TD Bank Alternatives In Canada for International Money Transfer

Toronto-Dominion Bank, commonly known as TD Bank, is one of Canada’s largest and most trusted financial institutions. With a broad range of services, including personal banking, loans, and international money transfers, TD Bank is the go-to for international money transfers for many people living in Canada. It started from a single branch serving grain millers and merchants in 1855 and has now grown to a major financial service company providing financial solutions to individuals and businesses around the world.
So, Why Look Beyond TD Bank?
TD Bank is one of Canada’s largest banks, and yes, it gets the job done. But when it comes to international transfers, there are a couple of factors that may make you want to seek out an alternative:
- High Fees: Sometimes, your transactions go through other banks and agents and fees can quickly add up.
- Slower Processing: Transfers can take quite a while with TD Bank also because the money is going through various agents and currencies before it gets to the destination
- Unfavorable Exchange Rates: The rates aren’t always in your favor.
- Limited Flexibility: Some banks require in-person visits for certain transactions.
Top TD Bank Alternatives for International Money Transfers
1. Zole — Tailored for Nigerians in Canada
Zole is the best option for Nigerians living in Canada who send money back home to Nigeria. If you’re a Nigerian in Canada who regularly sends money back to your family and loved ones in Nigeria, to business partners or employees in Nigeria or you send money to fund personal projects, Zole is the remittance platform you can always rely on.
Why It Stands Out: Instant transfers, low fees, and competitive rates.
- Pros:
- No transfer fees
- No hidden fees and charges
- Fast transactions
- Excellent customer support
- User-friendly app
- Better rates for larger volumes of money (Yes, if you send up to $3000 CAD or 3 million naira, you save more money)
- Cons:
- Currently optimized for Nigerian corridors (which is perfect if that’s where your money is heading).
2. Wise (formerly TransferWise)
Known for its transparency, Wise lets you see exactly how much you’ll get before hitting "send." and how much you will pay in fees. Wise does not mark up exchange rates so you get to pay a charge depending on where you are and where you are sending the money to.
- Pros:
- Great exchange rates
- Transparent fees
- Cons:
- Transfers can take a bit longer.
- Fees may add up
3. Remitly
Remitly is a popular digital money transfer service that makes sending funds abroad fast and easy. Known for its speed and flexibility, Remitly offers multiple delivery options, including cash pickup and direct bank deposits, making it a go-to choice for those needing quick, reliable transfers.
- Pros:
- Speedy transfers
- Multiple delivery options (cash pickup, bank deposit)
- Cons:
- Fees increase with faster delivery.
4. PayPal/Xoom
PayPal and its sister service, Xoom, offer fast and familiar ways to send money internationally. With PayPal’s trusted reputation and Xoom’s quick delivery options, tGet started here.hey’re convenient choices — though often at the cost of higher fees and less favorable exchange rates
- Pros:
- Trusted name
- Easy integration with PayPal accounts
- Cons:
- High fees and weaker exchange rates.
The Zole Advantage
If you’re Nigerian and living in Canada, Zole isn’t just an option — it’s the option. The app is built with your needs in mind, offering unbeatable rates and a process so smooth. One other reason Zole stands out is that you get special bonus FX rates when you send above CAD$3000 to Nigeria or N4m to Canada. Get started here.
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