TD Borderless Account

[inassod]

there is a lot of information about TD borderless account though was wondering if you can make transfers between USD borderles tD account and TD CAD account while using easy web ? are there any fees for conversion of inter account transfer ? from CAD to USD in TD ?

[professionaldude]

Yes, you can convert CDN to US and US to CDN through easyweb and there is no charge.

[WildEmu]

You will also get TD's preferred FX rates between CAD and USD if you have a borderless account.

See the third row for their preferred rate:

http://www.tdcommercialbanking.com/fx/rates/index.jsp

[inassod]

You will also get TD's preferred FX rates between CAD and USD if you have a borderless account.

See the third row for their preferred rate:

http://www.tdcommercialbanking.com/fx/rates/index.jsp

The minimum balance requirement is $3000 USD to avoid the monthly fee of $25 - does any one have any experience of getting this requirment waived out !? I mean some way if the balance goes down, and you still dont have to pay the monthly ffeee ? is there any one who has gotten this perk from TD ? will appreciate all input.

[angel_wing0]

open the select service account, done.

[treekle]

$25 ...for monthly fees???? ....i think $4.95 ...

much talk lately about hyperinflation ....tsk tsk ...

a gentle nudge only!!!

[najibs]

$25 ...for monthly fees???? ....i think $4.95 ...

much talk lately about hyperinflation ....tsk tsk ...

a gentle nudge only!!!

If you keep a min $5k balance, the fee is waived. So, if you have $5k to allow to sit there it's the best acount hand's down. Plus they waive the fee on their First Class Infinite Visa or Gold Elite Visa too!

[angel_wing0]

well the account needs 3k already, so why not put another 2k in and get much much more? that's how i think..but of cuz, u dont have to agree with me :D

[jobby]

can u do bill payment in USD say USD transfer to questrade account (in USD)? what about their daily interest USd account?

[Thalo]

You will also get TD's preferred FX rates between CAD and USD if you have a borderless account.

See the third row for their preferred rate:

http://www.tdcommercialbanking.com/fx/rates/index.jsp

Just applies to in branch transactions. The fx rates on Easyweb are already much better than the preferred borderless rate (in branch they give you the rate for a $35,000 transfer no matter how small your transfer amount, on Easywebe the bid/ask spread is overall much smaller because it's automated and they don't have to pay a teller).


can u do bill payment in USD say USD transfer to questrade account (in USD)? what about their daily interest USd account?

Unfortunately not. The account only serves the purpose of holding US cash and transferring it around. You can withdraw cash at a branch (but not an ATM, even in the U.S.), write cheques or get drafts.

[Vasyl]

Yes, you can convert CDN to US and US to CDN through easyweb and there is no charge.

Thank you for your tip. I did not know that.

[inassod]

Just applies to in branch transactions. The fx rates on Easyweb are already much better than the preferred borderless rate (in branch they give you the rate for a $35,000 transfer no matter how small your transfer amount, on Easywebe the bid/ask spread is overall much smaller because it's automated and they don't have to pay a teller) Generally speaking lets say if getting the best rates is all what the objective is and i really wont need any "select" services; is ING abd borderless account comparable !? I have seen ING rates are almost identical if not better as of today ING lets you buy @ 1.096 as compared to TD for 1.097 ?? would ING be a better choice if currency conversion if the only service required from a bank account (cheapest in fees) ?

[Salinger]

Unfortunately not. The account only serves the purpose of holding US cash and transferring it around. You can withdraw cash at a branch (but not an ATM, even in the U.S.), write cheques or get drafts.

There's a TD Green Machine in the TD Centre downtown (Toronto) that allows you to withdraw US cash. Is that only for making conversions from your CAD account or could you withdraw from your USD account?

[tng11]

There's a TD Green Machine in the TD Centre downtown (Toronto) that allows you to withdraw US cash. Is that only for making conversions from your CAD account or could you withdraw from your USD account?

Only for conversions, you cannot transact directly from a USD account with that machine.

[angel_wing0]

There's a TD Green Machine in the TD Centre downtown (Toronto) that allows you to withdraw US cash. Is that only for making conversions from your CAD account or could you withdraw from your USD account?

afaik anything that has to do with the USD account you have to go to a branch (withdraw/deposit), thats what i was told by easyline.

[Thalo]

You can't even link up a USD account to an access card to begin with. Not yet, anyway.


Generally speaking lets say if getting the best rates is all what the objective is and i really wont need any "select" services; is ING abd borderless account comparable !? I have seen ING rates are almost identical if not better as of today ING lets you buy @ 1.096 as compared to TD for 1.097 ?? would ING be a better choice if currency conversion if the only service required from a bank account (cheapest in fees) ?

I don't even know what you're saying. Keep in mind also, that the exchange rates you're quoting are not for "today" they are for the minute or 5 minute or whatever span of time that you happened to reserve that rate for on their system. All's I know is that at any given time if I do an exchange on Easyweb for, say, $10,000 (US or CAD) the rate I get is better than my staff rate, better than the borderless rate and far better than the regular branch rate for an exchange of that amount.

[angel_wing0]

You can't even link up a USD account to an access card to begin with. Not yet, anyway.

+1 indeed, thats what i was told, but why anyway? i dont understand why banks (well at least big 5) have to be so crazy about this usd account thign.

[Thalo]

+1 indeed, thats what i was told, but why anyway? i dont understand why banks (well at least big 5) have to be so crazy about this usd account thign.

I don't know; maybe it's some kind of regulation, maybe they're just too lazy.

I know that TDCT is working toward becoming more integrated with TD Bank in the U.S. Maybe down the road this will all be possible and we can even bank in the U.S. branches (for now we can use their ATMs to withdraw US cash from our CAD accounts and not be charged an extra fee).

[angel_wing0]

I know that TDCT is working toward becoming more integrated with TD Bank in the U.S. Maybe down the road this will all be possible and we can even bank in the U.S. branches (for now we can use their ATMs to withdraw US cash from our CAD accounts and not be charged an extra fee).

i too am waiting for that, but my neck is as long as a giraffe now.

[Salinger]

I don't know; maybe it's some kind of regulation, maybe they're just too lazy.


Definitely not a regulation, unless an internal TD one. CIBC allows you to withdraw cash from your USD account at any of their ATM's that dispense USD. However, for some inexplicable reason, CIBC won't allow you to do an online transfer from your CAD to USD account. The only way to add funds to your USD account is to deposit via ATM or teller.

[inassod]

You can't even link up a USD account to an access card to begin with. Not yet, anyway.



I don't even know what you're saying. Keep in mind also, that the exchange rates you're quoting are not for "today" they are for the minute or 5 minute or whatever span of time that you happened to reserve that rate for on their system. All's I know is that at any given time if I do an exchange on Easyweb for, say, $10,000 (US or CAD) the rate I get is better than my staff rate, better than the borderless rate and far better than the regular branch rate for an exchange of that amount.

Sorry if i didnt get you right - you are saying that easyweb gives you better rates then borderless ? I lost you there, so you use easy web to trasnfer CAD to USD on their website correct !? is that what you are referring to.

As to what i understand (and i might be way out to lunch) that TD has only two rates for USD, one is the TD bordlerless preferred exchange rate and the other is daily interest chequing account rate, both of which can be accessed by easy web !? is this making sense or aint it ?

[Thalo]

Sorry if i didnt get you right - you are saying that easyweb gives you better rates then borderless ? I lost you there, so you use easy web to trasnfer CAD to USD on their website correct !? is that what you are referring to.

As to what i understand (and i might be way out to lunch) that TD has only two rates for USD, one is the TD bordlerless preferred exchange rate and the other is daily interest chequing account rate, both of which can be accessed by easy web !? is this making sense or aint it ?

Yes, you understood me correctly. When you do a foreign exchange transaction on Easyweb or Webbroker you get a better exchange rate, because it is done electronically and you're not paying a teller's wage.

TD has more than two rates at the branch. Usually there's a rate for amounts under $1000, $1000-$5000, $5000-%10,000, and so on. The borderless rate is the rate for $35,000. Online, I think there are the same tiers but in every case the bid/ask spread is narrower.

[brunes]

Anyone know the following?

- If you have borderless and select service, and go to the US and withdraw from your chequing account at an ATM, do you get the preferred borderless rate? Because I don't *seem* to...

- Can you add your bordesless account to your ATM card under "Savings", so that when you are in the US, you can access it?

[brunes]

You can't even link up a USD account to an access card to begin with. Not yet, anyway.

Thalo, do you know if this is still the case?

Anyone know the following?

- If you have borderless and select service, and go to the US and withdraw from your chequing account at an ATM, do you get the preferred borderless rate? Because I don't *seem* to...

- Can you add your bordesless account to your ATM card under "Savings", so that when you are in the US, you can access it?

Anyone know either of the above? I am going to call EasyLine tomorrow to find out *for sure*. Going to the US in a week and having ATM access at TD Bank machines would be very nice.

[Gooner]

Thalo, do you know if this is still the case?


Anyone know either of the above? I am going to call EasyLine tomorrow to find out *for sure*. Going to the US in a week and having ATM access at TD Bank machines would be very nice.

My understanding is that when in the US you dont have access to the borderless account from the ATM (just like in Canada). If you withdraw money (which is free at TD machines in the US) it will take it from your select service (chequing account) and autoconvert the amount based on the borderless rate. So you get for example 100USD and it withdraws 103CDN from your account...

[angel_wing0]

I don't know; maybe it's some kind of regulation, maybe they're just too lazy.

I know that TDCT is working toward becoming more integrated with TD Bank in the U.S. Maybe down the road this will all be possible and we can even bank in the U.S. branches (for now we can use their ATMs to withdraw US cash from our CAD accounts and not be charged an extra fee).

6 months later, still no news --*

[brunes]

My understanding is that when in the US you dont have access to the borderless account from the ATM (just like in Canada). If you withdraw money (which is free at TD machines in the US) it will take it from your select service (chequing account)

I am just asking because when I was in the US a month ago at a TD machine, when I went to withdraw funds, it actually *did ask me* for chequing / savings. I was wondering if I could get my TD Borderless to Savings if it would work.



and autoconvert the amount based on the borderless rate. So you get for example 100USD and it withdraws 103CDN from your account...

See, that is what I am curious about. It does not seem to have used the borderless rate, it seems higher (like it is the normal rate).

[brunes]

I just spoke to easyline, and got the answers.

- It is not possible to put your borderless account on an ATM card at this time.

- If you are in the US, and withdraw funds from your normal chequing / Select Service account at an ATM, you *DO NOT* get the borderless exchange rate., because your borderless account is not involved in the transaction. You can only get the borderless rate on transfers in and out of the borderless account.

- What the EasyLine rep told me *SHE* does, is she attached a PIN to her TD USD Visa card. Then when she is in the US, she takes cash out with the visa, and then transfers the balance from her borderless onto the Visa in the same day, so she pays no interest. The downside to this method she says, is that you have to pay the $2.50 cash advance fee. The TD ATM exchange rate surcharge is around 2.5%. So, this method is BETTER if you are taking out an amount > $100, but WORSE if you are taking out an amount < $100.

In summary - best bet is to just take some cash with you and use the Visa as much as possible :P

[Gooner]

I just spoke to easyline, and got the answers.

- It is not possible to put your borderless account on an ATM card at this time.

- If you are in the US, and withdraw funds from your normal chequing / Select Service account at an ATM, you *DO NOT* get the borderless exchange rate., because your borderless account is not involved in the transaction. You can only get the borderless rate on transfers in and out of the borderless account.

- What the EasyLine rep told me *SHE* does, is she attached a PIN to her TD USD Visa card. Then when she is in the US, she takes cash out with the visa, and then transfers the balance from her borderless onto the Visa in the same day, so she pays no interest. The downside to this method she says, is that you have to pay the $2.50 cash advance fee. The TD ATM exchange rate surcharge is around 2.5%. So, this method is BETTER if you are taking out an amount > $100, but WORSE if you are taking out an amount < $100.

In summary - best bet is to just take some cash with you and use the Visa as much as possible :P

Thanks so much for the update. This will definitely save me some money. I was not aware the preferred rate was not applicable at the US ATM's!

[mtlguyca]

Do you know if I can link up my canadian paypal account to the borderless account (i got the cheques) and than transfer usd from paypal directly to the border less account? that would be great... thanks

[buddahas]

I get paid in US dollars and use the borderless account.

Let me tell you right now that exchange rates using borderless account are still atrocious. I think even paypal will give you a better rate.

[mtlguyca]

I get paid in US dollars and use the borderless account.

Let me tell you right now that exchange rates using borderless account are still atrocious. I think even paypal will give you a better rate.

So you transfer USD from paypal to borderless?

[buddahas]

So you transfer USD from paypal to borderless?

No, I deposit US cheques into borderless and get them converted. If you wish, I can do a fake transfer and let you know exactly how much you would get today.

I don't think there is any benefit using paypal with Canadian US chequing account. You still get charged the same fees because your institution is in Canada.

[Paulfistinyourface]

So you transfer USD from paypal to borderless?
I've never tried it personally (although I should, I have the cheques right here) but I've heard on this forum and a few others that it doesn't work. In another recent thread some guy here tried and he couldn't get it to work either.

I wish it would though. The Paypal exchange rate/fee is pretty bad compared to the borderless account. I don't know what that that other guy above you is talking about.

[buddahas]

I've never tried it personally (although I should, I have the cheques right here) but I've heard on this forum and a few others that it doesn't work. In another recent thread some guy here tried and he couldn't get it to work either.

I wish it would though. The Paypal exchange rate/fee is pretty bad compared to the borderless account. I don't know what that that other guy above you is talking about.

The guy above you is saying this.

From: BORDERLESS PLAN -
To: SELECT SERVICE -
Amount: $1,000.00 USD = $1,013.90 CDN
Exchange Rate: $1.00 USD = $1.0139 CDN


You like this exchange rate?

[Paulfistinyourface]

The guy above you is saying this.

From: BORDERLESS PLAN -
To: SELECT SERVICE -
Amount: $1,000.00 USD = $1,013.90 CDN
Exchange Rate: $1.00 USD = $1.0139 CDN


You like this exchange rate?

I don't know if I like it because I don't know what it's compared to. Compared to paypal it's probably a decent rate. Besides, Paypal charges an additional 2.5% conversion fee.

I was responding to what you said at the top of this page ===" I think even paypal will give you a better rate."

[brunes]

I get paid in US dollars and use the borderless account.

Let me tell you right now that exchange rates using borderless account are still atrocious. I think even paypal will give you a better rate.

Not sure what you are referring to here, Paypal rates are way, way worse than borderless rates. Borderless rates are among the best.


The guy above you is saying this.

From: BORDERLESS PLAN -
To: SELECT SERVICE -
Amount: $1,000.00 USD = $1,013.90 CDN
Exchange Rate: $1.00 USD = $1.0139 CDN


You like this exchange rate?

Er, at time of your posting SPOT was 1.0214 according to Google, which means the borderless surcharge was only 0.75%. Paypal's surcharge is 2.5%. They are not even in the same ballpark.

[bufflehead]

In summary - best bet is to just take some cash with you and use the Visa as much as possible :P

If you use your Visa in a US supermarket you should ask for a 'cashback'.

[YongeIrish]

if you use your visa in a us supermarket you should ask for a 'cashback'.

+1