TD Bank Money Transfer Review

Exchange rates, Payment methods, How to, Transfer fees and much more

TD Bank Review

When sending money overseas from Canada, there are so many options that choosing one can be a headache. One of the major Canadian banks, TD Canada Trust, popularly known as TD Bank, offers money transfer services. The question, however, is if TD Global Transfer is the right choice for your needs?

TD’s bank transfer option is the service most use, but it is also possible to send via Western Union. There is even an option to send directly to a recipient’s card. Each option has its pros and cons.

Want to find out which is better for your needs? Keep reading to find out everything you need to know about sending international money transfers with TD Bank from Canada.

Payment Methods Available With TD Bank Money Transfer

All TD Bank transfers are funded through a sender’s bank account. Therefore, you must hold an account with the bank in order to send money overseas with them.

How Much I Can Transfer With TD Bank Money Transfer?

The easiest way to find out sending limits is by logging in to the TD app. Navigate to the Send Money tab, and select the Globally option. Once you enter the receiver's country, you can click on "What are my sending limits".

There is no maximum limit on how many transfers you can make daily. TD Bank calculates the amount based on a dollar amount in a 24 hour period. This amount does not include transfer fees.

For specific services the limits are as follows:

  • TD Global Bank Transfer: Up up to $6,500 per transaction every day
  • Visa Direct: Up to $2,500 per transaction per day
  • Western Union: Up to $999.99 per day

TD Bank Money Transfer Fees

According to TD Bank itself, its transfer fees are dynamic. That is, they can change according to the currency and country being sent to, as well as the type of service used and the account that the sender holds. The fee can range up to $25 for each transfer.

This dynamic fee structure applies to Visa Direct transactions. When sending using this method, the specific fee will be displayed when you request a quote.

Fees for international wire transfers made in-branch start at $30 for transferring $10,000 or less. These fees can go up to $50 to $80 for higher amounts.

If a sender uses the Western Union option, the fees also vary based on location and other factors.

One thing to note is that in addition to transfer fees there may also be regular account transaction fees from TD Bank. These apply depending on the type of account held.

Pros And Cons Of Using TD Bank Money Transfer

Pros

  • Transfers are safe and secure

  • Convenient if you already have a TD Bank account

  • Can send money directly to a recipient’s card

  • Cons

  • Exchange rates are not the most competitive

  • Fees on international money transfers are high

  • It might not be possible to know the total fee in advance

  • How Does TD Bank Money Transfer Work?

    When sending an international transfer with TD Bank, there are three ways for your receiver to get the money. Directly to their bank account, sending to a Visa debit, credit, or reloadable prepaid card, or using Western Union for cash pickup. All three types of transfer are available through TD Canada Trust’s online banking service and app.

    TD Global Bank Transfer
    • Firstly, log in to the TD app. If it is your first time, you will need to register. Accept the terms of use and privacy in order to complete the process.
    • Once logged in, click on the Send Money tab and select Globally.
    • The app will prompt you to get started and you will have to enter the details of the transfer.
    • Provide the receiver’s name, address, and bank address. You will also need their bank’s SWIFT or IBAN code.

    Transfers will arrive in 2 to 3 business days.

    Western Union
    • The Western Union option is integrated into TD Bank’s online platform, making it easy to send once you register.

    • Start by registering for the bank’s global transfer.
    • Select the amount of the transfer and the country you want to send to. The app will give you a quote on the total cost of the transfer.
    • Select Cash Pickup as the transfer method.
    • Enter your personal details, and either select a recipient you’ve already registered, or enter the details of a new recipient. Click Confirm.
    • Western Union will provide a tracking number, called the MTCN. Send this and the details of the transfer to the recipient. You will be able to track the status of the transfer in your transaction history.

    With Western Union, recipients usually have the cash available for pickup in 2 to 4 hours at most. They can also track the transfer status with the MTCN.

    Visa Direct

    A unique feature of TD Bank’s international transfer services is the Visa Direct option. Using this you can send directly to someone’s card, if eligible, and they will be able to access the money on the card immediately. Most cards worldwide are eligible.

    • Start by registering for TD Global Transfer if this is your first transfer. Then, select the option to get a quote.
    • To find out the estimate, you enter the amount you want to send and the country of the recipient.
    • Select Send to Card in order to do a transfer to a Visa card, once it is an option for your selected country.
    • Enter your personal information and that of the receiver. If you have sent to the receiver before, select Existing Recipient.
    • Confirm that all details of the transaction are correct. You will now be able to track the status of the transfer using your History in the app or online banking.

    Your recipient may have access to the money in as little as 30 minutes. The usual time period however is 24 to 48 hours. In some cases local regulations may cause the transfer to be rejected, held, or frozen.

    If the recipient’s card is a debit card, the money will be available in their bank account. If it is a credit card, the transfer will apply to their balance payable or as a credit to the card.

    Wire transfers

    These types of transfers are only done in-branch. In order to send this way, provide the receiver’s SWIFT code, name, address, and country to the bank representative.

    Other Money Transfer Providers

    TD Bank Money Transfer Exchange Rates

    TD Bank has exchange rates that fluctuate throughout the day. You can check the non-cash rate today online. Yet it is important to understand that there may be other fees applicable depending on type of transfer. You will be shown the exchange rate on your particular transfer when you make it online.

    How Does TD Bank Make Money On Money Transfers?

    TD Bank, like many other banks, makes money from transfers on the exchange rate in addition to the transfer fees. How does this work? It’s a simple matter of giving the sender a rate that is slightly less favourable than the mid-market rate.

    This rate, also called the interbank rate, is the one you’ll see when you search for exchange rates online. While it may sound favourable, it’s a rate only applicable to banks exchanging money between themselves. When it comes to the consumer, banks add on a margin to the rate and by doing so make a profit on each currency exchange transaction.

    Platforms Where TD Bank Is Available

    TD Bank offers online and mobile banking as well as 24/7 access to your account through EasyLine Telephone Banking.

    The “TD Canada” app is available for both the iPhone and Android devices. The former is rated highly at 4.5 out of 5 stars on the App store. The Google Play version also scores a decent 4.2 out of 5 starts. You can do most banking functions through the app, which makes it highly convenient.

    Is TD Bank Money Transfer Secure?

    TD Bank has been a trusted bank in North America for many customers. They manage a large amount of investment money in addition to providing bank accounts and money transfers. To enhance security, they have several measures in place. For example, if you log in to your account from an unusual location, the bank will verify your identity with a security code.

    What Countries Does TD Bank Allow You To Send Money To?

    For TD Global Transfer, currencies include AED, AUD, BBD, BMD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, INR, JMD, JPY, MXN, NOK, NZD, PHP, PKR, PLN, SAR, SEK, SGD, THB, TRY, USD, XCD, ZAR

    Using Visa Direct, you can send money to over 170 countries worldwide. Western Union transfers to just as wide a network..

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    How To Contact BMO

    The following methods are available:

    Telephone:

    1-866-222-3456 / 1-800-895-4463 (French language)

    Email:

    customer.service@td.com

    In branch

    Book an appointment or walk in using the branch locator

    Alternatives To TD Bank Money Transfer

    Other banks

    For tech savvy senders who feel comfortable operating completely virtually, online banks may be a good choice. Banks such as EQ Bank and Tangerine are online-only Canadian banks that don’t have physical branches. Their transfers may be cheaper and holding an account with them doesn’t come with the high fees that traditional banks charge.

    01

    Online banks

    For tech savvy senders who feel comfortable operating completely virtually, online banks may be a good choice. Banks such as EQ Bank and Tangerine are online-only Canadian banks that don’t have physical branches. Their transfers may be cheaper and holding an account with them doesn’t come with the high fees that traditional banks charge.

    02

    Traditional Money Transfer Providers

    Often found in convenient neighborhood locations, traditional money transfer companies include MoneyGram, Western Union, and Ria. Like banks though, their fees are high and their exchange rates are not favourable to the sender. If your recipient needs money fast though, they offer the advantage of getting the money to them in as little as 10 minutes.

    03

    Online Money Transfer Companies

    In response to the high fees that are associated with banks’ physical locations, there are a number of online money transfer companies such as Remitly and Transferwise. Since they save money on brick and mortar branches, they can pass these savings on to you.

    04

    TD Bank Money Transfer Frequently Asked Questions

    Transfer fees vary according to the type of transfer done, the amount of the transfer, and the destination country. Wire transfers are the most expensive, ranging from $30 to $80 when done in-branch.

    The amount varies according to the amount and type of transfer you select. TD Bank imposes daily, weekly, and monthly limits. The following apply to the two types of transfer other than wire transfers:

    • TD Global Bank Transfer: Up up to $6,500 per transaction every day
    • Visa Direct: Up to $2,500 per transaction per day
    • Western Union: Up to $999.99 per day

    For users logged in to online banking, it’s possible to find out individual maximums by clicking on "What are my sending limits?"

    In most cases the money will be with the recipient in a maximum of 3 business days. In rare cases however it can take up to 5 business days.

    History Of TD Bank

    The bank now known as TD Canada Trust has a long history in North America. The story of TD, which stands for Toronto-Dominion Bank, started in 1955. This was when Bank of Toronto and The Dominion Bank merged. Both of these banks were founded in the 1800s. The move was in response to where the banking market was going. Both companies agreed that larger banks would serve the fast-developing Canadian economy much better. The bank is known as TD Canada Trust now as it acquired Canada Trust in the year 2000.

    Today, TD Bank is the 12th bank in the world in terms of market capitalization. It is also the second largest bank in Canada. Over 20 million customers worldwide trust TD Bank with their finances. In Canada alone it has over 11 million customers.

    Other Services TD Bank Offers

    • Small business services
    • Foreign exchange
    • Mortgages
    • Loans
    • Investment products
    • Business banking solutions
    • Chequing, savings, and student accounts
    • No-fee youth account for children
    • US Dollar accounts
    • Insurance

    How To Open An Account With TD Bank

    New to Canada? TD Bank has account for you. It offers a break from monthly fees for a set time period as well as free transactions at Canadian ATMs. The bank also has a special bank account for international students, a credit card and a line of credit.

    Opening an account with TD Bank is fairly straightforward. You will need to provide the bank with a document from both of the below categories:

    Immigration documents

    • Temporary permit, such as IMM Form 1442, 1208, or 1102
    • Permanent residence confirmation, such as IMM Form 5292
    • Permanent resident card
    Identity documents

    • Canadian ID card
    • Canadian driver’s licence
    • Valid current passport

    If you are unable to provide the above, there may be alternatives. Visit your local branch and they will advise you.

    So What Is TD Bank In A Nutshell?

    TD Bank is a well-known and trusted company. It has the advantage of offering more than one option for international money transfers, which can be convenient. That is, if you already hold a bank account with the bank or plan to open one. If not, you may be better off considering other options. To find out more about money transfer services and read our reviews, check out the Remitbee website.

    Try Remitbee today and get a 15$ bonus for your first transfer!

    Best exchange rates, one-day delivery, free transfers over 500$ and amazing customer support! Too good to be true? How about a sweet 15$ bonus towards your first transfer? Just give us a shot!