Personal Finance

TD Borderless vs Cross-Border Account

  • Last Updated:
  • Dec 10th, 2018 4:38 pm
[OP]
Newbie
Oct 3, 2009
75 posts
20 upvotes

TD Borderless vs Cross-Border Account

I'm likely opening an TD chequing account soon and also a US account since I get paid from the US in USD, so the US account will be a convenience. I noticed TD has both a "Borderless" (https://www.td.com/ca/en/personal-banki ... less-plan/) and "Cross-Border" (http://www.tdbank.com/personal/cross-bo ... nking.html) accounts. I'm not quite sure what the main differences are or why they are considered a separate thing.

I'm pretty sure the correct one I'm after is one of the Cross-Border accounts, as the "Borderless" account is advertised for "Frequent US Travelers" which I'm not. I also would like a visa debit card for the US account, which I don't see anything about a card for the Borderless plan.

Just curious why these two similar types of accounts are separated from one another?

Thanks.
44 replies
Deal Fanatic
Nov 24, 2013
5252 posts
1848 upvotes
Kingston, ON
IIRC, “Borderless” is a TD Canada Trust account, USD but based in Canada. “Cross-Border” is opening a true, US-based TD Bank (US) account.

If you’re getting paid direct deposit from a US company in USD I think the TD Bank account may work more seamlessly.
Deal Addict
User avatar
Jan 4, 2011
1467 posts
1229 upvotes
Montreal
Mike is correct. The account at TD Canada Trust is a USD account based in Canada. The account at TD Bank (which is TD's U.S. subsidiary) is a true U.S. bank account. For your purposes, you'll probably want to get both.

There are some differences:

The Canadian account allows you to easily transfer funds between your CAD and USD accounts directly on EasyWeb. No fees, no delays. It's just like having another account linked to your on-line banking, just denominated in USD.

To transfer funds to/from a TD Bank account from Canada, it needs to be done via wire, and there are fees (which are reimbursed) and delays (minutes to hours). The advantage is that it is a true U.S. bank account, with USD cheques, USD debit card, etc., but you also need a separate on-line banking account, and you can't access your U.S. account from your Canadian on-line account nor your Canadian account from your U.S. on-line account.
[OP]
Newbie
Oct 3, 2009
75 posts
20 upvotes
efrant wrote:
May 1st, 2018 11:25 pm
Mike is correct. The account at TD Canada Trust is a USD account based in Canada. The account at TD Bank (which is TD's U.S. subsidiary) is a true U.S. bank account. For your purposes, you'll probably want to get both.

There are some differences:

The Canadian account allows you to easily transfer funds between your CAD and USD accounts directly on EasyWeb. No fees, no delays. It's just like having another account linked to your on-line banking, just denominated in USD.

To transfer funds to/from a TD Bank account from Canada, it needs to be done via wire, and there are fees (which are reimbursed) and delays (minutes to hours). The advantage is that it is a true U.S. bank account, with USD cheques, USD debit card, etc., but you also need a separate on-line banking account, and you can't access your U.S. account from your Canadian on-line account nor your Canadian account from your U.S. on-line account.
It says on https://www.tdbank.com/personal/cross-b ... nking.html that the Cross-Border accounts allow easy access to both accounts:
  • Link your profile with your TD Canada Trust account so you can easily access all your accounts in one place
  • Access both accounts through EasyWeb
  • Use the TD app from TD Canada Trust or the TD Bank app from TD Bank to manage your accounts
So I'm not sure why I would want the "Borderless" plan as well?
Deal Addict
User avatar
Jan 4, 2011
1467 posts
1229 upvotes
Montreal
Wallboy wrote:
May 1st, 2018 11:54 pm
It says on https://www.tdbank.com/personal/cross-b ... nking.html that the Cross-Border accounts allow easy access to both accounts:
  • Link your profile with your TD Canada Trust account so you can easily access all your accounts in one place
  • Access both accounts through EasyWeb
  • Use the TD app from TD Canada Trust or the TD Bank app from TD Bank to manage your accounts
So I'm not sure why I would want the "Borderless" plan as well?
Well, it may say that you can access both accounts through EasyWeb, but the reality is that you can only see the balance in your Canadian accounts (but not transact) if you are logged in to TD Bank's EasyWeb. And you can only see the balance on your U.S. bank account (but not transact) if you are logged in to TD Canada Trust's EasyWeb.

But don't take my word for it. Start with signing up for a TD Bank account and see if it suits your needs. If all you need is to transact in the U.S., then that account is the only one you'll need. If you need to move USD between Canada and the U.S., you will need a USD account in Canada to which you can move your funds...
[OP]
Newbie
Oct 3, 2009
75 posts
20 upvotes
efrant wrote:
May 2nd, 2018 12:15 am
Well, it may say that you can access both accounts through EasyWeb, but the reality is that you can only see the balance in your Canadian accounts (but not transact) if you are logged in to TD Bank's EasyWeb. And you can only see the balance on your U.S. bank account (but not transact) if you are logged in to TD Canada Trust's EasyWeb.

But don't take my word for it. Start with signing up for a TD Bank account and see if it suits your needs. If all you need is to transact in the U.S., then that account is the only one you'll need. If you need to move USD between Canada and the U.S., you will need a USD account in Canada to which you can move your funds...
In the FAQ below on the same page (https://www.tdbank.com/personal/cross-b ... nking.html):

Can I make a deposit to my TD Bank account while I am in Canada or to my TD Canada Trust account while I am in the U.S.?
No matter where you are, you can go online and use Visa Direct to transfer money from your TD Canada Trust account to your TD Bank account.

Can I see my TD Bank and TD Canada Trust account information online at the same time?

You can view both accounts on the same web page through EasyWeb online banking. You will also have the convenience of accessing TD Bank Online Banking directly from your TD Canada Trust EasyWeb profile without having to log in a second time.

Seems to contradict what your'e saying. Unless I'm misunderstanding it...
Deal Addict
User avatar
Jan 4, 2011
1467 posts
1229 upvotes
Montreal
You do realize that Visa Direct is a wire service, right?
[OP]
Newbie
Oct 3, 2009
75 posts
20 upvotes
I thought you were suggesting it wouldn't be possible with these accounts to move funds from the US account to the Canadian account. Then I re-read and seen that you probably meant if I wanted to move USD from the US account to a Canadian USD account. But why would I ever want to do that. A Canadian account in USD doesn't make much sense to me. (Which from what I'm understanding is that "Borderless" account) I want a US Bank with US routing number since I can get free Direct Deposits.

To summarize what I would like:

TD Chequing Canadian Account in CAD
TD Chequing US Account in USD

I get paid from a US company in USD. I would setup Direct Deposit for the US account. If I ever wanted to transfer between the two, the Visa Direct thing seems ok. The wire fee is reimbursed according to their FAQ. And from what I understand is that the "Borderless" account is a USD Currency account located IN Canada. Not really applicable to my needs AFAIK.
Member
User avatar
Mar 2, 2014
432 posts
165 upvotes
tdbank.com convenience checking (notice no 'q') account is what you are looking for for USD account domiciled in US
Deal Addict
User avatar
Jan 4, 2011
1467 posts
1229 upvotes
Montreal
Wallboy wrote:
May 2nd, 2018 1:16 am
I thought you were suggesting it wouldn't be possible with these accounts to move funds from the US account to the Canadian account. Then I re-read and seen that you probably meant if I wanted to move USD from the US account to a Canadian USD account. But why would I ever want to do that. A Canadian account in USD doesn't make much sense to me. (Which from what I'm understanding is that "Borderless" account) I want a US Bank with US routing number since I can get free Direct Deposits.

To summarize what I would like:

TD Chequing Canadian Account in CAD
TD Chequing US Account in USD

I get paid from a US company in USD. I would setup Direct Deposit for the US account. If I ever wanted to transfer between the two, the Visa Direct thing seems ok. The wire fee is reimbursed according to their FAQ. And from what I understand is that the "Borderless" account is a USD Currency account located IN Canada. Not really applicable to my needs AFAIK.
Yes you definitely would need a TD Bank account. I was merely suggesting that you may want a USD TD Canada Trust account as well. (I personally find they are complementary.)

I guess I was working with the (wrong?) assumption that you eventually would want to use your pay in Canada. I've never tried wiring USD to a Canadian CAD account. Does it not automatically get converted into CAD at TD's horrible rates (i.e., with a ~2.5-3% fee)? If you have a Canadian USD account, then you can withdraw your wire-ed USD in Canada and walk over to your local forex counter to convert it to CAD for fees in the 0.3-1.3% range.

In any case both have free options, so there's not really any disadvantage to getting both: a TD Bank Convenience Checking account has the monthly fee waived as long as you keep a minimum US$100 balance in the account. A Canadian USD account with no monthly fee has a US$1.25 transaction fee for each debit. Once you have a TD Canada Trust account, you can open a USD TD Canada Trust account in 2 minutes on the phone. A TD Bank account in the US doesn't take much longer either.
Last edited by efrant on May 2nd, 2018 2:01 am, edited 1 time in total.
Sr. Member
Feb 18, 2004
739 posts
184 upvotes
Wallboy wrote:
May 1st, 2018 10:19 pm
I'm likely opening an TD chequing account soon and also a US account since I get paid from the US in USD, so the US account will be a convenience.
If you are getting paid via direct deposit in the US then you have no choice but to get the US-based TD Bank account. The party paying you will require you to provide ABA routing numbers which only available from TD Bank in the US. The USD account offered by TD Canada Trust DOES NOT provide that.
[OP]
Newbie
Oct 3, 2009
75 posts
20 upvotes
Yeah exactly. I know I would need the actual US account for the correct routing numbers for direct deposit. And yeah I know about the exchange fees when I do eventually convert the funds. (I've already researched a little bit into the Nobert's Gambit methods, etc to minimize the exchange hit as much as possible. Honestly I don't mind just leaving the majority of the funds in the US account)

TBH, I'm guessing the Canadian account won't get as much use. I'd end up using the US Debit Visa Card for probably 99% of stuff I would need to purchase/bills anyway. Not sure how the exchange rates work when using it this way.

"Make purchases anywhere Visa is accepted, use thousands of free TD ATMs across the U.S. and Canada, and enjoy no foreign transaction fees. "

I'm sure they'll end up still taking a penny or two from what the mid-market USD/CAD price is.

To put what I'm doing into context, I currently get paid to a US Prepaid Debit Mastercard. Except that card's bank issuer was having issues and they no longer allow payments to the card and recommend all card holders get their funds off the card ASAP. And the fees with the card are a little annoying. MasterCard takes up to 3% of all POS transactions if I use the card in any country other than the US OR if I'm paying in a currency other then USD. On top of small monthly fee the card issuer takes. Hoping the TD Visa Debit Card will simplify this...
Deal Fanatic
Nov 24, 2013
5252 posts
1848 upvotes
Kingston, ON
Once you have the TD Bank (US) Convenience checking account, you can get one of their Visa cards, which don’t charge FX fees (or any other US-based credit card with no FX fees). It’s a good way to move dollars South->North if you have to, as you can make CAD purchases with the Visa and pay them with your USD income, all at the Visa network exchange rate.

That’s as good as Norbert’s gambit (maybe better because of how the gambit works South->North), just only works for things you can pay with Visa, as opposed to moving cash.
[OP]
Newbie
Oct 3, 2009
75 posts
20 upvotes
That sounds great. But you're saying I'd still get hit with TD's exchange rate for USD to CAD bank transfers or vice versa? Do they list this publicly anywhere? I can only find their rates if you want to actually buy foreign currency. https://www.td.com/ca/en/personal-banki ... calculator lists $1 USD at $1.31 CAD when the current mid-market price is $1.28. I'm not sure if that also reflects what their rate is for transferring from USD to CAD bank, or vice versa. That 3 cents difference they take can really add up for large transfers. In which case something like Norbert's instead could still be used? If I can just use the US Visa Debit card for 99% of things, then I probably wouldn't have to even worry about transferring the funds from the South->North anyway.

I should mention, I'd still keep funds on the CAD account to use with the CAD Debit Card for some merchant/s. Staples for example doesn't allow online purchasing using any cards issued outside Canada. They're the only merchant I've had trouble with on that card.
Deal Addict
User avatar
Jan 4, 2011
1467 posts
1229 upvotes
Montreal
When I need to convert CAD to USD and USD to CAD, I do it through my TD Waterhouse account. The fee is ~0.3% above the mid-market price for amounts greater than $10k, and ~1.3% for amounts less than $10k. So when I want to convert USD from my TD Bank account, I wire it to my Canadian USD account, then transfer it to my USD-denominated Waterhouse margin account, then transfer it to my CAD-denominated Waterhouse margin account, then into my Canadian chequing account. When I need additional USD funds in my TD Bank account, I do the reverse.

Top