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.
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.
How Does TD Bank Money Transfer Work?
TD Global Bank Transfer
Transfers will arrive in 2 to 3 business days.
Western Union
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.
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.
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.
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.
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.
Up up to $6,500 per transaction every day
Up to $2,500 per transaction per day
Up to $999.99 per day
How To Open An Account With TD Bank
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
Identity documents
If you are unable to provide the above, there may be alternatives. Visit your local branch and they will advise you.
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.
Best rates with RemitBee
Transfers are secure, with top-level encryption protecting your data and funds. Whether you're sending money to family or handling business transactions, RemitBee ensures a smooth, reliable experience every time.
Pros And Cons Of Using TD Bank
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 it works
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
What Countries Does TD Bank Allow You To Send Money To?
Alternatives To TD Bank Money Transfer
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.
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.
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.
There are companies that specialise in international transfers like RemitBee. They operate online, just like TD Bank. However, money transfers are their main area of business. This means they know the wants and needs of senders and receivers well. Since they save money on brick and mortar branches, they can pass these savings on to you.
How To Contact TD Bank
Available every day on the bank’s website
1-866-222-3456 / 1-800-895-4463 (French language)
Book an appointment or walk in using the Branch Locator.
Conclusion
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.