TD Bank USD account review & alternatives
TD Bank offers a few solutions for Canadian customers who need ways to manage their money conveniently in USD. These accounts can be handy if you travel to the US often, or need to send or receive USD payments.
However, TD Bank isn’t the only option out there - accounts from alternative providers such as Wise and OFX could offer a more flexible alternative which supports CAD, USD and other foreign currencies, all in the same account.
What is the TD Bank USD account?
TD Bank offers 2 different USD account products to its Canadian customers, each of which have their own features and fees:
| TD Bank USD bank account options: | |
|---|---|
| TD US Daily Interest Chequing Account | No monthly fee account which pays interest on your USD balance. Marketed as a good option for people who need to convert between USD and CAD, with preferential exchange rates available |
| TD Borderless Account | Premium account product which targets people who travel to the US regularly. A monthly fee applies but this allows you to make many simple transactions with no further fees to pay - you’ll also be able to get a USD credit card with no annual fee |
Pros and cons of TD Bank USD account
| TD Bank USD account pros | TD Bank USD account cons |
|---|---|
✅ 2 different account types for different customer needs ✅ Receive payments in USD, or convert from your TD Bank CAD account ✅ Get a USD credit card, and Chequing facilities if you need them ✅ Preferential exchange rates available | ❌ Accounts may have a monthly fee ❌ Exchange rates are likely to include a markup |
How does TD Bank USD account compare in Canada?
TD Bank isn’t the only option if you need to manage your money in USD. Alternative services like Wise or OFX might also be a good choice.
Wise offers multi-currency accounts for business and personal customers in Canada and around the world, while OFX has digital accounts for business owners and online sellers.
Let’s look at a quick comparison of these options side by side:
| TD Bank US Daily Interest Chequing Account | TD Bank Borderless Account | Wise Account | OFX | |
|---|---|---|---|---|
| Best features | Earn interest on USD balances No monthly fee | No fee for many transactions Chequing facilities available | Hold and exchange 40+ currencies, with linked debit card Receive payments in foreign currencies easily | Receive business payments in 7 currencies Use with PSPs and marketplace sites |
| Opening requirements and fees | No opening fee, available for personal customers in Canada | No opening fee, available for personal customers in Canada 4.95 USD monthly fee | No opening fee for personal customers, 42 CAD fee for business customers Available for personal and business customers in Canada and many other countries | No opening fee, available for business customers in Canada and many other countries |
| Interest rates | Variable - 0.01% at time of research | Variable - 0% at time of research | Not interest bearing | Not interest bearing |
| Minimum balance and account limits | No minimum balance, usually no limit on the amount you can hold or receive | 3,000 USD minimum to avoid monthly fee, usually no limit on the amount you can hold or receive | No minimum balance, usually no limit on the amount you can hold or receive | No minimum balance, usually no limit on the amount you can hold or receive |
| USD account details | Available | Available | Available, along with local and SWIFT details for many other currencies | Available, along with details for 6 other currencies |
*Data correct at time of research - 4th October 2024
Different USD accounts have their own benefits and drawbacks. TD Bank USD accounts don’t allow you to hold any other currencies, and don’t come with a debit card which may not be convenient if you travel or spend in a selection of foreign currencies regularly.
Specialist alternatives like Wise and OFX can offer more currencies and can have lower costs - but you won’t usually find services like credit cards, which are available from banks like TD Bank. Weighing up the different options before you sign up is the only way to pick the perfect account for your needs.
TD Bank foreign currency account alternatives
A USD account might be handy for either personal or business use. To help you weigh up your options, here’s a quick look at the key features and fees of the accounts we've profiled in this guide.
There’s more on each provider coming right up.
| TD Bank US Daily Interest Chequing Account | TD Bank Borderless Account | Wise Account | OFX | |
|---|---|---|---|---|
| Eligibility | Personal customers in Canada | Personal customers in Canada | Personal and business customers in Canada and many other countries | Business customers in Canada and many other countries |
| Opening fees | None | None | None for personal customers, 42 CAD fee for business customers | None |
| Monthly fees | None | 4.95 USD monthly fee | None | None |
| Exchange rates | TD Bank preferential rate | TD Bank preferential rate | Mid-market rate | Exchange rate includes a small markup |
| Interest | Variable - 0.01% at time of research | Variable - 0% at time of research | Not interest bearing | Not interest bearing |
| Conversion fees | Included in exchange rate offered | Included in exchange rate offered | From 0.33% | Included in exchange rate offered |
| USD account details | Available | Available | Available | Available |
| Linked debit card | Not available | Not available | Available | Not available |
Wise Account - 40+ currencies, including USD
The Wise Account is available for Canadian customers looking for a personal or business account product which holds USD as well as many other currencies.
Accounts offer a linked debit card which can make this a convenient option to spend online and in person, and currency exchange uses the mid-market exchange rate with low conversion fees from 0.33%.
Business customers get similar perks to personal customers, plus some extras like batch payment solutions and cloud accounting integrations.
Foreign currencies: 40+ currencies for holding and exchange, ways to get paid in select currencies with local and SWIFT account details
Wise fees & exchange rates: No ongoing fees, mid-market exchange rates
International transfers: Available to 160+ countries, from 0.33%
Debit card: Available
Learn more about Wise USD Account here.
OFX Global Currency Account
If you need an account for your business, the OFX Global Currency Account is a popular option. You can hold, receive and exchange 7 major currencies including USD and CAD, and use your account details to take customers payments or to get paid through PSPs and marketplace sites. This makes it a good choice for online sellers working with international customers. There’s no debit card with this account, but you can send or withdraw your funds whenever you want to - with no fee for higher value transfers.
Foreign currencies: 7 currencies supported for receiving, holding and exchange
Fees & exchange rates: No ongoing fees, exchange rates include a small markup
International transfers: 15 CAD fee for transfers up to 10,000 CAD in value, waived after that
Debit card: Not available
About TD Bank USD bank account options
TD Bank USD Daily Interest Chequing account
The TD Bank USD Daily Interest Chequing Account has no monthly fee and no minimum balance. If you hold a higher balance in your account you may benefit from free transactions as well as getting interest on your savings. This account is designed for people who need to convert to and from USD, and offers easy ways to transfer money from USD to CAD, but no debit card.
Foreign currencies: USD only
Fees & exchange rates: No monthly fee, exchange rate may be better than the TD Bank standard rate, but can still include a markup
International transfers: Online transfers cost up to 25 USD
Debit card: Not available
TD Bank USD Borderless plan
The TD Bank USD Borderless Plan is aimed at frequent travelers to the US, and offers the option to get a fee waiver on a USD credit card. There’s no debit card with the account. You’ll pay a monthly fee of 4.95 USD, but this can be waived by holding a minimum balance. There are preferential exchange rates on USD when exchanging up to 25,000 USD, and you may also get discounted fees when converting other currencies.
Foreign currencies: USD only
Fees & exchange rates: 4.95 USD monthly fee, exchange rate may be better than the TD Bank standard rate, but can still include a markup
International transfers: Online transfers cost up to 25 USD
Debit card: Not available
When is a USD account needed?
Different USD account products target different customer needs, including accounts for personal and business use. Some accounts are aimed at people who want to save or invest, or those who need to send payments to the US regularly for example. Other accounts which come with linked debit cards can be handy for travel use.
Here’s a quick summary of some of your options:
TD Bank USD accounts: Good for existing TD Bank customers who want to add USD functions they can use alongside their CAD account
Wise account: Good for flexible services with low costs and mid-market exchange rates, with debit cards for ease of spending and withdrawals
OFX Global Currency Account: Good for online and ecommerce businesses receiving payments in USD and several other major currencies
Canada Post Cash Passport: Good for a travel card with linked digital account you can use for overseas spending or as an emergency back up
Learn more: Best USD bank accounts in Canada
How to open an USD bank account with TD Bank
You can apply for a TD Bank USD account in a branch or online. If you’re in a branch, a staff member will help you apply for your account. Or, you can apply online by taking the following steps:
Step 1: Find the account you want to open and click Apply Now
Go to the TD Bank website and select the account you want to open. You’ll be able to check and compare all the details about the account, and then just click on the Apply Now tab.
Step 2: Enter your personal and contact information
If you’re already a customer at TD Bank, or have an account with some other major institutions in Canada, you may be able to have your application pre-populated to save time. If not, you’ll be prompted to complete a manual application by entering your personal and contact details online.
Step 3: Enter questions based on your credit history
Follow the prompts to answer a few questions about your credit history, so TD Bank can assess your eligibility for the account you’ve selected.
Step 4: Get verified
The final step is to get verified, by entering your SIN and uploading an image of your ID document. You’re guided through this with on-screen prompts.
What documents you'll need
To open a TD Bank USD account you must provide your social insurance number, and one piece of ID, which can include:
Valid Passport
Drivers License
Birth Certificate (if under 21)
Government Issued Age of Majority card
If you’re not able to provide your SIN, you’ll need to have your ID document certified to be able to apply.
What is the eligibility for a TD Bank foreign currency account?
You can open a TD Bank USD account if you’re a Canadian resident. You’ll need to be an adult (based on the age of majority wherever you reside), and you must have a valid email address and proof of ID. Usually the application can be completed online, but if you struggle you can also call into a branch to get face to face help.
Who is it good for?
A TD Bank USD account could be handy for anyone managing their money in USD as well as CAD:
If you have USD bills to pay
If you receive payments in USD and don’t want to convert to CAD
If you travel to the US often and want a USD credit card
Accounts do not come with a debit card, which can be a drawback if you'd prefer to pay directly from your account when you’re abroad.
How to use TD Bank USD account
Use your TD Bank USD account to transfer money internationally online and in the TD Bank mobile banking app. You may get preferential rates depending on the details of your payment.
Funding methods
You can add money to your USD account yourself, by transferring in from your CAD account or from another USD account in your own name. Or, you can give someone who needs to send you a payment your USD account details and have the money deposited to your TD Bank account. If funds are sent in any currency other than USD, TD Bank will manage the conversion which may mean paying a fee.
Payout methods
You can use your account to send money to bank accounts in most countries around the world. Fees apply.
How to use TD Bank USD account abroad
Neither of the USD accounts from TD Bank have a debit card, which means you can not spend or make cash withdrawals from your account when you’re abroad. However, you can manage electronic transactions such as sending a digital payment to someone else from your account, through the online banking system.
Supported currencies
The TD US Daily Interest Chequing Account and the TD Borderless Account both support USD only.
If you are interested in opening a bank account in the US, these guides might help:
Are TD Bank multi-currency accounts safe?
Yes. TD Bank is a large and well established bank which operates in both Canada and the US. In Canada, deposits qualify for CDIC protection - and accounts also come with built in security features to help keep customers safe.
Conclusion
TD Bank has a couple of services for customers in Canada who need to manage USD payments on a regular basis. Accounts are marketed to people paying USD bills, or traveling to the US, who need to access currency conversion from CAD to USD and vice versa. TD Bank’s USD accounts don’t offer a debit card, but it is possible to get a USD credit card instead if you’re eligible.
Bank USD accounts aren’t your only choice. Online providers like Wise and OFX might also offer suitable alternatives which can be cheaper and more flexible. Use this guide to compare your options and find the right one for your unique needs.
TD US Dollar bank accounts FAQs
Does TD Bank offer USD accounts?
Yes. The TD US Daily Interest Chequing Account and the TD Borderless Account both support USD for holding.
Can I deposit USD into my TD Bank account?
You can receive USD to a TD Bank USD account electronically.
Does TD Bank charge international fees?
TD Bank has various service fees which may apply when transacting internationally. For example, you might pay up to 25 USD/CAD to send a payment abroad. Read your account’s terms and conditions carefully to understand the fees involved.
Can I open a TD US account as a Canadian?
You can open a USD account with TD Bank in Canada. You may also be eligible to open a USD account with TD Bank’s US operation - this depends on meeting other eligibility criteria. Compare the options to see which suits you best.