My experience with TD Cross Border Account

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2 yen
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Re: My experience with TD Cross Border Account

Post by 2 yen »

Slightly off topic, but was in a TD branch yesterday. Clerk looked at our holdings on his screen and tried to tell us what a great card the TD U.S. Dollar Visa is because it has no fees. I told him that getting money onto the card to pay it off was more expensive than the using Chase Amazon Visa as a payee from TD. He was very surprised. I have started using the Chase Amazon Visa and am pleased. The only thing I don't like is that I haven't found a way to stop paper statements coming. Will have to call, I guess.
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Re: My experience with TD Cross Border Account

Post by macquanski »

Final outcome - no TD Bank CC for me. :(
I just had a phone discussion with Greg Quinn and he's stating that it is a US banking regulation that requires a verifiable US address. TD Bank is interpreting and applying this regulation whereas RBC seems not to.

On the plus side, Greg responded to my email within an hour yesterday, and followed up with the call just before noon today.

As much as I would have preferred the TDBank CC, I think I can work with the RBC Bank CC, so off I go.....
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Re: My experience with TD Cross Border Account

Post by macquanski »

Since my last posting, I applied to RBC Bank for their Signature Black Visa via fax, which was followed up by a call from RBC Bank within 2 days. Tonight I received the card in the mail - less than 2 week turnaround. :D Clearly the issue TD Bank had with a verifiable US address is not a problem with RBC Bank.
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Re: My experience with TD Cross Border Account

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I learned about some changes to the process for transferring money from a TD Canadian $USD account to a US-based TD account. The TD agent advised me that customers will no longer have to listen to that annoying recorded disclaimer message every time they do a transfer via the phone. Apparently if you agree to the disclaimer, your agreement confirmation is now good for 5 years.

The agent also advised that transfers from Canada to US bank accounts can now be done online using a Visa debit card. It requires a TD Visa debit card for both your Canadian and US bank accounts. There is an $8.95 fee for each Visa debit international transfer, which is refunded at the end of the month, (versus the current phone based wire transfer fee of $15 which is refunded the next day).
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Re: My experience with TD Cross Border Account

Post by Stan »

Do you know how this works? I have US debit card for my TD Bank account. How do you transfer online from the Canadian TD Canada Trust US account to the TD Bank account? :?
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Arby
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Re: My experience with TD Cross Border Account

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Stan wrote:Do you know how this works? I have US debit card for my TD Bank account. How do you transfer online from the Canadian TD Canada Trust US account to the TD Bank account? :?
I haven't tried it, but the TD rep said to log into your TD Canada Trust Bank account, and then:
- from the menu at the top of the page select Transfer
- from the menu on the right side select International Money Transfer, and then select By Visa Direct
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Re: My experience with TD Cross Border Account

Post by SQRT »

Arby wrote:
Stan wrote:Do you know how this works? I have US debit card for my TD Bank account. How do you transfer online from the Canadian TD Canada Trust US account to the TD Bank account? :?
I haven't tried it, but the TD rep said to log into your TD Canada Trust Bank account, and then:
- from the menu at the top of the page select Transfer
- from the menu on the right side select International Money Transfer, and then select By Visa Direct
Problem is you can only transfer $2,500 per day and the $9 charge doesn't get refunded until the middle of the following month. They are trying but still not seamless.
Also, I have noticed the phone staff in Canada are still much better than in the U.S. More polite, friendly and helpful.
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Arby
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Re: My experience with TD Cross Border Account

Post by Arby »

Yea, I decided to stay with the phone-based transfer process, since it works quite well, and there is no wait time when calling the TD cross border phone line. Also I don't want to have to obtain a TD Visa debit card.
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Re: My experience with TD Cross Border Account

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Arby wrote:Yea, I decided to stay with the phone-based transfer process, since it works quite well, and there is no wait time when calling the TD cross border phone line. Also I don't want to have to obtain a TD Visa debit card.
I have the TD VISA debit card and use it for ATM cash withdrawals. Didn't know what the daily limit was so kept getting refused. Stupid.
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Re: My experience with TD Cross Border Account

Post by Stan »

Arby wrote:
Stan wrote:Do you know how this works? I have US debit card for my TD Bank account. How do you transfer online from the Canadian TD Canada Trust US account to the TD Bank account? :?
I haven't tried it, but the TD rep said to log into your TD Canada Trust Bank account, and then:
- from the menu at the top of the page select Transfer
- from the menu on the right side select International Money Transfer, and then select By Visa Direct
Had a look at this and see it now. Not like transferring from one of your accounts to another in Canada. I usually transfer more than their daily limit at one time so will probably stick with phone transfer. I had a glitch recently and both the Canadian and US telephone reps. were very helpful. I have friends who are Royal Bank clients and they say they can transfer whatever they need to their PNC bank account in US online. I didn't question how the mechanics work but they say it was like transferring between accounts at Royal Bank.
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Re: My experience with TD Cross Border Account

Post by zaphod »

I have used TD's cross-border service to open up a TD US bank account which gives me a debit card. This card is then useful for paying for stuff that requires US based cards, including Apple Pay. But be careful on the type of account - the first one they gave me has a $25/month service charge.
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Re: My experience with TD Cross Border Account

Post by travesty »

I have had the TD Bank USA account for a few months and one awesome thing is that if you get the "TD Premier" account, there is no change for international ATM withdrawals on the TD side and they refund the charge imposed by the foreign ATM as well. Where I'm at currently charges foreign cards about $10 on every withdrawal, so that's a huge perk and it's one of only a few banks to offer this (I know Charles Schwab does too).

This account some significant monthly fee, but it's waived if you keep $2,500 in there - which might be "free" for you if you wanted a cushion anyways, or it might cost a lot if you had some other interest bearing account that you'd use otherwise.

On the other hand, I haven't been able to get Visa Direct transfers to work: I could transfer just fine over the fine, but the Visa transfers are always rejected immediately. Has anyone gotten this to work?


You also can't do wire transfers over the phone (RBC Bank US allows this as they are purely virtual).
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Re: My experience with TD Cross Border Account

Post by Jaunty »

Visa Direct now works fine for me. I had an issue with it, but talking to the rep this summer, realized one account included my middle initial and the other didn't (US side). I added my initial and everything works fine. So, maybe you have a similar "insignificant" difference mucking up the works.
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Re: My experience with TD Cross Border Account

Post by scorpionman »

Keep in mind this account has to be declared on T1135 if you have over 100k cad in global assets. This means converting to CAD currency, finding out maximum yearly balance and year-end balance. Perhaps worth the extra work or maybe the 2.5% forex savings is not worth it if you need an accountant or time spent doing it? :)
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Re: My experience with TD Cross Border Account

Post by SQRT »

scorpionman wrote: 19 Nov 2017 07:25 Keep in mind this account has to be declared on T1135 if you have over 100k cad in global assets. This means converting to CAD currency, finding out maximum yearly balance and year-end balance. Perhaps worth the extra work or maybe the 2.5% forex savings is not worth it if you need an accountant or time spent doing it? :)
Agree. I am careful not to transfer amounts down that would bring my US based balance over the USD equivalent of $100k CDN.
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Re: My experience with TD Cross Border Account

Post by scorpionman »

I believe its worldwide assets . So if you have say two other assets adding up to 100k, even one dollar in a third account has to be reported. Usually applies more to people owning us stocks or foreign business or property.
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Re: My experience with TD Cross Border Account

Post by Arby »

scorpionman wrote: 19 Nov 2017 07:25 Keep in mind this account has to be declared on T1135 if you have over 100k cad in global assets. This means converting to CAD currency, finding out maximum yearly balance and year-end balance. Perhaps worth the extra work or maybe the 2.5% forex savings is not worth it if you need an accountant or time spent doing it? :)
If you have less than $250K in foreign assets, the T1135 is simple. Just tick off two boxes and enter your total income for all foreign properties. My US bank accounts are small enough that they won't put me over $250K, so I don't bother figuring out their maximum yearly balance or year-end balance.
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Re: My experience with TD Cross Border Account

Post by scorpionman »

Yeah, but they should raise it probably. Guess small fish is considered 250k. 😂
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