TD Bank Foreign Currency Account: Fees and How to Open One 2024

Claire Millard
Ileana Ionescu
Last updated
December 15, 2022

Foreign currency accounts can be super handy if you need to hold, send or receive payments in currencies other than CAD. Depending on the account you pick, you may be able to manage several currencies in the same place, and spend with a linked debit card as you travel.

This guide covers the options, fees and application processes for the TD Bank foreign currency accounts available in Canada. We’ll also look at some alternative providers - like Wise which offers additional currencies and lower transfer fees compared to TD Bank, and HSBC which provides expat and international services.

Table of contents

  • What is the TD Bank foreign currency account?

  • Pros and cons of the TD Bank foreign currency account

  • How does the TD Bank foreign currency account compare?

  • What is the eligibility for a TD Bank foreign currency account?

  • When is a foreign or multi-currency account needed?

  • How to open a foreign currency account with TD Bank

  • TD Bank pricing

  • How to use TD Bank foreign currency account

  • TD Bank foreign currency account limits

  • How to use TD Bank foreign currency account abroad

  • Are TD Bank foreign currency accounts safe?

  • TD Bank foreign currency account alternatives

What is TD Bank multi-currency account?

If you’re looking for a foreign or multi-currency account product from TD Bank, you’ll have a couple of options. The key offerings available are the US Daily Interest Chequing Account and the Borderless Plan which are aimed at people transacting in USD. For other currencies you’ll need to visit a branch to discuss options and eligibility.

This TD Bank foreign currency account review will focus on the US Daily Interest Chequing Account and the Borderless Plan. The chequing account option is interest bearing, with no monthly fee and options to exchange between CAD and USD. The Borderless Plan is aimed at frequent travellers, with a monthly fee and preferential exchange rates.

Pros and cons of TD Bank USD foreign currency accounts

TD Bank does have a range of foreign currency accounts, but the most heavily promoted options only cover USD and CAD, for cross border commuters, travellers, and anyone needing to manage their money across US and Canadian dollars. Here are some pros and cons of the US Daily Interest Chequing Account and the Borderless Plan from TD Bank:


  • Get branch service in person if you need it

  • Choose a chequing account with no monthly account fee, or pay a fee to get more features

  • Good support for USD services


  • Transaction fees apply

  • You’ll need to visit a branch for accounts in any currency other than USD

How does TD Bank foreign currency account compare?

TD Bank isn’t your only option for foreign currency accounts. There are also specialist services which may have a broader range of currencies on offer, plus more flexible account options and lower overall fees. Let’s take a look at how TD Bank’s USD accounts measure up against some alternatives.

AvailabilityAvailable to Canadian customers, with a focus on cross border services with the USAvailable to customers in most countries around the worldBusiness customers onlyAvailable in a range of countries - minimum balance requirements typically apply
Currencies offered

USD services are available online

7 other currencies available through a branch

50+Range of global currenciesCurrent account in 3 currencies, or Global Money Account for 19 currencies
Account maintenance  fees

USD accounts:

0 - 4.95 USD/month depending on the account type

No fee25 CAD/monthFall below fees of 15 - 35 GBP (in the region of 20 - 50 CAD) apply
International payment fees25 CAD - 50 CAD depending on how the payment is structuredFrom 0.41%Outgoing international wires start at 15 CADNo fee (exchange rate markups may apply)
Linked Debit CardAvailableAvailable for spending in 170+ countriesNot availableAvailable
Best FeaturesSolid range of support for USD transactions

Hold 50+ currencies, send payments to 80+ countries

Local bank details to get paid from 30+ countries

One free transaction per month included in monthly fee

No transfer fee for international payments

Good range of currencies supported for saving accounts

Traditional bank foreign currency accounts may not provide much in the way of flexibility or cover many currencies, compared to specialist providers like Wise. Specialist alternatives can also often offer lower fees and better exchange rates.

In the end which account works best for you will depend on your personal preferences and requirements - use this guide to help you compare a few options and pick your perfect match.

Go To Wise

What is the eligibility for a TD Bank foreign currency account?

TD Bank USD accounts offer a couple of different options for Canadian customers. To apply you’ll usually just need proof of ID and address - and if you’re already a TD Bank customer the process should be very fast. No minimum deposit is required for either USD account, although you’ll need to hold 3,000 USD at least in the Borderless Plan, if you want to avoid a monthly fee.

Who is it good for?

TD Bank primarily promotes cross-border banking services to support people who need to hold, send and spend both US and Canadian dollars. However, there are a few other currencies supported if you’re happy to go to a TD Bank branch to get your account up and running.

TD Bank’s USD services are good for cross border commuters and travellers, with both a fee free basic account and the more comprehensive Borderless Plan to pick from based on how many transactions you’ll need to make.

When is a multi-currency account needed?

Foreign currency accounts are offered to hold one or more different currencies depending on the provider. A foreign or multi-currency account is helpful if you travel a lot, get paid from overseas, shop online with international retailers or want to hold a balance in currencies other than CAD.

Here’s a quick overview of TD Bank and the providers we looked at earlier, and who they may suit:

  • TD Bank - good option for USD services, with free and fee paying plans to pick from

  • Wise - great fit for customers looking for a flexible online multi-currency account with linked debit card

  • RBC- good choice for business foreign currency accounts

  • HSBC - excellent coverage if you want expat services and are prepared to hold a high minimum deposit

Go To Wise

How to open an foreign currency account with TD Bank

If you want a foreign currency account from TD Bank which can be used for USD you’ll be able to apply quickly and easily online. Otherwise you’ll have to visit a branch to get an account in any of the other 7 supported currencies. Online here’s what you need to do to get started:

  1. Head to the TD Bank desktop site and find the foreign currency account page

  2. Select the account you’re interested in and click Apply now

  3. Follow the online prompts to log into online banking if you’re already a TD Bank customer, or enter your personal details if you’re new

  4. Check everything over, complete any required verification steps and you’re done

What documents you'll need

To open a personal account with TD Bank you’ll usually need to provide proof of ID and address. Business accounts will usually have differing requirements, with documents based on the entity type and the specific account you pick.

TD Bank pricing

ServiceTD Bank foreign currency account fee
Maintenance fee

No fee for the USD chequing account

4.95 USD/month for the Borderless Plan

Other foreign currency accounts have monthly fees which vary by currency - 1.5 GBP or 1.75 EUR for example

Transaction fee

No transaction fees apply for the Borderless Plan

USD chequing account fees are 1.25 per transaction 

Outgoing telegraphic transfer25 CAD online, 50 CAD in a branch
Incoming  telegraphic transfer17.50 CAD
ATM withdrawal fee

3 CAD in the US or Mexico - 5 CAD elsewhere

Foreign transaction fees of up to 3.5% may also apply

TD Bank exchange rate

You may be able to access preferential exchange rates from TD Bank depending on the account you hold. However, it's worth knowing that even preferential rates from TD Bank are likely to have a markup added. This is an extra fee which is rolled into the rate used to convert funds when you send a payment or spend internationally.

Check the TD Bank rates online or by visiting a branch, to see how they compare to the exchange rates available from alternative providers.

TD Bank foreign currency account alternatives

As we’ve seen, the foreign currency account options from TD Bank have a focus on people who want to hold and spend in USD. If you need a more flexible range of currencies, or want to lower your fees it’s worth comparing the options available to see if there’s a better fit for your needs.

As well as TD Bank you’ll find alternative foreign currency accounts from traditional banks like RBC, from global banking giants like HSBC and from specialists like Wise. Here’s a quick rundown of the features you can expect from these TD Bank alternatives:

Wise Account

Open your free account online or in the Wise app, to receive payments with local bank details in a range of currencies, send money to 80+ countries, hold 50+ currencies and spend with your linked card in 170+ countries, too. All currency exchange uses the mid-market rate with low fees for the extra services you might need:

  • Foreign Currencies: 50+
  • Fees & Exchange Rates: Mid-market exchange rate, low transaction fees
  • International Transfers: From 0.41% fee

  • Debit Card: Available

    Go To Wise


RBC offers online foreign currency accounts for business customers, in a flexible range of currencies not including CAD or USD.

There’s no minimum balance requirement for this account, so you can receive and hold foreign currencies as and when you need to. Accounts can be opened easily online, too - RBC states you can get one set up in less than 15 minutes.

  • Foreign Currencies: Range of global currencies available

  • Fees & Exchange Rates: Exchange rates are likely to include a markup. 25 CAD/month maintenance fee
  • International Transfers: Incoming wires over 50 CAD cost 17 CAD, outgoing international wires start at 15 CAD

  • Debit Card: Not available


The HSBC Global Currency account can be used to hold 19 currencies, or you can get a current account in USD, GBP or EUR and foreign currency savings accounts in most global currencies.

HSBC offers expat banking services with a focus on high income individuals who need to manage day to day funds, investments and more across currencies. Eligibility requirements apply and you usually need to hold a high minimum balance.

  • Foreign Currencies: Hold and exchange 19 different currencies, savings accounts in most currencies or open a current account which can operate in a handful of major world currencies
  • Fees & Exchange Rates: Exchange rates are likely to include a markup. If you don’t hit minimum balance requirements you’ll pay a fall below fee
  • International Transfers: You may get some free global payments between eligible accounts

  • Debit Card: Available

TD Bank offers foreign currency services in a fairly limited range of currencies. Alternative types of foreign and multi-currency accounts can be found from specialist services like Wise, or specific international and expat banking brands like HSBC. Here’s a quick comparison of these providers to show how they differ.

Maintenance fees

Basic USD account are free

Other accounts have varied maintenance fees based on currencies involved

No Maintenance feeFall below fees may apply if you don;t maintain the minimum balance for your account type
Currencies you can hold and exchangeUSD + 7 other currencies in branch50+19 
Exchange ratesRates are likely to include a markupMid-market exchange rateRates are likely to include a markup
Debit Card and ATM fees3 CAD - 5 CAD for international withdrawals, + any applicable foreign transaction fee

Get a debit card for fee

Fee free ATM withdrawals to plan limit, with low fees after that

Fees may apply based on the ATM chosen
International payment fees25 CAD - 50 CAD depending on how the payment is structuredFrom 0.41%No transfer fee for many payments

Check out the foreign currency and multi-currency account options from traditional banks, and compare them to alternatives to see which may suit your personal needs best.

How to use TD Bank foreign currency account

If you want to transfer money internationally with TD Bank you’ll have a couple of different options. Which one you pick will determine whether you can transact online - which is usually cheapest - or if you’ll need to go to a branch. In most cases, transfers arranged through TD Bank’s Global Transfer Marketplace can be initiated online, while standard wires may require a visit to a branch.

Funding methods

Add funds to your account by bank or telegraphic transfer.

Payout methods

If your account has a linked debit card you’ll be able to make withdrawals. Otherwise you can make telegraphic transfers, or use TD Bank’s range of other payment options including Western Union payments.

How to use TD Bank foreign currency account abroad

If you have a TD Bank USD account you’ll be able to get a linked debit card - and a credit card in some cases - which makes it easy to use your account internationally.

Supported currencies

Open a TD Bank foreign currency account to hold USD online, or go to a branch to open an account in 7 other major world currencies.

Are TD Bank multi-currency accounts safe?

TD Bank is a trusted provider which is fully licensed to do business in Canada and wherever else it trades around the world. Your money and account will be protected to the extent required by law, through automatic and manual security processes.


Foreign currency or multi-currency accounts are useful for individuals and business owners alike. While there are some options available from local banks in Canada, you may find you can get a broader selection if you look at specialist providers instead. Here you’ll be able to pick low cost online accounts, or choose expat and international banking providers if that suits your needs better.

Ultimately, the best multi-currency account for you will depend on the currencies you want to use and how you prefer to transact - use this guide as a starting point to find your perfect match.

Go To Wise


Does TD Bank offer foreign currency accounts?

Yes, TD Bank offers USD accounts online and supports 7 other currencies for in branch application.

Can I deposit foreign currency into my TD Bank account?

If you have a TD Bank foreign currency account you can deposit in the supported currency through a wire or bank transfer.

Does TD Bank charge international fees?

Yes. TD Bank’s international fees vary by account type and currency, and include maintenance fees and transaction charges.

Can I access my TD Bank foreign currency account overseas?

You can access your TD Bank USD account easily overseas with a linked debit card.