TD Bank is an American national bank that operates primarily across the East Coast, in around fifteen USA States. It is a subsidiary of the Canadian Toronto-Dominion Bank. TD Bank is the 11th largest banking institution in the United States by total assets and the seventh biggest U.S. bank as far as deposits are concerned. The headquarters of the bank is in Cherry Hill, New Jersey. We will learn whether you can make a TD bank wire transfer online shortly.
Wire transfer is a money transfer option that allows you to send and receive money from other banks. It allows large transfers of money, although various cases of insecurity usually surround it. You can transfer money via wire both domestically and internationally. The wire transfers are considered insecure because the transactions are usually instant, and if you make a single error, you may not be able to reverse the transfer.
TD Bank operates both online and at physical stores. When managing your account online, you can get tools, updates, and resources to help support your financial desires and goals. That way, you can find solutions to various financial issues. Online accounts are convenient because you can access your money from anywhere and anytime. TD Bank also offers mobile banking, whereby you can download their app and access funds on the go.
How to open a TD bank account?
You can open an account online using your smartphone, tablet, or computer. You need to visit the bank’s website and choose the account to open. We can look at how you can open a checking account online. But before opening your account, you must make sure you have various things, which are as follows.
- Social Security Number (SSN)
- Identification document, e.g., National/State ID, Passport, or driver’s license
- Email address
- Phone number
- Physical address
- Opening deposit where applicable
Once you have all that with you, you can choose the checking account you would like to have and tap ‘Open in Minutes.’ You can also check the nearest branch with all your requirements and open an account. Once your account is ready, you can do various transactions such as withdrawing money at an ATM, writing a check, depositing money, or even doing a TD bank transfer to another bank, among other kinds of transactions.
There are various checking accounts that you can open today. They include the following.
i) TD Convenience Checking
TD Convenience Checking is the most popular checking account that you can open in minutes. The account has a low minimum daily balance requirement and great discounts when you open your account. It has no monthly maintenance fee when maintaining a minimum daily balance of $100.
Also, there are no monthly maintenance fees. If you are a school-going person or a young adult aged 17-23, you can get more perks from the account. Furthermore, you get free mobile banking with TD Bank mobile deposit to manage your finances on the go.
ii) TD Beyond Checking
The account has various perks that you can enjoy as an account holder as it gives you three ways to waive their monthly maintenance fees. You will also pay zero ATM fees if you maintain at least a daily balance of $2,500.
Again, you will get fees reimbursed on two overdrafts per year, Rush Bill Payments, and much more. Moreover, you get free incoming wires and reimbursement for one outgoing wire per statement cycle. Wire transfers require you to transfer money using the routing number and account number or equivalent details.
iii) TD Simple Checking
If you want an everyday checking account without a minimum balance requirement and a low monthly maintenance fee, then this account will be of great help. It gives you a low monthly maintenance fee of $5.99.
Interestingly, the account has no minimum balance requirements, and you can also get a discount on your first order of checks. You also get a free mobile banking app and enjoy mobile deposits.
iv) TD Essential Banking
TD Essential Banking is a low-cost bank account with excellent digital tools and gives you zero overdraft fees. The account has no minimum daily balance requirement whatsoever. However, you must part with a monthly maintenance fee of $4.95.
The account does not allow you to write checks, but you can use online Bill Pay or your debit card to make payments. You can quickly access your account 24/7 via online and mobile banking avenues. It is an excellent account to start your banking journey.
Interestingly, the account has no monthly maintenance fee for ages 13-17. The under 18 account openers must visit the nearest TD branch with their parent or guardian to open an account. Upon completing the account opening process, they get a debit card on the spot.
The contactless debit card allows you to manage it on your mobile app, whereby you can receive alerts about any fraudulent activities and take the necessary action.
v) Student Checking
Students need a checking account to carry out their everyday transactions. It does not require a minimum balance or monthly fees. If you are a school-going or young adult aged 17-23, the account is suitable for you.
As mentioned above, one can get great student perks (no minimum balance requirement and no monthly fees). Also, you will not pay a monthly maintenance fee on the Simple Savings account that links to your checking account. To enjoy that benefit, you must be under 24 years.
Unfortunately, you cannot open your account online if you are under 18. You must visit a TD Bank branch near you with your parents or legal guardian to open your account. Upon opening your account, you get a debit card for your various transactions.
vi) TD 60 Plus Checking
If you are 60 or older, you can get the TD 60 Plus Checking account to enjoy numerous features to better your life. The account requires a daily balance of at least $250 to waive the $10 monthly maintenance fee.
You can also get some interest in your balance. It is also rare to find a checking account that earns you interest. Again, the account allows you to write free checks, money orders, and paper statements.
Apart from the various checking accounts, TD Bank provides savings accounts such as TD Beyond Savings, TD Simple Savings, and TD Growth Money Market. You can also benefit from CDs and IRAs. Other products include credit cards, personal loans, and debit cards.
Can I make a wire transfer online with TD Bank?
TD Bank allows you to transfer money using the wire transfer method. You can either make an international or domestic wire transfer. To send a wire transfer, you must visit your local branch and provide the following details about the recipient’s account:
- Account user name and full address
- The recipient account number
- Branch number plus full address
- Swift Code / BIC / IBAN code
- Institution number
- Routing Number (for international transfers)
The question is, how long does a wire transfer take for a bank to bank transfer? A wire transfer takes about 3-5 business days to be processed.
How do you receive a wire transfer?
Apart from sending wires to others, you can also receive money through the same process. Therefore, you need to learn how to receive money through wire transfer to make things easy when the time comes. You should provide the following information to the sender when receiving wire transfers.
- Your name
- Your full address
- TD’s Institution number: 004
- Your Account number
- Branch transit number
- Full branch address
- TD’s Swift Code (for international transfers): TDOMCATTTOR (the code applies to all accounts and branch locations)
If you are receiving money in U.S. dollars, you may have to provide the following details from TD Bank’s U.S Correspondent/Intermediary Bank:
- Bank of America, New York
- SWIFT: BOFAUS3NXXX
- Fedwire ABA# 026009593
What are the differences between wire and ACH transfers?
ACH is another money transfer method that allows you to transfer money domestically and internationally. However, we have a few differences between the two that you should know. They include the following.
- A wire transfer allows you to send large sums of money, while ACH is mainly suitable for low volume transfers.
- Wire transfers involve direct communication between the financial companies involved in the money transfer. In contrast, ACH transfer involves a third party, the Automated Clearing House, that processes and transfers the funds to the receiving bank.
- Wire transfers are quick as recipients can receive their funds within a short time. ACH takes a little longer.
- Moreover, wire transfers are expensive compared to ACH. There are fees to send wires either domestically or internationally. Recipients also have to part with some fees to receive funds. In most cases, ACH transfers are free. For example, TD Bank’s internal and external transfers are free.
Bottom line
TD Bank is an American national bank that operates primarily across the East Coast, in around fifteen USA states. The bank allows you to benefit from various products such as savings and checking accounts, credit cards, IRAs, CDs, personal loans, and many others.
There are checking accounts for everybody, including teens and seniors. You can open and manage your TD Bank account online. TD Bank offers mobile and online banking services.
