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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.

September 15, 2020
12:42 pm
Alexandre
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Logged to my Tangerine account today and got this in Insights.

Want $10,000? Upgrade to a Client Card with Visa Debit for your chance to win!

I decided to upgrade. They offer new card in two colors, orange and dark silver (or was it gray?). I selected one that is not orange.

September 15, 2020
12:49 pm
pooreva
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What is actually 'VISA debit' feature???

September 15, 2020
1:56 pm
Save2Retire@55
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I think I am going to "upgrade" as well. It is good to have this as a backup Credit / Debit card specially when traveling.

September 15, 2020
4:49 pm
lhsaid
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I did the upgrade too, though I don't see any benefits of doing so except making these pop ups silent 🙂

September 15, 2020
7:15 pm
Norman1
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Outside Canada, a Visa Debit card can be used at any merchant that accepts Visa.

In Canada, a Visa Debit card can be used in person at merchants that accept Interac and online or over the phone at merchants that specifically accept Visa Debit.

More details at Helcim: How Visa Debit Works in the US vs. Canada.

September 16, 2020
6:36 am
Pronounced Zed
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So, it "upgrades" your client card. Does that mean you lose your debit card and from now on all debit transactions go through Visa? Nice fee upgrade for Tangerine. With PC Financial doing the same thing with their new debit MasterCard, I'm guessing this is going to be something more banks will be introducing.

September 16, 2020
7:23 am
Winnie
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Norman1 said
Outside Canada, a Visa Debit card can be used at any merchant that accepts Visa.

In Canada, a Visa Debit card can be used in person at merchants that accept Interac and online or over the phone at merchants that specifically accept Visa Debit. 

I'm in Canada and used my Visa Debit at some online stores here (Amazon.ca, for example) and also at online stores from Europe. I'm doing that for more than 10 years now.

For me it's like some additional level of fraud protection.
I deposited money, did that particular purchase and after that nobody can charge my Visa Debit.

September 16, 2020
8:44 am
Alexandre
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I am buying lottery tickets online in Ontario, from Ontario Lottery Gaming Corporation (a Crown corporation owned by the Government of Ontario).

Just like one would expect from the government entity, the process is not simple. It is possible to pay for tickets with Interac, but only from two Canadian banks I have no accounts with. It is also possible to pay with VISA and Mastercard, but transaction is treated as cash advance on credit card.

They also allow VISA Debit and Mastercard Debit lottery ticket purchases. I tried it with one of my cards, didn't incur any bank/card fees. Tangerine is my primary bank, so I can just use Tangerine VISA Debit for that.

September 16, 2020
9:40 am
rlannon001
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I want to know if because you are introducing the Visa Debit Card are you planning on getting rid of your MasterCard relationship. I joined Tangerine because you are MasterCard not Visa.

September 16, 2020
10:59 am
Norman1
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Pronounced Zed said
So, it "upgrades" your client card. Does that mean you lose your debit card and from now on all debit transactions go through Visa? Nice fee upgrade for Tangerine. With PC Financial doing the same thing with their new debit MasterCard, I'm guessing this is going to be something more banks will be introducing.

Swipe, chip, and tap are still Interac Debit in Canada.

It is "only when a consumer makes an online or phone purchase using the numbers on the front of their [Canadian Visa Debit] card that the card will function as a Visa debit card."

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