TD Global Money Transfer - Rates, Fees & Duration

TD, short for Toronto-Dominion Bank is one of the largest banks in Canada by asset size and a bonafide member of Canada’s "Big Five" banks. This bank provides you with a wide range of financial services that are tailored to meet your needs. TD is also notable for its fast global money transfer services, which allow you to send money abroad.

This article discusses how TD Global money transfer service works, the fees and duration it takes as well as other things you should know.

An Overview of TD Bank

Toronto-Dominion Bank, popularly known as TD, is a reputable multinational financial institution that has an outstanding record of service stretching as far back as sixty-five years ago.

The bank is known to provide one of the best financial services in Canada and is currently headquartered in Toronto, Ontario. TD boasts of having over 90,000 workers around the world, hence, its status of being a multinational bank.

Toronto-Dominion Bank and other subsidiaries owned by it are collectively called TD Bank Group (TD). TD provides millions of people with a wide range of financial products as well as services via their business.

How Can I Transfer Money Through TD Bank?

All transfers with TD Bank are financed by your (the sender) bank account. Hence, to make a transfer overseas, you must open a bank account with TD Bank. After you open an account, you can use the TD Global Transfer platform to send money abroad. Here are the three ways you can send money through this platform:

1. International Bank Transfer/ TD Global Money Transfer

This is the conventional wire transfer provided by your Internet banking platform. This transfer gets routed through SWIFT. To send money using this method, follow these steps:

• Firstly, start by logging into the TD mobile app. If you are transferring for the first time, you have to register on the platform.
• Once you log in successfully, tap on the “Send Money” tab and click on “Globally”.
• Next, enter the necessary details of your transfer.
• Input the recipient’s name, address, as well as bank address. Also, you need to provide your recipient’s bank’s IBAN or SWIFT code.
• Submit your transaction
• Transfers generally reach their destination in about 2 to 3 business days.

2. Visa Direct

The Visa Direct transfer option allows you to send funds to a Visa card (either credit, prepaid, or debit) in Canada or any other country. Most cards around the world are eligible for this feature. To use this option, follow the steps below:

• Start by signing up for the TD Global Transfer if you are transferring for the first time. Then, tap the Visa Direct option to obtain a quote.
• To get the estimate of your transfer, you have to input the amount of money you would like to send as well as your recipient’s country
• Tap on “Send to Card” to execute an instant transfer to a Visa card. This option is for a few selected countries.
• Input your personal details and the details of your recipient. If you have transferred money to the recipient before, tap on “Existing Recipient”.
• Verify the details of your transaction and ensure that they are correct then submit.

After you submit, you will be able to track your transaction status via the “History” tab in the mobile app or the online banking platform. Your transfer should get to the recipient in about 30 minutes. However, the general timing is between 24 to 48 hours.

If your recipient uses a debit card, the cash will be sent to their account. However, if they use a credit card, the transaction will reflect in their total balance payable or as an extra credit to the card.

Recommended - Electronic Funds Transfer vs Wire Transfers - Differences, Similarities, and All You Should Know

3. Western Union

This method allows you to transfer cash to over 200 countries and locations through Western Union. It's very valuable if you want the receiver to collect the money in cash. Follow these steps to use the Western Union method:

• Start by signing up for TD Global money transfer.
• Next, enter the amount of money you want to send and the destination country. The platform will provide you with a specific quote on the full cost of your transfer.
• Tap on “Cash Pickup” as your transfer method.
• Input your personal information, and provide the details of your recipient. If you want to send money to someone you’ve sent money to before, just select the registered receiver.
• Click “Confirm”.

Western Union will give you a tracking number, known as the MTCN. You have to send this tracking number and other details of the transaction to the receiver. Transfer tracking is available when using this method. Just go to your “History”.

With the Western Union method, receivers will be able to pick up the cash in 2 to 4 hours. Also, they can track their transaction status with the unique MTCN.

4. Wire transfers

These kinds of transfers are just done inside the bank branch. If you want to send money via this method, provide the recipient’s name, country, address, and bank SWIFT code to any bank representative.

How Much Can I Transfer With TD Bank Money Transfer?

The easiest and fastest way to know your sending limits is through the TD app.

• Log into the TD app
• Search for the “Send Money” tab,
• Tap on the “Globally” option.
• Enter the recipient's country and click on the "What are my sending limits" option.

When it comes to transfers, there is no maximum limit on the number of transfers you can execute daily. TD Bank estimates the number of transfers based on a fixed dollar amount within a 24-hour duration. Note that this amount does not incorporate your transfer fees.

Here is a list of the limit for general services:

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

Read Also - Bank Transfers vs Bank Remittances Explained - What are the Differences?

How Much Is The Transfer Fee?

According to their official website, the cost of a TD transfer is about $25 per transfer. Essentially, the transfer fee varies depending on the total amount of money being sent, the receiver’s country, as well as the currency of the bank account sponsoring the transaction.

TD Third-Party Banking Fees

Apart from paying the regular base fees and exchange rate fees when making an international transfer with this bank, you may still have to pay for other expenses before your recipient receives the money.

The additional fee you are likely to face is the correspondent bank fee. This will typically cost you between the range of C$10 to C$100. You may also be levied without notification if the transfer is not made directly to your recipient's bank.

TD Bank Money Transfer Exchange Rates

The exchange rates for TD Bank fluctuate all through the day. So nothing is constant. You can check out their non-cash rate online. However, note that you may be charged other fees depending on the kind of transfer you want to execute.

But there is no cause for worry because the platform will show you the exchange rate for your transfer whenever you want to do it online. So you will be informed before executing your transaction.

Generally, TD exchange rate margins are on the high side. It is above 5% of the total amount of money you want to transfer, depending on the currency.

What is The Total Cost of TD Transfers?

Above, we’ve given a breakdown of the charges to expect when using the TD online platform/app. Since these fees are not definite, the total cost of your transfers will vary depending on numerous factors

The total combination of the exchange rate margins and transaction fee makes TD a very costly bank to use for global payments.

How Long Does An International Bank Transfer With TD Bank Take?

The duration of your transaction largely depends on its destination and the amount of time it will take the receiver's bank to process the transfer. If your recipient’s bank is slow in processing transactions, it will also slow down your transfer from getting to the recipient.

Generally, TD Bank advises their customers that all wire transfers take between 1 and 5 working days most times.

A Cheap and Fast Alternative: SanaTransfer

Transferring cash abroad via TD Bank or any other bank isn’t the most convenient or cheapest option for you. However, the good news is that you can use a reliable remittance service provider like SanaTransfer.

Download the SanaTransfer app or visit their online platform to get started. The transaction cost is low and the platform offers you a competitive exchange rate. Download the app for Android or iOS to get started.

What Do I Need in Order To Make an International Money Transfer?

When you sign up for your TD Global Transfer - or if you choose to wire the money from any TD branch - you have to provide some basic information about your recipient. Here is a list of the information you may be asked to provide:

• Name of the account holder and the full address
• Account number of the recipient or IBAN (if the receiver is in Europe)
• Institution number
• Branch number and the full address
• The SWIFT/BIC code, or the bank routing number (if you’re sending money to the US)

If you want to make use of the Visa Direct method, you have to provide the card number of your recipient. Also, you have to provide their name and their address.

What Should I Give To The Sender in Order To Receive an International Bank Transfer?

To ensure your wire transfer is transferred to you safely, you’ll have to give the sender these details:

• Your full name, address, and details of your bank
• Your account number
• The correct SWIFT/BIC code

Unlike some countries in Europe, Canadian banks don’t make use of the IBAN system. Hence, it is important to provide the correct bank SWIFT/BIC code and the branch address.

Is TD Right for Your International Transfer?

The Toronto-Dominion Bank (TD) is definitely a trusted, world-class, and credible partner to cater to your daily banking needs. Be assured that your money is safe.

However, when we are to consider the pricing and the cost of transfers on this platform, TD may not be the most suitable. The transfer fees are quite on the high side, so if you are trying to cut down costs, this platform may not be the best. Also, TD can be very restrictive if you want to send a tangible amount of money overseas. The bank sets a C$6,500 limit on all daily transactions.

Hence, if you don’t send huge amounts of money abroad or don’t mind the expensive cost, TD may be just suitable for you. However, if you often send a lot of money abroad at once or if you are trying to cut down on costs, then it is best to use a transfer service provider like SanaTransfer.  

What Platforms Is TD Bank Available?

TD Bank provides its customers with both online and mobile banking through EasyLine Telephone Banking. You can also access your account 24/7 through Telephone Banking. The “TD Canada” mobile app is readily available for both Android and iPhone devices.

How Can I Contact TD Global Money Transfer Services?

If you are still confused and need a little more help with your TD global money transfer, visit the online banking platform, or talk to TD Bank directly:

Website: www.td.com or Book an appointment at any TD branch near you. Visit the branch and get help.

You can also give TD a call to lodge your complaints.

Final Thoughts

Although TD Global money transfer service is fast, credible, and convenient, it doesn't come cheap. The transaction fee and exchange rate on this platform are higher compared to non-traditional remittance platforms.

SanaTransfer offers easy, fast and secure payment services with better rates and faster payouts for international remittance. Sign up now to get started.

Download the app for Android or iOS.