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Whats the difference between external transfers and wires? Which one is recommended? Will the other bank provide to the receiver my information (the location of the bank I used to send the money?)
May 27, 2015 06:19:46 PM
In reply to Angie, Mahwah
Thanks for your message today and great questions!
Sounds like you're sending funds to another person and are considering a wire transfer or a person-to-person transfer. There are a few differences between these payment options and we'll be glad to review them! You can decide which one may be better for you based on your particular needs.
First, wire transfers are initiated from TD Bank at any of our Store locations and can be used to send funds domestically as well as internationally, in any dollar amount and also in other currencies if needed. To send a wire, we recommend that you get in touch with the person or bank to which the wire will arrive and ask for their full wiring instructions. You can then stop in at one of our Stores listed here: http://bit.ly/TDStores to initiate this.
Keep in mind that fees typically apply for a wire transfer. For our current Fee Schedule please see here: http://bit.ly/1cTejgt. We also recommend checking with the other financial institution to obtain information regarding any additional fees for their services; and please note that if the wire will be sent internationally, the services of intermediary banks may be used and this may also add an additional cost to the service.
On the other hand, our Person-to-Person Payments feature can be used to send funds to other individuals within the United States, whether they bank with TD or not. These types of transfers are initiated via your Online Banking account rather than at a Store. Kindly note that these cannot be used to send funds internationally and all funds will be sent in U.S. Dollars. Unlike a wire transfer, this service can also be used to request funds and we invite you here: http://bit.ly/1h4ZIkL for a little more information. In addition, there are dollar limits set for this service and to see the Transfers Terms and Conditions please check out: http://bit.ly/1lkiC6K. Fees may also apply for this service and information can be found at the same link to our Fee Schedule provided above.
For a wire transfer, in order to determine the information your receiver might obtain, it would be necessary to speak with the receiving bank. When receiving a wire here at TD Bank, our Customers may be provided with your name and the bank name to indicate where the funds came from. Upon their request, we may also be able to provide your address and any message you have requested to send. Again, this is the information that would be provided to TD Customers upon receipt of a wire here, and we recommend speaking directly with the financial institution you're sending the funds to for better information about what they provide.
When using Person-to-Person Payments, please keep in mind that this service is provided via Popmoney. This third-party company will provide your receiver with your name and any messages you have sent with the funds.
Hope this helps you decide which service to use, Angie!
Let us know if you have other questions and take care.
Kristen P, Mount Laurel
May 27, 2015 06:22:18 PM