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Email this11:56 am
April 5, 2012
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Hi.
Already a PT customer with a e-savings account, want to transfer my ING TFSA to PT.
I found the transfer form on PT website but I wonder if I have to open a PT TFSA account first or just fill and send the TFSA transfer form and PT will then open me a new TFSA account automatically?
Also, for those who went through this, how long did the process take?
Thanks for any info.
7:16 pm
February 17, 2013
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If you open a TFSA on line, you have to do it with a minimum deposit of 1000.00. If you have the contribution room, you can open it and then transfer later. If not, mail in the application and PT will transfer the funds and open it when they arrive. As I recall the whole process took about 3 weeks as it's all done through snail mail.
5:34 am
May 20, 2014
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Hi I'm new to these discussions, but a long-time ING client, recently transferred some TSFA funds to PT, been 3 weeks+ since first mailed in application, 2 weeks since funds left ING (Tangerine) and I still haven't received any new acct info from PT. They state they're still waiting for cheque from Tangerine and I can't get through to Tangerine due to their super long wait times, no reply via email. Does it usually take this long to get money transferred to/from PT? I was lured in by their 3% rate. Any info is appreciated!
8:59 am
October 27, 2013
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Transfers of registered accounts take awhile simply due to the regulatory process governing registered accounts. I doubt it has anything to do with PT itself. I suspect 3 weeks is on the short side of the process while 6 weeks would be on the longer side.
Key message: Transferring registered accounts is a PITA. Best to stick with one institution. In 40 years, I have only ever moved a registered account (RRSP) twice. No desire to ever move my TFSA or RRSP again.
4:03 am
October 21, 2013
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I moved an RRSP from B2B to Oaken a few months ago, and it went through very quickly and with no hassles at all. I was quite surprised.
A friend of mine has just requested the TFSA transfer from Tangerine to Peoples, and was told by Peoples that it can take about a month.
I plan to do some more moving of registered accounts. I have to because my current arrangements just don't make sense.
I expect the original problem has been long resolved, but you can transfer TFSA from Tang to Peoples directly. You just fill in the online form for opening a TFSA. When it asks you for the amount you are depositing, you just put in your best guess as to the balance in the other bank's account and they will take it from there. Make sure you tick off that you want the entire balance transferred, on the next page.
2:00 pm
August 5, 2014
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It is always a good idea to open a TFSA or RRSP account or any other account that you must transfer money to before any transfer takes place from another financial institution.
Depending on the financial institution, they will try to delay transferring your money as there are only financial industry guidelines and no actual government regulation or law stating the maximum number of days they must transfer RRSP, TFSA etc. money.
6:13 pm
October 21, 2013
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I believe Jack is correct about why it can take so long. I had one transfer that went very fast, and there is no logical reason why that one should have been faster than others. It just isn't a priority for the institutions who are losing your money to get around to doing it. In this day and age, there is no reason for these things to take 4 to 6 weeks, which is common.
The thing you have to sometimes watch for though, is if you are making the transfer in order to take advantage of a better rate elsewhere. You need to ensure that the receiving institution will hold the rate until the money arrives.
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