Personal Finance

TD Borderless vs Cross-Border Account

  • Last Updated:
  • Jul 17th, 2019 6:04 pm
[OP]
Newbie
Oct 3, 2009
80 posts
24 upvotes
That's a lot of transferring, but for those % fees that is reasonable. Also I can now see a reason for also getting Borderless account in the future. I've no idea what the margin accounts are. I'm quite newbie when it comes to banking and only know about Chequing/Savings accounts.
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Wallboy wrote:
May 2nd, 2018 8:11 am
That's a lot of transferring, but for those % fees that is reasonable. Also I can now see a reason for also getting Borderless account in the future. I've no idea what the margin accounts are. I'm quite newbie when it comes to banking and only know about Chequing/Savings accounts.
Each transfer takes literally 5 seconds, because they are all internal, other than wire transfers to/from TD Bank, which can take hours at times.

A margin account is a type of trading account, but you can use any trading account at TD Waterhouse account.
Wallboy wrote:
May 2nd, 2018 8:27 am
I did notice on page 6 of https://www.tdcanadatrust.com/document/ ... 171030.pdf that Visa takes a 3.5% for "Purchases in a foreign currency if your TD Access Card has a Visa Debit logo". Wonder if it's the same the other way around. If I used the US Debit Card for CAD purchases?
I don't think so. I don't think there is a fee, but not sure what f/x rate you actually get.
[OP]
Newbie
Oct 3, 2009
80 posts
24 upvotes
That's odd the CAD Debit Card would have the 3.5% fee for US transactions, but not the other way around. Not sure why my PDF link above turned into a RFD affiliate link :facepalm: Anyways the rate is the same rate that was mentioned that Visa themselves set. Again page 6 of that actual PDF file: "3.5% of the Canadian dollar amount after conversion of the foreign currency amount at the rate set by Visa International"

So from my understanding in this case then is that I could use the US Debit Card for both CAD and USD purchases, but should never use the CAD Debit card for US purchases.
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Wallboy wrote:
May 2nd, 2018 9:23 am
That's odd the CAD Debit Card would have the 3.5% fee for US transactions, but not the other way around.
Even though TD Canada Trust and TD Bank are both owned by TDBFG, they are separate entities, so many of the policies, fees, etc. are not aligned. For example, TD Bank's credit cards don't charge an f/x fee either, but TDCT's credit cards do. Another example is no transfers between accounts at the two banks -- you need to wire money back and forth.
Wallboy wrote:
May 2nd, 2018 9:23 am
So from my understanding in this case then is that I could use the US Debit Card for both CAD and USD purchases, but should never use the CAD Debit card for US purchases.
Correct.
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Nov 22, 2012
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AMHERST NS
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. 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.
If you want access to US cash when in the US, then a US Dollar Account with TD Bank (USA) may be beneficial. A TD Bank chequing account will provide you a US debit card, free bill payments, and free person-to-person money transfers. This is the account you should want since you are being paid is US funds by a US company.
If you want access to US cash when in Canada, then a US Dollar Account with TD Canada Trust may be beneficial.
If you have accounts at both banks, you can transfer U.S. funds between the banks for free.
• Get transfers of up to $2,500 a day, online, with Visa Direct. Send money to the U.S. from your Canadian based personal account at TD Canada Trust to your U.S. based account at TD Bank.
Transfer fees ($8.95<$1000 or $12.95>$1000) will be debited to a customer’s outgoing account and then refunded by way of a credit to the same account. Refunds will be processed within 5 business days provided the account from which the transaction(s) originated has not been closed.
Note: Visa direct transfers from CDN to USD accounts made before 9pm should be processed the same day; otherwise it will be the next day.
• Get no-fee wire transfers of up to $100,000 daily over the phone, between your Canadian based personal account at TD Canada Trust and your U.S. based account at TD Bank. Call the TD Cross-Border Banking Support Line, 24/7, at 1-877-700-2913.
Incoming wire fees apply ($15 US or $17.50 CAN) and will be rebated the next business day.
Note: Wire transfers made before 2pm should be processed the same day; otherwise it will be the next business day.

If you have accounts at both banks and you have setup online access, you can login into one account online and access the other account without a separate login. The TD Canada Trust Easyweb accounts screen will show your TD Bank account balance. The TD Bank online accounts screen does not show your TD Canada Trust account balance. The mobile apps do not have this functionality (you have to login to the apps separately).

TD Canada Trust has 2 different U.S. Dollar Account options:
1) U.S. Dollar Daily Interest Chequing Account:
• $1.25 U.S. each transaction. Waived with a $1500 U.S. minimum monthly balance.
• You have the ability to quickly and securely transfer funds between your TD Canada Trust Canadian and U.S. dollar accounts using EasyWeb or the TD app.
• Make payments in U.S. dollars simply through writing cheques or U.S. Bill Pay ($2.50 fee).
• Daily interest on balance greater than $1,000.
2) Borderless Plan Premium U.S. dollar account:
• $4.95 U.S. monthly fee (only $1.95 U.S. per month with an All-Inclusive Banking Plan). Waived with a $3000 U.S. minimum monthly balance.
• You have the ability to quickly and securely transfer funds between your TD Canada Trust Canadian and U.S. dollar accounts using EasyWeb or the TD app.
• Make payments in U.S. dollars simply through writing cheques or U.S. Bill Pay ($2.50 fee).
• Unlimited no-fee U.S. Dollar transactions, including cheques, withdrawals, and transfers.
• Free U.S. Bank Drafts, Traveller’s Cheques and cheque orders.
• Preferred foreign exchange rates every time you convert between Canadian dollars and U.S. dollars on amounts up to US$25,000.
• Annual $39 U.S. fee rebated on a TD U.S. Dollar Visa Card

Note: U.S. debit transactions include withdrawals, transfers, cheques and bill payments. Banking via ATM machines, domestic non-TD ATMs, debit payment purchase and foreign ATMs is not available.
Note: U.S. Funds held at TD Canada Trust are not CDIC insured.

I opened the Borderless Plan Premium U.S. dollar account a few years ago to get the free cheques but have since switched to the U.S. Dollar Daily Interest Chequing Account (account type switches can be done online). Like other big banks in Canada, the normal foreign exchange rate and preferred foreign exchange rate at TD is terrible. I now use Tangerine for small FX transactions and Knightsbridge Foreign Exchange for larger FX transactions.

TD Bank (USA) has several types of U.S. Dollar chequing account options. http://www.tdbank.com/personal/checking.html
I have a TD Bank Convenience Checking account which waives the $15 U.S. monthly fee with a $100 U.S. minimum monthly balance.
Jr. Member
Mar 21, 2018
103 posts
24 upvotes
Just to clear something up Transfers between accounts are free, no fee; and Transactions(withdrawals , payments) is what costs 1.25$ or 1.50$. Or is transaction and transfer the same thing., sounds like its used interchangeably.
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summerss wrote:
May 11th, 2018 10:57 am
Just to clear something up Transfers between accounts are free, no fee; and Transactions(withdrawals , payments) is what costs 1.25$ or 1.50$. Or is transaction and transfer the same thing., sounds like its used interchangeably.
If you are talking about TD Canada Trust's "U.S. Dollar Daily Interest Chequing Account", then debit transactions on that account are US$1.25. Credit transactions are free. Transfer or not, makes no difference.

EDIT: Just in case not everyone knows what a credit or debit transaction is: a debit transaction is any transaction that decreases the balance of your checking account and a credit transaction is any transaction that increases the balance of your checking account.
Jr. Member
Mar 21, 2018
103 posts
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efrant wrote:
May 11th, 2018 11:08 am
If you are talking about TD Canada Trust's "U.S. Dollar Daily Interest Chequing Account", then debit transactions on that account are US$1.25. Credit transactions are free. Transfer or not, makes no difference.

EDIT: Just in case not everyone knows what a credit or debit transaction is: a debit transaction is any transaction that decreases the balance of your checking account and a credit transaction is any transaction that increases the balance of your checking account.
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.
Thanks. And yeah sadly I always thought Debit meant anytime I used balance to pay/buy something. So that means If i moved money from one account to another that counts as debit, for one of the accounts.Damn.

So if I sent $10 from TDCT U.S. Dollar Daily Interest Chequing Account" to TD Bank's Convenience Checking, and have a 100$ balance, done online through easyweb, I would pay 1.25$ and the wire fees are just If I'm doing it the other way around, but if I were it would be reimbursed anyway.
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summerss wrote:
May 11th, 2018 12:06 pm
Thanks. And yeah sadly I always thought Debit meant anytime I used balance to pay/buy something. So that means If i moved money from one account to another that counts as debit, for one of the accounts.Damn.

So if I sent $10 from TDCT U.S. Dollar Daily Interest Chequing Account" to TD Bank's Convenience Checking, and have a 100$ balance, done online through easyweb, I would pay 1.25$ and the wire fees are just If I'm doing it the other way around, but if I were it would be reimbursed anyway.
Yeah. Just to better illustrate:
Doing it online, if you were to wire US$10 from your TDCT U.S. Dollar Daily Interest Chequing account to your TD Bank Convenience Checking, you get charged the wire fee (US$7.95 I think) immediately in your TDCT account, but it gets reimbursed later. Then at the end of the month, you get charged US$1.25 for the debit transaction. On the TD Bank side (assuming you have a minimum of US$100 balance in your account), you get charged the incoming wire fee of US$15.00 as soon as the wire hits your account, then it gets reimbursed the next day. Note that if you call in for the wire transfer rather than do it yourself online, you are not charged the US$7.95 wire fee.

If you are doing the reverse, i.e., if you were to wire US$10 from your TD Bank account to your TDCT USD account, you get charged the wire fee of US$15.00 in your TD Bank account, which gets reimbursed the next day, and US$7.95 in your TDCT account, which also gets reimbursed.

If you plan on doing 4 or more debit transactions in your TDCT U.S. Dollar Daily Interest Chequing account, you're better off with the "Borderless Plan" account, which costs US$4.95/month with unlimited transactions.
Jr. Member
Jan 17, 2018
196 posts
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I have the Borderless Account. I get paid in US dollars too, and my pay is wired into that account. The reason I use TD is they have the best rate going US to Canadian dollars out of the Canadian banks and I can do it all on EasyWeb.

I originally set up the account almost 10 years when I was doing my MA in the US, and I know you can use your TD bank card from Canada at a TD machine in the US and there are no fees outside the exchange. (Back then we were at 1:1, so it wasn't an issue)

If you won't ever use money in Canada, I wouldn't open a Canadian account, I would stick with the US account. If you are working in the US and living there, I personally wouldn't go with TD either. I'd go with Chase so I could get access to their credit cards with the sweet sign up bonuses.

(One might infer from what I said that I work in the US. I don't. I work in Asia.)
Newbie
May 20, 2018
11 posts
7 upvotes
TD's "cross-border" solution is hardly seamless. Luckily, there is an alternative.

RBC has a seamless solution whereby you can transfer money between the two sides instantly. Plus, if you're already an RBC client in Canada, it simplifies the account opening procedure - you can do it over the phone.

I would suggest opening one of the USD savings accounts in Canada to act as an "inlet" for funds. I've never been dinged for cross-border transfers.
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Dec 13, 2016
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I bank with TD. I have everything with them, including the US TD Bank Account based in United States.

Before I go on, I would like to say I will probably never leave TD even after they upped my forex withdrawals to 3.5%.

However, I would strongly suggest you avoid this TD border-less account. It is the most tedious account I have ever dealt with. Beside customer service being non existent in Canada (unlike with BMO and RBC who will actually help you in more ways than one..... and recently I had a really good experience with BMO Canada after Harris froze my account), the account is completely useless unless you just want to receive money from PayPal. I have been asking them to send me a US debit card to my Canadian address for 3 years now and it never arrives. When I received one it was 6 months late and they automatically disabled it because it wasn't activated "on time". Then I asked twice more for a replacement and yep.... the cards never arrived.

Such incompetence. Really.

Why not simply add transferwise US currency account?
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Jan 4, 2011
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BiegeToyota wrote:
May 21st, 2018 7:54 am
I bank with TD. I have everything with them, including the US TD Bank Account based in United States.

Before I go on, I would like to say I will probably never leave TD even after they upped my forex withdrawals to 3.5%.

However, I would strongly suggest you avoid this TD border-less account. It is the most tedious account I have ever dealt with. Beside customer service being non existent in Canada (unlike with BMO and RBC who will actually help you in more ways than one..... and recently I had a really good experience with BMO Canada after Harris froze my account), the account is completely useless unless you just want to receive money from PayPal. I have been asking them to send me a US debit card to my Canadian address for 3 years now and it never arrives. When I received one it was 6 months late and they automatically disabled it because it wasn't activated "on time". Then I asked twice more for a replacement and yep.... the cards never arrived.

Such incompetence. Really.

Why not simply add transferwise US currency account?
When you say "avoid this TD border-less account" I'm assuming you are talking about an account with TD Bank in the U.S.? If so, then if you are asking customer service reps in Canada for questions related to that account, yes, it is nonexistent, because TD Bank is separate from TD Canada Trust. You need to speak with the U.S. bank, or the "cross border team. Otherwise, the reps at TDCT won't know much. But I wouldn't say the account is useless. For example, I use it to pay U.S. bills, which otherwise would cost me $2.50 each to pay from my TDCT account. And the account has no monthly fees if you keep a US$100 balance.

I have accounts with both TD Bank and with RBC Bank, and yes, RBC Bank is a more seamless experience with RBC Royal Bank (vs. TD Bank and TDCT), but I haven't had issues with TD Bank at all.
Newbie
Apr 25, 2007
13 posts
Toronto
jevonb wrote:
May 2nd, 2018 2:28 pm
If you want access to US cash when in the US, then a US Dollar Account with TD Bank (USA) may be beneficial. A TD Bank chequing account will provide you a US debit card, free bill payments, and free person-to-person money transfers. This is the account you should want since you are being paid is US funds by a US company.
If you want access to US cash when in Canada, then a US Dollar Account with TD Canada Trust may be beneficial.
If you have accounts at both banks, you can transfer U.S. funds between the banks for free.
• Get transfers of up to $2,500 a day, online, with Visa Direct. Send money to the U.S. from your Canadian based personal account at TD Canada Trust to your U.S. based account at TD Bank.
Transfer fees ($8.95<$1000 or $12.95>$1000) will be debited to a customer’s outgoing account and then refunded by way of a credit to the same account. Refunds will be processed within 5 business days provided the account from which the transaction(s) originated has not been closed.
Note: Visa direct transfers from CDN to USD accounts made before 9pm should be processed the same day; otherwise it will be the next day.
• Get no-fee wire transfers of up to $100,000 daily over the phone, between your Canadian based personal account at TD Canada Trust and your U.S. based account at TD Bank. Call the TD Cross-Border Banking Support Line, 24/7, at 1-877-700-2913.
Incoming wire fees apply ($15 US or $17.50 CAN) and will be rebated the next business day.
Note: Wire transfers made before 2pm should be processed the same day; otherwise it will be the next business day.

If you have accounts at both banks and you have setup online access, you can login into one account online and access the other account without a separate login. The TD Canada Trust Easyweb accounts screen will show your TD Bank account balance. The TD Bank online accounts screen does not show your TD Canada Trust account balance. The mobile apps do not have this functionality (you have to login to the apps separately).

TD Canada Trust has 2 different U.S. Dollar Account options:
1) U.S. Dollar Daily Interest Chequing Account:
• $1.25 U.S. each transaction. Waived with a $1500 U.S. minimum monthly balance.
• You have the ability to quickly and securely transfer funds between your TD Canada Trust Canadian and U.S. dollar accounts using EasyWeb or the TD app.
• Make payments in U.S. dollars simply through writing cheques or U.S. Bill Pay ($2.50 fee).
• Daily interest on balance greater than $1,000.
2) Borderless Plan Premium U.S. dollar account:
• $4.95 U.S. monthly fee (only $1.95 U.S. per month with an All-Inclusive Banking Plan). Waived with a $3000 U.S. minimum monthly balance.
• You have the ability to quickly and securely transfer funds between your TD Canada Trust Canadian and U.S. dollar accounts using EasyWeb or the TD app.
• Make payments in U.S. dollars simply through writing cheques or U.S. Bill Pay ($2.50 fee).
• Unlimited no-fee U.S. Dollar transactions, including cheques, withdrawals, and transfers.
• Free U.S. Bank Drafts, Traveller’s Cheques and cheque orders.
• Preferred foreign exchange rates every time you convert between Canadian dollars and U.S. dollars on amounts up to US$25,000.
• Annual $39 U.S. fee rebated on a TD U.S. Dollar Visa Card

Note: U.S. debit transactions include withdrawals, transfers, cheques and bill payments. Banking via ATM machines, domestic non-TD ATMs, debit payment purchase and foreign ATMs is not available.
Note: U.S. Funds held at TD Canada Trust are not CDIC insured.

I opened the Borderless Plan Premium U.S. dollar account a few years ago to get the free cheques but have since switched to the U.S. Dollar Daily Interest Chequing Account (account type switches can be done online). Like other big banks in Canada, the normal foreign exchange rate and preferred foreign exchange rate at TD is terrible. I now use Tangerine for small FX transactions and Knightsbridge Foreign Exchange for larger FX transactions.

TD Bank (USA) has several types of U.S. Dollar chequing account options. http://www.tdbank.com/personal/checking.html
I have a TD Bank Convenience Checking account which waives the $15 U.S. monthly fee with a $100 U.S. minimum monthly balance.
Thanks for this. Do you know for the TD Bank USA we can withdraw USD cash in Canada at any TD ATM WITHOUT fees?

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