Is the DBS Multi Currency Account not available in Canada? Here’s an alternative
With DBS not catering to Canadian customers, the Wise multi currency account might be one you consider.
Toronto-Domino Bank or as we all know it, TD Bank, is one of the largest banks in North America and employs approximately 95,000 people worldwide. TD Bank offers a wide range of financial products and services for businesses including; commercial banking products, small business banking services, merchant solutions, and treasury management services¹.
In this post, we will discuss TD's banking solutions² they offer to businesses and we will also take a look at Wise as a money services business that can be used with or without these accounts.
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When it comes to the requirements to open a business bank account with TD, you will need³:
If you own and run your business by yourself, you are a sole proprietor. Some examples include:
To open a business bank account with TD as a sole proprietor you'll need the following:
A partnership is when two or more people own and run a business together. A limited partnership is when one person manages the business and the other people invest in it.
Partnerships or limited partnerships can take on many different forms. For example, a family business may be set up as a partnership where the parents and their children are all involved in managing and running the company. A real estate partnership may involve two or more investors pooling their resources to purchase property.
To open a business bank account with TD in a partnership or limited partnership you'll need:
A corporation is a business owned by more than one person. It has its own legal name, address and phone number. People who own it are called shareholders. They share in the profits and decisions of the company.
Examples of corporations include publicly traded companies such as Apple, Microsoft and Amazon, as well as privately held businesses like family-owned businesses, franchises and limited liability companies (LLC).
To open a business bank account with TD for a corporation you'll need:
Do you run a not-for-profit? A not-for-profit organization is a type of business that does not make money to give to its owners. It works for the benefit of the public, like helping people in need or making our community better. People who work for these organizations do not get paid - they volunteer their time and energy instead.
Examples of not-for-profits include charities, advocacy or activist groups, educational organizations, religious organizations, and even healthcare organizations.
To open a business bank account with TD as a not-for-profit you'll:
The following accounts are available at TD Bank to suit your business requirements³:
The TD Basic Business Plan is available in CAD and in USD. This chequing account service plan is ideal for businesses with low or irregular monthly account activity. We can see the key features and fees charged for this account as follows:
Key features |
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Free online statements with cheque images, archived for seven years |
For the USD Account: A month-end paper statement for an additional 2.00 USD |
5 Transactions included per month |
Deposits through TD Mobile Deposit |
All debit and credit card point-of-sale terminal deposits that are electronically credited to a TD Canada Trust business chequing account |
The fees for this account are as follows:
Account Fees | CAD Account⁶ | USD Account¹³ |
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Monthly Plan Fee | 5.00 CAD | 5 USD |
Additional Transaction fee | 1.25 CAD each | 1.25 USD |
The business savings account at TD Bank works as a great complement to your business checking account. This account allows you to earn interest on your money, with easy access to funds. The key features and fees for this account are:
Key Features |
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Tiered, daily interest |
Pre-authorized Transfer Service that saves you time and money when you’re transferring funds between business accounts |
Easy record-keeping with a monthly statement |
Fees⁷ |
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Plan Details |
Transfers to, or from, any other TD Canada Trust Account to your Business Savings Account |
Deposits/Credits |
Withdrawals/Debits |
Monthly Cash Deposits (paper currency and coin)1 |
Deposit Items (cheques, money orders, drafts and other clearing items) |
The AgriInvest account is TD Bank’s solution for agricultural businesses. While the fees for this account vary on a case by case basis, the limit on matching government contributions is 15,000 CAD per year.
Key Features⁸ |
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Grows as you make annual deposits |
The first 1% of Annual deposits are matched by federal, provincial and territorial governments. |
Withdraw funds at any time to cover small margin declines or for other investments |
The TD Everyday Business Plan offers budget friendly, cost effective and high value chequing account service plans in CAD and in USD, depending on your banking requirements. There are three everyday business plans for Canadian businesses, with key features and fees as follows:
Key features |
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2 free monthly e-Transfers to send or request money |
10 CAD monthly fee rebate on Business Overdraft Protection |
Capability to send Additional Remittance Details |
All debit and credit card deposits credited to your account through POS terminals, are non-chargeable and are not subjected to transaction and deposit item limits |
Account fees | Every Day A/B/C for CAD⁹ | Every Day A/B/C for USD¹² |
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Monthly Plan Fee | 19-72 CAD | 19-72 CAD |
Fee rebate with minimum monthly balance | 20,000-45,000 CAD | 20,000-45,000 CAD |
Transactions included per month | 20-120 | 20-120 |
Additional transaction fee | 1.25 CAD each | 1.25 USD Each |
The TD Unlimited Business Plan is available in CAD and has a USD counterpart too. The accounts cater to businesses with high transactions and/or deposit requirements.
Key Features |
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Annual rebate |
$10 monthly fee rebate |
Additional savings |
Waiver of set-up fees |
Free Interac e-Transfer |
Unlimited transactions per month |
Account Fees | CAD Account¹⁰ | USD Account¹⁴ |
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Monthly Plan Fee | 125 CAD | 125 USD |
Free Rebate with Minimum Monthly Balance of | 65,000 CAD | 65000 USD |
TD Bank offers two plans for community and not-for-profit organizations in Canada, in CAD and in USD.
Key Features |
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Overdraft protection |
If your in-branch deposit contains multiple deposit items (cheques, money orders, drafts), up to 250 items are considered as one single transaction |
Telephone operator-assisted transactions, including bill payments |
Web transfers, bill payments and Interac Online purchases |
All debit and credit card deposits credited to your account through POS terminals are non-chargeable transactions and are not subjected to transaction and deposit item limits |
Withdrawals, transfers, bill payments and deposits at any TD Canada Trust branch of Green Machine ATM |
In-branch night deposits |
Telephone automated transfers and bill payments |
Make debit payments in Canada and the US |
5 free transactions with the Community Plan |
30 free transactions with Community Plan Plus |
The fees and other important information for the CAD account are¹¹:
Community Plan | Community Plan Plus | |
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Monthly Plan Fee | 1.95 CAD | 4.95 CAD |
Additional transactions | 1.25 CAD | 1.25 CAD |
Fee Rebate with Minimum Monthly Balance | 5,000 CAD | 10,000 CAD |
The fees and other important information for the USD account are¹⁵:
Community Plan | Community Plan Plus | |
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Monthly Plan Fee | 1.95 USD | 4.95 USD |
Additional transactions | 1.25 USD | 1.25 USD |
Fee Rebate with Minimum Monthly Balance | 5,000 USD | 10,000 USD |
All TD Bank transactions have a markup over the mid market rate for international transfers.
Td Bank’s fee booklet indicates that the bank charges an additional 3.5% over the mid-market rate as currency conversion fees.¹⁶
When it comes to the Wise Business Account, it is your handy alternative to banking. You can conduct all your business transactions from one place, including:
And lots more! With Wise, it’s easier than ever to manage your company’s cash flow.
Wise is a great choice for all kinds of businesses - and it’s registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB).
Enjoy flexible payments across the world. Send your money at the standard mid-market rate and avoid hidden exchange rate fees with every transaction.
To start exploring your business spending options, check out Wise.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
With DBS not catering to Canadian customers, the Wise multi currency account might be one you consider.
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