Your complete guide to TD Bank’s cross-border business banking

Running a business across Canada and the US requires banking that can handle payments on both sides of the border. TD Bank offers cross-border services designed to help companies move money more easily and manage payments in different currencies, reducing the friction of working internationally.

With tools like wire transfers and foreign exchange services, TD positions itself as a partner for businesses with cross-border needs. For lower-cost, flexible transfers, Wise is another option that many businesses choose to explore.

Understanding TD cross-border business banking

TD Bank offers cross-border business banking to help companies that operate in both Canada and the US manage payments more efficiently. Services include access to US and Canadian accounts, wire transfers in multiple currencies, and foreign exchange solutions through tools like TDFX. These features are designed to make it easier to manage payments and currency conversion when working with businesses on either side of the border.

Benefits include:

• The ability to hold and manage accounts in both Canada and the US
• Wire transfers available in over 25 currencies for quick, secure international payments
• Foreign exchange services and online tools to help reduce exposure to currency fluctuations
• Access to TD’s foreign currency bank drafts, international drafts, and letters of credit
• Support from TD business account managers who can advise on cross-border needs

Who TD Bank’s cross-border business banking is for

TD’s cross-border services are aimed at businesses with frequent activity in Canada and the US. This may include Canadian companies that sell to US customers, import goods from American suppliers, or pay employees across the border.

It can also support businesses managing international operations that need foreign exchange and secure ways to transfer money abroad. In short, TD cross-border business banking is positioned for companies that want the convenience of working with one provider on both sides of the border.

TD Bank’s cross-border business account options

Businesses can choose from a wide range of business chequing accounts, including both Canadian dollar and US dollar plans. The most popular choices for cross-border businesses are the Basic Business Plan, the Every Day Business Plan A, and the Unlimited Business Plan.

Each account is also available in a US dollar version, which allows businesses to manage USD transactions without constant conversion. In total, TD provides 14 business account types, including specialized options for non-profits and agriculture, allowing businesses to choose a plan that best matches their cross-border needs and transaction volume.

Account fees and requirements for TD cross-border business banking

• TD Basic Business Plan: 5 CAD monthly fee¹. Includes 5 transactions and 5 deposit items. Best for businesses with very light banking needs. No balance rebate.
• TD Every Day Business Plan A: 19 CAD monthly fee², waived with a minimum daily balance of 20,000 CAD. Includes 20 transactions and 50 deposit items.
• TD Unlimited Business Plan: 125 CAD monthly fee³, waived with a minimum daily balance of 65,000 CAD. Offers unlimited transactions and deposits, free Interac e-Transfers, and annual fee rebates on select TD business credit cards.

For cross-border use, each of these accounts also has a US dollar version, with the same monthly fees and transaction allowances. Balances and transactions are held in USD, allowing businesses to manage both currencies under the TD umbrella without needing to convert every transaction.

Transaction and transfer limits for TD cross-border business banking

TD cross-border business banking covers both Canada and US transfers as well as international payments. While the bank doesn’t publish fixed transfer limits for business accounts, the amount you can move normally depends on your plan, account history, and transaction method.

Businesses can also send funds in CAD or foreign currencies to accounts almost anywhere in the world, and wires for high-value payments are available in over 25 currencies through TD’s Web Business Banking. ATM withdrawals are subject to daily limits that vary by account, and businesses can check their specific allowance in the TD app or by contacting the bank.

Example of TD cross-border business account fees

Currency exchange with TD cross-border business banking

When your business moves money between currencies, especially CAD-USD or other foreign currencies, TD offers several tools and methods to manage those conversions.

• US Dollar accounts: Businesses can open a USD account to receive and hold funds directly in US dollars. While this avoids exchange fees when receiving USD, conversion will still apply if you move money into a CAD account.
• Foreign exchange services: When a conversion is required, TD applies its own exchange rate, which likely includes a markup over the mid-market rate. Rates change throughout the day and may differ depending on whether you’re converting cash, making a transfer, or using a card.
• Wires and drafts: TD can send wire transfers in over 25 currencies and issue foreign currency drafts. Exchange rates are shown before confirming a transaction.

TD publishes foreign exchange rates online for CAD, USD, and a range of global currencies. Businesses can also use TD’s currency converter tool for estimates, or access rates directly through Web Business Banking and the TDFX online trading platform.

Transfer speed and processing times

Businesses using TD for cross-border banking can choose from a range of transfer methods. Here’s how the main options compare:

TD cross-border transfer options and details

Potential drawbacks of TD cross-border business banking

TD’s cross-border business banking offers convenience, but it may not suit every business.

Transfer speeds can be slow if you rely on wires or cheques, with funds sometimes taking several business days to clear.

Exchange rates are another factor to watch, since TD applies a retail rate that includes a markup over the mid-market rate, which increases the cost of every conversion. Fees can also accumulate, depending on how you use your account, from monthly account charges to per-transaction costs and wire fees. For businesses making frequent or high-value cross-border payments, these costs can have a significant effect on your bottom line.

Wise as an alternative for cross-border business transfers

With no monthly fees, Wise Business is designed to make international payments faster, cheaper, and more transparent. Instead of using a retail exchange rate with hidden markups, Wise always converts money at the mid-market rate. Fees are shown upfront and start from as low as 0.48%⁷, depending on the route.

With a Wise Business account, companies can:

• Pay invoices, suppliers, and contractors in more than 70 countries.
• Hold and manage balances in over 40 currencies, including CAD and USD.
• Get local account details in major currencies such as CAD, USD, GBP, and EUR to receive payments like a local business.
• Integrate with accounting software like Xero and QuickBooks for simpler reconciliation.
• Give team members controlled access to view, make or approve payments.

TD cross-border business banking vs Wise

TD and Wise both help businesses manage cross-border payments, but each approaches cross-border payments differently.

TD Bank cross-border business banking is built around accounts in CAD and USD, with the ability to send and receive money globally through wires, cheques, and drafts. It’s a convenient way to keep your Canadian and US banking all in the same place under one roof. However, higher fees, slower processing times, and exchange rates that include a markup all need to be taken into account.

Wise Business focuses on transparency and speed. Companies can open foreign account details — including a US routing number — to get paid like a local and hold balances in multiple currencies.

That means you can keep funds in USD or CAD and choose when to convert, based on the rates that work best for your business. Transfers move at the mid-market rate with no hidden charges, and fees start from 0.48%⁷. Limits are also high, with up to 1.5 million CAD⁸ per payment by online bill or wire. Most transfers arrive faster than a traditional wire, with over half delivered in seconds and nearly all completed within one business day.

Conclusion

TD’s cross-border business banking can work well for Canadian companies that want everything under one roof. You get the convenience of managing both CAD and USD with the same bank, plus access to global wire payments, but you’re likely to pay higher fees, wait longer for transfers, and see exchange rates with a markup.

Wise may suit you better if cost, speed, and transparency are at the top of your list. With lower fees, high transfer limits, and faster delivery times, it gives you more control over how you move money internationally. In the end, the best choice depends on how your business operates and what matters most to you.