4 TD Bank Alternatives In Canada for International Money Transfer

Toronto-Dominion Bank (TD Bank) offers 3 types of international money transfer services to its personal account holders – TD Global Transfer, VisaDirect, and Wire instructions.

TD Global Transfer lets customers send payments or money directly to bank accounts around the world from eligible TD US or Canadian dollar accounts. Wire transfer (processed by SWIFT) can only be carried out at branches of TD Bank, and intermediary charges may vary per branch or transaction. VisaDirect also works like a wire transfer–money can be sent to any country and receiver so long they have a valid Visa Credit or Debit Card. Money is sent from the sender to the recipient’s Visa cards. The 16 numbers on the receiver’s card are required for this money transfer.

The Best Alternative To TD Bank International Money Transfer

Here, we look at TD Bank international money transfer alternatives like Scotiabank, CIBC, Bank of Montreal (BMO) and  Pesa - a digital Cross-border financial service provider offering a convenient way to send and receive money internationally at the best exchange rates in the market.

Pesa: Fast and Secure International Money Transfer Alternative

Pesa offers secure international money transfers or remittances to over 35 countries. With our Multi-Currency Wallet, you can hold, exchange, or transfer money to local and international vendors or recipients.

Pesa not only provides instant and safe international transfer but also has the unfair advantage of saving users money with free international money transfers.

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Make fee-free transfers internationally from Canada.

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Other Alternatives To TD Bank In Canada

Scotiabank

Scotiabank has 3 ways to carry out international transfers for their customers–wire transfer ( processed by SWIFT), Western Union, and Scotia International Money Transfer. Scotiabank’s international transfer services have additional fees and it is advisable to get accustomed to the fine print before you make your transfer.

CIBC Global Money Transfer (GMT)

CIBC has two types of international money transfer products. The Global Money Transfer (GMT) is available in over 50 countries, and free for transactions that are C$15,000 and below. The CIBC Wire Transfer is available to users sending money to a country or banking institution not available in CIBC GMT, or more than C$15,000 for C$30 and an exchange rate markup.

Bank of Montreal (BMO)

BMO personal account holders can use Western Union to make international payments to over 200 countries and 500,000 Western Union agents. This comes with a CA$9 cost, an extra 1% transaction value charge and about 4-6% markup on the Western Union offered exchange rate.

Another method is to initiate a wire transfer at any BMO branch. This may cost you between CA$25 to CA$135 in fees. The fee results from a compulsory CA$10 communication charge, 0.2% of the transaction value, and possibly SWIFT network fees (varies per branch).

Key Features

- Western Union Outward Payment Fee: CA$9 + 1% transaction value

- Up to 5% markup on offered Western Union exchange rate

- BMO Branch Wire Transfer: CA$10 (Comms Charge) + 0.2% transaction value

- 4% - 6% markup on exchange rates

- CA$15 - CA$125 for BMO Wire Transfer charges

- SWIFT charges may also apply

- Receiving International Payment: CA$14

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Send and receive money globally with Pesa — without delay or hidden fees.

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