How do I make a payment to a recipient overseas?
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 200 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 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 a 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.
What is an IBAN?
As Europe is moving to the Single Euro Payments Area (SEPA), the European Union (EU) – as well as Norway, Iceland, Liechtenstein and Switzerland – have made a series of regulatory changes designed to improve straight-through processing of payments and reduce costs.
A key element of this transition is the introduction of the International Bank Account Number, or IBAN – the new domestic account number standard for all retail and commercial banking accounts in the EU. IBANs are assigned by the European banks to their corporate customers and can be found on invoices and/or settlement instructions you receive from your counterparties.
The IBAN consists of up to 34 alphanumeric characters: two characters are used to identify the country in which the counterparty's account resides; two characters are used for check digit verification; and the rest identify the account holding bank and the counterparty's account number.
Why do I need to use the IBAN?
Your wire payments can still be made without an IBAN, but you should ask your European beneficiaries for it and supply it to us with the payment details. Your beneficiaries will be familiar with the 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
Will TD Bank continue to offer international wires? I heard there was a new regulation and that some banks will no longer offer international wire transfer services.
TD Bank will continue to offer international wires.
About the Dodd-Frank Remittance Transfer RegulationThe Consumer Financial Protection Bureau has issued new rules to protect consumers who send funds electronically to foreign countries. This rule, known as Dodd-Frank Remittance Transfer is effective as of October 28, 2013, and is intended to provide customers who send international wire transfers more complete information about fees and foreign exchange rates associated with the international wire transfer, as well as disclosure of the date when funds will be made available to the receiving party. The rule also addressed customers' rights in terms of investigation of international wire transfers who may have encountered an issue in the initiation or processing of the international wire transfer. TD Bank, NA, is prepared to comply with the requirements of this new regulation.
When I deposit a check drawn on a bank outside 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 or to get cash at an ATM.
