TD Canada Trust Cross-Border Banking Review

For those not familiar with Canadian winters, it can seem scenic and festive at first glance around Christmas time. However, winters can get harsh and cold, and many people choose to head south to enjoy warmer weather until the days grow longer again. Some may even have businesses or family members that require frequent exchanges of Canadian dollars to US dollars.

Over time, with banks charging high fees at regular rates, the costs can add up. For example, someone who transacts $10,000 annually could pay about $250 in fees. You could use that money elsewhere while vacationing or travelling.

Sometimes it's easier or more convenient to use your local bank for currency exchange. If you bank with TD Canada Trust, RBC Bank, or Bank of Montreal, they offer cross-border solutions for those who travel to the US semi-frequently or frequently.

For TD Canada Trust, this comes in the form of the TD Borderless Plan, which includes preferred TD exchange rates and seamless, convenient TD Canada Trust online banking tools. We reviewed TD's services to answer major questions and write an overall review of the product below. If you would like to read more reviews and articles, view our blog.

TD Bank operates in Canada as TD Canada Trust, while TD Bank maintains US cross-border services. Having a strong US operating arm allows it to offer what it calls the US Borderless Plan.

In the past, to conduct transactions between Canada and the United States, you needed two separate accounts located in each country, which made transactions slow and cumbersome.

The TD Bank US Borderless Plan eliminates this problem by essentially creating one integrated platform for all of your cross-border banking needs. You can access it through the TD Canada Trust Easy Web online platform. The plan includes various bank account services. This includes a US dollar account in Canada, which comes with a US credit card with annual fees waived and many discounts and insurance benefits.

The plan also allows you to purchase a US mortgage with little hassle. Overall, it is a convenient and accessible option for Canadians banking in the US. Compared to RBC's cross-border solutions, it can be seen as slightly more comprehensive and all-inclusive, while BMO's cross-border solutions are more fragmented.

The plan is quite affordable and is made for frequent US travelers and purchasers. The monthly account fee is $4.95; however, with a minimum account balance of US$3,000, this can be waived. The US credit card you receive when you initiate the US Borderless Plan offers several benefits. Fees incurred from non-TD ATM transactions are waived regardless of your account balance.

Furthermore, if your account balance meets the minimum requirement, TD will reimburse other non-TD fees. Another benefit of a TD US Dollar Visa card is access to preferred TD exchange rates from TD Currency Exchange, while avoiding conversion fees and currency exchange services.

You can get the TD Bank exchange rates at the following link: https://www.td.com/ca/en/personal-banking/solutions/exchange/currency-converter

Lastly, the TD US Dollar Visa Card can be used at one of many US TD Bank ATMs without additional system fees beyond foreign exchange fees.

TD, TD Canada Trust and related marks are trademarks of The Toronto-Dominion Bank. KnightsbridgeFX is not affiliated with, endorsed by, or sponsored by TD

The plan also has many positives overall. One of the biggest advantages of TD Canada Trust is its seemingly all-inclusive banking plan for the US and Canada, integrated into the TD Canada Trust Easy Web banking platform.

Another useful advantage is that when applying for a US mortgage, home equity line of credit or US-dollar credit card through TD Bank, credit history can be based on Canadian and US assets, income, and credit history. This is useful for people without an established credit history in the US, such as first-time vacation property purchasers.

In addition, transferring money between Canadian TD accounts and American TD Bank accounts has no wiring transfer costs. Relatedly, you don't need a US address to open a US-based TD Bank account. If you require funds but are currently in the US, you also have the option to withdraw funds straight from your TD Canada Trust account through any TD Bank ATM. Having TD ATMs and branches in the States is also another advantage, as other big Canadian banks besides BMO's Harris Bank do not. Lastly, transfers between Canadian and US bank accounts can take longer than domestic transfers, and a big advantage is TD's extended hours, with many branches open 7 days a week and longer than other banks.

Although the plan has many positives, it also has some cons for Canadians in the US. Most of TD's branches are located on the East Coast to suit Canada's population (not all snowbirds live in Ontario and the eastern regions). As a result, most branches and ATMs are located in Arizona and Florida.

There is also disappointment for those hoping to access Canadian TD bank accounts in the US, as US staff cannot access Canadian accounts and vice versa; however, this is standard for all banks. Another con of cross-border transactions, as mentioned above, is that they tend to take longer. Traditional ATM or debit transactions can take 1-3 days to appear on your statement, while bill payments to payees can take 5-7 days to process. Lastly, as with TD's cross-border solutions, automatic bill payment is not possible to US payees from Canadian accounts; however, you can transfer money between Canadian and US accounts to pay US bills directly online. Automatic transfers are also not possible.

The product is easy to use and simple to sign up for. Signing up requires a phone call or a branch visit to speak with a representative who can facilitate the process. You only need a Social Insurance Number, Driver's License or Health Card, a TD bank account, and a Passport. Once set up, you can access the accounts on the TD Canada Trust Easy Web platform.

You can also transfer up to $100,000 per day by phone wire free of charge, and up to $2,500 using TD Canada Trust online banking free of charge. Support is available 24/7 through their dedicated phone support line and informational website. You can also find the TD exchange rate online 24/7. Lastly, both American and Canadian accounts are visible online at the same time on the TD Canada Trust Easy Web platform, making transfers and bill payments easier.

TD's US Borderless Plan is still regarded as one of the best services offered in Canada. For those wishing to travel to Cuba and use a debit card, the TD Canada Trust Visa Debit Card offers a debit option, along with CIBC's and Desjardins' equivalents. If you're interested, learn more on the TD Canada Trust website or call with any questions. If you would like to read more articles like this one, view our blog.