Your complete guide to using TD Global Transfer

For many, sending money internationally is a vital part of banking. In Canada, TD is a popular choice as a trusted and reputable provider. TD offers a Global Transfer service, which allows you to send money abroad, though it may not be the most efficient or cheapest service.

In this article, we'll outline TD's Global Transfer offerings, and introduce you to Wise, as a specialist alternative provider.

What does TD Global Transfer offer?

TD Global Transfer allows you to send money to over 200 countries globally¹. It offers competitive exchange rates, though these are set by the bank itself, and may include a markup - more on that later.

To use TD Global Transfer, you'll need to have an eligible bank account or line of credit:

• TD CAD Chequing Account
• TD CAD Savings Account
• TD USD Chequing Account
• TD USD Savings Account
• Personal Line of Credit
• Student Line of Credit
• TD Home Equity Flexline

If you already have one of these accounts, you're good to go. If not, you can open one, often online, and start using TD Global Transfer once it's set up.

Available transfer methods

TD offers three transfer methods, depending on your needs: International Bank Transfer, cash pickup via Western Union, or you can send directly to an eligible Visa card.

You can use an International Bank Transfer to send money to over 150 countries and territories, with money typically arriving in your recipient's international bank account within 1-5 business days. TD does not charge a transaction fee for this, though it is likely to include an exchange rate markup - more on this later.

Cash pickups via Western Union are a good alternative if your recipient doesn't have a bank account. They can collect funds at over 500,000 Western Union Agent locations in over 200 countries. These are usually available within two to four hours. Whilst TD does not charge a transfer fee, Western Union does, and uses its own exchange rate. Western Union makes a profit from the rate it charges, meaning you are likely to receive an unfavourable rate.

You can also send money directly to an eligible Visa Card in over 170 countries and territories. This uses Visa Direct to send money to an international bank account using a Visa Debit Card. Your funds will generally arrive within 24-48 hours.

Overview of available TD Global Transfer methods

How TD Global Transfer works

With TD Global transfer, you can send money internationally through an International Bank Transfer², for cash pickup via Western Union³, or to an eligible Visa Card⁴. The process is a simple one:

1. Register for TD Global Transfer
2. Select a destination and the amount you want to send, to get a fee and rate estimate
3. Choose your transaction method: select Send to Account for a bank transfer, Send for Cash Pickup, for a Western Union transfer, or Send to Card, to send funds to an eligible Visa card
4. Confirm your personal information and input the recipient's details
5. If sending via Western Union, share the tracking number (MTCN) with your recipient - this allows them to track the transfer's status

You can track the status of your transfer online, by going to Transaction History of TD Global Transfer.

Supported countries and currencies

You can use TD Global Transfer to send money to over 200 countries globally. Different countries may have different requirements for sending funds, so make sure that you have all the information needed for your destination. You can see the requirements for your destination and transfer method on TD's website.

Not all receiving countries are available with all transfer methods:

• International bank transfer: Available in 150+ countries and territories
• Western Union cash pickup: Available from agent locations in over 200 countries
• Send directly to a Visa card: Available in 170+ countries and territories

Fees and costs of using TD Global Transfer

TD charges different fees depending on the transfer method used and the type of account it is made from. There is no transfer fee when sending via bank transfer or to a Visa card, other than those which would normally apply to transactions made on your account. Some TD accounts have fees for transactions made, or have a free transaction allowance, and a TD Global transfer would count towards this.

If you opt for Western Union cash pickup, your transfer will be subject to Western Union's fees. These vary depending on the amount being sent, the currency, and the recipient country. Western Union also makes a profit from the exchange rate it sets. This means it buys currency for less than it sells it for, called adding an exchange rate markup.

When sending money via a bank transfer or to a Visa card, you'll be using TD's exchange rate which is also likely to include a markup. This is a hidden fee which may mean that your recipient may receive less foreign currency than expected.

Whichever transfer method you choose, be aware that other banks involved in the transfer may charge a fee. This will be deducted from the funds received.

TD Global Transfer fees by method

TD Global Transfer limits

Your TD Global Money Transfer limits depend on your transfer method, and are reset every 24 hours. They are in CAD when sending from a CAD account, or USD when sending from a USD account:

• 6,500 CAD/USD via bank transfer
• 999.99 CAD/USD via Western Union
• 2,500 CAD/USD to a Visa card

Your account is likely also subject to daily, weekly and/or monthly transaction limits⁵, and all TD Global Transfers count towards this. You can view this on the What are my spending limits page on TD Global Transfer area of the TD app.

If you send via Western Union, your recipient will also need the transfer number and a government issued ID to collect their cash⁶. This helps keep your transfer secure.

Pain points and considerations

When sending with TD Global Money Transfer, you may be charged both upfront and hidden fees. TD uses its own exchange rate, which likely includes a markup to mean your recipient may receive less foreign currency than you'd expect. As a result, when comparing providers, it's important to consider which one will result in the most money reaching its destination, rather than only the one with the lowest upfront fees.

TD's transfer times also vary massively. Whilst your Western Union transfer may be available for pickup in two hours, it could take up to 5 days for your bank transfer to arrive. Make sure to plan ahead to ensure you're not stuck without the funds you need - particularly when sending large amounts, which might need to be done over several days due to transfer limits in place.

Wise as an alternative to TD Global Transfer

Use Wise for all of your international transactions – big and small. You can manage money in over 40 currencies or send funds to over 160 countries around the globe.

Pay by wire transfer or send a bank transfer to recipients in Canada and beyond with no hidden fees or exchange rate margins.

Here’s how you can save money with a Wise account:

• Wise always uses the standard mid-market exchange rate – no markups on foreign transactions
• Get access to local account details in over 10 currencies, including CAD, USD, JPY and GBP
• Pay minimal transfer fees starting at just 0.48%

Wise is regulated in every available region, with 2-factor authentication and support for large worldwide payments.

Comparing Wise vs TD Global Transfer

Which service is right for you?

TD's Global Transfer service may be right for you if you want the convenience of continuing to use a bank you are already a customer with. However, as they are not a specialist provider, TD is unlikely to offer the cheapest fees or the most efficient service.

A Wise account is simple to set up, and will likely give you a lower cost transfer. It might be a more suitable provider if you plan on sending money regularly, or in large quantities, when fees charged by banks like TD are likely to stack up.

Whichever provider you go with, it's important to compare both the upfront fees and exchange rate charged, ultimately choosing the one with which the most money will reach your recipient. You can use Wise's online conversion calculator to see the exchange rate, fees and amount of foreign currency that will be received for your specific transaction.

Conclusion

TD Global Transfer is convenient, but may result in high transfer fees, which can add up rapidly if you make frequent conversions. As some transfers may take up to 5 days, make sure to plan ahead to make sure you or a loved one is not stuck without funds needed.

Instead, consider Wise - a specialist alternative provider which uses the mid-market rate and transparent fees. With Wise, you'll always know how much your transfer will cost, and you can see when it's expected to arrive before you send.