TD Bank International Transfers & Exchange Rates
TD Bank has experienced a number of transformations since its inception as Portland Savings Bank in Portland, Maine. The bank was bought by TD Bank Group in 2007 and renamed TD Bank. The bank has been able to expand all along the East Coast through a series of acquisitions and mergers.
In this guide, we will explore how good is TD bank to send money internationally in comparison with online money transfer providers. Additionally, we will cover the TD Bank foreign currency exchange rates and fees, pros and cons and most frequently asked questions.
About TD Bank
TD Bank is one of the major banks in the United States in terms of assets. It has 1,220 branches throughout the East Coast of the United States, with presence in 15 states and Washington, D.C. The bank has a history of more than 150 years and serves 9.5 million customers.
Customers can earn rate increases or cash incentives from TD Bank in a variety of ways. They can also pick from a variety of bank accounts, ranging from a basic savings account to an interest-earning checking account to a five-year CD, allowing them to maintain their banking and investing in one location.
Like its parent company, Toronto Dominion Bank, TD Bank's international transfer service enables customers to send and receive money abroad. They can send to 200 countries with three options: TD Global Bank transfer, Visa Direct, and Western Union.
Can I Use TD Bank for International Bank Transfers?
Yes. With TD Bank's wide range of transfer options, sending money overseas is simple. These are some of them:
TD Global Bank Transfer is a service that allows you to send money to a bank account in another country.
With TD Visa Direct, you may send money to a recipient's Visa debit or credit card from anywhere in the world.
Western Union Money TD Bank service allows you to send money internationally for cash pickup.
However, before you make an international bank transfer, you should be aware of the TD Bank foreign currency exchange rates and possible fees. We will cover this in the section below.
TD Bank Exchange Rates and Fees
Customers can use the TD Bank exchange rates calculator on the bank’s website. The bank allows buying and selling of foreign currencies. Customers can anticipate spreads of 5%-7%.
A 2.5%-4% margin applies on exchange rates for TD Bank for international transfers. These margins are better than what most banks offer. However, it's possible to get better transfer rates using money transfer providers like Wise and XE, which offer mid-market rates.
Banks have two main costs when it comes to making an international money transfer:
TD Bank exchange rate margins
TD Bank international bank transfer fees
Exchange rate margins are a small amount banks charge a part from the exchange rates to make profits from the international bank transfers.
TD Bank’s rates change throughout the day, and the rate for a single transaction is established when that transaction is completed. For example, if you search the TD Bank exchange rate today, this may not be the same every day. The bank is not liable for any decisions you make based on the TD bank exchange rates or the TD Foreign Exchange Calculator provided on its website.
TD Bank Exchange Rates
The base exchange rate on the TD Canadian Dollar Premium Business Savings Account is 0.010%. The Canadian Dollar Premium Business Savings Account Base Exchange Rate is a variable interest rate provided by TD Bank specifically for the Premium Business Savings Account.
The base rate for the TD U.S. Dollar Premium Business Savings Account is also 0.010%.This means that the US$ Premium Business Savings Account base rate is a reference interest rate set by the TD Bank from time to time only for the TD US$ Premium Business Savings Account.
TD Bank exchange rates and all banks' exchange rates are subject to vary during the day and at the time of booking. Except for the purchase and selling of currency notes, the TD Bank foreign currency exchange rates apply to all foreign exchange transactions.
TD Bank transfer fees
A part from the TD Bank exchange rates, there are some international bank transfer fees. The following are TD Banks' transfer fees:
$50.00 for outgoing international wire transfers
$30.00 for outgoing domestic wire transfers
$7.50 USD per online transaction
$250 USD per online transaction for Minimum Order Amount; each currency must be at least $25 USD.
$1,500 USD per online transaction for Maximum Order Amounts.
Additional costs
There is a $15.00 charge if you receive an international money transfer. When transferring money overseas through wire transfer, keep in mind that the recipient bank may charge a fee as well, so you may need to consider these additional expenses into your transfer.
Also, when buying foreign currency online, there is an additional transaction fee of $7.50 USD. This cost will be collected when you submit your order.
How Do TD Bank Transfer Fees Compare to Using a Money Transfer Provider?
We compare TD Bank’s international transfer fees against money transfer providers.
Assuming a customer intends to send $1000 to a bank account in the following countries, here’s what they’d pay.
| Send Money To | TD Bank Cost | Money Transfer Provider Cost |
|---|---|---|
| Mexico | $50 | $1.99 |
| The United Kingdom | $50 | $2.5 |
| Europe | $50 | $0 |
The comparison shows that TD Bank’s international transfer fees far exceed what specialist money transfer providers offer.
How Do TD Bank Transfer Fees Compare to Using a Money Transfer Provider?
Using a specialist money transfer provider increases your chances of finding a means to send money abroad with reduced fees and low margin exchange rates. You may use some available online comparison tools to see all of your options, including transfer costs, foreign currency currency exchange rates, and transfer times.
TD Bank Pros and Cons
The following are TD Bank’s benefits and drawbacks:
Pros
Cons
How to Open an Account and Transfer Money With TD Bank?
On the bank's website, you may easily open a TD Bank account. When you create a TD Convenience or TD Premier account online rather than in a physical store, you can even get a cash incentive.
Opening an Account
When browsing at TD Bank's online banking products, you must first choose the location in which you reside (or bank). As a result, the bank will be able to provide you with a more realistic picture of the products accessible to you. This process begins with selecting a state and then a city.
It's as simple as clicking the "Open Account" button on the website once you've discovered the account you want to open. You'll next be requested to input your information, including your phone number and email address. You'll also make your first deposit at this time and start banking.
Transferring Money
You may initiate a wire transfer by visiting your local branch or logging into your online banking account. For your transfer, you'll need to supply the following information:
Account holder's name and full address of the recipient
Account number of the recipient
The telephone number and address of their branch
BIC Routing Number/ SWIFT Code
The amount you're transferring and the currency you'd like to convert it to
Your transfer will take 3–5 days to arrive in your recipient's account once it has been completed.
Additional Information
Foreign currency is not carried by TD bank branches, therefore you will have to pay ahead of time and pick up the cash at a branch a week or so later. A reliable foreign exchange dealer will always have all currencies on hand the same day. You may place an order in seconds online and pay when you pick it up. You may also purchase foreign currency online and have it delivered to your home.
Customer Service Details for Users of TD Bank
TD Bank, like many other big banks, allows customers to bank online or via the bank app 24/7. You may also call 1-888-751-9000 to reach their customer care department. You can manage your bank accounts, set up bill autopay, deposit checks, and make transfers. Zelle also allows you to send money to friends and relatives. You may set up email notifications to keep track of your financial activity.
Many of its physical locations have extended hours on weekends and evenings. At TD Bank, you may transact business whenever you choose if you're too busy during the week to stop by.
Summary
TD Bank is a brick-and-mortar bank with a strong presence in the Eastern United States that offers straightforward accounts with average available features. However, TD Bank offers two distinct benefits: extended branch hours and free ATMs in both Canada and the United States. Convenience Checking, which has an easily avoidable monthly cost and a significant sign-up bonus if you meet certain conditions, may be the most attractive account.
TD Bank also offers far more rewards to clients who open numerous accounts than many other banks. The standard interest rate for TD Beyond Savings, for example, rewards customers who link another eligible TD Bank account with a greater interest rate.
TD Bank exchange rates and fees are the two areas where the bank falls short. While many checking and savings accounts do not charge monthly maintenance fees unless you fulfil certain criteria, several of TD Bank's products require consumers to jump through hoops in order to get their costs reduced. When compared to its online-only competitors, TD Bank's deposit products provide very little interest.
Lastly, TD Bank is ideal for East Coast residents of the U.S. who want a bank with a strong physical presence and a wide range of checking and savings accounts to select from. Those wanting to get the most out of their deposit products, such as checking and savings accounts, should go elsewhere.
Other Banks
Answers to key questions about TD Bank
Some of the most commonly asked questions concerning TD Bank’s banking services are as follows: