What types of transfers can you make with TD Bank?
TD offers a variety of ways to send money, from traditional wire transfers to electronic transfers using Interac and Visa Direct. Many of these options can be accessed easily through TD EasyWeb online banking or the TD mobile banking app. And if TD’s in-house transfer services don’t meet all your needs, you can access Western Union’s services from your EasyWeb or mobile banking account.
Wire transfer
Visit your local TD branch in person to send a wire transfer in one of over 25 currencies. Wire transfers take 3-5 business days to be fully processed, depending on the currency and the number of banks involved in making the transfer.
Interac e-Transfer
Interac e-Transfers are only available for transfers within Canada. Transfers are usually completed in minutes, although they can take up to 30 minutes. Recipients are notified by email that funds are available for deposit into their account. Auto-deposit is available to provide quicker access to funds. TD limits Interac e-Transfers to $3,000 per transfer and per day, $10,000 per week and $20,000 per 30 days.
Visa Direct
Send money to over 170 countries in over 150 currencies through TD’s Visa Direct program. Transfers can be between $10 and $2,500, and recipients must have a Visa Debit, Visa Credit or Visa Prepaid card. Funds are deposited into whatever account is linked the debit, credit or prepaid card.
EasyWeb bill payment (for personal transfers and bill payments)
If your transferring money to pay a Canadian bill or sending money to a friend or loved one within Canada, simply login to your EasyWeb online banking account or TD’s mobile banking app and select “Pay Bills.” Transfers do not cost anything, and payee information is stored to make future transfers easier. Funds are usually processed the following business day.
Western Union (through TD EasyWeb)
Login to your TD EasyWeb online banking account to send a Western Union money transfer. You can send funds to over 200 countries in over 130 currencies. Cash pick-ups are supported, as are transfers directly to your recipient’s bank account. You may also be able to send to a mobile wallet, depending on the destination country and which mobile phone provider your recipient uses. Transfers typically arrive the same business day, although it could take up to several days. Read our full review of Western Union money transfer services for more information.
Available currencies
You can send money in over 25 currencies using TD Canada Trust wire transfer services. However, if you send a Western Union money transfer through your TD account or mobile app, you have access to a much larger network of destinations – over 200 countries in all. The following currencies are some of the ones supported through TD’s wire transfer service:
AUD Australian dollar
HKD Hong Kong dollar
SGD Singapore dollar
JPY Japanese yen
EUR Euro
GBP British pound
Sfr Swiss franc
USD US dollar
How long does a transfer with TD Bank take?
Wire transfers. Wire transfers are the slowest option for domestic and international transfers, taking 3-5 business days to process (potentially longer if the receiving bank takes longer to deposit the funds).
Western Union. Western Union transfers through EasyWeb are quicker, usually completing within the same business day.
Visa Direct. Visa Direct transfers can take 24-48 hours to process unless your recipient’s card is Fast Funds enabled, in which case your recipient can access the funds within 30 minutes. You will know if your recipient has Fast Funds enabled if you see an indicator beside Transfer Fee on the screen in which you confirm your details of your transfer.
Interac e-Transfers. If you’re sending money domestically, Interac e-Transfers are your quickest option as the process typically completes within minutes. Sending money online using the EasyWeb bill payment feature will takes at least 1 business day to complete.
What payment methods does TD Bank accept?
TD Canada Trust accepts the following forms of payment for money transfers:
Debit card (including Visa Debit)
Bank transfer directly from your account
Cash (for in-person transfers)
TD Bank exchange rates and fees
TD has exchange rates that are on par with other banks, but fall well below those on offer from specialist money transfer companies.
The bank recommends wiring foreign currency, instead of Canadian dollars, when sending money abroad, as doing so can mean faster payments and more competitive rates. It could also result in lower fees, as correspondent banks often charge more for currency exchanges during transfers.
$30 – $80 depending on the currency and transfer amount
$1.50
$8.95 for transfers up to $1,000
$12.95 for transfers over $1,000
Personal accounts:
$0.50 for transfers up to $100
$1.00 for transfers over $100
No fee for Student Chequing Accounts, Every Day Chequing Accounts, Unlimited Chequing Accounts and any personal account with an All-Inclusive Banking plan
Business accounts:
$1.50 for each transfer
No fee for any business chequing account with an Unlimited Business Plan
Free
These rates compare favorably with other Canadian banks. For instance, RBC charges $45 or more for outgoing wire transfers and $17 for incoming wire transfers that are greater than $50. Customers can send up to $2,500 per day from their online accounts or smartphones using RBC’s international money transfer service, which costs $13.50 per transaction. Each Interac e-Transfer costs $1.00 for personal accounts and $1.50 for business accounts (the fee may be waived in some cases).*
*Rates and fees are current as of April 15, 2020
Is TD Bank safe to use?
Security and regulation: Regulated by the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC). Subject to the Bank Act (1991), Canada’s primary legislation pertaining to banks. The Ombudsman for Banking Services and Investments (OBSI) resolves customer disputes that cannot be resolved internally.
Established: TD Canada Trust was formed in 2000 when the Toronto-Dominion Bank bought Canada Trust bank.
Number of customers: Over 13 million.
Reviews: TrustPilot gives TD Bank a score of 1.5 out of 10, based on over 50 reviews*
*According to Trustpilot as of June 26, 2019.
Banking in Canada is regulated by a network of organizations that oversee various aspects of the financial industry including the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC). The Bank Act (1991) is the primary law governing Canadian banking institutions.
TD is required by law to have an internal complaints-handling process for customers to resolve their grievances. If still unresolved, customers can take their disputes to the Ombudsman for Banking Services and Investments (OBSI), an impartial third party body tasked with solving problems that cannot be solved internally.
Office of the Comptroller of Currency (OCC) United States Federal Reserve Board (FRB) United States Consumer Financial Protection Bureau (CFPB)
How does TD Bank make money?
As with other banks and money transfer service providers, TD Canada Trust makes a profit by adding a margin to the exchange rate and charging fees for its products and services.
How to register for an account and transfer money through TD Bank
You must own a bank account with TD Canada Trust to send money domestically or internationally.
To set up an international transfer, you’ll need:
Your recipient’s full name and contact information.
The amount you’d like to send, the country it’s going to and the currency in which you’d like the money delivered.
If you’re sending through Visa Direct, you’ll need your recipient’s 16-digitVisa Card number as well as their name and address.
For wire transfers, you’ll need your recipient’s banking details including their bank name, SWIFT code and account number. For transfers to Europe, you might need the IBAN for your recipient’s bank.
You can only set up international wire transfers by visiting your local branch. Cutoff for wire transfers is 2 p.m. each day, regardless of where you’re sending it. After 2 p.m., your transfer is based on the next day’s exchange rate.
Steps for sending a Western Union money transfer through TD EasyWeb
Go to TD Canada Trust’s website and navigate to EasyWeb online banking. Login to your account, and click Global Transfers on the left-side menu.
Click Send now beneath Western Union Services.
Fill in your recipient’s name, address and the purpose of the transfer (select from a dropdown list that includes “education payment,” “gift,” “emergency,” and other options). Your recipient’s name must match the name that appears on his or her ID. Enter a message or description relating to the transfer in the Additional details field. Then click to continue.
Double-check your personal information, the recipient’s contact information, the country and currency, the amount, the exchange rate and the fee. Remember that your recipient’s name must match the name that appears on his or her ID. If everything looks right, click continue.
For most types of transfers, the recipient will get the funds within the same business day, although it could take longer.
Check the box at the bottom of the page if your recipient has given you permission to share his/her personal information. Click continue to exit the screen. Note: you will not see this screen again, so make sure you save your tracking number and keep a copy of your receipt!
Steps for sending a money transfer using Visa Direct
Go to TD Canada Trust’s website and navigate to EasyWeb online banking. Login to your account, and click Global Transfers on the left-side menu.
Click Send now beneath Visa Direct.
Select which account you want the money to come from, who the money is going to, the amount you’re sending and the reason for the transfer. Note the transfer fees listed under Fees and additional information. If the recipient is not listed in the dropdown list, click Add recipient to the right of the recipient field, and then complete step 4. Otherwise, move on to step 5.
Fill in your recipient’s full name, full address and Visa card number (debit, credit or prepaid card), and click next. Review your recipient’s information and click Finish to continue with the transfer. If this is not the first time you’re sending to this recipient, you should not need to re-input this information.
Proceed to step 5.
Check that the money is coming from the right account and that the recipient, destination, reason for transferring are correct. Make sure you note the fee and total amount you’ll be paying, and if everything looks right, click Send Money. The transfer has now been submitted and your recipient will receive the funds within 24-48 hours or within 30 minutes for Fast Funds enabled Visa cards.
What is TD Bank?
TD Canada Trust is one of Canada’s largest banks, offering a full range of financial products and services for both individuals and businesses. Headquartered in the iconic TD Canada Trust Tower on Bay Street in Toronto, TD has been a leader in bringing customers new and easy ways to do their banking, from EasyWeb Online Banking, to the TD Mobile Banking app, to EasyLine Telephone Banking.
As one of the “Big 5” banks in Canada, the second largest in terms of assets and the 19th largest globally in terms of market capitalization, TD brings loads of experience in finances and customer relations to its business. It has become one of the most recognized financial institutions in Canada, providing banking and financial services to more than 13 million people, which is over 1/3 of Canada’s population.
TD Bank versus TD Canada Trust: What’s the difference?
TD Canada Trust is the Canadian commercial banking arm of The Toronto-Dominion Bank (also known as TD Bank Group). The Toronto-Dominion Bank services U.S-based customers through its American commercial banking arm, TD Bank.
Because The Toronto-Dominion Bank owns banks on both sides of the border, it is able to offer strong cross-border financial solutions to its customers. However, TD Canada Trust and TD Bank remain separate financial institutions. Banking conducted from Canada can only be done through TD Canada Trust, while banking conducted from the States can only be done through TD Bank.
Do you visit the States or conduct business there frequently? Speak to your TD Canada Trust representative to learn more about cross-border banking options and to see if opening an U.S.-based account with TD Bank can help you.
Pros and cons
Pros
Competitive exchange rates compared to other banks. Customers say that exchange rates are stronger than similar banks.
Cheap domestic transfers. You can send money for as little as $0.50 using Interac e-transfers, and some accounts even include these transfers for free. You can also pay Canadian bills online or on your smartphone for free.
In-person service available. You can get service from an agent by going into one of over 1,100 branches located across Canada to send your transfer.
Pay with Visa Direct. You can transfer money onto any Visa credit, debit or reloadable prepaid card using online banking.
24/7 customer service. Get help from customer service representatives any time of the day or night using TD’s EasyLine Telephone Banking. You can also use the self-serve options in your EasyWeb Online Banking account to handle many of your everyday banking needs.
Cons
Cannot send wire transfers online. There are no online options for sending international wire transfers – you have to go to a branch instead.
Worse exchange rates than most private and online transfer specialists. They might be stronger than those offered by other banks, but you’re more likely to get lower rates with online specialists.
High fees. Many online money specialists charge a low flat rate — sometimes as low as $5 — but you’ll pay as much as $80 to send money overseas with TD Bank.
How does TD Bank compare to other providers?
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Frequently asked questions
When the sender arranges the transfer, he or she must provide the following information to their financial institution:
Your name (as account holder)
Your address
TD’s institution number (004), your branch transit number and bank account number (can be found on your cheques or by logging into your online banking portal)
Your branch address (the branch at which you opened the account)
TD’s Swift Code (or Bank Identifier Code): TDOMCATTTOR (applies to all accounts and branch locations). Note that TD doesn’t have an IBAN number as this is not used by North American financial institutions.
If you’re receiving funds in USD, you may need to provide the sender with the following information regarding TD’s correspondent bank in the US:
Settlement to: Bank of America, New York
SWIFT: BOFAUS3NXXX
Fedwire ABA# 026009593
Wire transfers can take 3-5 business days to be processed. There is a fee for incoming wire transfers, although it usually costs less than sending a wire transfer.
Business account holders can use any of TD’s money transfer options including wire transfers, Interac e-Transfers, Visa Direct and EasyWeb bill payments. Business accounts come with varying features that may allow you to send business-related transfers either for free or for a reduced rate.
TD Canada Trust’s SWIFT code is TDOMCATTTOR (this applies to all accounts and branch locations), and the institution number is 004.
Yes, you can get 24/7 access to your accounts and a wide variety of banking functions through TD EasyWeb online banking services and TD’s mobile banking app. You can send Interac e-Transfers, Visa Direct transfers, bill payments and Western Union transfers using these platforms.
TD doesn’t appear to enforce a minimum or maximum transfer amount on incoming and outgoing wire transfers. This seems to be true for both domestic and foreign transfers, making wire transfers your best option from TD for sending very large transfers.
If you’re sending money through Visa Direct, you must send at least $10, but not more than $2,500. Interac e-Transfers are limited to $3,000 per transfer and per day, $10,000 per week and $20,000 per 30 days. If you send a Western Union money transfer through your TD online account, you can send up to $999 per day, but the minimum transfer amount is $1.
For Western Union money transfers submitted through TD EasyWeb online banking, you can use the tracking number (MTCN) provided with the receipt you received after confirming the transfer details and submitting the transaction. Check the status of your transfer on Western Union’s website, by phoning Western Union or by visiting an agent location. You can also check your bank account to verify that the money has cleared your account, although it may take some time to be received.
Visa Direct transfers, Interac e-transfers and EasyWeb bill payments do not come with tracking numbers, although you may get a confirmation number showing that the transfer request has been submitted and paid for from your account. You can verify the status of these transfers by checking your account to see if the money has been withdrawn. Contact your recipient after the approximate transfer processing time has passed to see if the money has been received.
Phone TD customer service using the contact information provided on TD’s website. You can also fill out a customer feedback form on the bank’s website. TD is legally required to have a dispute resolution process in place to handle customer grievances. So, if you have a dispute that you cannot resolve with a teller or the manager of your branch, go to TD’s website or contact customer service to find out how to escalate your problem.
If your money transfer has not yet been received, phone TD EasyLine Telephone Banking Service to cancel the transaction – you cannot phone Western Union to cancel the transfer if you’ve submitted it through your TD EasyWeb account. Funds should take 3-5 business days to be returned to your account.
Have your debit card number handy as well as your tracking number and any receipts or documentation you were given when you submitted the transfer. TD must communicate with Western Union to cancel the transfer, so, even though TD EasyLine service is available 24/7, cancellations can only be done during Western Union’s regular business hours during the day.
If the funds have already cleared your account and been received by the recipient, you will not be able to cancel the transaction, so it’s important to act as soon as possible if you want to stop the money from being sent.
Stacie Hurst is an editor at Finder, specializing in loans, banking products and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, she can usually be found messing around with games, photography or floral arrangements in memory of her former days as a flower shop assistant.
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