TD Bank -Cross border Account

[jetsons]

Hi all,

I am a US resident and recently completed by soft landing. We went to TD bank location in canada as we wanted to setup a cross border account so that we can easily transfer money from our existing US bank account to TD cross border account.

At the canadian location, they opened a normal checking account and a U.S. Daily interest checking account. Then they asked us to goto the TD bank at the US location so that US location can setup a US based account and link it to the U.S. Daily interest checking account.

We recently visited the US location and they seemed to be clueless and were saying that all they can do it setup a US account and again we need to goto canada so that the canadian branch can setup the cross border linkage. I am lost and thinking if I made a blunder.

Can someone please help if they have already successfully set-up a cross border account with TD?

 

[mad_hatter]

Check this out:

https://www.tdcanadatrust.com/products-services/banking/cross-border-banking/visa-direct-index.jsp

 

[Mrs. Kow]

I just successfully sent my first cross-border transfer yesterday. Once you have your US TD Bank and TD Canada Trust accounts set up, you call the cross-border banking number: 1-877-700-2913, and request to make a transfer. You can choose whether to send the money directly from your US TD Bank account to your Canadian dollars account if you want it to be available in CAD quickly, or send it to your TD Canada Trust US dollars account, and change it to CAD later if you are waiting for a better exchange rate. Just be sure to have your account numbers ready when you call.

 

[jetsons]

I just successfully sent my first cross-border transfer yesterday. Once you have your US TD Bank and TD Canada Trust accounts set up, you call the cross-border banking number: 1-877-700-2913, and request to make a transfer. You can choose whether to send the money directly from your US TD Bank account to your Canadian dollars account if you want it to be available in CAD quickly, or send it to your TD Canada Trust US dollars account, and change it to CAD later if you are waiting for a better exchange rate. Just be sure to have your account numbers ready when you call.

Thankyou Mrs Kow

 

[AjeyaGupta]

Thankyou Mrs Kow

@jetsons

I was wondering if you were able to resolve this. If yes, can you please help me with what all is required to get started with cross border money transfer from USA to Canada? I understand that I will need to open a checking/savings account with TD bank in Canada and USA (both). Are these two banks sufficient to transfer USD from TD Bank USA to TD Bank Canada (in CAD)? Do I also need separate cross border account with TD bank?

Also, have you investigated if TD bank services are better than using Xoom type of service for international money transfer (from USA to Canada in this case)?

Thank you for your help in advance!

-Ajeya

 

[DEEPCUR]

@jetsons

I was wondering if you were able to resolve this. If yes, can you please help me with what all is required to get started with cross border money transfer from USA to Canada? I understand that I will need to open a checking/savings account with TD bank in Canada and USA (both). Are these two banks sufficient to transfer USD from TD Bank USA to TD Bank Canada (in CAD)? Do I also need separate cross border account with TD bank?

Also, have you investigated if TD bank services are better than using Xoom type of service for international money transfer (from USA to Canada in this case)?

Thank you for your help in advance!

-Ajeya

Those two accounts are sufficient. TD accounts are useful for transferring big amounts. Once you bring your USD to TD Canada USD account, you could use a service like knightsbridge to get it deposited as CAD in to a Canadian account. For small amounts, tranferwise should work well.

 

[AjeyaGupta]

Those two accounts are sufficient. TD accounts are useful for transferring big amounts. Once you bring your USD to TD Canada USD account, you could use a service like knightsbridge to get it deposited as CAD in to a Canadian account. For small amounts, tranferwise should work well.

@DEEPCUR Thanks for your reply.

In this case, will knightsbridge act like like a linking factor between US TD account and Canadian TD account? Or the other option could be to use something like Transferwise or Xoom to send money from US TD bank to Canadian TD bank (or from any US bank to any Canadian bank)

I was looking for a more regular solution. Meaning, what is an optimum solution if I'd like to transfer money from USD to CAD on regular basis (say twice in a month)?

Thank you
Ajeya Gupta

 

[DEEPCUR]

@DEEPCUR Thanks for your reply.

In this case, will knightsbridge act like like a linking factor between US TD account and Canadian TD account? Or the other option could be to use something like Transferwise or Xoom to send money from US TD bank to Canadian TD bank (or from any US bank to any Canadian bank)

I was looking for a more regular solution. Meaning, what is an optimum solution if I'd like to transfer money from USD to CAD on regular basis (say twice in a month)?

Thank you
Ajeya Gupta

You need to open TD USD account in Canada. This is an account that needs to be opened from Canada TD bank and is different from your US TD USD account. This lets you keep USD in a Canadian bank and all Canadian banks offer this USD account. Once you have TD Canada USD account and TD regular USD account, you can transfer money between both accounts by calling cross border banking. Till this time no currency conversion is involved.

Once you have the money in TD Canada USD account, you can use knightsbridge to transfer the money from TD Canada USD account to regular Canada checking account.

For small transactions, you can use something like Xoom or tranferwise. It'd be similar to how you send funds to India. Add US checking account for source and Canada checking account for target and keep doing the transfer whenever you want to.

 

[AjeyaGupta]

You need to open TD USD account in Canada. This is an account that needs to be opened from Canada TD bank and is different from your US TD USD account. This lets you keep USD in a Canadian bank and all Canadian banks offer this USD account. Once you have TD Canada USD account and TD regular USD account, you can transfer money between both accounts by calling cross border banking. Till this time no currency conversion is involved.

Once you have the money in TD Canada USD account, you can use knightsbridge to transfer the money from TD Canada USD account to regular Canada checking account.

For small transactions, you can use something like Xoom or tranferwise. It'd be similar to how you send funds to India. Add US checking account for source and Canada checking account for target and keep doing the transfer whenever you want to.

Oh, okay, understood. For now, I was able to open TD CAD bank online. I have started to use Transferwise (TW) to to transfer USD to this TD bank. I was comparing rates offered by Xoom, TransferWise, TD Crossborder bank and WesternUnion. TW seems to give the best conversion rate from USD to CAD.