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I am interested in opening a small business checking account with TD bank (US). We have monthly international outgoing wires. Our current bank uses an intermediary bank to process wires internationally which results in double the cost so we would like to avoid this in the future. So, my question is does TD bank use an intermediary bank (and do additional wire fees apply - charged to the recipient) for outgoing international wires? Thanks!
April 7, 2015 05:45:34 PM
1 person recommended this |
In reply to Sarah, Boston
Thanks for dropping by TD Helps, Sarah. We appreciate you considering TD Bank for your business needs and we are happy to help provide some guidance on what is needed to open a business account. We're are also happy to provide you with the information needed for International wire transfers
Our Customers may send international wires in either U.S. dollars or foreign currency. Benefits of sending international wires in foreign currency instead of U.S. Dollars are:
- Certainty of FX rate
- Faster payments
- Competitive rates
- Minimized rate risk
For our outgoing international wire transfers fees, please see our fee schedule here: http://bit.ly/1cTejgt. We utilize the services of correspondent and/or intermediary banks to transfer funds to banks overseas. These banks may charge a fee for their services, and the correspondent and/or intermediary bank might deduct these fees from the wire transfer amount. As we are initiating the wire, we recommend contacting the receiver to see if any fees were deducted from the original wire transfer amount.
Foreign Currency Wire Transfer requests received by the International Department by 1pm weekdays will be sent the same day. US Dollar Wire Transfer requests received by the International Department by 2:00pm weekdays will be sent the same day. Funds will be available to the payee in approximately 3 to 5 banking days.
To open a business account, you must visit us at any local TD Store and there are a few things you'd need to bring with. If your business account is going to have multiple signers, be sure to bring them with you for the account opening process. Those who are going to be signers on the account need to bring the following documents: a valid photo I.D. (Driver's License, Passport, Military I.D. etc.) and Social Security number. For a non-resident alien opening a business account, you will need two valid forms of ID and a W-8Ben must be completed during the account opening process. Also, be sure to bring the Tax Identification Number for your business.
If you are looking to open an LLC, there are some additional documents you will need to bring with you. One of the listed documents is required for account opening but you can bring more than one if you desire: The documents used to form and register your business, the fictitious name registration or the Operating Agreement. Additionally, you will also need to bring documentation of your LLC Resolution.
Additionally, we also suggest reviewing the types of business accounts that TD bank has to offer. If you take a look here, http://bit.ly/1lWgAhe , the link shows the types of business checking accounts that we offer. Our web page can even make a selection based on your needs with the Business Checking Selector tool: http://bit.ly/1lGeYmw. If you have any questions while reviewing these options, a Business Banking Specialist would be happy to assist you over the telephone. You can reach them by dialing 1-855-278-8988.
Once you've decided on the right account for your needs and your business, you can stop by your local TD Bank for assistance or contact us 24/7 at 888-751-9000 to schedule an appointment. You could also click here: http://bit.ly/SWDqsn to fill in a form to request a call form a Small Business Banking Specialist. For information on our TD Store hours and locations please visit, http://bit.ly/TDStores.
Hope you found this helpful, stop by again with any other questions. Cheers!
Cameron P, Mount Laurel
April 7, 2015 05:46:19 PM
1 person recommended this