TD Bank non resident account guide

TD Bank® is a large Canadian bank which also offers US and USD based services. TD Bank's non resident account options focus on people who split their time between the US and Canada — perhaps owning a seasonal property in the US, or traveling frequently for work.

If you’re interested in how to open a TD Bank account for foreigners in the US, read on. We’ve got all you need to know.

We’ll also introduce Wise as a more flexible way to manage your money when you’ve got an international lifestyle.

Open a Wise Account from the US, Canada, or more or less anywhere else in the world, to hold, send, spend and receive payments in 50+ currencies easily.

Learn more about Wise

Can you open a non resident account with TD Bank?

TD Bank US offers some cross border banking services, which are marketed at Canadians living part time in the US, or visiting often, looking to manage their money in USD.

These accounts are offered both by TD Bank US and TD Canada Trust¹, so you can pick the products that suit you best as a non-resident alien in the US.

What are the benefits of opening a TD Bank account as a foreigner?

TD Bank is a Canadian bank, but has 1,200+ store locations in the US. This makes it a natural pick if you’re a Canadian who lives, works or studies part time in the US.

Getting a US based TD Bank account which you can link to a TD Canada Trust CAD account can make it more convenient to arrange cross border transactions. Plus you’ll get all the great online banking and security features you’d expect from a major bank.

What are the drawbacks of a non resident TD Bank account?

Some TD Bank US accounts require you to have a US residential address, even if you’re a non-resident alien. That could work if you’re a sunbird with a property in the US, or if you’ve got an investment place here.

But if you don’t have a US address you won’t get the full range of options for non-resident TD Bank account products.

In this case, if you’re Canadian, you might prefer to open a TD Canada Trust account, which includes options in USD (more on that later).

If you’re not a Canadian citizen or resident, you might find you’re better off with a more global provider — like Wise.

Opening a foreigner account with TD Bank: step by step

The best place to start will be with the TD Bank non-resident account finder tool².

This is on the TD Bank’s desktop site under cross border banking, and allows you to give a little information about yourself, including why and how often you’re in the US, and have products recommended to you.

Here’s how to open a foreigner account with TD Bank:

Step 1. Visit the TD Bank US or Canada desktop site, and select cross border banking

Step 2. Look for Find a cross border banking solution, and tap Get started²

Step 3. Confirm how often you’re in the US — living, working, traveling or studying for example

Step 4. Follow the prompts to add any additional required information, which may include whether you have a US residential address, and in which state

Step 5. Review the cross border banking solutions you’re recommended

Step 6. You’ll be able to click the solutions that suit you and review the account opening process

Usually you’ll find you can apply online if eligible, head to a branch, or give TD a call on 1-888-751-9000. If you’re looking for a handy local TD Bank branch you’ll also be able to use the branch locator tool to get started.

Common account opening issues

The most likely account opening issue you’ll run into is not having the right documentation — or not meeting the residence requirements for the account you’re interested in.

Some TD Bank US accounts can be opened by foreigners and non-resident aliens, but you’ll still sometimes need to show a US residential address.

If you don’t have a property in the US — or if you simply don’t have convenient paperwork to show you’re a part time US resident — that can make the account application process complex.

If you run into difficulties because you don’t have a US proof of residence, you’ll have a couple of options. If you’re a Canadian resident, you’ll be able to use your local Canada proof of address to open a USD account with TD Canada Trust.

Or, if you’d prefer something flexible, you could check out Wise for a multi-currency account you can open from more or less anywhere.

Check out Wise

Types of accounts available for non-resident account holders

TD Bank splits out its cross border solutions based on whether you’re a short term or long term traveler to the US.

If you’re a Canadian heading to the US for short term travel, the products it recommends are:

• TD Canada Trust’s Daily Interest US chequing account: offered through TD Bank Canada
• TD Canada Trust’s USD Visa card: offered through TD Bank Canada

If you’re a long term traveler in the US, or own property there, products which may suit you include:

• TD Canada Trust’s Borderless Plan: offered through TD Bank Canada
• TD Convenience Checking: offered through TD Bank US
• TD Canada Trust’s USD Visa card: offered through TD Bank Canada

What products you’re able to apply for depend on your eligibility — including whether or not you have a property and a residential address in the US.

Everywhere money: Meet Wise

Compare your options for a non-resident account from TD Bank against the flexible multi-currency account from Wise.

Wise isn’t a bank. It’s a money transmitter on a mission to make it easier to manage your money across currencies. You can open a Wise account using your regular photo ID and a local proof of address — more or less wherever in the world you call home. Just keep in mind that they may request additional documents to verify a customer's identity.

Once your account is up and running you can hold 50+ currencies, send payments to 80+ countries, spend with your linked Wise card in 170+ countries, and get local account details to be paid in 10 different currencies.

Wise was built for people living an international lifestyle. That means it’s easy to hold, send, spend and exchange dozens of currencies, at home or on the move.

All Wise currency exchange uses the mid-market exchange rate and low fees from 0.41%. Plus there’s no ongoing charge to pay for your account or card. That might mean you can do more with your money.

This way to the world's
most international account

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

What are the requirements to open a TD Bank account as a foreigner?

The exact requirements and documents needed to open a TD Bank account as a foreigner will depend on which account you select. However, it’s common to be asked for:

Proof of ID — like a passport or driving license Proof of address in the US (or Canada for TD Canada Trust products) Your SSN/ITIN or similar tax identification details An opening deposit

If you’re opening a TD Bank US account and have a US residential address you may find you can open your account online easily enough.

However, anyone without a full suite of documents will most likely need to visit a branch to get started with most TD Bank products.

TD Bank foreigner account features

The TD Bank US account that’s commonly recommended if you’re a non-resident in the US but have a local US residential address is the TD Convenience Checking.

Let’s take a quick look at how that compares on fees to a non-resident account option from Bank of America, and Wise — a non-bank alternative you can open from anywhere:

	TD Bank³	Bank of America®⁴	Wise**⁵
Maintenance fee	15 USD (waived if minimum balance is maintained)	12 USD (waived if minimum balance is maintained)	No fee
ATM fee	3 USD out of network fee for non-TD Bank withdrawals	2.50 USD out of network fee for non-Bank of America withdrawals in the US 5 USD for international withdrawals	2 withdrawals, to 100 USD/month free — low fees after that Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks.
International transfer fee	15 USD incoming, 50 USD outgoing	Variable fee for both incoming and outgoing transfers	Incoming — 4.14 USD wire fee, free to receive ACH and local transfers in a selection of other currencies Outgoing transfers from 0.41%
Foreign transaction fee	3%	3%	No fee

*Bank of America account profiled — Advantage Plus Banking, other account options also exist, which have their own features and fees

**Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

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As a Canadian bank, there’s no surprise that TD Bank primarily offers its cross border and non-resident solutions to Canadians living and traveling in the US.

Depending on your needs you can get a USD denominated account from TD Canada Trust, or choose a USD account from TD’s US based bank. However, you’ll usually need a US residential address for this option, which could be a limiting factor.

If you’re looking for a flexible solution which could help your money go further, check out Wise for digital accounts you can open from more or less anywhere.

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Sources:

1. TD Canada/US — cross border
2. TD Bank non-resident account finder tool
3. TD Convenience Checking
4. Bank of America fee schedule
5. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Sources checked on 04.25.2023