The Ultimate Guide to Transferring Money from TD Bank to Other Banks
Today, many consumers hold multiple bank accounts at different financial institutions. This allows them to keep track of certain payments separately, which can help to ensure that they have the right amount of money set aside for specific transactions.
This is particularly common for individuals who own small businesses or are self-employed, as they can better divide their personal transactions from their business expenses!
However, if one of your other accounts is currently low in funds, you may wonder if you can transfer money from a different account.
For example, how can you send money from a TD bank account to another banking institution? To learn how to transfer money from TD to another bank, along with other related facts, keep reading below!
The ultimate guide to transferring money from TD Bank to other banks
There are a few different methods you can utilize to transfer money from TD Bank to another bank account in your name. Using Interac e-transfer and wire transfer are the simplest methods for conducting this type of transaction, and they only take a few minutes to complete.
Let’s go over the different instructions for each of these transfer methods below:
How to transfer money from TD to another bank using Interac e-transfer
Before you attempt to send money to another bank account using e-transfer, make sure the institution you’re sending money to is associated with Interac. Otherwise, the transfer will not go through.
To send money from TD to another bank account using e-transfer, follow the steps below:
- On the “Accounts” section of the TD website, select “Interact e-Transfer” from the menu on the left-hand side of your screen, and select “Send Money”
- Next, select the account from which you’d like to send the funds and type in the amount you wish to withdraw
- Select the Recipient drop-down menu, and choose the “Add New” option. Enter the email address or phone number attached to your other bank account, and select the “Update” button
- If you don’t have Autodeposit set up on your other bank account, you will have to create a security question to successfully accept the money, which you can enter in the Security Question field of the transfer form
- Finally, review all the information you’ve entered into the form to ensure everything is correct and press “Send Money”
Once you receive the notification of the deposit, you can enter the security question through your other bank account to accept the funds. However, if your account is set up for Autodeposit, the money will be transferred over instantaneously.
How to transfer money from TD to another bank using a wire transfer
The next available option for sending money to another bank account is by setting up a wire transfer. This can be done in person at your local TD banking centre.
To send a wire transfer to another bank account, follow the instructions below:
- Head to your local TD Bank and request the option to send a wire transfer from one of the available clerks
- To send the transfer, provide the name attached to your other bank account, along with the address, account number, institution number, branch number and address, and Swift Code.
- After you provide this information to the clerk, they will fill it out and have the money transferred over. Note that it takes about 3-5 business days to complete a wire transfer through TD Bank.
Finally, for TD account holders who still use physical cheques, another alternative method for transferring money to a different bank is by filling out a cheque with your desired balance and cashing it through your other bank. This can be done by visiting your secondary bank or using their mobile app to scan the cheque from your device.
Note that international transfers from TD bank come with their own considerations, so check out our article on the topic here.
Other related FAQs
Now that you’re aware of how to transfer money from TD to another bank account, you may have some related questions. For more information regarding money transfers from TD, keep reading below:
Can I use a money transfer app to send funds from TD to another account?
Another alternative to using the above methods for transferring money into another bank account is by going through a third-party app, which is useful if your other bank is not linked to Interac e-transfer.
If your TD Bank account is linked to PayPal, Transferwise, or another similar app, you can send the money to the email address linked to your alternative bank account by following the steps outlined on one of these websites.
However, it should be noted that many third-party apps charge higher transaction fees than your bank. Therefore, if you’d like to avoid paying a fee, consider moving the money through a cheque or money transfer. You can also look into TD bank’s exchange rates compared to other banks to see if you can save money that way as well.
How long does it take to transfer funds from TD to another bank?
If you’re transferring funds from TD to another bank using Interac e-transfer, the money will be deposited instantaneously. However, you may not receive the notification of deposit for about 30 minutes.
If you decided to send your money via wire transfer, it may take around 3-5 business days for the funds to appear in your secondary bank account.
For a cheque deposit, the amount of time it takes to show up in your other account may vary depending on the individual bank. However, many banks will allow you to deposit a cheque using their mobile app, which will deposit the money within a few seconds.
Does TD Bank charge for money transfers?
TD Bank does charge a small fee when you complete an e-transfer to another account. For transactions below $100, you’ll be charged $0.50, and for transactions over $100, you’ll be charged $1.00.
How to transfer money from your TD chequing account to your savings account
You can send money from your TD chequing account to your savings using EasyWeb. To complete this transfer, follow the steps below:
- Log in to your TD bank account online, and head to the “Accounts” page
- From the “Accounts” section, select “Transfers,” located on the menu on the left-hand side of the webpage
- Next, select the account you’d like to transfer your funds from by choosing the “Select From Account” drop-down menu and select “Chequing”
- After choosing which account you are taking the funds from, select the “To” drop-down menu and choose the “Savings” option
- Type the amount of money you’d like to transfer between accounts and hit “Next”
- Finally, review all the information you entered to ensure everything is correct and tap “Finish”
Conclusion: transfer money from TD to another bank
If you’re wondering: “how do I transfer money from TD to another bank?” follow the steps outlined above!
If you want to transfer money from TD to another bank account in your name, you can do so by completing an Interac e-transfer, money order, or by depositing a cheque. You can also utilize third-party money-sending apps if your alternative bank account isn’t linked to Interac.
If you send your funds through e-transfer, the money will be deposited into your alternative bank account within seconds. However, note that you’ll have to fill out a security question before depositing if you aren’t signed up for Autodeposit.
A money order will take 3-5 business days to arrive in your other bank account, while the funds from a deposited cheque will be available immediately.