Large TD bank wire transfer service issue

[EnlightenedAtheist]

I am wondering if I am the only Canadian who has had issues with trying to bring in money from Canada while living in LOS (large amount to buy a house and such). 

 

I have been using 1 credit union (CU) and 1 bank. Unfortunately, most of my money is at TD. I had set up the wire transfers with the CU and have been successful in doing them. They needed me to confirm each transfer with a phone call every time (which is a bit of a pain considering the time differences), but it was easy. Sadly, TD has a different system (I am told). I would need to set up a power of attorney first, which I could not because I did not foresee them changing the regulations after I had talked to them. They threw that last bit just before I was moving and I could not set it up. If I recall properly, I would need to be physically there with whoever is the power attorney to validate the process. Obviously, I do not want to do that. So, is this common with banks, with TD, or is this branch manager being a bit overzealous?

 

I have been contacting TD and they told me I could use their Visa transfer, but there are limits:

 

Per Transaction Minimum Limit: $10 (CAD/USD)
Per Transaction Maximum Limit: $2,500 (CDN/USD)
24 Hour Rolling Limit: $ 2,500 (CAD/USD)
7 Day Rolling Limit: $ 10,000(CAD)
30 Day Rolling Limit: $ 25,000 (CAD)

 

And of course, there are fees.

 

• $8.95 for international transactions up to $1,000
• $12.95 for transactions greater than $1,000.01 up to $2,500
• $1.50 for all domestic transactions

 

Not very convenient if you want to send, say, $ 60 K, and expensive.

 

So, yes, I could transfer some of the TD money into my CU and do the wiring with them, but then I would incur transfer charges when I do it (from TD) or $30 for 60 K (not a huge deal) but I would need to do this several time and would need to wait 2 months as there are time limits. 

 

Surely, there must be a better way!

 

 

[allane]

From a fellow Canadian: Canadians living abroad can not open new Canadian bank or stock brokerage accounts, or get new Canadian credit cards. (anti- money laundering legislation). The only exception is that you can broaden your assortment within the same institution, e.g. you can open a chequing account at a bank where you already have a savings account, and they have your ID and signature on file.

So, you will likely have to do the best you can, using whatever combination of bank accounts and ATM cards you presently have.

[EnlightenedAtheist]

38 minutes ago, allane said:

From a fellow Canadian: Canadians living abroad can not open new Canadian bank or stock brokerage accounts, or get new Canadian credit cards. (anti- money laundering legislation). The only exception is that you can broaden your assortment within the same institution, e.g. you can open a chequing account at a bank where you already have a savings account, and they have your ID and signature on file.

So, you will likely have to do the best you can, using whatever combination of bank accounts and ATM cards you presently have.

Thanks. Yes, that is true about not being able to open a new account from outside of Canada. One cannot open a new account. But, this is not the case. I had and have an account in both TD and the CU. Maybe opening a chequing account could help me, as I could extend the savings account. Are Canadian cheques accepted in LOS? I somehow doubt it. I could use a foreign draft, but I might need to be physically there to have one issued. What do you recommend I do?

Edited August 26, 2017 by EnlightenedAtheist

[allane]

1. Electronic SWIFT transfer by your bank, upon receiving a letter from you requesting same. Send Cdn. $, and have the currency exchange done on the Thai end; it is a lot cheaper that way.

2. Electronic transfer using your Cdn. ATM card to your Thai bank acct. I can do this on my bank's website.

3. Cash withdrawal using your Cdn. ATM card.

Review your bank's website, and/or speak to them on the phone before proceeding. Speak to the national call centre. Many employees of local branches have never heard of SWIFT.

[EnlightenedAtheist]

3 hours ago, allane said:

1. Electronic SWIFT transfer by your bank, upon receiving a letter from you requesting same. Send Cdn. $, and have the currency exchange done on the Thai end; it is a lot cheaper that way.

2. Electronic transfer using your Cdn. ATM card to your Thai bank acct. I can do this on my bank's website.

3. Cash withdrawal using your Cdn. ATM card.

Review your bank's website, and/or speak to them on the phone before proceeding. Speak to the national call centre. Many employees of local branches have never heard of SWIFT.

Thanks.

 

So, are you suggesting that I sent a letter (not an email) requesting the amount to be sent? A notarized letter if it is a high amount? Have you done this?

 

Which is your CAD bank?

[AYJAYDEE]

http://www.canadianforex.ca/our-services/transfer-money/thailand

[allane]

As I said in Post # 2, in all likelihood you can not open a new account at a bank where you are unknown, so for that reason, where I bank is irrelevant. I am with the maroon bank.  If your bank has different rules, you will have to live by them. I am certain banks will not accept E-mailed instructions. My bank used to accept an ordinary (non-notarized) letter. For the last couple of years, they have been forcing me to use the ATMs here in Thailand instead, which is not all bad. It is faster, though I think a bit more expensive.  I would never use one of these "non-bank" forex operations, for lack of a better word. If they don't send your money, what recourse do you have ?

Edited August 27, 2017 by allane
x

[EnlightenedAtheist]

3 hours ago, allane said:

As I said in Post # 2, in all likelihood you can not open a new account at a bank where you are unknown, so for that reason, where I bank is irrelevant. I am with the maroon bank.  If your bank has different rules, you will have to live by them. I am certain banks will not accept E-mailed instructions. My bank used to accept an ordinary (non-notarized) letter. For the last couple of years, they have been forcing me to use the ATMs here in Thailand instead, which is not all bad. It is faster, though I think a bit more expensive.  I would never use one of these "non-bank" forex operations, for lack of a better word. If they don't send your money, what recourse do you have ?

Thanks.

As I stated in the original post and in my reply to you, I do have an account in both the bank and the CU I have been dealing with for years when I was in Canada. Should not be a problem to open a chequing account to add to the savings account I have at the bank. CU's wire transfers have worked fine. If it were not for the 11 pm phone call, it would be a perfect system. These morons have yet to figure out a better (as safe if not better) system (for the customer) to authenticate the customer. I bet they are all fearful of someone going around their system. Or is it that they are all too lazy and/or stupid to find the optimum system? 

Edited August 27, 2017 by EnlightenedAtheist

[gk10002000]

Go with Schwaub?

[mikebike]

I have used SWIFT transfers from TD Canada Trust. Had no issues, although I am well acquainted with the staff at my branch in the frozen north.

[EnlightenedAtheist]

Thanks, MikeBike.

 

That's interesting and very useful. I was also well acquainted with the staff, but I was told just prior to my departure (a few days before), even though I had a tacit agreement that had been made 1 year prior to departure, that I would need to have now a power of attorney which was impossible to set up in the time that I had. It would seem that some managers of banks have more power or leeway than I thought.

 

I have made an effort to contact TD, Toronto (not the branch). So far one response and I had to ask twice. I have sent another message asking for another way, as the way I was given was unpractical. That was one week ago! If I don't make any headway there, I will contact my branch and see what they say. If I am able to make a case that this is happening routinely, they might have to comply, especially if I mention that I will write to TD, Toronto, about this issue. This might bring them to move on this.

 

I have a few other ideas on how I could make some transfers using my family, bit I would rather, if I can avoid it. Thanks for your reply.

[EnlightenedAtheist]

5 hours ago, gk10002000 said:

Go with Schwaub?

Thanks. Great idea, however, I could not find one branch available in Western Canada, I am afraid, but maybe the website is not up to date. You are assuming I could set this up from Thailand. No?

[gk10002000]

4 hours ago, EnlightenedAtheist said:

Thanks. Great idea, however, I could not find one branch available in Western Canada, I am afraid, but maybe the website is not up to date. You are assuming I could set this up from Thailand. No?

My understanding is Charles is very user friendly to international operations.  There are many posts on Thaivisa about it, but I have no direct experience with them or if one can set things up initially online.  Contact them

[Crossy]

On 8/26/2017 at 6:46 PM, EnlightenedAtheist said:

So, are you suggesting that I sent a letter (not an email) requesting the amount to be sent? A notarized letter if it is a high amount? Have you done this?

Do you have internet banking?

 

Assuming yes, there should be a secure messaging system built in to the banking application. Faster than a letter and more secure than an email. All my banks (admittedly not in Canada) accept instructions via this service.

 

[mikebike]

16 hours ago, EnlightenedAtheist said:

Thanks, MikeBike.

 

That's interesting and very useful. I was also well acquainted with the staff, but I was told just prior to my departure (a few days before), even though I had a tacit agreement that had been made 1 year prior to departure, that I would need to have now a power of attorney which was impossible to set up in the time that I had. It would seem that some managers of banks have more power or leeway than I thought.

 

I have made an effort to contact TD, Toronto (not the branch). So far one response and I had to ask twice. I have sent another message asking for another way, as the way I was given was unpractical. That was one week ago! If I don't make any headway there, I will contact my branch and see what they say. If I am able to make a case that this is happening routinely, they might have to comply, especially if I mention that I will write to TD, Toronto, about this issue. This might bring them to move on this.

 

I have a few other ideas on how I could make some transfers using my family, bit I would rather, if I can avoid it. Thanks for your reply.

If you have a relative you trust why not add them to the account (which you can do remotely - they would have to attend the branch to sign etc) and let them initiate the SWIFT transfer. Then when done transferring remove them from the account.

Edited September 1, 2017 by mikebike

[EnlightenedAtheist]

3 hours ago, mikebike said:

If you have a relative you trust why not add them to the account (which you can do remotely - they would have to attend the branch to sign etc) and let them initiate the SWIFT transfer. Then when done transferring remove them from the account.

Oh! Good thinking! I will investigate. Thanks.

[EnlightenedAtheist]

7 hours ago, Crossy said:

Do you have internet banking?I am able to get into the investing website, but it looks like a trip to another country has made me unable to use the banking website. I tried to access my account from there, but no luck

Thanks! I think they do! I will check tonight.

[Crossy]

2 minutes ago, EnlightenedAtheist said:

I am able to get into the investing website, but it looks like a trip to another country has made me unable to use the banking website. I tried to access my account from there, but no luck

It seems to be an annoying issue with North American banks, apparently you're not allowed to manage your own money when outside the country.

 

It may be worth giving their help line a call (probably not), otherwise a VPN that comes out in the relevant country is your solution.

 

[EnlightenedAtheist]

I was able to get to the fine details of the other possible ways to transfer money: using the visa to visa transfer system. One can transfer 25,000 CAd per month, but there is a 2500 CAD limit per transaction:

 

http://td.intelliresponse.com/cbaw/?requestType=NormalRequest&source=3&id=3452&question=Are+there+limits+to+sending+money+using+Visa+Direct

 

I will pursue the other ideas given by posters in this thread and report back.

Edited November 2, 2017 by EnlightenedAtheist

[lovelomsak]

I am a fellow Canadian who was quite concerned also  about bringing money over on the long term.

 I found the best way for me was  to simply write  a cheque to myself and deposit it here at my bank. Took 6 weeks to get it cleared. But easy.I think you just need to keep the transaction under 500,000 baht each time and no problems.Could do every month I think, I did it in Canadian dollars and get the rate of the date it cleared.

  When your cards run out because you reach their expiring date this may be the only way to get money. My bank requires the last 3 digits from my ATM card for SWIFT so when my card is finished cannot use SWIFT.

Edited November 3, 2017 by lovelomsak

[EnlightenedAtheist]

19 minutes ago, lovelomsak said:

I am a fellow Canadian who was quite concerned also  about bringing money over on the long term.

 I found the best way for me was  to simply write  a cheque to myself and deposit it here at my bank. Took 6 weeks to get it cleared. But easy.I think you just need to keep the transaction under 500,000 baht each time and no problems.Could do every month I think, I did it in Canadian dollars and get the rate of the date it cleared.

  When your cards run out because you reach their expiring date this may be the only way to get money. My bank requires the last 3 digits from my ATM card for SWIFT so when my card is finished cannot use SWIFT.

Thanks for that tip!

 

Amazing that one must resort to doing this. 

 

I do not have a chequing account though.

 

Edited November 3, 2017 by EnlightenedAtheist

[owl sees all]

When I first arrived in LOS I had two options. Either write to my bank and request they send money to my account in Thailand or use my Debit card in an ATM.

 

When Transferwise (TW) was launched some years ago I tried their service. It was nothing short of excellent. Then - for some reason that I know nothing about - the service was ended. This led me onto other ways of transfer;

 

Azimo

Currencyfair

Currencydirect

 

I tried the first two and found them OK but a bit slow (3/4 days) but a lot faster than writing to my bank (and much cheaper).

 

Three years ago TW came back online and I've been using them ever since. Easy, quick (next day dosh) and cheap.

 

Hope this might help EA. If you want to try TW, and need any help drop me a personal message or email me (address in profile)

 

[mogandave]

Why not just transfer it to the credit union and the transfer it to Thailand?


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[mogandave]

Or carry it in cash


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[JAS21]

On 04/11/2017 at 9:30 AM, owl sees all said:

When I first arrived in LOS I had two options. Either write to my bank and request they send money to my account in Thailand or use my Debit card in an ATM.

 

When Transferwise (TW) was launched some years ago I tried their service. It was nothing short of excellent. Then - for some reason that I know nothing about - the service was ended. This led me onto other ways of transfer;

 

Azimo

Currencyfair

Currencydirect

 

I tried the first two and found them OK but a bit slow (3/4 days) but a lot faster than writing to my bank (and much cheaper).

 

Three years ago TW came back online and I've been using them ever since. Easy, quick (next day dosh) and cheap.

 

Hope this might help EA. If you want to try TW, and need any help drop me a personal message or email me (address in profile)

 

I'll second that ... TW will charge you 1% and there should be no other fees anywhere ... I wrote an article on them ... you can read it at thailandstarterkit.com     ... Latest Articles.

[EnlightenedAtheist]

17 hours ago, mogandave said:

Or carry it in cash

17 hours ago, mogandave said:

Why not just transfer it to the credit union and the transfer it to Thailand?


Sent from my iPhone using Thaivisa Connect

Sent from my iPhone using Thaivisa Connect

Thanks for the advice, but I am not in Canada and there is a $2.5K limit per transaction/per day and a $25K monthly limit, which would force me to do 10+ transaction. I have sent a message to TD to offer me a better solution than this. I mean they should have a better process to allow wire transfer. Sure, safety is a concern, but ... come on ... one of these bright lights in Toronto should figure something out. No?

[EnlightenedAtheist]

Just got the answer from TD. No solution. They claim the limit is to prevent money laundering. Well! Let's see if it is not just BS.

 

My best bet is to transfer $3K per day (limit) to my credit union for a $1 fee, from which I can do a swift transfer or use PayPal. There is a $10K limit per transaction with them. Much easier and a higher limit. Which do you think I will choose? DUH! What a F****ing pain these morons from TD!

 

If I did not have a stock account with them, I would move my money in a heartbeat.

[mogandave]

Just got the answer from TD. No solution. They claim the limit is to prevent money laundering. Well! Let's see if it is not just BS.
 
My best bet is to transfer $3K per day (limit) to my credit union for a $1 fee, from which I can do a swift transfer or use PayPal. There is a $10K limit per transaction with them. Much easier and a higher limit. Which do you think I will choose? DUH! What a F****ing pain these morons from TD!
 
If I did not have a stock account with them, I would move my money in a heartbeat.

Do have a checking account?

Just write a check and deposit it in your Thai bank.

It takes a while, (45 Days) and costs about $50, or at least it did.

[EnlightenedAtheist]

54 minutes ago, mogandave said:

 

Do have a checking account?

Just write a check and deposit it in your Thai bank.

It takes a while, (45 Days) and costs about $50, or at least it did.

 

Thanks for that tip!

 

I do not have a chequing account though.

[ELVIS123456]

Maybe use an international bank?  Set up an account here and another account next time you are in Canada - but maybe you can do that from here?  HSBC has a retail banking presence in both Canada, but not sure it is the same in Thailand  - probably would be my guess. Citibank is good for the Thailand - Australia stuff for me - but I dont know if they are in Canada.