Personal Finance Bank accounts

How to close a Tangerine account in Canada

Piyush Singh

25.09.23 (updated more than 1 year ago)

Read time 2 minutes

Tangerine is a popular Canadian banking institution, offering various products and services for both personal and business customers. It offers a range of savings accounts, chequing accounts, mortgages, and credit cards.

For those wondering, “How do I close my Tangerine account?”, you can take the steps outlined in this article. You'll also learn in this article that with Wise, it's possible to manage your money without the need for a bank account at all.

Table of Contents
How to Close a Tangerine Account How to Close a Tangerine Account Over the Phone How to Close a Tangerine Children’s Savings Account Is There a Fee for Closing a Tangerine Account? Meet Wise - Your International Money Transfer Alternative

How to Close a Tangerine Account

The easiest way to close your Tangerine Chequing or Savings account is online. Just follow these steps to learn how to close Tangerine account online:

Log in to your Tangerine account
Click “Account Details”
Click “Close Account”¹

However, the option to close your account online is only available to you if you’re not closing the last account of its type on your Tangerine account. If this is the case, or these options are not available on your online account page for some reason, you can try calling Tangerine to close your account over the phone¹.

How to Close a Tangerine Account Over the Phone

You can close your Tangerine account by calling Tangerine’s toll-free number, 1-888-826-4374, at any time. This is one of the best as well as the most reliable methods for how to close Tangerine Savings account, and it also applies to Chequing or RIF Savings accounts¹.

How to Close a Tangerine Children’s Savings Account

Closing a Children’s Saving account is very similar to closing any other account, but you can only do so over the phone. However, it must be the child’s legal guardian authorized on the account that calls 1-888-826-4374 to close a Tangerine bank account for children. The number is toll-free and available to call 24/7².

Is There a Fee for Closing a Tangerine Account?

There is not a specific Tangerine close account fee, but there are many different fees associated with inactive or dormant accounts, as well as transfers to other financial institutions.

Tangerine charges you a 10 CAD fee that is associated with 1 year of inactivity for Chequing Accounts. Non-Registered Personal & Business Savings Accounts with 2-9 years of dormancy are charged 20 CAD per year. The 10-year dormancy fee is 4O CAD and is associated with Chequing and Non-Registered Personal & Business Savings Accounts³.

Transfers are even more expensive. Making an RSP, RIF, or TFSA transfer to another financial institution is going to cost you 50 CAD for registered savings accounts³.

Tangerine also has the right to “Set-Off”, which means they can use whatever is in your account to pay any debts you may have incurred, especially if they are the ones to close your account for mismanagement. Otherwise, Tangerine will pay you the balance left in your account².

So even though closing your Tangerine account seems free, it’s very difficult to avoid at least some of these fees, not to mention the fees that open accounts can incur, such as non-sufficient funds (NSF), ABM withdrawals, etc.

Meet Wise - Your International Money Transfer Alternative

While Tangerine charges a 2.5% fee³ on top of the mid market exchange rate for all of their currency conversions³, Wise helps you to send money at the mid-market exchange rate.

While you close your account, you might want to consider Wise, a money business service (MSB) that you can use to

Manage your funds in CAD, USD, EUR, GBP and more!
Send money at the mid-market rate - say goodbye to currency conversion fees
Transfer fees starting as low as 0.43% - and you always know them before you send your money
Breathe easy with no monthly fees for your Wise account or the Wise card

With no minimum balance or monthly fees, you won’t have to wonder about recurring fees either. This financial tool even offers the convenience of sending money via Interac e-Transfer via your Wise account with high limits!

All these benefits make Wise a fantastic choice for managing money transfers.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Sources:

Sources verified on 19 September 2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.