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TFSA transfer out of Tangerine - how long it takes?
January 9, 2023
1:51 pm
butterflycharm
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Hi,

If you have done TFSA transfer out of Tangerine, how long did it take? want to time the promos.

Thanks.

January 9, 2023
2:47 pm
FastJonny
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butterflycharm said
Hi,

If you have done TFSA transfer out of Tangerine, how long did it take? want to time the promos.

Thanks.  

1) Tangerine TFSA transfer out: Feb 24 2022, arrive Mar 2 2022 (Big Five)
2) Tangerine TFSA transfer out: Initial request early March. I heard nothing for 2 weeks - called and found out that there was a note at the bank that Tangerine had responded that there was a problem and that they needed to talk to the customer. Neither the bank nor Tangerine called me. The request forwarded from the Bank to Tangerine was incorrect (asking for in-kind when it was cash).
Finally got re-requested and left April 14 2022 and received April 25 2022.
3) Tangerine TFSA. Just withdrew the funds in June 2022, put them in a non-reg HISA and will redeposit elsewhere this year (2023). Done with that transfer crap.

FastJonny

January 9, 2023
3:57 pm
Loonie
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I did one a few years ago, pre-Covid, and it went smoothly, maybe 3 weeks total. it was in Nov or early Dec.

However, it's impossible to time this because (a) this is the busy season for transfers; (b) there are 2 institutions involved and there can be issues at either end; (c) it is unlikely anyone will ever call you if there is a snag (that goes for almost any FI); and (d) no FI will commit themselves to any time frame although there is a general agreement about how long it ought to take.
The one thing they will commit to is the expiry date of the offer you are pursuing!

January 10, 2023
9:17 am
butterflycharm
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Loonie said
I did one a few years ago, pre-Covid, and it went smoothly, maybe 3 weeks total. it was in Nov or early Dec.

However, it's impossible to time this because (a) this is the busy season for transfers; (b) there are 2 institutions involved and there can be issues at either end; (c) it is unlikely anyone will ever call you if there is a snag (that goes for almost any FI); and (d) no FI will commit themselves to any time frame although there is a general agreement about how long it ought to take.
The one thing they will commit to is the expiry date of the offer you are pursuing!  

a) and b) disagree. They can and they should but that they don't is not a consumer issue. No need to defend the banks for these things.

c) and d) agree. They are irresponsible.

Commit to expiry date of the offer is not an advantage to user who waited long for transfer and missing on promo rate.

January 10, 2023
10:04 am
Loonie
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I think that's the first time I've ever been accused of defending the banks!sf-laugh - which I'm not. I'm just warning of possible or likely delays and what their excuses will be.

January 19, 2023
2:09 pm
Stephen1
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This is my first post. I am wondering with tfsa's transferring
from one institution to another institution is there a deadline time period

January 19, 2023
2:50 pm
butterflycharm
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Stephen1 said
This is my first post. I am wondering with tfsa's transferring
from one institution to another institution is there a deadline time period  

Deadline means?
Banks take about 2-6 weeks usually to transfer TFSA which messes up the timing for higher interest rates to catch between different institutions. Also, they usually charge 50$ for transfers.

January 20, 2023
12:37 am
Loonie
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there is no deadline. They are supposed to do it within six weeks, by general agreement amongst them. Most of the time, it will be timely, but no guarantee.

January 20, 2023
9:44 am
tottori88
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i transferred from simplii to motus years ago, it was via a bank draft from bank to bank and mail. It's scary.. what if it's lost!?

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