TD Bank vs XE: 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.
XE
4.4XE is a trusted name in currency exchange, offering international money transfers with competitive rates and no transfer fees for most corridors.
TD Bank and XE 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. XE, operating since 1993 from Newmarket, Canada, focuses on large transfers and business payments. 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 XE across popular corridors
The table below shows how much the recipient receives when sending through TD Bank vs XE on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | TD Bank | XE | Winner |
|---|---|---|---|
| USD → INR($1,000) | — | ₹96,033.71 | N/A |
| GBP → EUR(£1,000) | — | €1,146.94 | N/A |
| USD → PHP($500) | — | ₱28,827.34 | N/A |
| USD → MXN($1,000) | — | MX$17,191.59 | N/A |
| GBP → PKR(£500) | — | ₨174,170.74 | N/A |
| USD → NGN($200) | — | — | N/A |
Amounts shown are what the recipient receives. Based on current scraped data, updated every 6 hours.
Key differences between TD Bank and XE
TD Bank vs XE: Feature comparison
| Feature | TD Bank | XE |
|---|---|---|
| Overall rating | 3.4/5 (Fair) | 4.4/5 (Excellent) |
| Fee structure | CAD $30-$80 per wire transfer | No transfer fees |
| Exchange rate markup | 2.5% - 4% above mid-market | 0.5% - 1.5% above mid-market |
| Transfer speed | 2-5 business days | 1-4 business days |
| Supported countries | 200+ | 130+ |
| Supported currencies | 50+ | 130+ |
| Max transfer | $100,000 | $500,000 |
| Payment methods | Bank Transfer | Bank Transfer, Debit Card, Credit Card |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | OSFI, FDIC | FCA, FinCEN, ASIC, FINTRAC |
| Founded | 1855 | 1993 |
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
XE
Pros
- Well-known and trusted brand
- No transfer fees for most transfers
- Supports 130+ currencies
- Rate alerts available
- Excellent currency data and tools
Cons
- Exchange rates include a markup
- No cash pickup option
- Transfer speed can be slow
When to choose TD Bank vs XE
Choose TD Bank if:
- You want the real mid-market exchange rate with no hidden markup
- You need wider country coverage (200+ vs 130+ countries)
- TD Bank's strengths (Bank Deposit) match your needs
Choose XE if:
- You want the real mid-market exchange rate with no hidden markup
- You're sending large amounts (XE supports up to $500,000)
- You want to lock in an exchange rate with a forward contract
- You need a business account for commercial payments
Verdict: TD Bank or XE?
Cost: Too close to call
TD Bank and XE 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.
Speed: Similar delivery times
Both providers offer similar transfer speeds. TD Bank typically delivers in 2-5 business days, while XE takes 1-4 business days. The actual speed depends on the corridor and delivery method.
Coverage: Comparable reach
Both providers have comparable coverage. TD Bank supports 200+ countries and 50+ currencies, while XE covers 130+ countries with 130+ currencies.
Bottom line
Overall, XE 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 XE cheaper for international transfers?
It depends on the corridor. Our data across 6 routes shows TD Bank and XE 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 XE charges No transfer fees with a 0.5% - 1.5% above mid-market markup. We recommend comparing rates for your specific transfer using our calculator.
Which is faster, TD Bank or XE?
TD Bank typically completes transfers in 2-5 business days, while XE takes 1-4 business 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 XE 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. XE is regulated by FCA, FinCEN, ASIC, FINTRAC with a 4.4/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for TD Bank vs XE?
TD Bank has a maximum transfer of $100,000 (minimum $1), while XE allows up to $500,000 (minimum $1). Limits may vary by corridor, account verification level, and payment method. New accounts typically start with lower limits that increase over time.
Should I use TD Bank or XE to send money internationally?
For most users, XE 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 Bank Deposit.