Starting March 5, TD Bank started adding steep fees for customers using their TD Bank accounts. The charges include fees for using non-TD Bank ATMs and accessing their funds outside the country.
While travel may be on hold as the Coronavirus crisis stops international travel, this is a tough blow for TD Bank customers. Many of them chose to bank with TD Bank precisely because they don’t charge any foreign transaction fees. Luckily, there’s an alternative that continues to provide (and exceed) the international benefits TD Bank customers are used to.
Breaking It Down:
Fees Charged By TD Bank
But first, what fees does TD Bank now charge?
The bank is levying a $3 fee on customers anytime they use their debit card to withdraw funds at any ATM that is not owned by TD Bank. In addition, they charge a hefty 3% foreign transaction fee for any transaction outside the United States or in a foreign currency.
With TD Bank Adding Fees Customers Look for an Alternative
TD Bank Customers have been blunt in their dissatisfaction since the changes were announced. Many have taken to Twitter to express their outrage and search for an alternative bank.
I chose to bank w/ @TDBank_US because they didn't charge international transaction fees. Now they're putting a 3% charge on all non-US transactions? Even if you're stateside? I guess I have to switch the rest of my funds over to my credit union. I am NOT getting hit this badly. pic.twitter.com/25tIxwRdTl
— Amy Myers (@AmyMyersNJ) February 21, 2020
@TDBank_US just received a notice about upcoming account changes and am I understanding this correctly? If, after March 5th, I use my debit card for a purchase while visiting another country OR for an online purchase from an international site I will be charged a 3% fee?
See AlsoNFL.com | Official Site of the National Football LeagueIs Wise Safe? Wise Money Transfers Review (TransferWise Review)List of Access Bank sort codes for all branches in NigeriaBest & Worst Places to Start a Career— Natalie (@hey_itsnataliek) January 17, 2020
Well, @TDBank_US will be losing our household as customers I guess. I already pay the fee for using a non-TD ATM when I'm abroad, and now they are going to charge me 3% of my withdrawal too? What garbage.
— Gerry Martini (@Gerry_Martini) January 21, 2020
When I first opened a bank account I chose @TDBank_US because of awesome perks like no ATM fee.
Today they charged me a 3 dollar non TD ATM fee and a 3 dollar balance inquiry which I hit by accident on the machine.
There are multiple other reasons this bank sucks. Stay away.
(Video) The 5 BEST Bank Accounts of 2022— Bobby Kay (@BKayZone) October 17, 2019
What’s the best alternative to access your money internationally without fees?
Luckily for customers heading for the exits, there’s another bank offering fee-free debit-card purchasing and ATM withdrawals worldwide. Better yet, you can even get ATM fees refunded.
So-Fi Money is the best TD Bank Alternative
SoFi is most known for loan products, but they also offer a cash management product known as SoFi Money.
SoFi Money comes with a generous sign-up bonus. Deposits earn a 1.6% APY and they don’t charge account or international fees making your next international vacation that much more affordable.
SoFi Money is an online cash management platform without physical branches — everything is conveniently managed through their website or app. They also have a customer service phone number if that’s more your style. But that doesn’t mean you can’t easily access your money. SoFi Money allows you to withdraw money from ATMs worldwide without a fee, they’ll even refund the ATM owner’s fee.
Signup Bonus
At the moment, SoFi Money is offering a $50 bonus to anyone who signs up and deposits at least $500 through a personal referral link (like this one). That’s a pretty generous bonus.
Getting the bonus is easy. It should post within 10 business days of eligible activity being completed after signing up.
SoFi Money Benefits
I am incentivized for you to sign up for SoFi Money using my referral link, but it’s easy to make a case for this account. The long-term benefits easily outshine the initial $50 bonus:
- ATM fees are reimbursed worldwide. Use any ATM machine and it’ll be reimbursed to you.
- No foreign transaction fees on debit card purchases.
- No account fees
- Modern website and app to manage your money with.
- Get paid a 1.60% APY
International ATM fee refunds, earning an 1.6% APY on deposits, and no account fees are just some of the benefits customers switching from TD Bank to SoFi Money will benefit from.
In addition to the primary benefits, the account will offer Mastercard benefits detailed below and often offers special offers like their recently completed 20% off Netflix offer.
Mastercard World Debit Benefits
SoFi announced in January that it would be switching from Visa to Mastercard. While they noted that “there are no changes to your existing SoFi Money benefits. You will continue to get 1.60% APY on all your cash, pay no account fees, and all of the other features you love with SoFi Money,” they are adding some new benefits.
The new benefits from Mastercard will include:
- Mastercard Airport Concierge™: Available 24/7/365 at over 450 destinations worldwide, cardholders get 15% off personal Meet and Greet agents to escort them through the airport on departure, arrival and/or any connecting flights and expedite them through the security and/or the immigration process (at participating airports).
- Cell phone protection: When you pay your cell phone bill with SoFi Debit Mastercard, In the event your phone is accidentally damaged or stolen you may be eligible to receive up to $200 per claim, $25 deductible, up to 2 claims per year. Unlimited lines associated with the cell phone bill.
- Mastercard golf: Provides discounted access to golf courses, complimentary grounds passes for PGA Tournaments, access to domestic and international golf travel packages, and more.
- Additional SoFi member experiences: On top of SoFi member experiences, SoFi Money Mastercard cardholders will have the opportunity to engage in bonus exclusive, once-in-a-lifetime experiences with the people they love in the cities where they live and travel.
- Enhanced securitywith credit monitoring, alerts for suspicious activity, and white-glove service to help you resolve issues with Mastercard ID Theft Protection™.
- Purchase assurance: May provide coverage for new items purchased with your SoFi World Debit Mastercard that are damaged or stolen within 90 days of the date of purchase, up to $1,000 per claim.
- Extended warranty: May double the original manufacturer’s (or store brand) warranty. Coverage is for eligible items purchased with your Mastercard.
Bottom-line: SoFi Money Is The Best Account For Americans Internationally
Save on fees around the world while earning a 1.6 APY on your funds with TD Bank alternative SoFi Money.
While the loss of free international spending with TD Bank may be a hard blow, SoFi fills the gap with most of the benefits customers are used to—and more. When I signed up for SoFi Money a few months ago it took about two minutes. The $50 referral bonus for signing up for an account using a referral link is a good reason for signing up. But the account offers solid long-term value like no foreign transaction fees and ATM fees reimbursed worldwide.
Do you have SoFi Money? Tell us your thoughts in the comments. And feel free to share your referral link as well!
The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
td adding atm feestd adding foreign transaction feestd bank adding fees
Giovanni
Giovanni Hashimoto is a growth hacking consultant and travel enthusiast. His interest in aviation and different cultures may stem from his background. A third culture kid, he was born in Tokyo, grew up in the United States, and attended university in Italy. He's a citizen of all three countries. He loves to discover and share travel tips, sweet spots for mileage redemptions, and flight deals that allow him to explore new places around the world (he's visited over 60 countries and counting). Follow his travels on Instagram.
FAQs
What bank does SoFi use? ›
SoFi Checking and Savings is offered through SoFi Bank, N.A. The SoFi® Bank Debit Mastercard® is issued by The Bancorp Bank pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted.
Is my money safe with SoFi? ›As for safety, your account will be secure with SSL encryption, two-factor authentication, fraud protection, and FDIC insurance. (SoFi isn't a bank, but SoFi partners with FDIC-insured banks to keep your money safe.)
Does TD Bank charge international fees? ›International transaction $0 TD does not impose a fee on international transactions. However, merchants or other third parties may impose fees on international transactions, which may be added to the cost of such transaction. International ATM withdrawal $3.00 This is our fee.
Does TD Bank charge foreign ATM fees? ›we will charge a foreign exchange fee equal to 3% of the transaction amount. This fee will apply whether the TD Bank Debit Card holder or TD ATM Card holder is physically located inside or outside the United States and the merchant is located outside the United States.
Can I trust SoFi? ›SoFi has received an A+ rating with the Better Business Bureau. The BBB uses a grade range of A+ to F when evaluating company trustworthiness and considers a number of factors — including customer complaint history, licensing and government actions, and advertising issues — when reaching a final rating.
Can I use SoFi as a bank? ›Yes, SoFi Bank is a real bank. In January 2022, SoFi was conditionally approved by federal regulators to become a national bank, pending its purchase of Golden Pacific Bancorp, Inc.
How is SoFi different from bank? ›SoFi's banking products are more akin to those of traditional banks. While there are no checking or savings accounts available, rather a hybrid account, you can access loans, mortgages, and investment products. SoFi also offers insurance.
How do I get my money out of SoFi? ›If you need to access your available funds, you can initiate a withdrawal at any time from the SoFi Mobile App or sofi.com. Click into the Invest account you would like to withdraw from, go to "Manage", then "Withdraw". Click into the Invest account you would like to withdraw from, select "More", then "Withdraw".
What makes SoFi different? ›SoFi is a different kind of finance company whose goal is to help people get their money right. Our products are built around our members—so that they have the tools they need to take control of their financial futures.
How much does TD Bank charge for currency exchange? ›We are not responsible for any reliance that you might place on, or use you might make of, the rates provided on this page or the TD Foreign Exchange Calculator. Transaction Fee: $7.50 USD per online transaction.
Does TD Bank have a transfer limit? ›
TD Global Bank Transfer: Up up to $6,500 per transaction every day. Visa Direct: Up to $2,500 per transaction per day. Western Union: Up to $999.99 per day.
What is TD withdrawal fee? ›If you've already made 25 transactions in the month, you'll pay a $1.25 transaction fee. You may pay a fee to the ATM provider, and for foreign currency withdrawals at an ATM outside of Canada you will pay the foreign exchange related fee.
How do I avoid foreign transaction fees TD Bank? ›There are no foreign transaction fees with the following products: TD First ClassSM Visa Signature® Credit Card and with TD Bank Debit Cards linked to the following accounts: TD Beyond Checking, TD Preferred Savings, TD Private Tiered Checking, TD Private Tiered Savings, TD Premier CheckingSM and TD Relationship ...
Which bank has no foreign transaction fee? ›- Aspiration.
- Betterment.
- Charles Schwab.
- Capital One.
- Alliant Credit Union.
- First Republic Bank.
- Fidelity.
- USAA.
- SBI Global International Debit Card.
- ICICI Bank Sapphiro International Debit Card.
- Axis Bank Burgundy Debit Card.
- HDFC EasyShop Platinum Debit Card.
- Yes World Debit Card.
- HSBC Premier Platinum Debit Card.
SoFi is well positioned to withstand any financial storm. I have been dollar cost averaging into SoFi and other high-quality names as funds have become available and will continue to do so as long as the business fundamentals continue to strengthen.
Is SoFi a Chinese company? ›SoFi Technologies, Inc. (commonly known as SoFi) is an American online personal finance company and online bank.
Why would SoFi freeze my account? ›Your bank account may be frozen if your bank suspects fraud or illegal activity, or if they're complying with a court order due to unpaid debts. The government can also request an account freeze for any unpaid taxes or student loans.
Is SoFi better than a traditional bank? ›Traditional banks are highly regulated, and they can't get away with cherry-picking the best borrowers and ignoring the rest. SoFi, which does not take deposits and is regulated at the state level by the Consumer Financial Protection Bureau, has more strategic flexibility.
Does SoFi money have Zelle? ›We're sorry, at this time SoFi Money is not compatible with Zelle. However, as an alternative, SoFi Money has a free peer-to-peer (P2P) feature that allows you to send money to anyone in your address book. It's quick, seamless, and secure.
How long does a SoFi withdrawal take? ›
Finally, your requested withdrawal will initiate into your selected account, 2 business days from the trade execution date. (Please Note: It can take 1-3 business days for your funds to post into the selected account based on normal ACH deposit timeframes).
Is SoFi money a checking account? ›SoFi Checking and Savings includes both a checking account and a savings account. As SoFi states at its website, “Since SoFi Checking and Savings has many of the great features of SoFi Money (plus more), we no longer offer SoFi Money to new members.”
Is SoFi checking free? ›SoFi Checking and Savings charges you no account fees.
That's why SoFi doesn't charge any account fees on your checking and savings accounts. We work hard to charge no account fees. With that in mind, our fee structure is subject to change at any time. See our terms and conditions.
We do not charge any fees to transfer an investment account INTO SoFi Invest! However, for Active Invest brokerage accounts, there is a $75 outgoing ACAT fee should you decide to transfer your account to another broker. It is also possible that other firms may charge an ACAT fee.
How long does SoFi take to transfer money? ›SoFi Checking and Savings®
If the recipient has a SoFi Checking and Savings account, the transfer should occur instantly. Otherwise, the money should land in the recipient's bank account within two to three business days after the recipient claims the P2P payment by submitting bank account information.
SoFi has partnered with Allpoint to provide consumers with ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement.
Why is SoFi so successful? ›SOFI's comprehensive offerings are the core of its competitive advantage within the digital banking market. The ability to offer multiple services to members increases revenue per member and makes SOFI's platform sticky for users. Another key to SOFI's outperformance of competitors is its loan offerings.
Why is SoFi so low? ›SoFi CEO Anthony Noto told CNBC's Rooney that he believed that some of Wall Street's expected numbers could be out of date following the company's April 6 update, which lowered net revenue expectations for the full year. The drop for the stock brought SoFi to roughly $4 billion in market cap.
Is SoFi a good long term investment? ›SOFI Stock Provides High-Upside Long-Term Growth
That's not necessarily because of the numbers (its loss was in line with estimates, while revenue was well ahead of estimates). Rather, the issue was the company's forecast for Q2 growth, which came in below the analyst consensus.
Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, offer the added benefit of having ATMs overseas.
Does TD Bank offer currency exchange? ›
With TD, you can: Order 55+ foreign currencies online or in person at any TD Bank location and pick up within 2–3 business days. Exchange foreign currency for U.S. dollars when you return from your trip, or if you're a visitor to the U.S. No TD Bank account is necessary to exchange currency.
What is the cheapest way to buy U.S. dollars? ›Though there may be a small fee, your bank or credit union will almost always be the best place to exchange currency (and the cheapest). You may be able to order currency at a branch location or by phone or online to have it delivered to you, or to pick up at a branch.
What is the Zelle limit for TD Bank? ›| Bank | Daily limits |
|---|---|
| TD Bank | Transfer within minutes feature: up to $1,000/day Transfer within 3-day feature: up to $2,500/day |
| Truist | Up to $2,000/day |
| U.S. Bank | Between $1,500 and $2,500/day |
| Wells Fargo | Up to $2,500/day |
...
| Daily ATM Withdrawal Limits at Top Banks | |
|---|---|
| Regions Bank | $808 |
| Truist | $3,000 |
| TD Bank | $1,000 |
| Union Bank | $500 |
Send Money with Zelle® is easy, fast and free for TD customers. If you have a TD personal checking or money market account, e-mail address and U.S. mobile number, you can: Send money to almost anyone in the U.S. with a U.S. bank account using their e-mail or U.S. mobile number – even if they aren't a TD customer.
How much money do I need to keep in my TD savings account? ›Drop the monthly maintenance fee
Then, just keep a $300 minimum balance to waive the $5 monthly fee.
| Monthly Maintenance Fee | $15 |
|---|---|
| ATM Fees | None at TD ATMs |
| Checks | Discount on first order of select styles |
| Online Statements | Free |
| Paper Statements | $1 monthly fee |
TD Unlimited Chequing Account Details
You pay no monthly fee if you have the minimum monthly balance indicated or more in your account at the end of each day in the month.
In addition to their $0 foreign fees, these TD Bank cards are good for international travel because they offer lost luggage reimbursement. Currently, the TD First Class Visa Signature® Credit Card and Nordstrom Credit Card are the only TD Bank credit cards that don't have foreign transaction fees.
Can I use my TD debit card internationally? ›Visa Debit is accepted in over 200 countries outside of Canada and gives you the ability to use your TD Access Card to withdraw cash at more than 2.2 million ATMs while you travel, wherever Visa is accepted 1.
Do I need to inform TD Bank when travelling abroad? ›
If you are traveling and plan to use your TD Debit card, ATM card or Credit card, you no longer need to tell us you'll be away from home. We continually monitor the activity on your accounts and will attempt to verify any unusual transactions, no matter where you are in the world.
Which bank is good for international transactions? ›State Bank of India, HDFC Bank, Axis Bank, and Yes Bank are some of the banks which offer international debit cards.
Is it cheaper to withdraw money abroad? ›Avoid exchanging money at airports and hotels - they usually have the worst rates. If you want to withdraw cash from an ATM when you're abroad, always do it in the local currency. This guarantees the mid-market rate.
How do you avoid international fees? ›- Watch Out for Conversion and Transaction Fees.
- Open a Credit Card That Doesn't Have a Foreign Transaction Fee.
- Exchange Currency Before You Travel.
- Open a Bank Account That Doesn't Charge Foreign Fees.
- Pay With the Local Currency.
- Finding Cards With No Foreign Transaction Fees.
Visa and Mastercard are widely accepted worldwide. If an establishment takes credit cards, it's a good bet that your Visa or Mastercard will work. American Express and Discover have an international presence, too, but they are accepted by fewer merchants.
Is SoFi Bancorp? ›Isn't SoFi already a bank? SoFi is now a nationally chartered bank that will soon offer SoFi Checking and Savings. Until now, we've been partnering with the Bancorp Bank to provide an all-in-one cash management account.
Does SoFi use Zelle? ›We're sorry, at this time SoFi Money is not compatible with Zelle. However, as an alternative, SoFi Money has a free peer-to-peer (P2P) feature that allows you to send money to anyone in your address book. It's quick, seamless, and secure.
What credit score do you need to qualify for SoFi? ›Cons. Good credit required: SoFi requires a minimum credit score of 680 to be approved for a personal loan. No same-day funding: Once approved, borrowers will receive their funds within a few days, according to SoFi.
How is SoFi different from bank? ›SoFi's banking products are more akin to those of traditional banks. While there are no checking or savings accounts available, rather a hybrid account, you can access loans, mortgages, and investment products. SoFi also offers insurance.
What is special about SoFi? ›SoFi is one of the largest student loan refinancing companies in the industry. The online lender has refinanced over $30 billion worth of student loans for more than 375,000 members, while delivering many features not offered by banks, credit unions and other traditional lenders.
Is SoFi a major bank? ›
Not a bank—
While we do offer many of the same products and services as traditional financial institutions, SoFi is not a bank. We're still held to high regulatory and compliance standards—and have teams across the company dedicated to protecting our members' money and information.
SoFi Checking and Savings includes both a checking account and a savings account. As SoFi states at its website, “Since SoFi Checking and Savings has many of the great features of SoFi Money (plus more), we no longer offer SoFi Money to new members.”
How do I get my money out of SoFi? ›If you need to access your available funds, you can initiate a withdrawal at any time from the SoFi Mobile App or sofi.com. Click into the Invest account you would like to withdraw from, go to "Manage", then "Withdraw". Click into the Invest account you would like to withdraw from, select "More", then "Withdraw".
Does SoFi hurt your credit score? ›Yes, a SoFi personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a SoFi personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.
How do I withdraw money from SoFi instantly? ›Instant Funding allows new SoFi Money members to transfer up to $500 instantly by linking an existing Visa or Mastercard debit card. Simply select the 'Transfer Instantly' option and then enter your debit card to information to instantly fund.
How does SoFi verify income? ›Self-Employed Loan Requirements
Traditional documentation used to verify income includes pay stubs and W2s.
It takes 6 to 15 business days to get money from a SoFi personal loan, in most cases. The SoFi loan timeline includes around 2-4 business days to get approved for a SoFi loan and another 4-11 days to receive the funds after approval.
How long does SoFi take to transfer money? ›SoFi Checking and Savings®
If the recipient has a SoFi Checking and Savings account, the transfer should occur instantly. Otherwise, the money should land in the recipient's bank account within two to three business days after the recipient claims the P2P payment by submitting bank account information.
SoFi Checking and Savings is an excellent choice if you don't want to deal with standard bank fees. It doesn't charge monthly service fees, overdraft fees, or out-of-network ATM fees. The account also offers a few unique perks. There's a savings tool called Money Vaults, which helps you save for individual goals.
Is SoFi checking free? ›SoFi Checking and Savings charges you no account fees.
That's why SoFi doesn't charge any account fees on your checking and savings accounts. We work hard to charge no account fees. With that in mind, our fee structure is subject to change at any time. See our terms and conditions.