TD International Money Transfer: Fees, Rates and Transfer Time
Sending and receiving money from all over the world can be done with the click of a button. Thanks to the globalized world we live in, it’s now easier than ever to transfer funds from one part of the globe, to another. But did you know that all banks and major financial institutions charge a fee for each individual transfer?
While every bank is entitled to charge any fee they deem appropriate for a service, they often overcharge for the privilege. Did you know you don’t have to use their transfer service just because you bank with them? KnightsbridgeFX is a trusted and highly reviewed service specializing in foreign exchange and international money transfer. Fully bonded and insured, Knightsbridge is committed to always getting you the lowest rate possible on your international money transfer or foreign exchange.
To learn more about the costs of transferring funds internationally to, or from, TD Canada, read below and get all the facts.
This short example highlights the benefits of using Knightsbridge.
Say for instance you were transferring $1000 CAD from a Canadian bank to a US bank account.
||2-3% Exchange Rate Markup + Outgoing Wire Transfer Fee + Additional Fees from Third Party Banks
|Knightsbridge Foreign Exchange
||0.5% Exchange Rate Markup + No Additional Fees
As you can see, TD has a significant markup that adds up quickly, especially when the amounts being transferred increase.(TD Statement of Fees, Knightsbridge)
If those fees themselves aren’t swaying your opinion, consider also that because Knightsbridge is fully integrated with all Canadian banks, there is absolutely no fee for the transfer itself! Not only are you saving with the exchange rate (which can be up to 2% cheaper than the banks) but you’re also not being charged for the transfer.
You should always be aware of all potential costs into before you sign up, so call us at 1-877-355-5293 and speak with one of our helpful representatives. Knightsbridge calls the banks every morning in order to make sure that they always have the lowest exchange rate available to you.
What are the Fees for an International Wire Transfer with TD Canada?
|TD Canada International Transfers
|Incoming International Transfer
||C$17.50 per transfer
|Outgoing International Transfer
||C$30 up to C$10,000
C$50 for C$10,000-C$50,000
C$80 for payments more than C$50,000
|Additional Fees may Apply
||See Additional Fees section below
(TD Canada Statement of Fees)
Exchange Rates for TD Canada
Whenever you send or receive funds through banks that have different currencies it’s more than likely that the recipient bank, or in some cases a third party bank, will charge a fee to process the transfer. This rate is often more costly for you, the client, so that the bank can earn more on each transfer and keep the difference for themselves as profit.
This means that the person at the other end of the transfer will be receiving less money than might have been expected, because of the marked-up exchange rate given to you by the bank.
If TD is the institution performing the exchange, it would be in your best interest to find out what their rate is on the day you intend to make the transfer. Their rates change every day, and may also be prone to change without due notice. If you want to know the most accurate rate information you’ll need to contact TD and compare them.
Similarly you could also call the experts at Knightsbridge, or visit our website and view the various exchange rates. This discrepancy perpetrated by the banks is exactly why they call them every morning, to make sure you’re not being overcharged on your foreign currency exchange.
Your foreign exchange and international transfers are likely prone to extra costs, such as:
|International Funds Transfer with TD Canada
|Additional Third Party Bank Fees
||The vast majority of major financial institutions use third party networks to facilitate international transfers, sometimes involving as many as 3 intermediary banks. Each one of those banks take their fee out of the amount your sending via transfer. To find out more about these fees, contact a TD Canada representative and get the information first hand.
||Like most major banks TD will charge you for any cancellation, trace, or recall of an international transfer
(TD Canada Statement of Fees)
An Inexpensive and Trusted Alternative: Knightsbridge Foreign Exchange
Simply put, Knightsbridge is the single most trusted name in foreign currency exchange in Canada. With over 70 media news interviews including 20 video interviews by major news outlets, we have made it our priority to reach out to all the people of Canada so that we can stop the big banks from overcharging you on your international transfers and foreign currency exchange.
Not only are we fast and convenient (we offer same-day funds delivery if booked before bank cut-off) but we are also completely secure and insured. We are regulated by FINTRAC (an agency of the Government of Canada) and all client funds are held in segregated client trust accounts at the Bank of Montreal and are separate from company operating accounts.
It’s completely free to sign up, and there is no obligation to transact. So get online and try KnightsbridgeFX today.
Making an International Bank Transfer with TD Canada
There are two ways that TD Canada offers to move money around the globe via transfer: Online, or in person at a branch
The process of performing an international money transfer is only slightly more involved than making one with a streamlined service like Knightsbridge. To their credit, TD Canada does have a user-friendly online interface, and the process requires all the same checks and balances we would need to make the same transfer. However their exchange rate is non-negotiable, and depending on the amount you’re sending, you may not receive a competitive exchange rate.
TD Canada Branch
You are also able to make an international money transfer in person with TD, however as with the online option, your transfer is still subject to a higher exchange rate and additional fees imposed by intermediary banks. Whether you send the transfer with TD Canada, or with Knightsbridge, both are equally secure options. The only salient differences are the extra fees you pay with TD.
(TD Wire Transfer)
Time Frame for an International Funds Transfer with TD Canada
Not only does TD have to process the transfer, but the recipient bank also subjects the funds to their own processing times. In many cases third party banks are also required to facilitate the transfer, so it could take as long as 3 business for your funds to reach their intended target. With Knightsbridge you can expect same day delivery of your transfer (provided you book it before the end of the day bank cut-off). This way, whether you’re sending or receiving funds, the recipient is getting that money on time, and in full.
TD Canada also does not offer any kind of expedited service of a transfer for an additional fee. With TD, and all major banks, you are at the whim of their processes and regulations.
Have Additional Questions About Your Transfer?
TD Canada’s Customer Support has several options for contact if you have more inquiries about the additional fees and mark-ups regarding your international money transfer. They can be reached either by phone, or by email.
However, with all you’ve just learned about the extra fees TD Canada enforces, and the suboptimal foreign exchange rate (when compared to KnightsbridgeFX) why go with TD at all? Knightsbridge is equally as secure and will save you hundreds, or even thousands of dollars on every transfer you make. Whether you’re a sender or a recipient, when you transfer with Knightsbridge, everybody is secured.