There are two main methods: sending an international wire transfer or purchasing a foreign draft.
International wire transfers are typically sent out over an international communications system known as SWIFT, and settlement is arranged between individual banks.
A foreign draft is like a cashiers check in local currency drawn on an account maintained by TD Bank.
What is SWIFT?
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an industry-owned co-operative providing secure, standardized messaging services and interface software to over 8,000 financial institutions in 207 countries and territories. The SWIFT community includes banks, broker-dealers and investment managers.
What is the fastest method for making an international payment?
A wire transfer is more efficient than a foreign draft as funds are made available to the beneficiary sooner. To complete a wire transfer, you must know the banking information of your recipient.
Is sending U.S. Dollars the best way to send payment to an overseas beneficiary?
Generally, it may be beneficial to send your payment in the local currency of the beneficiary (e.g., Pounds Sterling for the United Kingdom). U.S. Dollars sent to an account in a foreign currency will take longer and incur higher bank charges than if you send the local currency. Also, your overseas vendors may be adding those charges to the bills they are sending to you.
Why do I need to use the IBAN?
Your wire payment can still be made without an IBAN (International Bank Account Number), but you should ask your European beneficiaries for it and supply it to us with the payment details. Your beneficiaries are familiar with this type of request.
Failure to provide the IBAN reduces the opportunity to process the payment straight-through (STP) which may subject you to additional repair charges, and could result in return of the payment.
Who do I contact to arrange a wire transfer in a foreign currency or get a foreign draft?
Your local TD Bank store can assist you with arranging a wire transfer in a foreign currency or obtaining a foreign draft.
What information should I provide to the originator of a foreign (non-U.S. Dollar) wire payment in order to get the money into my account at TD Bank?
Incoming Foreign Currency Wire Payment Instructions:
- Correspondent Bank SWIFT Code: TDOMCATTTOR
- Correspondent Bank Name: The Toronto-Dominion Bank, Toronto, Ontario, Canada
- For Further credit to: TD Bank Store Address: Street, City, State, Country
- In Favor of Beneficiary Account Number: Your TD Bank account number as it appears on your statement
- In Favor of Beneficiary Full Name and Full Address: Your name and address as it appears on your TD Bank account statement
When I deposit a check drawn on a bank outside of the U.S., how is it cleared?
TD Bank can clear overseas checks in a variety of foreign currencies and U.S. Dollars using TD Bank's network of correspondent banking relationships. Some checks are eligible for immediate provisional credit – until it is finally settled by the issuing bank – while some items must be sent out on "collection" for final payment. Collection items can take some time before payment is settled.
When I travel overseas, how would I make payments for purchases?
Before you leave the country, if you are a TD Bank Customer, you may order foreign currency from your local TD Bank store. While traveling, you can also use your credit card or your TD Bank Visa® Debit Card to make purchases.
How can I get foreign currency for a trip I am taking abroad?
If you are a TD Bank Customer, you may order foreign currency at any TD Bank store and pick up your order in two business days. We also maintain a large inventory of foreign currency at our Rockefeller Plaza, New York City store, so if you live in the vicinity you can pick it up immediately instead of ordering it ahead of time. View the list of currencies we offer.
Can I order foreign currency online?
At this time, we do not have online ordering capability for foreign currency. However, if you are a TD Bank Customer, you may visit a local TD Bank store to place an order and then pick up within two business days.
Can I use my TD Bank Visa Debit Card at a bank overseas to obtain local currency?
Yes. Due to security risks, use of your ATM or Visa Debit Card may be restricted in certain countries.
What information do I need to receive an International U.S. Dollar wire and/or a domestic wire transfer to a TD Bank account?
You will need to provide the bank sending the wire transfer with the following information:
- Wire to TD Bank, Wilmington, Delaware
- ABA number: 031101266
- Name of the customer whose account is to be credited
- Account number
