TD Bank adds cross-border direct debit for Canada’s U.S. snowbirds
Targeting about 1.5 million Canadians who routinely visit the U.S. for extended periods — especially during the winter — TD Bank is collaborating with Visa to enable debit push payments for easier cross-border funds movement.
TD Bank will add Visa Direct to its platform so Canadians who have bank accounts on both sides of the border can transfer funds to Canada from their U.S. bank accounts in real time, according to a Monday press release.
There is no transfer fee for customers using the service to send funds from a U.S. account at TD Bank to their Canadian personal accounts at TD Canada Trust, according to the release.
The new service means Canadian TD Bank customers who take long vacations in the U.S. can immediately access funds between their accounts and avoid juggling exchange rates and foreign currency fees when obtaining cash to use over the border.
“Today we’re pleased to be offering an even easier way for our customers to move funds from their TD U.S. to Canadian bank accounts, demonstrating our commitment to omnichannel experiences that allow Canadians to bank in the ways that work best for them,” said Frank Psoras, senior vice president, Everyday Banking, at TD, in the release.
“Visa Direct is providing Canadians more convenient ways to move their money, and we are pleased to be working with TD to expand this capability to Visa cardholders,” said Brian Weiner, Visa’ vice president of product, in the release.