If you’ve ever sent money abroad through TD Bank Canada, you may have noticed the unexpected costs from transfer fees to hidden exchange rate markups. While TD offers international options like TD Global Transfer and TD Western Union, these services can quickly become expensive, especially for frequent senders or small amounts. Whether you’re transferring to family overseas or paying for services in another country, you’re likely looking for something faster, cheaper, and more transparent. That’s where our guide comes in. In this article, we’ll explore the top TD Bank alternatives in Canada that provide smarter, lower-cost ways to send money internationally without the hassle or high fees. Ready to bank better? Let’s dive in.
What is TD Bank?
TD Bank (Toronto-Dominion Bank) is one of Canada’s largest financial institutions, with a rich history dating back to 1855. Headquartered in Toronto, TD serves over 27 million customers globally, including a major presence across the United States, where it operates as “America’s Most Convenient Bank.” In Canada, TD Bank Canada offers a comprehensive range of services, including personal and business banking, mortgages, investment products, insurance, and international transfers through TD Global Transfer and TD international wire transfer systems.
TD is known for its expansive branch network, reliable mobile and online banking platforms, and customer-focused approach, offering products tailored to students, newcomers, and small businesses. However, services like TD Global Transfer and TD Western Union often come with high fees and exchange rate markups, which may not be ideal for those making frequent international payments. As a result, many Canadians are now turning to digital-first alternatives for faster, more affordable cross-border money transfers.
Is TD Bank available in Canada?
Yes, TD Bank is widely available across Canada, offering a comprehensive range of financial services including chequing and savings accounts, credit cards, loans, and investment options. For international money transfers, TD provides the TD Global Transfer service, which allows customers to send funds abroad through various methods such as Visa Direct, Western Union®, and direct bank transfers. However, these services often come with notable fees. For instance, sending money internationally via TD Global Transfer can incur fees up to $25 per transaction, depending on factors like the destination country and the amount being sent . Additionally, TD’s exchange rates may include a markup, making transfers more expensive compared to some other providers .
Given these costs, many Canadians are exploring TD Bank alternatives that offer more competitive rates and lower fees for international money transfers. Options like Wise, OFX, and WorldRemit provide transparent pricing and favorable exchange rates, making them attractive choices for those seeking cost-effective solutions for sending money abroad.
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Top 5 Secure TD Bank Alternatives in Canada
TD Bank Canada offers a wide range of services including personal banking, loans, credit cards, and international money transfers through TD Global Transfer, which integrates options like TD Western Union, Visa Direct, and SWIFT. While convenient, TD’s global services often come with steep fees up to $25 per transfer and less competitive exchange rates. These costs can quickly add up for users who send money abroad frequently. Fortunately, there are several TD Bank alternatives in Canada that deliver lower fees, faster transfers, and transparent currency exchange. Below, we highlight five secure and user-friendly platforms that make international banking more affordable.
WorldRemit
Overview:
WorldRemit is a trusted, mobile-first money transfer service that allows Canadians to send funds to over 130 countries quickly and conveniently. With a strong focus on remittances, it offers several payout options including bank deposits, mobile wallets, cash pickups, and airtime top-ups. Most transfers are delivered within minutes, and the platform is known for its user-friendly app and upfront pricing. Unlike traditional banks such as TD, WorldRemit shows all fees and exchange rates before you send. It’s especially ideal for sending small to medium-sized amounts to countries in Africa, Asia, and Latin America.
Key Features:
- Fast global transfers (often within minutes)
- Multiple payout methods
- Transparent fees and rates
Fees: Flat rate + ~1–2% FX markup
Why Choose WorldRemit?
Choose WorldRemit if you need quick international transfers with diverse payout options and real-time tracking—all from your phone.
EQ Bank
Overview:
EQ Bank is a Canadian digital bank offering no-fee daily banking, high-interest hybrid accounts, and low-cost international transfers powered by Wise. Unlike TD Bank’s global services, EQ Bank offers mid-market exchange rates and transparent, low fees, making it one of the most cost-effective ways to send money abroad. You can transfer to over 80 countries directly from your account, while still earning interest on your balance. EQ also provides free Interac e-Transfers, bill payments, and mobile cheque deposits, giving you full banking functionality with zero monthly charges.
Key Features:
- International transfers via Wise
- No monthly account fees
- High-interest savings + chequing
Fees:
Wise fees: ~0.35%–1.5% depending on country
Why Choose EQ Bank?
Ideal for Canadians looking for one place to save, spend, and send globally—without banking fees.
Wise
Overview:
Wise is a global leader in international transfers, known for its radical transparency and use of the real mid-market exchange rate—the same one you’d find on Google. It supports 50+ currencies and allows Canadians to send, receive, hold, and convert money across multiple countries. Its multi-currency account and linked debit card let you spend like a local abroad. Compared to TD Bank’s international wire fees and exchange markups, Wise’s pricing is fully visible, with fees typically under 1%. Wise is trusted by freelancers, remote workers, expats, and anyone sending money internationally on a regular basis.
Key Features:
- Real exchange rates (no markup)
- Multi-currency account + debit card
- Transparent and low-cost transfers
Fees:
~0.35%–1.5% per transfer
Why Choose Wise?
Wise is best for users who want affordable, fast, and honest global transfers—plus the flexibility of a borderless account.
PayPal
Overview:
PayPal is a globally recognized payments platform that enables Canadians to send and receive money both domestically and internationally using just an email address. It’s incredibly convenient, especially for freelancers, online sellers, and digital nomads. The platform integrates easily with most online stores and services, and offers buyer and seller protection. However, for international transfers, PayPal charges a 3.9% fee plus an exchange rate markup of around 2.5%–4%, which can make it more expensive than newer services like Wise or EQ Bank. Still, it’s a great option for small, fast transfers to friends or clients abroad.
Key Features:
- Send/receive with email
- Global reach and brand trust
- Secure for personal and business use
Fees:
Free for bank-funded local transfers; ~3.9% + FX markup for international
Why Choose PayPal?
A solid choice for those who want instant, flexible payments with worldwide access especially for e-commerce or gig work.
Skrill
Overview:
Skrill is a versatile digital wallet that lets Canadians send money internationally, shop online, trade cryptocurrency, and even earn rewards through its Knect loyalty program. Available in over 180 countries, it supports bank account transfers and mobile wallet payouts, much like Ria or TD Western Union. Skrill users can also request a prepaid Mastercard to spend globally. While the interface is sleek and modern, its fees can be high—especially for currency conversion (typically around 3.99%). That said, Skrill is ideal for users looking for a multi-functional financial app that goes beyond just sending money.
Key Features:
- Fast transfers to 180+ countries
- Crypto trading, loyalty points, and prepaid card
- Easy-to-use app and wallet
Fees:
2.99% for transfers; ~3.99% FX markup
Why Choose Skrill?
Best for tech-savvy Canadians who want a complete digital wallet with global money management tools.
Comparing the Best TD Bank Alternatives for Canadians
If you’re seeking more affordable and flexible ways to send money internationally, there are several TD Bank alternatives in Canada that offer better exchange rates, lower transfer fees, and faster delivery times. While TD Global Transfer provides options like Western Union and bank wires, its fees and foreign exchange markups can quickly add up. Fortunately, services like Wise, WorldRemit, and EQ Bank provide Canadians with digital-first options that combine ease of use, transparency, and speed. Below is a comparison table to help you evaluate the top alternatives for sending money locally and to the U.S.
| Alternative Name | Best For | Cost to Send Money in Canada | Cost to Send Money to the U.S. | Extra Perks |
| WorldRemit | Quick international cash payouts | Not available | Fixed fee + ~1%–2% FX markup | Mobile wallet support, cash pickups, instant delivery |
| EQ Bank | All-in-one banking + global transfers | Free (Interac) | 0.35%–1.5% (via Wise) | High-interest hybrid account, no monthly fees |
| Wise | Transparent currency exchange | ~0.5% | 0.35%–1.5% | Real mid-market rates, multi-currency account, debit card |
| PayPal | Small global transfers + e-commerce | Free (bank-funded) | 3.9% + 2.5%–4% FX fee | Buyer/seller protection, instant global payments |
| Skrill | Digital wallet + crypto | 2.99% | 3.99% + FX markup | Prepaid card, crypto access, loyalty rewards program |
FAQ
How to transfer money from TD to BMO
To transfer money from TD Bank to BMO, you can use Interac e-Transfer through TD EasyWeb or the TD mobile app. Simply enter the recipient’s email or mobile number, specify the amount, and complete the transfer. Most transfers arrive within minutes. Alternatively, you can set up an external account link for direct bank-to-bank transfers if both accounts are in your name.
Is CIBC a safe bank?
Yes, CIBC (Canadian Imperial Bank of Commerce) is a safe and well-regulated financial institution. It is one of Canada’s “Big Five” banks and is protected by the Canada Deposit Insurance Corporation (CDIC). This means eligible deposits are insured up to $100,000. CIBC also uses strong encryption, two-factor authentication, and fraud monitoring to protect its customers.
Can I use U.S. TD Bank ATMs in Canada?
No, U.S. TD Bank ATMs cannot be used in Canada without incurring foreign ATM withdrawal fees. While TD Bank operates in both countries, TD Bank U.S. and TD Bank Canada are separate entities. If you’re visiting Canada with a U.S. TD account, you may still access funds, but expect international fees and possible currency conversion charges. It’s best to check with your branch for the most accurate guidance.
