A closer look at Tangerine’s business accounts

Piyush Singh

01.09.23 (last updated)

3 minute read

Tangerine is a Canadian financial institution that is known for its competitive interest rates and no-fee banking¹. Tangerine offers personal banking solutions, as well as business accounts.

With Tangerine Business Accounts, businesses can get the support they need to manage their finances effectively and efficiently while taking advantage of the same great features that make them so popular with individuals.

In this article, we will take a closer look at what Tangerine offers in terms of business accounts, compare it to the alternative option of Wise, and provide some advice on which might be the best fit for your business.

What are the common features across Tangerine business accounts?

While Tangerine has business accounts which cater to different business requirements, the following features are available across all the accounts:

There are zero monthly fees², with the only fees applying to accounts that are dormant for over 2 years or those that require paper statements³.
The Interac e-Transfer limits across Tangerine business accounts are⁴

Time Period	Sending limits	Receiving limits
Daily	3,000 CAD	10,000 CAD
Weekly	10,000 CAD	70,000 CAD
Monthly	20,000 CAD	300,000 CAD

No hidden fees or service charges - All fees are agreed upon in advance.

Tangerine Business Savings Account

In addition to an existing business chequing account at another bank, the Tangerine Business Savings Account is designed to help you increase business’ funds.

The account offers:

an interest rate of up to 3.25%²
a perfect place to grow extra cash

Tangerine Business USD Savings Account

A Tangerine USD Business Savings Account works with your business’ current US business chequing account at another bank to grow together and meet your monetary objectives.

The account offers an interest rate of up to 1.60%⁵ besides the features it has in common with other Tangerine business accounts.

Tangerine Business GIC

You can save your company money at an excellent rate of interest with a Tangerine Business Guaranteed Investment (GIC) account, especially with their lack of excessive fees or service charges.

Besides the features it has in common with other Tangerine accounts, this account offers an interest rate of up to 5.50%⁶

Tangerine Business USD GIC

You’re sure to save your U.S. dollars with a Tangerine Business USD Guaranteed Investment (GIC) account at a very high interest rate without any unfair fees or charges.

The account offers an interest rate of up to 4.25%⁷ along with the features we have already seen across other accounts.

Tangerine Exchange Rates

As of Friday the 4th of August 2023 at 6:55 am in Ottawa, Tangerine’s exchange rates were as follows:

	Buying	Selling
1 USD	1.356 CAD⁸	1.311 CAD⁸

The mid market rate at this time is seen to be 1.34 CAD per USD.

This implies that for converting CAD to USD, Tangerine charges a markup of about 1.17% over the mid market rate. For converting USD to CAD, Tangerine charges a markup of about 2.16% over the mid market rate according to the exchange rates seen above.

Currently, Tangerine only deals in Canadian and U.S. Dollars.

The Wise Business Account for all your business needs - An alternative to banking

Wise, formerly known as Transferwise, is a money transfer service that allows you to send money abroad with low fees and a mid-market exchange rate that’s always up-to-date.

What’s more, Wise offers the following benefits for businesses in Canada:

Batch payments
Invoices
International payments at the speed and cost of local payments
Free API Integration
App Marketplace for software integrations - save time with Xoom and Quickbooks
Send and receive up to 25000 CAD per transfer using Interac e-Transfers.

And lots more! With Wise, it’s easier than ever to manage your company’s cash flow.

There are no hidden charges or monthly costs associated with using these services - all of the charges are transparently stated upfront so there won't be any surprises when making transfers.

What’s more, there are no minimum balance requirements for the Wise business account.

Wise Payments Canada Inc. is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB) with registration number M15193392. It also has an MSB licence with the Authorité des Marchés Financiers (AMF) under licence number 902804.

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

In conclusion

Tangerine’s business accounts offer a great selection of features, such as competitive interest rates and no-fee banking. However, if you need to manage more currencies regularly, the Wise Business Account might be the better choice for you. Regardless of the size of your business, Wise has a solution tailored to your needs!

Sources:

Sources verified on: 20/08/2023

*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.