Personal Finance

U.S. based TD Bank account now available for Canadians

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  • Nov 9th, 2017 2:34 pm
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Newbie
Aug 1, 2017
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I apologize for bringing this topic back from the dead.

I obtained a USD cheque from cashing out some dividends (~3000 USD). I want to deposit it into a TD Convenience account since the minimum balance is only $100. Will I be able to access the money at my local TD branch in Calgary?
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Nebster wrote:
Aug 4th, 2017 10:52 pm
I apologize for bringing this topic back from the dead.

I obtained a USD cheque from cashing out some dividends (~3000 USD). I want to deposit it into a TD Convenience account since the minimum balance is only $100. Will I be able to access the money at my local TD branch in Calgary?
No. However you can transfer the money to your TD Canada USD account free through the phone or online. Then you can access the money through a local branch.
「もし、奇跡を起こせたら……」
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angel_wing0 wrote:
Aug 4th, 2017 11:57 pm
No. However you can transfer the money to your TD Canada USD account free through the phone or online. Then you can access the money through a local branch.
That would mean opening a U.S. Daily Interest Chequing Account as well then, which is counter productive as I have to maintain $1500 there to avoid fees.
I guess I will just open a USD account at TDCT.

Thanks!
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Nebster wrote:
Aug 5th, 2017 12:18 am
That would mean opening a U.S. Daily Interest Chequing Account as well then, which is counter productive as I have to maintain $1500 there to avoid fees.
I guess I will just open a USD account at TDCT.

Thanks!
Option B: if you just want to spend it rather than take it out as cash, get TDUS Visa, which is cash back with no FX fee. Spend with Visa, pay in USD from TDUS account.
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I have TD Borderless USD account and TD USD Visa. But I have to keep > $3000 USD for the fees to be waived. I haven't used the VISA lately, so I was just wondering if there is better option than keeping $3K idle.
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mkl38s wrote:
Aug 5th, 2017 2:37 pm
I have TD Borderless USD account and TD USD Visa. But I have to keep > $3000 USD for the fees to be waived. I haven't used the VISA lately, so I was just wondering if there is better option than keeping $3K idle.
RBC has a free 1-debit per month Canadian USD savings account and a free with $1000 min. balance US USD money market savings account you can signup for online without getting the checking account. You get 6 debits/mo with the US savings (per US regulations) including the free Debit Visa use and the free online instant cross-border transfers.

They have a free US USD Visa as well.

I find 6 debits is more than enough since I just pay one or two US bills and make one or two transfers tops. If you need more frequent ATM or debit card use something like Alliant Credit union can be added to this and then you can find that account from RBC.

I use RBC just for a above use, as my 'tunnel' for USD both ways across the border, and send it to BofA from RBC USA if I need ATM access (rarely).

I have zero other RBC products. Just these two USD savings accounts :)
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ace604 wrote:
Aug 5th, 2017 3:09 pm
RBC has a free 1-debit per month Canadian USD savings account and a free with $1000 min. balance US USD money market savings account you can signup for online without getting the checking account. You get 6 debits/mo with the US savings (per US regulations) including the free Debit Visa use and the free online instant cross-border transfers.

They have a free US USD Visa as well.

I find 6 debits is more than enough since I just pay one or two US bills and make one or two transfers tops. If you need more frequent ATM or debit card use something like Alliant Credit union can be added to this and then you can find that account from RBC.

I use RBC just for a above use, as my 'tunnel' for USD both ways across the border, and send it to BofA from RBC USA if I need ATM access (rarely).

I have zero other RBC products. Just these two USD savings accounts :)
Thanks. I have RBC Day to Day saving account opened years ago but never use, just for funding/transferring to/from my RBC DI accounts (USD & CAD) and apparently it's free (never got charged for monthly fee). I checked and there are only 2: US Personal account (which costs $2/month so probably not this one) and US High Interest eSavings (is this the one?). When I clicked on apply, it said "You must have an existing active Personal Deposit account in order to use this function. Please visit your branch to open a new account or call 1 800 769-2555 for assistance.". I guess I will need to go to the branch. So I need to ask for a USD debit VISA card with the account too?
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mkl38s wrote:
Aug 5th, 2017 4:13 pm
Thanks. I have RBC Day to Day saving account opened years ago but never use, just for funding/transferring to/from my RBC DI accounts (USD & CAD) and apparently it's free (never got charged for monthly fee). I checked and there are only 2: US Personal account (which costs $2/month so probably not this one) and US High Interest eSavings (is this the one?). When I clicked on apply, it said "You must have an existing active Personal Deposit account in order to use this function. Please visit your branch to open a new account or call 1 800 769-2555 for assistance.". I guess I will need to go to the branch. So I need to ask for a USD debit VISA card with the account too?
I never went to a branch.

I applied for the RBC-Canada USD high interest savings account online. At the end of the application I had to save it and complete it with a touch device to sign.

I had/have no other RBC Canada accounts.

After having this one a bit I opened the RBC-USA preferred money market savings account online. They mailed me the Visa Debit card.
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Nov 21, 2009
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Just wanted to provide my story.

I wanted to have a US Chequing account so when I'm in the states I have an account with a debit card I can use instead of paying cash. The TD Convenience Checking account option seems to be the best deal for me because any Canadian US bank account I looked at has either a fee or a higher minimum balance. I applied online yesterday and was approved instantly. Now it was time to fund the account. So I went to the bank today and explained to them what I was doing and he didn't really understand. Eventually after going back and forth for so long, I got the money order / bank draft I required to mail to TD Bank in the states to have them deposit it into my account to activate it and avoids the monthly fees by keeping $100 in it. What was even better was the guy at the bank felt sorry and even waived the fee for the money order for me so it cost me nothing (haha).

So after getting all that ready, I called the customer service for the account and they enrolled me into online banking and within minutes I was able to already access my account online. It was great.

Now I wanted to link my US account to my Canadian PayPal account and here's where it got a bit weird. On the actual paypal website you're able to select that you want to add a US Bank account but it seemed to fail everytime. I called customer service and they told me that it was impossible to do this. I said are you kidding me? How is that impossible? I hung up in anger and started looking online. Fortunately I came across this https://www.paypal-community.com/t5/Abo ... d-p/964440

I called PayPal back and confidently said right off the bat that I was browsing the paypal community forums (which they absolutely love to hear) and there was a response provided by a paypal employee about having an override applied to my account in order to add a US bank account. After about 5 minutes, the override was applied, I logged into my paypal account and.. VOILA... I was able to add the account. (However I did this a bit prematurely because I have nothing in the account and when PayPal does their debit/credit to verify the account I might get a fee for possible overdraft... we'll see)...

Edit: I just realized they deposit not withdrawl.. so no overdraft!

I know there isn't a lot of TD ATMs throughout the US but cashback at WalMarts or grocery stores will work :)

After that though... I'm set.. it was a fantastic experience and easy to do
Jr. Member
Apr 23, 2017
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Was glancing over the various U.S. unit offerings of the Canadian banks today for Canadians seeking a US$ account.

If one wanted every option fee-free in Canada and the USA - free unlimited checking in Canada, free Interac e-transfers, free premium credit card, free cheques, free online banking/bill pay, free drafts, free sd box, free transfers of $ to the U.S., free unlimited transactions in the US unit, free U.S$ credit card and debit card, free U.S. bill pay online, no charge for using ATMs in U.S., and ATM operator surcharges also refunded. If one was willing to have a large float in the account to get all this, but no fees, could it be done and by who? For the U.S., I base it on a second home location in southeast Florida.

Here are the results - including where the runners up just miss.

TD wins as the only completely no-fee set-up with minimum balances covering everything.

Canada: TD All-Inclusive (fees not charged if $5,000 in acct)
Canada: TD Borderless US$ acct. (fee not charged if US$3,000 in acct)
USA: TD Premier Checking (fee not charged if US$2,500 in acct)

Total float required: Can$5,000 + US$ 5,500.

One can use any U.S. ATM fee-free as TD will credit one back the $5 ATM operator surcharge Chase and other banks charge non-customers.

The US$ Visa is issued in Canada and has no points program (lack of rewards on the US$ dollar card is the only weakness)

2nd Place: BMO

- BMO does not give a free SD box in Canada (just a discount on one).
- BMO does not give a fee-free US$ MasterCard issued in Canada. The US$35 fee is rebated each year one spends at least US$1,000 on the card. So no rebate the first year, but rebated each year after that based on minimum spending.

Canada: Premium Plan (fee ($30/m) not charged if $6,000 in acct)
USA: BMO Harris Premier Acct (fee not charged if US$25,000 in acct or if US$50,000 invested with Harris)

Note: BMO Harris does offer a no-fee MasterCard issued in the USA that has a 1% cash back program, with 2% bonus cash back on groceries. This card is superior to the U.S.$ card issued by BMO Canada. Unclear if Harris allows Canadians to apply for their USA market MasterCard instead of using the Canada-issued U.S.$ one.

As with TD's upmarket account, the $5 ATM operator surcharge will be refunded, so use any ATM for free. This is good as BMO have no branches in southeast Florida, requiring one to drive to Naples to find one (6 hrs return trip). Now they do have another interesting acct - the Smart Advantage acct. This does not give the $5 ATM surcharge back, but it is a free account with no minimum balance requirement. The BMO Harris deal with Allpoint as of March 2017 lets BMO Harris customers use the Allpoint ATMS in CVC pharmacy, Shell stations, and Walgreen's pharmacy for free. This opens up many of these third party ATMs in southeast Florida for BMO Harris use for free, so one could get by without the US$25,000 held up for the ability to use any ATM fee rebated, use Allpoint ATMs, and have no U.S$ float at all in the BMO Harris Smart Advantage acct. This set up would win for value as the only float would be the C$6,000 in Canada, with no U.S. float or fees.

3rd place: HSBC

Canada: Premier Acct (no fee if $100,000 invested with HSBC)
USA: Premier Acct

- HSBC in Canada charges $1 for each Internet e-transfer. (I send 10 or more per month so this is a fee issue).
- HSBC USA will not refund the ATM operator surcharge charged by the other bank ($5 per use at Chase)
- HSBC USA only has a couple of branches in southeast Florida so not easy to visit their ATMs for free ATM use.
- Possibility/rumour that the free HSBC Canada Premier MasterCard might be replaced with a fee-based World Elite MasterCard

4th Place: RBC

Canada: VIP Plan ($30/m)
USA: RBC Bank USA Direct Checking (US$ 3.95/m)

- RBC Canada won't waive the fee with acct balance level.
- RBC USA won't give free checking accounts based on minimum deposit in acct.
- RBC USA Direct Checking limited to 10 transactions per month ($1 fee for each extra transaction)
- First 2 ATM operator surcharges are refunded each month, on request (not automatically)

RBC has great instant US - Canada transfers, and does let one bank ATM fee-free at PNC ATMs. If one does use any non-PNC ATM, one can do it fee-free for
the first two times per month. Two times per month is enough for my needs. If RBC had a minimum balance fee-waiver in Canada on their VIP account in the 5k to 6k range like TD and BMO do, RBC would be in 1st or 2nd place.

- What pushes RBC down is the no fee-feee unlimited account option in Canada based on balance in the account. To use RBC services this way requires $30 pr month in Canada and US$3.95 per month in the USA.


5th place: National Bank

Canada: Vertuoso Plan (no fee charged if $5,000 in acct)
USA: Nat Bank Checking Acct. (no fee if US$700 in acct)

- In Canada they charge $1 for each Interac e-transfer
- In Canada they do not include their premium credit card fee-free with their all-inclusive banking package
- In Canada they charge shipping/handling on the free cheques.
- In Canada the SD box with the plan is only a $5 discount on one.
- In USA the Nat Bank MasterCard is US$35. with no way to waive the annual fee (the card has no rewards)
- In USA the checking acct is limited to 7 free debits per month (additional are $0.55 each)
- ATM operator fees from other banks are not refunded.
- Using other ATMs (except Presto) incurs a US$2.75 Nat Bank charge per instance. So using Chase ATM would be $5 fee from Chase + $2.75 fee
from Nat Bank, which is US$7.75 per ATM withdrawal.
- Not specified how one moves funds from Canada to Nat Bank USA. A wire costs $15 to send from Canada if that is the way.

Thoughts? The is for a one bank does it all with no fees, only minimum balances?
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HermanH wrote:
Aug 7th, 2017 3:09 am
- What pushes RBC down is the no fee-feee unlimited account option in Canada based on balance in the account. To use RBC services this way requires $30 pr month in Canada and US$3.95 per month in the USA.
Which is why I'd never use it this way... RBC in Canada has a free (1 transaction/month) US e-Savings account that can be used to bounce $US from RBC Georgia to Canada and then to other Canadian institutions. RBC Georgia has the 6 transaction preferred money market account that will waive fees for $1K USD float. Once you have the RBC tunnel established for instant funds transfers North<->South you then just use whatever bank setup works best for you for the day to day transactions. I largely use Tangerine in Canada, and Alliant in the US with the RBCs as the middle men at no cost to me. TING and Alliant offer unlimited transactions, pay interest in their accounts, and don't cost me anything in fees.

I realize however the this was not the point of your analysis. From a pure - I want to keep my life simple and minimize fees (by paying opportunity costs in lost interest, or investment returns) it makes sense. I personally would never commit $10K to TD for those services though. I'd happily bounce the money around to the institution that serves my needs best and take the more convenient cross border transfers that RBC offers while sacrificing the number of transactions.

I really hope no one actually uses these accounts in that way... actually, I take that back... as a shareholder in RBC and TD, I hope they do. ;)
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sckor wrote:
Aug 8th, 2017 1:12 am
Which is why I'd never use it this way... RBC in Canada has a free (1 transaction/month) US e-Savings account that can be used to bounce $US from RBC Georgia to Canada and then to other Canadian institutions. RBC Georgia has the 6 transaction preferred money market account that will waive fees for $1K USD float. Once you have the RBC tunnel established for instant funds transfers North<->South you then just use whatever bank setup works best for you for the day to day transactions. I largely use Tangerine in Canada, and Alliant in the US with the RBCs as the middle men at no cost to me. TING and Alliant offer unlimited transactions, pay interest in their accounts, and don't cost me anything in fees.

I realize however the this was not the point of your analysis. From a pure - I want to keep my life simple and minimize fees (by paying opportunity costs in lost interest, or investment returns) it makes sense. I personally would never commit $10K to TD for those services though. I'd happily bounce the money around to the institution that serves my needs best and take the more convenient cross border transfers that RBC offers while sacrificing the number of transactions.

I really hope no one actually uses these accounts in that way... actually, I take that back... as a shareholder in RBC and TD, I hope they do. ;)
It was more than $10k LOL. $5.5k of it was USD.
At least $13k CAD tied up.

Very very narrow analysis criteria that obviously only TD with all-inclusive free small SDB (if available at your branch) had a chance at satisfying.

I'm not quite sure how many people want unlimited USD transactions in Canada anyways.

With the RBC tunnel I have unlimited deposits (e.g. USD withdrawals from my broker) and unlimited RBC transfers south to RBC GA, and 1 free debit in Canada if I wanted to take out cash at the ATM before a trip. This is more than sufficient.

From RBC GA I get 6 free debits with $1k USD min. balance and for me that's also more than sufficient, but if it wasn't I'd send cash via link to my other free unlimited US account at BofA with excellent ATM coverage or open an Alliant account and be able to use any ATM up to $20/mo in fees covered.

My narrow analysis criteria is free online instant transfers north/south across the border.

#1 RBC

Runner up: ... still waiting ... anyone? Maybe HSBC Premier?
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ace604 wrote:
Aug 8th, 2017 3:09 pm
My narrow analysis criteria is free online instant transfers north/south across the border.

#1 RBC

Runner up: ... still waiting ... anyone? Maybe HSBC Premier?
If it's just free and instant then HSBC is tied with RBC. RBC only allows 4 north/south transfers a month (depending on the account you have i guess) while HSBC Premier is unlimited.
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angel_wing0 wrote:
Aug 8th, 2017 3:51 pm
If it's just free and instant then HSBC is tied with RBC. RBC only allows 4 north/south transfers a month (depending on the account you have i guess) while HSBC Premier is unlimited.
TD also has unlimited number of transfers imo. I didn't have opportunity to make more then 3 in one month, but afair there is no limitation on number of transactions...
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angel_wing0 wrote:
Aug 8th, 2017 3:51 pm

If it's just free and instant then HSBC is tied with RBC. RBC only allows 4 north/south transfers a month (depending on the account you have i guess) while HSBC Premier is unlimited.
RBC doesn't have a limit on north/south of 4, where'd you get this limit from? I can send unlimited southbound from my "high interest" USD eSavings account (RBC-RBC transfers do not count against any debit limit).
I can send 6 transfers north for free with the savings account because 6 is the debit limit in the US for savings accounts, but if I had a checking account I could do more.
asa1973 wrote:
Aug 8th, 2017 4:49 pm
TD also has unlimited number of transfers imo. I didn't have opportunity to make more then 3 in one month, but afair there is no limitation on number of transactions...
TD transfers are not instant.
Last edited by ace604 on Aug 8th, 2017 5:12 pm, edited 1 time in total.
POLL: How frequent is your RRSP-matching?
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