There are various reasons you may need to send money internationally, including business transactions, personal purchases, or sending money to friends or family. A common method to transfer money overseas is through their bank, and if you’re with TD Bank, the primary method to send it directly from your account is through a wire transfer. However, before going to do the wire transfer, there are many things you’ll want to consider first, including bank fees, exchange rates, processing times and if there are any limitations.
When you go to TD Bank for your wire transfer, there’s an upfront cost to consider. This fee is generally between $30 and $80, depending on a variety of factors including the amount you’re sending, the currency it’s in and the location it’s going to. The important thing to note is that this cost in addition to the exchange rate you have to consider. But, that may not be all. The receiving bank may charge a fee as well and depend on where you’re sending the money, and what intermediary banks it needs to go through, those banks may charge their own fee as well. Suddenly, a simple wire transfer can end up costing hundreds of dollars more than you expected, but that doesn’t have to be the case.
You can come to us at Knightsbridge Foreign Exchange to transfer your funds for you, where we offer no transfer fees and no hidden fees as well. Not only do we provide the best exchange rates in Canada, but we provide an easy and straightforward transfer process. You send the money to us, usually through an online bill payment, and we do the rest, taking care of the actual exchange and transferring the funds to your recipient. With the cost to send and receive wire transfers, and other potential mid-transfer costs and the highly marked up exchange rates, Knightsbridge Foreign Exchange is a top-tier alternative to directly transferring through your bank.
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When you make an international wire transfer with TD Bank (and just about any bank), the exchange rate you’re given isn’t the real exchange rate that you might see on Google or the news. Instead, they add a large markup, usually 3% or more, that can make a significant difference the more you need to send. If you’re transferring $1,000, an extra 3% would cost you $30, and when added to the various other bank fees and wire transfer fees, the cost can begin to get out of hand very fast. Even banks that offer international transfers without a transfer fee can essentially hide that cost in their markup, and for those unaware, they’re charging them far more than they need without their knowledge.
Once again, that’s where Knightsbridge Foreign Exchange comes in, as proudly provide the best currency exchange rates in Canada. We truly have no transfer fees, and the absolute minimal markup on our rates (in large part because we operate online only, eliminating a lot of costs that come with running physical retail locations). When you make an international transfer with Knightsbridge Foreign Exchange, we handle everything for you, taking care of every step for you and giving you the best value possible. With our honest and fair rates, and the ability to transfer directly from your TD Bank account, you won’t find a better value than transferring international with Knightsbridge Foreign Exchange.
On the surface, an international wire transfer through TD Bank may take about 3-5 business days. However, there are various factors to consider how long it will take. To start, their cut-off time is generally about 2 pm, meaning if you start your transfer after that time, your waiting time won’t start until the next day. From there, you’ll have to consider where it’s going, and whether or not there is a direct connection through the SWIFT wire transfer network. If there is, the transfer should only take the expected 3-5 business days, but if you have to use one, two or even three connecting banks, it may take a lot longer. Also, that’s where the additional bank fees may come in, as each bank may have their own fee, making it wise to look online and see if Canada has a direct connection through SWIFT to the country you’re sending money to.
Or, there’s Knightsbridge Foreign Exchange, where we eliminate all of those issues and make it easy to transfer internationally. Generally, you can expect the transfer to take about 3 – 6 business days, but without all the extra hassles and fees. At Knightsbridge Foreign Exchange, international wire transfers are made easy.
There are very limitations to where you can transfer your money and how much you can send through international wire transfers with TD Bank. For very large transactions (and wire transfers of any size) you will have to go in-branch to make sure they know it’s you and a legitimate transfer, but so long as the country is a part of the SWIFT transfer network, you should have no problems. The limitations for you may be cost, as the more you need to transfer the more expensive it’s going to be, but wire transfers are the most widely used form of transferring money internationally, and you shouldn’t have any issues arise for you.
International wire transfers with TD Bank can be useful, but ultimately very costly. That’s why you’ll want to consider alternatives like Knightsbridge Foreign Exchange, where the biggest difference in how much you get to save. At Knightsbridge Foreign Exchange, you can connect and use your TD Bank account, and because we operate online, it’s easy and convenient to transfer with us. With the best exchange rates and truly no hidden fees, you won’t find an easier or more affordable way to transfer money internationally, through your TD Bank account, then with Knightsbridge Foreign Exchange.
Sources:
http://td.intelliresponse.com/accounts/index.jsp?requestType=NormalRequest&id=423&question=How
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