Visa, TD help Canadians move money between their Canadian and US accounts

Visa and TD Bank have announced a new capability to help Canadians move their money between their Canadian and US accounts.

Powered by Visa Direct, Visa’s real-time push payments solution that has processed 2 billion transactions in 2019, the new service - TD Bank (US) to TD (Canada) Transfer, allows TD's Canadian customers to transfer their funds to Canada from their US accounts at TD Bank.

According to NewsWire Canada, nearly USD 80 trillion USD is sent via wire transfer or bank account globally, a process that is outdated and can take days to complete. A Visa poll shows that 36% of Canadian are frustrated with money matters like moving funds between Canadian and US accounts.

Now the ease, convenience and security of moving money digitally is generating momentum, and the improvement of these solutions are core to Visa's payment modernisation strategy.

The northbound money movement feature is now widely available for TD Cross-Border Banking customers in Canada and there is no transfer fee for customers sending money from an American personal bank account at TD Bank, to their Canadian-based personal accounts at TD Canada Trust, according to the official press release.