TD Bank Expands International Money Transfers

Need to Know 

• TD Bank is expanding its money transfer options, now allowing personal banking customers to send money to more countries worldwide and in more ways.
• Due to the onset of the global COVID-19 pandemic, financial institutions are looking for ways to make banking and sending money easier and more convenient for customers.
• TD continues to invest in digital initiatives and collaborate with new brand partners to promote the use of digital banking services among its customers.

Analysis

TD Bank has announced that it is expanding its money transfer options, allowing Personal Banking customers more ways to send money globally. 

With the improved TD Global Transfer, customers can now use EasyWeb online banking or the TD Canada app to securely send money to more than 200 countries and territories. Customers can choose to transfer money directly to another bank account, send cash for pickup Western Union Agent Location, or send money to an eligible Visa card. 

“We’re thrilled to be able to empower our customers with the ability to securely send money internationally to family and friends in a way that’s easy for them and convenient for their recipient,” said Mushtak Najarali, SVP of money in solutions, TD. “This new solution exemplifies TD’s commitment to customer-centric innovation and enables our customers to support their loved ones by providing convenience and choice on how they send money almost anywhere in the world.”

The Visa capability is powered by Visa Direct, a transfer service that also recently integrated with both PayPal and Moneris.

Depending on the transfer type, customers can expect to see their funds moved in as little as a few days. And customers sending cash to a Western Union location can expect the money to be available for pickup in just two to four hours. 

It is estimated that, due to the COVID-19 pandemic, “global remittances to low- and middle-income countries are projected to decline by as much as 20 percent this year,” according to PYMNTS. As such, brands like Western Union are setting themselves up for a shift within the industry.  

Western Union is just one of TD’s many collaborators pushing for more convenience and speed for banking customers.

TD recently announced a major partnership with fintech company Intuit, allowing customers to securely share their banking data to more easily use Intuit’s products, which include TurboTax, QuickBooks, and Mint.

And earlier this year, the major bank partnered with Finicity, another data access agreement that allows TD customers to easily transfer their financial data to Finicity.  This means customers can stop inputting banking credentials like passwords with third-party financial management services.

As part of its increased efforts to support customers throughout the COVID-19 pandemic, TD has also launched an online accounting tool and has further shifted its efforts to highlight digital services and keep customers engaged in online banking. (Digital banking at TD increased 30% in Canada after the onset of the pandemic.)