A Guide to Multi-Currency Accounts at the TD Canada Trust (2023)

FAQs

Does TD Bank offer foreign currency accounts? ›

Does TD Bank offer foreign currency accounts? Yes, TD Bank offers USD accounts online and supports 7 other currencies for in branch application.

It works like a regular bank account. You can deposit money, make withdrawals, send and receive payments, and—depending on the account—potentially earn interest. When you receive payments in foreign currencies, you can keep the money in that foreign currency or convert it to U.S. dollars.

TD Canada Trust, frequently shortened to simply TD, is the commercial banking operation of TD Bank Group in Canada. TD Canada Trust offers a range of financial services and products to more than 10 million Canadian customers through more than 1,100 branches and 2,600 ATMs.

Foreign Exchange Fee

3.5% of the Canadian dollar amount after conversion of the foreign currency amount at the rate set by Visa International.

When you make a Transaction in a foreign currency, we will convert it to U.S. Dollar currency at an exchange rate determined by the payment network in effect at the time we post the transaction to your Account. We then apply a fee of 2.5% which you can find in your Disclosure Statement.

Manage money in the U.S. and Canada with TD Cross-Border Banking. Travellers and part-time residents can enjoy convenient TD Cross-Border Banking between the U.S. and Canada with 24/7 support. Manage your money through online banking, by phone or in person. View TD Cross-Border Banking products and services.

Your TD Access Card is accepted in the U.S. and in 200 countries worldwide where Visa is accepted¹. If you have a TD Student Chequing Account, you can shop in the U.S. with your TD Access Card or pay a U.S. bill directly from your account.

No minimum balance, no initial deposits, no service charge.

Which multi currency card is best? ›

You can deposit or send USD to your TD Trust account using the Foreign Exchange Transfer service either in branch or via EasyWeb (up to US$250,000 or equivalent).

In most cases, if you are coming from the United States, have existing US banking relationships, and can visit your branch before going to the US, then you will be able to secure better exchange rates in the US.

Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

Yes. Cards issued by U.S. Bank can be used in most foreign countries for transactions.

How do I avoid foreign exchange fees? ›

These fees can be avoided by choosing a bank account that doesn't charge fees and reimburses out-of-network ATM fees and by always withdrawing local currency from ATMs. Account holders can also ask their home bank if there are partner branches or in-network ATMs in the destination country or countries.

Can I withdraw U.S. dollars at a TD ATM in Canada? You can use your TD Canadian Personal Banking accounts³ to withdraw U.S. currency, at select TD ATM locations.

TD Transfer Fee is up to $25 per transfer. The transfer fee amount is dynamic and will vary depending on the amount being sent, the recipient country and the currency of the account funding the transaction.

Get cash ATM withdrawal (in-network) $0 “In-network” refers to TD ATMs in the U.S. and Canada. ATM withdrawal (out-of-network) $3.00 This is our fee. “Out-of-network” refers to all the ATMs outside of the TD Network.

TD Bank is TD Bank, N.A., a wholly-owned U.S. subsidiary of The Toronto-Dominion Bank. Member FDIC. Accounts issued by TD Bank, N.A.

CIBC and its affiliates including CIBC Bank USA, US Commercial Real Estate and Real Estate Finance, and CIBC Private Wealth Management have offices strategically located across the United States to serve clients coast to coast.

No, Zelle® can only be used to send funds to someone who has a bank account in the United States.

How Much Money Can You Transfer To Canada? There's no limit on how much money you can transfer into Canada. That said, your bank or money transfer service provider might have its own limits. But again, if you're bringing in over $10,000 into Canada, it must be declared.

What U.S. banks offer multi-currency accounts? ›

Many multicurrency accounts are reserved for businesses and only available through private banking services. If you're a business owner, you can find multicurrency account options at many large U.S. banks, including Citibank, PNC Bank and Wells Fargo.

Chip-Based Multicurrency travel card. Seven currencies can be loaded in a single card namely U.S. Dollar (USD), EURO (EUR), Singapore Dollar (SGD), Canadian Dollar (CAD), British Pounds (GBP), Japanese Yen (JPY), Swiss Francs (CHF). The card can be issued even with a single wallet (one currency) being loaded.

With a multi-currency account, you may accept payment in any currency and spend it in that currency without any exchange costs. As these accounts work like holding accounts, you can also wait for a favourable exchange rate before converting one currency into the other.

What are the most prestigious credit cards? The most prestigious credit cards are the Centurion® Card from American Express, the J.P. Morgan Reserve Credit Card, and the Citi Chairman Card because all 3 cards are invitation-only.

You can only withdraw cash from ATMs displaying the Mastercard Acceptance Mark, up to the available balance on your Multi-currency Cash Passport (including any applicable fees) and if the amount is within the ATM's issuing limit.

Cheaper conversion and exchange fees

Multi-currency accounts usually have cheaper fees or no foreign exchange fees at all. This helps you save a good sum of money in the long run, especially if you make multiple foreign transactions per day.

1. The U.S. Dollar. In addition, due to the U.S. dollar's global acceptance, it is used by some countries as an official currency, in lieu of a local currency, a practice known as dollarization.

Banks and credit unions are generally the best places to exchange currency, with reasonable exchange rates and the lowest fees. Here's how financial institutions — and a few other places — can help travelers exchange currency.

Toronto-Dominion Bank (TSX:TD) is one of Canada's safest banks. Going by the common equity tier-one (CET1) ratio — one of the banking industry's most popular risk measures — TD is more able to survive a crisis than most other Canadian banks are.

What banks are better than TD Bank? ›

Your bank deposits are not only safe with us, they're covered by FDIC deposit insurance up to the maximum allowable by law. Deposits at FDIC-insured institutions are now permanently insured up to at least $250,000 per depositor.

TD Canada Trust is TD Bank Group's customer-focused personal and small business banking business.

Monthly fee rebate

No monthly fee if you have $4,000 or more in your account at the end of each day in the month. Seniors (60 or older) receive a $5 rebate on the monthly fee.

In Canada we offer a number of lost-cost banking options:

We offer all of our customers the option of the Value Account, a low-fee, basic banking option. For seniors, TD offers the Plan 60 Chequing Account, which features unlimited free debit transactions and special discounts.

If you're 60 or older, get the checking account that earns interest with a low minimum balance to waive the monthly fee.

How much interest will I earn per month on $1 million dollars in Canada? In Canada, you could earn up to CAD $3,958 per month in pre-tax interest income if you invest the money in a 5-year GIC. Note though that although the interest accrues continually, your account would only get the payment once in each year.

Some of the U.S. banks that offer foreign currency accounts at press time include Citi, HSBC, and TIAA Bank. For businesses, Wells Fargo and PNC offer foreign currency accounts. You can contact your current bank to find out if multicurrency accounts are available.

Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas.

Log into the TD app. Under the slide out menu, select Banking Services. Select Order Foreign Currency. Enter a currency amount in the "Amount I have" or the "Amount I want" field.

Does Chase offer foreign currency accounts? ›

Chase doesn't have foreign currency or multi-currency accounts for personal customers. If you're a Chase corporate customer you will be able to access a range of foreign exchange solutions which can help your business manage overseas payments, access financing abroad and more.

A multicurrency account, sometimes called a foreign currency account, allows consumers and businesses to hold different currencies in one bank account. They can also send, receive and withdraw money from the account, as with a standard bank account but in multiple currencies.

Banks and credit unions are generally the best places to exchange currency, with reasonable exchange rates and the lowest fees. Here's how financial institutions — and a few other places — can help travelers exchange currency.

TD Foreign Exchange is a leader in currency exchange services in Canada. We offer competitive exchange rates to Canadians on all currency exchange services. From transferring funds to a foreign bank account, exchanging money for travel, to converting CAD to USD in your bank account.

It is cheaper to exchange money at the bank (or by using an ATM) than the airport. That's because currency exchange stores and kiosks at the airports mark up the exchange rate to make a profit. They know that travelers who just got off a plane probably need money right away.

All TD Bank checking accounts come with a free Visa^® Debit Card. Shop anywhere Visa is accepted - no foreign transaction fees, free access to thousands of TD ATMs. Use it for almost any payment - use it in person, online or in-app, over the phone or with your digital wallet.

Call us at 1-888-568-7130 one week in advance to tell us about your travel plans; this lets us know it is you using your card and will help you avoid an interruption in your TD Connect Card service.

You can use your TD Canadian Personal Banking accounts³ to withdraw U.S. currency, at select TD ATM locations.

U.S. Foreign Currency Accounts

If you're concerned about foreign exchange risk or the additional due diligence of overseas bank accounts, then a Wells Fargo U.S. Foreign Currency Account may be your best solution. We offer 28 currencies.

Can I get Canadian dollars at Chase Bank? ›

Yes, Chase Bank does do foreign currency exchange but they charge commission fees as well as hidden exchange rate margins.

Credit cards typically provide better exchange rates than what you'll get from ATM machines and currency stands. Depending on your card issuer, your purchases might automatically qualify for insurance. This coverage doesn't simply apply to consumer goods — it also covers travel delays and lost luggage.