TD Bank Foreign Currency Account: Fees, Exchange rates and Alternatives 2024

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 RBC which provides expat and international services.

Quick summary: TD foreign currency account

• USD transactions: TD Bank’s foreign currency accounts are ideal for handling USD transactions for Canadians who frequently deal with US businesses or travel across the border

• Currency options: Access seven other popular currencies, including GBP, EUR and AUD

• Account fees: TD Bank charges between 0-4.95 USD per month for USD accounts, depending on your account type

• International payments: Sending international payments will cost you 25 CAD-50 CAD, so it could be worth exploring alternative providers like Wise

• Linked debit card: The account comes with a debit card linked to your foreign currency account to easily access and spend your funds in USD.

  Alternatives	💡 Great for
  Wise account	Individuals and businesses looking to hold and exchange 40+ currencies, receive payments with local details, spend with a linked card, and get the mid-market rate
  RBC account	Businesses needing access to a range of popular global currencies and one free transaction per month
  National Bank account	Businesses dealing with multiple currencies and frequent international transactions thanks to a choice of 15 foreign currency accounts

What is a 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:

Supported currencies

TD Bank foreign currency account supports US dollars as well as seven other major world currencies, including:

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. If you need other currencies or business foreign currency accounts, alternatives like Wise and RBC can help, coming up next.

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.

Information correct at time of writing 10th September 2024

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.

• Wise - Multi-currency account with access to 40+ currencies, fast international transfers with fees starting from 0.33%, and a linked debit card that you can use in over 150 countries.
• RBC - Offers a range of foreign currencies with a 25 CAD monthly fee and one free transaction per month. Outgoing international wires start at 15 CAD, with incoming wires at 17 CAD.
• National Bank - A wide choice of foreign currency accounts for businesses with 15 currencies and a $35 monthly handling fee.

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?

• Cross-border commuters and travellers: A good option for those who frequently travel between Canada and the US, and need to hold, send, and spend both USD and CAD

• Frequent USD transactions: Anyone handling regular USD payments, with the flexibility of a fee-free basic account or the more comprehensive Borderless Plan

• Those who want the option of additional currencies: Suitable for those who occasionally need to access other currencies

TD Bank pricing

TD foreign currency exchange fees

TD Bank exchange fees are likely to include a markup to the exchange rate when you convert currencies, which varies based on the amount and currencies involved and means the rate you get will be slightly higher than the market rate.

Additionally, if you send or receive international wire transfers, there are separate fees to consider.

• Outgoing international wires cost between 25 CAD and 50 CAD, while

• Incoming wires are charged a flat 17.50 CAD fee.

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 and National Bank, 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 160+ countries, hold 40+ currencies and spend with your linked card in 150+ countries, too. All currency exchange uses the mid-market rate with low fees for the extra services you might need:

• Foreign Currencies: 40+ currencies including major currencies such as USD, EUR, GBP and JPY.
• Fees & Exchange Rates: Mid-market exchange rate, low transaction fees

• International Transfers: Low fees starting from 0.33%, transfer to 160+ countries

• Debit Card: Available

  Go To Wise

RBC

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

National Bank

National Bank offers foreign currency accounts for businesses with the option of 15 currencies, including USD, EUR, and GBP. No minimum balance is required but the account comes with a 35 CAD monthly handling fee, and its wide range of foreign currencies make it a good choice for businesses that frequently deal with international trade.

• Foreign Currencies: 15

• Fees & Exchange Rates: National Bank rates which may include a markup

• International Transfers: Not specified - check with your local branch

• Debit Card: Not available

• 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. Here’s a quick comparison of these providers to show how they differ.

*Information correct at time of writing 10th September 2024

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 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.

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.

TD Euro account

TD Bank offers a personal euro foreign currency account for a monthly fee of 1.75 EUR. Customers can make unlimited transactions without incurring additional service charges. However, the account has limitations such as ATM withdrawals, EasyWeb Internet Banking, and debit payments are not being available.

If you’re looking for more flexibility, like online banking options and ATM cash withdrawals, you might want to consider other providers like Wise:

Wise - With a Wise euro account you can hold, send, spend, receive and exchange euros alongside 40+ other currencies, including other European currencies like GBP, HUF and CHF. You can add money to your account in euros or Canadian dollars, and make purchases conveniently with your Wise card in 150+ countries, or send money overseas from your account.

RBC - RBC offers a personal euro eSavings account that allows customers to receive, hold and send Euros while earning interest. While the account doesn’t come with a linked debit card, it has no monthly-fee and no minimum balance is required.

National Bank - Businesses can choose to open a euro account out of the 15 foreign currency account options that are currently on offer. The account allows businesses to hold and transact in Euros but comes with a $35 monthly fee and no debit card.

TD Bank US Dollar account

TD Bank offers two US dollar account options - the U.S. Daily Interest Chequing Account and the Borderless Plan, allowing account holders to hold and manage USD. Depending on the account type, the monthly fee ranges from 0 to 4.95 USD, making it a convenient option for Canadians who frequently travel to or do business with the US.

The account comes with a linked debit card for easy spending in USD, but international wire fees can be high, ranging from 25 CAD to 50 CAD.

Wise - Wise offers a multi-currency account that supports 40+ currencies, including USD and CAD. Customers can hold, spend, and receive USD with local account details, making it easy to receive USD payments like a local with an account in the US. Wise also offers a linked debit card for spending in USD and other currencies with low conversion fees starting from 0.33%.

RBC - RBC gives customers the choice of either a U.S Personal Chequing Account or a U.S. High Interest  Savings account. A good option for frequent US travellers, the personal chequing account comes with a linked debit card, meaning you always have US cash on hand. There are 6 monthly debits included and no minimum balance. However, the account does come with a 3 USD monthly maintenance fee.

Their U.S. High Interest eSavings account is a savings account with free account transfers to other RBC deposit accounts in your name. It comes with, zero monthly fees and no minimum balance, and customers can earn high daily interest on their US dollars with a current interest rate of 0.5%

National Bank - National Bank offers a USD only account to simplify business’s US dollar transactions. Customers only pay for the transactions they carry out but there’s an 8 USD monthly minimum if your transaction fees total less than that a month.

Can I deposit USD in a TD ATM?

Currently, TD ATMs do not accept foreign currency, including US dollar bills or cheques. If you attempt to deposit USD, the machine will return your funds. However, you can easily transfer money between your TD personal deposit accounts, including your US Dollar account, at any TD Branch ATM. For USD deposits, you’ll need to visit a branch directly.

TD Bank Japanese Yen account

TD Bank offers a Japanese Yen (JPY) foreign currency account with a monthly fee of ¥250. Customers can enjoy unlimited transactions with no additional transaction fees, making it useful for those who need to manage yen without worrying about extra costs. However, the account has several limitations—ATM withdrawals, EasyWeb Internet Banking, the TD app, and debit purchases are not available. If you need more flexibility or online banking options, other providers like Wise might be a better fit.

Wise - Wise allows you to hold and transfer JPY, but it doesn’t offer JPY local account details yet. Instead, Wise offers SWIFT details, allowing you to receive international transfers via SWIFT. Wise offers low-cost international transfers and a linked debit card for spending in 150+ countries, including Japan.

RBC - RBC does not offer a specific Japanese Yen account. However, their Online Foreign Currency Account for businesses does offer Japanese Yen as a supported currency alongside other global currency options. The account comes with a monthly 25 CAD fee and allows you to hold and convert Japanese Yen when you choose.

National Bank - National Bank offers JPY accounts for business customers as part of the foreign currency account offerings. Useful for business transactions with Japan, you can easily open an account online with no minimum balance required and hold and transact in yen.

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

• National Bank - A range of 15 foreign currency accounts for businesses

Can I use my TD debit card abroad?

You can use your TD debit card abroad if it has the Visa Debit logo. When you make a purchase in a foreign currency, the amount is then converted to Canadian dollars using the exchange rate set by Visa International on the transaction date. On top of that, TD charges a foreign transaction fee of 3.5% on the converted amount. For example, if you make a purchase of USD 10, the total charge after conversion and fees will be approximately CAD 13.46.

Wise card - Spend in over 150 countries with low conversion fees and no ongoing monthly or annual fees. The Wise card automatically converts your balance to the local currency at Wise’s mid-market exchange rate, and there’s no additional foreign transaction fee either, making it a great choice for international travel.

RBC card - RBC debit cards with Visa Debit or Plus logos can be used internationally. There’s a fee of $3 for each cash withdrawal in the US and a fee of $5 for each withdrawal in Mexico and outside of the US and Canada, but specific foreign transaction fees may vary depending on the account type.

National Bank card - National Bank debit cards can be used abroad to pay for in-store purchases and ABM withdrawals, but they may come with foreign transaction fees and aren’t available with foreign currency accounts.

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.

Conclusion

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.