee).

For me it revolutionized access to foreign cash. Between using STACK as a debit card, and Brim MasterCard as a credit card, I've saved hundreds on forex fees. I would strongly recommend both cards to anyone who spends substantial amounts in foreign currencies.

Tangerine has lost its innovative edge long, long time ago. Apart from not having a monthly fee on chequing accounts, I don't see what makes it any different from Big 5 or other online banks (Simplii, Motive, etc.). With ING's acquisition by Scotia these changes were widely expected, but its still disheartening to see these never-ending introduction of "fair fees." Sorry Tangerine, but even my spellchecker won't allow the words "fair" and "fees" in the same sentence.

July 30, 2020
7:08 pm
Loonie
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Well said, Peseta!
I haven't used STACK or Brim as I haven't been out of the country for a long time, but it's good to know there is something one can use that avoids gouging and is easy to use - at least for now.

July 30, 2020
10:22 pm
implode
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Tell me more about STACK. Is it this:? https://www.getstack.ca/
It sounds like it.

July 31, 2020
3:38 am
Peseta
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implode said
Tell me more about STACK. Is it this:? https://www.getstack.ca/
It sounds like it.  

Yep, that’s STACK 🙂

July 31, 2020
12:18 pm
Lodown
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How do Stacks exchange rates 'stack' up with say Mastercard's?

August 1, 2020
8:22 pm
Peseta
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Lodown said
How do Stacks exchange rates 'stack' up with say Mastercard's?  

STACK uses MasterCard's posted exchange rate, which is just a tiny bit higher than interbank rate. There are no additional charges such as 2.5% forex or other "fees" associated with withdrawing cash abroad.

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