A closer look at Neo Financial and Tangerine for sending and making payments abroad

Globalization has made it easier than ever to send and receive money internationally. However, the many options can overwhelm Canadians when selecting the best financial service for their needs. Two popular options in the Canadian market are Neo Financial and Tangerine.

In this article, we will take a closer look at these two services and compare them with an international alternative: Wise.

We'll look at:
A Closer Look At Neo And Tangerine For Sending Money Abroad A Closer Look At Neo And Tangerine For International Spending Currency Conversion Charges Looking for an alternative? Wise might help How To Send Money Abroad With Wise How To Get The Wise Card

A Closer Look At Neo And Tangerine For Sending Money Abroad

Neo Financial is a relatively new player in the Canadian financial market, offering various banking services including savings accounts, credit cards, and loans. However, one major drawback of Neo for international usage is that it does not offer any foreign currency exchange options⁷. This means there might be better options than Neo if you need to send money abroad or receive payments from outside Canada. .

On the other hand, Tangerine offers a bit more flexibility for international usage. They do not have a SWIFT/BIC code⁸, so wire transfers are not available to their customers. However, you can use their credit card to make purchases in foreign currencies. This may seem like a convenient option at first glance, but it comes with additional fees and risks of losing money due to unfavourable currency conversion rates.

Looking to make the most of what you send? Check out Wise

A Closer Look At Neo And Tangerine For International Spending

Both Neo and Tangerine offer credit card options for international spending. Neo has recently launched its Neo Money Card⁴, which allows users to spend in foreign currencies with no additional fees. This is a great option for travellers or individuals who frequently make purchases from international merchants.

Tangerine also offers two credit card options: the Tangerine World Mastercard⁵ and the Tangerine Money-Back Credit Card⁶. While both cards allow users to make purchases in foreign currencies, users should be aware of additional fees such as foreign transaction fees and currency conversion charges.

Currency Conversion Charges

Paying a sum of 1000 USD using either of these cards on May 9th, 2024 at 5 pm, we see that:

	Currency Conversion Charges	You Pay
Neo Money Card	2.50%¹	1025 USD
Tangerine World Mastercard	2.50%²	1025 USD
Tangerine Money-Back Credit Card	2.50%³	1025 USD

Looking for an alternative? Wise might help

If you are someone who needs to send money abroad frequently or make purchases in foreign currencies, there is an alternative that can save you time and money: the Wise card.

Formerly known as Wise, Wise is a UK-based financial technology company. It offers a borderless account with access to over 40 currencies at the mid-market exchange rate, without any hidden fees.

With the Wise card, you can easily spend your money in over 160 countries including popular destinations like the US, the Philippines, India, France, and the UK. Plus, you can also receive payments from abroad into your Wise account and convert them to the currency of your choice at a low cost.

Wise offers multiple ways to send money abroad, including Interac e-Transfers, direct debit, credit/debit cards, and more. This makes it convenient for Canadians to choose the method that works best for them.

Additionally, Wise's online platform is user-friendly and secure. Your personal information is protected through encryption technology and 2-factor authentication. Plus, with their transparent fee structure*, you can be assured that you are getting the best exchange rate without any hidden charges.

Using the Wise card, you can shop from any international merchant without worrying about additional fees or unfavourable currency conversion rates. You can also save money by avoiding foreign transaction fees that traditional banks usually charge. With Wise's mid-market exchange rate, you can be confident that you are getting the best value for your money.

How To Send Money Abroad With Wise

Sending money with Wise is simple and straightforward. Here's a quick guide on how to send money abroad with Wise:

1. Sign up for a free Wise account: simply provide your basic information and verify your identity.
2. Open your Wise Home page and click “Send”
3. Choose the account you want to send money from
4. Enter how much you’d like to send, either by saying how much you’d like to send or how much you’d like your recipient to receive, and select the currency
5. Add the recipient's details, including their bank account details or simply their email address if they too have a Wise account
6. Review your transfer details and confirm
7. Pay for your transfer using various payment methods

Once Wise receives your payment, they will convert it at the mid-market exchange rate and send it to your recipient's bank account or Wise account. Wise delivers your money within a few business days, depending on the country and currency.

How To Get The Wise Card

Once your account is set up with Wise, you can order a Wise card, which allows you to spend in over 40 different currencies without any additional fees or hidden charges. The process of ordering a Wise card is quick and easy — simply follow these steps:

1. Log in to your Wise account and click on the "Cards" tab
2. Click the option to order a card
3. Review and confirm your information
4. Your Wise card will be delivered to your registered address within a few business days
5. Activate your card using an activation code or by making a purchase, depending on your location

And that’s it! Your Wise card is easy to use, just like a standard debit card, but without the annoying fees that come from banks.

To Sum It All Up

While Neo and Tangerine may be good options for domestic banking, they may not be the best choices for international usage. Wise offers a transparent and user-friendly solution for all your international financial needs. Sign up with Wise today and experience the convenience of managing your money wherever you are in the world.

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Sources:

1. Neo Financial
2. Tangerine
3. Tangerine
4. Neo Money™ Card
5. Tangerine World Mastercard
6. Money-Back Credit Card | Tangerine
7. International transfers - Neo Financial
8. Tangerine - FAQ
   Sources verified on 20 June 2024