Personal Finance

TD Borderless vs Cross-Border Account

  • Last Updated:
  • Jul 17th, 2019 6:04 pm
Newbie
Nov 18, 2008
80 posts
12 upvotes
Thornhill
Don't you need to file US taxes if you open a US based bank account with TD Bank???
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May 8, 2009
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tonyb wrote:
Aug 21st, 2018 8:40 am
Don't you need to file US taxes if you open a US based bank account with TD Bank???
Short answer is no.

If you open the account to receive US income, then that's another story.
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Newbie
Apr 30, 2018
39 posts
41 upvotes
I Bank with Both Banks. I love them both.
RBC Canada (better integration) and TD Canada (better product)

I also have a Cross border account from TD Bank USA.

Now RBC also provides their own version of Cross border, the great thing about RBC is that everything is done ONLINE instantly, where u can move move from USA side to Canada or vice versa. Whereas from TD u can only move money online through Visa Debit from Canada side to USA, in order to move money from USA side to Canada u have to call them.

But the main adv of TD USA Checking Account over the RBC USA Accounts is that the TD Convenience Debit has a 0% FX fee from foreign ATM withdrawals. So whenever i do travel abroad i just never use my Canadian TD visa debit as they charge a ridiculous 3.5% fee, whereas the TD USA Visa Debit Charges 0% FX and additional $3 fee to withdraw money overseas.
Jr. Member
Jan 2, 2009
137 posts
34 upvotes
Ontario
I am moving in few months time to Canada to join my spouse who is a Canadian citizen but I still have my US student loan which I am currently paying on a monthly basis. I am pretty sure it will take few years before my loan payment will be done. Since I'll be eventually paid in CAD after my move, I wonder which is the most convenient and cost effective way to exchange CAD to USD and then transfer money each month to pay for my US student loan. Any inputs will be greatly appreciated. Thanks
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Dec 16, 2017
2538 posts
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CND Brain & Hear…
woesermarley wrote:
Sep 18th, 2018 1:30 pm
I am moving in few months time to Canada to join my spouse who is a Canadian citizen but I still have my US student loan which I am currently paying on a monthly basis. I am pretty sure it will take few years before my loan payment will be done. Since I'll be eventually paid in CAD after my move, I wonder which is the most convenient and cost effective way to exchange CAD to USD and then transfer money each month to pay for my US student loan. Any inputs will be greatly appreciated. Thanks
Keep USD in USA.... do not transfer it around honestly
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Jan 2, 2009
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Ontario
dekvitaly wrote:
Sep 18th, 2018 2:54 pm
Keep USD in USA.... do not transfer it around honestly
Unfortunately, I can't afford to keep all my USD in USA as I would need it in Canada as I am moving permanently.
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Jan 4, 2011
2160 posts
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Montreal
woesermarley wrote:
Sep 18th, 2018 1:30 pm
I am moving in few months time to Canada to join my spouse who is a Canadian citizen but I still have my US student loan which I am currently paying on a monthly basis. I am pretty sure it will take few years before my loan payment will be done. Since I'll be eventually paid in CAD after my move, I wonder which is the most convenient and cost effective way to exchange CAD to USD and then transfer money each month to pay for my US student loan. Any inputs will be greatly appreciated. Thanks
If you intend to stay in Canada, it would likely be better to get a CAD loan to pay off your USD loan. If you keep your USD loan without any USD income, you'll be exposed to currency fluctuations on the amount of your loan. It's better to match debt with income, i.e., if you have CAD income, have CAD debt.
Jr. Member
Jan 2, 2009
137 posts
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Ontario
efrant wrote:
Sep 18th, 2018 3:59 pm
If you intend to stay in Canada, it would likely be better to get a CAD loan to pay off your USD loan. If you keep your USD loan without any USD income, you'll be exposed to currency fluctuations on the amount of your loan. It's better to match debt with income, i.e., if you have CAD income, have CAD debt.
Thanks for the advice. How easy is it to get loans though for someone new to the country? I'll definitely look into this option.
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Jan 4, 2011
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woesermarley wrote:
Sep 18th, 2018 4:49 pm
Thanks for the advice. How easy is it to get loans though for someone new to the country? I'll definitely look into this option.
I don't know, sorry.
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Aug 3, 2009
1816 posts
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Nova Scotia
With TD Cross Border checking, how can I transfer funds from a non TD bank? I just want to throw in $100 USD to waive the monthly fees and take some time to get setup. Can I use transferwise? Should I do a wire? Any fee free TD CDN accounts that would work for a transfer like a savings acct?
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Dec 16, 2017
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CND Brain & Hear…
haliwood wrote:
Oct 14th, 2018 10:40 pm
With TD Cross Border checking, how can I transfer funds from a non TD bank? I just want to throw in $100 USD to waive the monthly fees and take some time to get setup. Can I use transferwise? Should I do a wire? Any fee free TD CDN accounts that would work for a transfer like a savings acct?
TW works yes. Any type of direct deposit works so if your frd/fam would like to People Pay your TD USA, it's ok too
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Nov 30, 2014
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Toronto
Hey guys.

I currently bank with TD. I receive USD dividend cheques a couple times per year (small amounts, about $100/year). I want to open a US bank account to deposit this money and to spend when I am in the states (at restaurants and stores).

Questions about the cross-border account:

Does it come with a debit card?

All i want to do is deposit my USD cheques and spend the amount when I am in the States. Will this account let me do this?

I am worried that I will not receive a new debit card and the existing TD debit card I have, I dont think you can choose which account to use when you make a purchase from stores.
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Jan 4, 2011
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12andy12 wrote:
Dec 9th, 2018 2:27 pm
Hey guys.

I currently bank with TD. I receive USD dividend cheques a couple times per year (small amounts, about $100/year). I want to open a US bank account to deposit this money and to spend when I am in the states (at restaurants and stores).

Questions about the cross-border account:

Does it come with a debit card?

All i want to do is deposit my USD cheques and spend the amount when I am in the States. Will this account let me do this?

I am worried that I will not receive a new debit card and the existing TD debit card I have, I dont think you can choose which account to use when you make a purchase from stores.
Yes, as a TD Canada Trust cross-border customer, you can easily open a checking account with TD Bank N.A. in the U.S. They will ship you a TD Visa Debit card, which will be for your new TD Bank account. Keep in mind that other than being owned by the same parent company, TD Canada Trust and TD Bank are separate companies.
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Dec 16, 2017
2538 posts
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CND Brain & Hear…
12andy12 wrote:
Dec 9th, 2018 2:27 pm
Hey guys.

I currently bank with TD. I receive USD dividend cheques a couple times per year (small amounts, about $100/year). I want to open a US bank account to deposit this money and to spend when I am in the states (at restaurants and stores).

Questions about the cross-border account:

Does it come with a debit card?

All i want to do is deposit my USD cheques and spend the amount when I am in the States. Will this account let me do this?

I am worried that I will not receive a new debit card and the existing TD debit card I have, I dont think you can choose which account to use when you make a purchase from stores.
Don't confuse Cross Border vs Borderless.
Yes, a cross border account (i.e. AKA TD Bank America's Most Convenient Bank account) comes with its own Debit VISA (US BIN VISA).
This account comes in a form of US Routing (state) - Account number. This has NOTHING to do with TDCT account in Canada.

And no if you're planning to open a USD Acccount under TD Canada Trust (which is under Branch ID - Bank ID 002 - Account number)

TD Bank Checking (USA) is available at limited states so watch your "ATM" use.

depositing a US check (yes, US Routing and Account Number format) is doable with their mobile app (separate from the app for TDCT)
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dekvitaly wrote:
Dec 9th, 2018 5:46 pm
Don't confuse Cross Border vs Borderless.
Yes, a cross border account (i.e. AKA TD Bank America's Most Convenient Bank account) comes with its own Debit VISA (US BIN VISA).
This account comes in a form of US Routing (state) - Account number. This has NOTHING to do with TDCT account in Canada.

And no if you're planning to open a USD Acccount under TD Canada Trust (which is under Branch ID - Bank ID 002 - Account number)

TD Bank Checking (USA) is available at limited states so watch your "ATM" use.

depositing a US check (yes, US Routing and Account Number format) is doable with their mobile app (separate from the app for TDCT)
Afaik @12andy12 wants cross-border in order to access USD in the US.
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