TD Cross Border Banking allows you to bank in the U.S. and Canada from your phone, tablet, or computer using a TD Bank account that’s physically based in the U.S., without having to move there! Plus, TD Cross Border Banking is available with all of our Checking and Savings accounts so you can choose the type of account that works best for you, whether it’s a Savings account, Money Market, or High Interest Checking account.
Which Bank is Best For Cross Border Banking?
The TD Bank is one of three banks in Canada that offers TD Cross-Border Banking, a special type of bank account for people who live in Canada but travel to the U.S. often. Other institutions that offer cross-border banking include RBC Royal Bank and Scotiabank. If you’re looking for information on TD Cross Border Banking specifically then look no further. This post goes overall you need to know including fees, eligibility requirements, and more. As you would expect, TD Bank charges a fee for TD Cross Border Banking. You’ll pay USD 9.95 per month if you live in New York, Connecticut, or Vermont and USD 14.95 if you live in any other state. The bank waives these fees for clients who have an eligible TD Premier Checking Account with an average monthly balance of at least CAD 25,000 or a total deposit balance of at least CAD 100,000 including all accounts held by both yourself and your immediate family members living in Canada. All transactions from your U.S based TD Bank account will be converted to US dollars before being credited to your Canadian account as well.
What is Cross Border Banking?
Most Canadians live near a TD Canada Trust branch, but for those who do not, we can offer you another convenient option TD cross-border banking. TD cross border banking is essentially a TD Bank account that’s physically based in the U.S. This type of bank account is convenient for people who live close to an American border and frequently travel south of it. There are two types of TD Cross Border Banking accounts to choose from Foreign Currency Accounts or USD Chequing Accounts. Foreign Currency Accounts with a Foreign Currency Account, you can enjoy U.S. dollar accounts denominated in U.S. dollars, but your money is held in Canadian funds and is insured by CDIC up to $100,000 per account holder. A USD Chequing Account is different in that it’s funded by transfers from a Canadian chequing account you already have at TD Canada Trust. Your deposits are converted to U.S. dollars before they’re transferred to your new TD Bank U.S. account, which means it offers more convenience as well as competitive foreign exchange rates for your U.S.
TD cross border accounts are now fully functional, convenient, safe, and secure TD Bank Accounts that you can use every day. They’re easy to open, have no minimum balance requirements, have free unlimited withdrawals at TD Canada Trust and Lewisburg Banking Company our branches, and provide no monthly account fees if you maintain a balance of $5,000 or more in your TD savings account or linked chequing or Premier chequing account. You can also link your RRSP, RESP, or investment accounts to it whatever makes sense for your financial situation. All of these features make a TD cross-border bank account a better choice than using a credit card to access funds while traveling because many cards carry high interest rates on cash advances rates as high as 25%. What’s more, is there’s even an app for that! What’s more, is there’s even an app for that! Download our TD Cross Border Banking app to your Apple or Android smartphone and you can check your account balances, transfer funds between accounts, and deposit cheques by snapping a picture. That means no more hunting for a cheque scanner every time you need to make a deposit. You can also schedule future transfers between accounts or use our Contactless Mobile Reader so you can tap to pay with your phone or contactless card. It’s secure, convenient, and available at over 2 million locations worldwide including all of TD Canada Trust locations in Canada.