Your complete guide to wire transfers with TD Bank

Whether you're paying the bills or making a business transaction, wire transfers are a reliable and straightforward way to send large sums of money. However, they often come with high costs and lengthy processing times.

With TD Bank, sending and receiving money across the globe is just a wire transfer away, whether you're moving funds domestically or internationally.

In this guide, we’re breaking down the process of sending a wire transfer with TD Bank, including fees, exchange rate costs, and transfer times. We’ll also look at Wise as an alternative for making transfers that uses the mid-market exchange rate with minimal transfer fees.

How to send a wire transfer from TD Bank

To make an international transfer at TD Bank, you’ll need to visit a branch in person¹.

Step 1: Wire transfers must be completed in person, so head to your nearest TD Bank branch.

Step 2: Provide the following details about the recipient’s information, including:

• The account holder’s full name and address
• Account number
• Branch number and address
• Institution number
• SWIFT Code, BIC, or IBAN for international transfers
• Routing number (if applicable)

Step 3: Review and confirm the details before completing the transfer.

You can transfer money to over 150 countries², and your recipient should receive their payment within 3-5 business days³.

What are the wire transfer fees at TD Bank?

TD Bank charges several fees⁴ for sending and receiving international wire transfers from standard personal accounts. Here’s an overview:

Sending wire transfers:

Receiving wire transfers:

There may also be additional fees for cancelling or amending a wire transfer. Check with your TD Bank branch for specific details.

Currency conversion fees and exchange rates:

If your wire transfer involves a currency conversion, TD Bank may apply its own exchange rate, which includes a markup over the mid-market rate you'll find on Google. This means the rate you receive is less favourable than the rate you might find online.

Additionally, intermediary banks may be involved in processing the transfer and may charge extra fees, which are not determined by TD Bank, further increasing the cost of your transaction.

If you're looking for a cost-effective alternative, Wise offers international money transfers at the mid-market exchange rate with no hidden fees.

Get more out of your money with Wise

Wise makes sending money abroad simple and cost-effective. Whether you're on the go or at home, Wise allows you to transfer funds to over 150 countries, including in CAD, USD, EUR, and more, 100% online.

Wise uses the mid-market exchange rate, the same rate you see on Google, with minimal fees starting at just 0.48%. With no hidden markups, you save money and can see exactly how much your recipient will receive and what it'll cost before you send it.

Wise also uses a global network of partner banks to eliminate unnecessary international and intermediary fees, ensuring you don’t overpay and that your money gets where it needs to go.

Here's how much it costs to send 5000 CAD with Wise vs. with TD Bank using wire transfers to a bank account in the EU:

How long does a TD Bank wire transfer take?

The time it takes for a TD Bank wire transfer to be processed depends on whether you’re sending or receiving funds, as well as a few other factors.

Sending a wire transfer: TD Bank typically processes wire transfers within 3-5 business days⁵. However, the exact timing can vary based on the currency being sent, the destination of the transfer, and the number of intermediary banks involved.

Receiving a wire transfer: Once a wire transfer has been sent to your TD Bank account from another financial institution, it can take 1-5 business days for the funds to arrive. Once again, the timing depends on the sending institution’s location, the currency, and the number of intermediary banks used during the transfer.

It’s good to note that delays can occur if multiple banks are involved, so it’s always a good idea to plan ahead when transferring or receiving large sums of money.

How to receive wire transfers to your TD Bank account

To receive a wire transfer⁶ to your TD Canada Trust account, follow these steps:

Step 1. Share your account information with the sender, including:

• Your name (as it appears on your TD account) and full address
• Your TD account number
• Your branch transit number and full branch address
• TD's institution number: 004
• TD's SWIFT Code (for international transfers): TDOMCATTTOR

Step 2. For wire transfers in US dollars, provide the following additional details:

• Bank Name: Bank of America, New York
• SWIFT Code: BOFAUS3NXXX
• Fedwire ABA Number: 026009593

Step 3. Specify the correct account for the currency. If you hold a US dollar or foreign currency account, ensure the sender transfers money to the correct account.

If the currency of the wire transfer doesn’t match your deposit account’s currency, TD will automatically convert the funds to your account’s currency using its exchange rate.

Step 4. Double-check that the account name, number, and address match your TD Canada Trust profile to avoid funds being returned to the sender.

Step 5. Wait for your funds to arrive within 1-5 business days.

TD Bank charges a 17.50 CAD fee for receiving wire payments in CAD or foreign currency other than USD and 17.50 USD for money received in USD, which will be deducted from the transferred amount.

Final thoughts on making wire transfers with TD Bank

As the second of the biggest banks in Canada, TD Bank provides a reliable way to send and receive large sums of money at home and internationally.

With straightforward in-branch services, access to over 65 foreign currencies, and secure processing, TD is a practical choice for many. However, wire transfers with TD can come with high fees, exchange rate markups, and potential delays due to intermediary banks.

For a more cost-effective and transparent alternative, Wise offers international transfers with minimal fees from 0.48% and the mid-market exchange rate. Whether you’re handling personal or business transactions, Wise lets you send money across the globe to 160 countries while ensuring more of your funds reach their destination.

Sources:

1. TD Bank
2. TD Bank
3. TD Bank
4. TD Bank
5. TD Bank
6. TD Bank
   Sources verified on 21 February 2025