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TD Borderless Plan review

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Enjoy unlimited transactions and premium banking perks when you shop or travel in the US with this low-fee account.

You’ll only have to pay US$4.95 per month to maintain this account, and this fee can be waived if you keep a minimum balance of US$3,000.

$4.95

Account Fee

The TD Borderless Plan is a low-fee account designed for frequent US travellers and shoppers. It offers unlimited free transfers between your Canadian and US accounts along with an annual U.S. Dollar Visa Card rebate. This account costs US$4.95 per month to maintain, though you can get a fee rebate if you keep US$3,000 in your account at all times. You’ll also have to pay currency conversion fees whenever you transfer money between your accounts.

30-second take

  • Think about this account if you want a US credit card rebate and you’d like unlimited free transfers between your US and Canadian TD accounts.
  • Choose something else if you’d prefer to make ATM withdrawals, bill payments or debit purchases using your US dollar account.

Expert review

The TD Borderless Plan is a chequing account that comes with a low monthly fee of US$4.95. In return, it offers unlimited free transfers between your Canadian and US dollar accounts and an annual credit card rebate worth US$39. Just be aware that you’ll still have to pay currency conversion fees when you make cross-border transfers between your accounts, and you won’t get access to ATM withdrawals or debit purchases when you sign up.

What are the benefits of the TD Borderless Plan?

The TD Borderless Plan is a US dollar account that offers a number of exclusive benefits. These include the following:

  • Low monthly fees. You’ll only have to pay US$4.95 per month to maintain this account, and this fee can be waived if you keep a minimum balance of US$3,000.
  • Unlimited free transfers. You’ll be able to transfer money between your Canadian and US accounts as much as you want for no additional fee.
  • No minimum deposits. You won’t be obligated to keep a minimum balance in your account (though you may want to for monthly fee rebates).
  • Credit card fee rebate. You’ll be able to qualify for an annual credit card rebate worth US$39 when you sign up for the TD U.S. Dollar Visa Card.
  • Foreign currency services. You can access competitive exchange rates on US dollars and over 50 foreign currencies.
  • Save on travel insurance. You'll enjoy a 10% discount on the cost of TD Travel Medical Insurance when you sign up for the TD Borderless Plan.
  • Free premium perks. You can enjoy special perks such as free US bank drafts and basic cheques at no additional cost.

What should I look out for?

While the TD Borderless Plan comes with several benefits, there are also some drawbacks that you should be aware of before signing up:

  • Fees in US dollars. All of your fees will be charged in US dollars, which means you’ll pay more than you would if your fees were in Canadian dollars.
  • No interest on account balance. You won’t earn any interest on the balance you hold in your account.
  • Currency exchange rates. You may pay more than expected in foreign exchange rates if you regularly transfer funds between your US and Canadian accounts.
  • Limited transaction types. You won’t be able to use your account for ATM withdrawals, debit purchases or bill payments.
  • No Interac e-Transfers. You can’t send money to family or friends using Interac e-Transfers with the TD Borderless Plan.

Compare TD with other chequing accounts

Name Product Interest Rate Account Fee Debit Transactions Interac e-Transfer Transactions
Scotiabank Ultimate Package
0%
$30.95 per month ($0 if requirements met)
unlimited
unlimited
Earn $300 cash when you open a new Scotiabank Ultimate Package. Apply by January 28, 2021.
Scotiabank Preferred Package
0%
$15.95 per month ($0 if requirements met)
unlimited
unlimited
Earn $300 cash when you open a new Scotiabank Preferred Package. Apply by January 28, 2021.
Scotiabank Basic Plus Bank Account
0%
$10.95 per month ($0 if requirements met)
25 free per month
10 free per month
Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month.
Scotiabank Student Banking Advantage Plan
0%
$0
unlimited
unlimited
Sign up today and get up to 5,000 SCENE or Scotia Rewards Points. Terms apply. Apply by April 30, 2021.
Scotiabank Basic Bank Account
0%
$3.95 per month
12 free per month
2 free per month
With a low monthly account fee, you can choose between earning points toward the SCENE or Scotia Rewards reward programs.
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How do I open a TD Borderless Plan?

Follow these steps to open a TD Borderless Plan online:

  1. Go to TD’s website and click “U.S. Dollar Accounts” under the tab “Bank Accounts”.
  2. Select the TD Borderless Plan and click “Open Account”.
  3. Enter your personal information such as your full name, date of birth, Social Insurance Number and email address.
  4. Submit your application and sign up for an online TD account with your new banking information.

Eligibility requirements

To apply for a TD Borderless Plan, you need to meet the following criteria:

  • Be a Canadian citizen or resident who is at least 18 years old (19 in some provinces)
  • Be opening a sole account in your name

Required documents and information

  • Your name, residential status and contact information
  • Your Social Insurance Number (optional) and date of birth
  • Your email address and phone number

How do I deposit or withdraw my money?

The only way to withdraw funds from this account is to transfer your money from your TD Borderless Plan to your Canadian account. To deposit funds, you’ll typically need to transfer them into your US account from your Canadian chequing or savings account.

Unfortunately, it’s not possible to carry out transactions such as debit purchases, ATM withdrawals or bill payments on this account. You also won’t be able to deposit funds in US dollars by visiting a TD ATM or branch.

How can I get in touch with customer service?

It’s easy to get in touch with TD’s customer service team using a variety of methods:

  • By phone. Call TD’s customer service team to get dedicated support with your account.
  • In person. Visit a branch in person to ask any questions you might have before signing up for an account.
  • By mail. Mail any inquiries or documents to TD’s head office in Toronto if you don’t mind waiting for a reply.
  • By email. Send a secure message from your online account to deal with any issues you may be having with your TD Borderless Plan.

Frequently asked questions about the TD Borderless Plan

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