What is TD Canada Trust Wire Transfer Fees?

TD Canada Trust Wire Transfer Fees:


Wire Transfer

With a wire transfer, money can be sent electronically from one bank to another or from one government body to another around the world. Most of the time, you can send money from Canada to another country (called a "international wire transfer") or within Canada (called a "domestic wire transfer").

Many times, there are fees for wire payments. There are usually fees of $15 to $50 to send or receive a wire transfer at banks and other financial stores. 

What fees should I expect from banks for wire transfers?

Your bank will charge you a different fee for wire transfers if you are sending or getting money and if the sender or receiver is in a different country.

Most of the time, sending money within the same country is cheaper because there are fewer banking systems involved. Each country has its own banks and wire processing services that are needed for international payments. More banks mean more fees.

Bank wire transfer fees, on average

Based on what we learned from talking to big Canadian banks, this is how much a wire transfer usually costs:

  • Incoming domestic fee: $15 to $18 to get money from another account in Canada.

  • Fees for sending money abroad and within the country: Usually $30 to $50 or more to send money to a bank account in or out of Canada.

  • Incoming international fee: $15 to $18 to get money from a bank account outside of Canada.

  • Fee for investigation: It usually costs at least $25 to look into and track a wire transfer that has already been sent.

Wire transfers from banks vs. wire transfers through the Internet

You can move money to more than one place besides banks. There are a lot of other financial institutions that are made to make wire transfers possible online.

These companies, like OFX and CurrencyTransfer, deal with foreign currencies all the time, so they are often the cheapest ways to send money. Most of these businesses let you send money straight to someone else's bank account, and you can get it in as little as one day. Most of the time, sending money from one digital account to another is cheaper than sending cash.

Compare services that transfer money

You can pay for things online with a bank transfer, which is less expensive than a wire transfer.

The table below lets you look at different ways to send money to another country. Check out the costs of different money transfer services, exchange rates, and deals.

Is there a way for me to compare these amounts?

The fee for a wire transfer will depend on where you're moving the money and a number of other factors, such as:

Coming in vs. getting out

When money comes in through a wire transfer, the fee is usually less than when money goes out. This is because the sender usually has to pay most of the fees for the wire transfer.

Home country vs. abroad

Most of the time, domestic wire transfers are cheaper than foreign wire transfers because they don't need as much processing. When two countries send money to each other by wire transfer, they usually use more than one banking system and provider.

A one-time fee vs. recurring fees

The first time you set up a bank transfer, you might be able to save a few dollars.

Start-up costs

If you ask for the wire transfer in person or over the phone instead of online, your bank might charge you a fee.

Fees to trace

If the person you sent the money to hasn't gotten it by the due date, you may need to track it. There might be more fees for this.

Rates of exchange

The exchange rate tells you how much one currency is worth in another. A fee called a "margin" is charged by almost all banks. The exact amount of this fee is not always made clear. To find the best exchange rate, you might have to call your bank or start a trade online.

What details are required to initiate a wire transfer?

You'll need to give some or all of the following information whether you want to send or receive a wire transfer within the United States or to another country. For those who are making a wire transfer, here are some things you should ask the recipient.

Details required to send a wire transfer

  • The amount you want to send in the recipient's currency

  • Name and location of the recipient

  • Number of the recipient's bank account, transport or branch number, and the name of the bank

The purpose of the wire transfer

If you're making a wire transfer within Canada, you may also need to include the Swift Code or BIC and the three-digit Canadian bank account number of the recipient.

To send money from outside the US, you'll also need to include the ABA banking number and the Swift Code or BIC.

You will need to include the IBAN and Swift Code or BIC if you are moving money to a different country.

A third of Canadians send money abroad

Statistics Canada says that Canadians send more than $5 billion in cash to family and friends living outside of Canada every year. Most of the time, just over $2,800 is sent. People who use these banks might spend as much as $125 to send money to family or friends abroad if they don't shop around for the best wire transfer fees.

Money was sent to the wrong person

More than 1,845 Canadians were asked about their money habits in the Finder: Consumer Sentiment Survey. More than a quarter (26%) of those asked said they'd sent money overseas to the wrong person at least once. Around 54% of people who sent money via wire were able to get it back, but 46% were not.

New Brunswickers were the least likely to send money to the wrong person overseas—82% of them had never done that before. On the other hand, people from Newfoundland and Labrador and Prince Edward Island were the most likely to send money to the wrong person overseas by mistake (39% and 38%, respectively).

Banks provide a safe and well-known way for friends, family, and businesses to send and receive wire payments. You can expect the wire transfer fee to be pretty high, though, and the exchange rate to be worse than what you'd get with an online money transfer service.

There are other ways to send money abroad besides bank wire transfers, so look at all of your choices before you send money.

How much does it cost for TD Canada Trust to send a bank wire?

Within three set time frames, TD Bank costs anywhere from $30 to $80 per transfer. They will charge you more if you give more money. As an example;

  • Every amount is equal to $10,000 minus a $30 service fee.
  • Any amount from $10,000.00 to $50,000.00 plus a $50 service fee
  • Any amount over $50,000 has a $80 service fee.

How much does it cost to get a bank wire transfer at a TD office?

The fee to receive a wire transfer from another TD store is $17.50 if the transfer is made internationally. If you're sending money to a different bank or service provider, this amount will depend on their rules.

What do I need to give TD Canada Trust in order to send a wire transfer to another country?

  • Name, address, and branch address of the person
  • These are the SWIFT, BIC, and IBAN codes. You may need more than one of them based on the country.
  • Number of the route (some countries, like Belgium, Australia, Brazil, Kenya, etc., will need this)

How long does it take for TD Canada Trust to send a wire change?

It takes three to five work days with TD. This doesn't take weekends into account.


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