The US is easily the most frequently visited country for Canadian travellers, which should come as no surprise given the close proximity between the two countries. Snowbirds, in particular, tend to spend a good chunk of their time in the US, especially during the colder months of the year.
TD offers its Borderless Plan that’s designed for Canadians who spend a lot of time — and money — in the US. This plan allows you to have more control over your finances, especially if you’ve got accounts in both countries and make frequent transactions between the two.
What Is The TD Borderless Plan?
The TD Borderless Plan is a chequing account offered by TD Bank that’s designed for those who frequently travel between Canada and the US. For a low monthly fee of $4.95, you’ll enjoy unlimited transfers between your Canadian and US bank accounts. And if you carry a TD credit card, you’ll also receive a credit card rebate of $39 USD each year.
There are still currency conversion fees applicable when cross-border transfers are made between your accounts. That said, you’ll benefit from better foreign exchange rates on US funds up to $25,000 USD.
When you open a TD Borderless Plan, you could qualify for $100 USD.
Find out if a foreign currency bank account is a better fit for you.
Features Of The TD Borderless Plan
The TD Borderless Plan comes with a number of features that make it easy to manage and control your finances in the States and Canada.
- Cross-border banking. Quickly and easily transfer funds between your Canadian and US dollar accounts, whether you’re visiting the US on holiday or live there part-time.
- Foreign Currency Services. Get preferred foreign exchange rates on US currency and more than 50 other foreign currencies.
- TD App. Use your mobile app on the fly to manage your Canadian and US dollar accounts.
- TD MySpend. Pair your TD app with the TD MySpend feature to keep tabs on your expenditures and make improvements to your spending habits as required.
- TD Mobile Deposit. Deposit cheques into your account conveniently throughout the TD mobile deposit feature.
- Low monthly fee. Take advantage of all the perks of your TD account for just $4.95 per month.
- Unlimited transactions. Make as many transactions as you want without being charged per transaction.
Need to send money internationally? Try using these international money transfer services.
TD Borderless Plan Discounts And Rebates
As a member of the TD Borderless Plan, you can take advantage of the following discounts and rebates:
- Monthly fee rebate. There are no monthly fees if you have a balance of at least $3,000 USD in your account by the end of each day.
- US credit card rebate. Receive an annual rebate of $39 USD on a TD US Dollar Visa credit card.
- Travel medical insurance discount. Enjoy a 10% discount on a TD Travel Medical Insurance plan.
- Premium perks. There are other perks that come with the TD Borderless Plan, including free US cheques and bank drafts.
TD Borderless Plan Fees
The TD Borderless Plan is very affordable, but there are some costs associated with it, including the following:
| Monthly fee | $4.95 |
| Monthly fee with TD All-Inclusive Banking Plan | $1.95 US for existing TD All-Inclusive Banking Plan clients |
| Minimum monthly balance for monthly fee waiver | $3,000 USD |
| Transactions per month included | Unlimited |
How To Open A TD Borderless Account
There are 3 ways to open a TD Borderless Plan account:
- Online. The quickest and easiest way to open an account is online via the TD website portal or the mobile app.
- In person. Visit any physical TD branch to open a Borderless Plan account.
- By telephone. Speak with a live representative at 1-866-222-3456 to get help opening your account.
Documents And Information Required
The following information is required to open an account, including your:
- Full name
- Date of birth
- Social Insurance Number (SIN)
- Email address
Eligibility Requirements
You’ll need to meet the following criteria to qualify for a TD Borderless Plan account:
- Be the age of majority in your province.
- Use the account only for yourself, and not for a third party.
- Have a valid email address.
Drawbacks Of The TD Borderless Plan
The TD Borderless Plan has a few drawbacks to consider before you apply:
- No interest accrued. The money deposited in your account will not earn any interest.
- Fees are in US dollars. The fees charged are in US dollars. Since the USD dollar is worth more than the Canadian dollar right now, you’ll be paying more than you would if the fees were charged in Canadian currency.
- Transaction limitations. You cannot use your TD Borderless Plan account for bill payments, debit purchases, Interac e-Transfers, or withdrawals at bank machines.
TD Borderless Plan FAQs
What is the TD Borderless Plan minimum balance requirement?
Is my money insured?
How do I withdraw money from my TD Borderless Plan?
Do I have to pay the currency exchange rates when I transfer money?
Final Thoughts
If you visit the US often and want to take advantage of unlimited free transfers between your Canadians and US accounts, then the TD Borderless Plan might be something to consider. However, if you want to be able to make debit purchases, bill payments, and withdrawals from ATMs using your US dollar account, you may want to look into other TD products.
