If you're one of the many Canadians who regularly sends money abroad to family or friends, you may know there are several important factors to consider when deciding which money transfer service you should use, including security, speed, convenience and transfer costs.
According to a Stats Canada study published in 2019, Canadian residents sent an average of $2,855 per year to their relatives or friends internationally.
But as Canadians continue to be separated from their family and friends across the globe due to physical distancing measures and border controls caused by the COVID-19 pandemic, for some people it's more important than ever to be able to send money to their loved ones safely and securely.
To help Canadians send money abroad when and where they want to, TD recently launched TD Global Transfer – an innovative digital marketplace that enables TD customers to send international money transfers in more ways to more places across the world.
"We're thrilled to be able to empower our customers with the ability to securely send money internationally to family and friends in a way that's easy for them and convenient for their recipient," said Mushtak Najarali, Senior Vice President, Money in Solutions, TD.
"This new solution exemplifies TD's commitment to customer-centric innovation and enables our customers to support their loved ones by providing convenience and choice on how they send money almost anywhere in the world."
For those Canadians thinking about sending money to family or friends abroad, here are three simple and convenient ways TD customers can use TD Global Transfer to send money digitally through EasyWeb or the TD app:
1. Send money directly to a recipient's bank account in more than 150 countries and territories.
Staying within the comfort and safety of home might be a top priority for your family and friends abroad right now, so sending money directly to their bank account might be an important and convenient way to do so.
"We're living in a time when it's critical to provide customers with digital options and we want our customers to be able to send money to their friends and family safely and efficiently," said Susan Hawkins, SVP Enterprise Payments, TD.
With TD Global Bank Transfer, you can send money abroad using your eligible TD Canadian or U.S. dollar personal chequing, savings or line of credit accounts to fund a transaction. Your money transfer will be directly credited to your recipient's bank account once the transfer is complete.
2. Send money directly to a loved one's eligible Visa Card with Visa Direct.
"With TD Global Transfer, we are delivering a seamless digital platform where TD customers can send money internationally, allowing the sender to shop and choose the method of delivery based on a variety of factors, such as cost, speed, and recipient experience," said Hawkins.
And with Visa Direct, TD customers can send money to their loved ones' eligible Visa Debit Card, Visa Credit Card or Reloadable Prepaid Visa Card in over 170 countries and territories.
This flexible transfer option gives customers the freedom to help pay down the balance of their loved one's credit card, top-up a reloadable prepaid card or provide them with additional funds that will be added to the cardholder's bank account through a Visa Debit Card.
Best of all, some recipient financial institutions may make funds available to the recipient account in as little as 30 minutes, meaning your loved ones may be able to access their funds quickly.
3. Send money for cash pick-up at a Western Union® Agent Location.
Does your relative or friend prefer to receive their funds in person? No problem.
You can send money directly from your eligible TD account for cash pick-up or alternative pick-up method at more than 500,000 Western Union® Agent Locations in over 200 destination countries and territories around the world, that way your loved ones can pick up your international money transfer conveniently.
To learn more about the money transfer options available through TD Global Transfer, including info about recipient countries, currency exchange rates, transfer fees and transaction times, visit td.com.
1Most Visa credit, debit and reloadable prepaid cards around the world are eligible. However, certain countries and financial institutions may choose not to accept these transactions due to local regulatory or other restrictions. Also, certain reloadable prepaid products may be restricted from receiving Visa Direct payments such as reloadable youth prepaid cards, government disbursement cards and Visa travel cards.
2Western Union® Agent locations may also make alternative pick-up options available to the recipient.