TD Bank vs Wise: Fees, Rates & Speed Compared
TD Bank
3.4TD Bank offers international wire transfers for Canadian and US account holders. Widely available but significantly more expensive than specialist money transfer services.
Wise
4.3Wise (formerly TransferWise) offers transparent, low-cost international money transfers using the real mid-market exchange rate with no hidden markups.
TD Bank and Wise are both popular choices for international money transfers, but they take different approaches. TD Bank, founded in 1855 and headquartered in Toronto, Canada, is best known for large transfers and business payments. Wise, operating since 2011 from London, UK, focuses on transparent, low-cost transfers. This comparison uses real transfer data collected from both providers across 6 popular corridors to show you exactly which one offers better value for your specific needs.
In this comparison
Live comparison: TD Bank vs Wise across popular corridors
The table below shows how much the recipient receives when sending through TD Bank vs Wise on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | TD Bank | Wise | Winner |
|---|---|---|---|
| USD → INR($1,000) | — | ₹96,077.86 | N/A |
| GBP → EUR(£1,000) | — | €1,149.85 | N/A |
| USD → PHP($500) | — | ₱30,761.99 | N/A |
| USD → MXN($1,000) | — | MX$17,275.70 | N/A |
| GBP → PKR(£500) | — | ₨186,116.83 | N/A |
| USD → NGN($200) | — | ₦270,124.04 | N/A |
Amounts shown are what the recipient receives. Based on current scraped data, updated every 6 hours.
Key differences between TD Bank and Wise
TD Bank vs Wise: Feature comparison
| Feature | TD Bank | Wise |
|---|---|---|
| Overall rating | 3.4/5 (Fair) | 4.3/5 (Excellent) |
| Fee structure | CAD $30-$80 per wire transfer | Variable fee from 0.41% |
| Exchange rate markup | 2.5% - 4% above mid-market | 0% (mid-market rate) |
| Transfer speed | 2-5 business days | Instant to 2 days |
| Supported countries | 200+ | 80+ |
| Supported currencies | 50+ | 50+ |
| Max transfer | $100,000 | $1,000,000 |
| Payment methods | Bank Transfer | Bank Transfer, Debit Card, Credit Card, Apple Pay |
| Delivery methods | Bank Deposit | Bank Deposit, Wise Account |
| Regulators | OSFI, FDIC | FCA, FinCEN, ASIC |
| Founded | 1855 | 2011 |
Pros and cons
TD Bank
Pros
- Major Canadian bank
- Strong US and Canadian presence
- Easy for existing customers
Cons
- High transfer fees ($30-$80)
- Poor exchange rate markup (2.5%+)
- Slow delivery
Wise
Pros
- Uses real mid-market exchange rate
- Transparent fee structure shown upfront
- Multi-currency account available
- Fast transfers to many countries
- Regulated in multiple jurisdictions
Cons
- Credit card payments have higher fees
- No cash pickup option
- Transfer limits may apply for new accounts
When to choose TD Bank vs Wise
Choose TD Bank if:
- You want the real mid-market exchange rate with no hidden markup
- You need wider country coverage (200+ vs 80+ countries)
- TD Bank's strengths (Bank Deposit) match your needs
Choose Wise if:
- You want the real mid-market exchange rate with no hidden markup
- You're sending large amounts (Wise supports up to $1,000,000)
- You need a multi-currency account to hold and convert balances
- You need a business account for commercial payments
Verdict: TD Bank or Wise?
Cost: Too close to call
TD Bank and Wise are closely matched on cost. Across our 6 sample corridors, neither provider consistently delivers more to the recipient. The best choice depends on your specific corridor.
Faster: Wise
Wise is generally faster, with transfers arriving in Instant to 2 days, compared to 2-5 business days for TD Bank.
Wider coverage: TD Bank
TD Bank has broader coverage with 200+ countries and 50+ currencies. TD Bank also offers Bank Deposit.
Bottom line
Overall, Wise edges ahead for most users thanks to transparent pricing with the real mid-market exchange rate. That said, TD Bank is the better pick if you need large transfers and business payments.
Frequently asked questions
Is TD Bank or Wise cheaper for international transfers?
It depends on the corridor. Our data across 6 routes shows TD Bank and Wise are closely matched on total cost. TD Bank charges CAD $30-$80 per wire transfer with a 2.5% - 4% above mid-market exchange rate markup, while Wise charges Variable fee from 0.41% with a 0% (mid-market rate) markup. We recommend comparing rates for your specific transfer using our calculator.
Which is faster, TD Bank or Wise?
TD Bank typically completes transfers in 2-5 business days, while Wise takes Instant to 2 days. Actual speed depends on the corridor, payment method, and delivery option you choose. Bank transfers tend to be slower than card-funded transfers, and bank deposits are generally faster than cash pickups.
Are TD Bank and Wise safe to use?
Yes, both are regulated money transfer services. TD Bank is regulated by OSFI, FDIC and has a 3.4/5 Trustpilot rating. Wise is regulated by FCA, FinCEN, ASIC with a 4.3/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for TD Bank vs Wise?
TD Bank has a maximum transfer of $100,000 (minimum $1), while Wise allows up to $1,000,000 (minimum $1). Limits may vary by corridor, account verification level, and payment method. New accounts typically start with lower limits that increase over time.
Can I get cash pickup with TD Bank or Wise?
TD Bank offers Bank Deposit. Wise offers Bank Deposit, Wise Account. Neither provider offers cash pickup — both deliver to bank accounts only.
Should I use TD Bank or Wise to send money internationally?
For most users, Wise offers better overall value thanks to transparent pricing with the real mid-market exchange rate. However, TD Bank is the better choice if you need large transfers and business payments. The best provider for you depends on your corridor, transfer size, and whether you need features like Wise Account.