New collaboration to modernize money movement for quick and easy cross-border money transfers
TORONTO, Dec. 23, 2019 /CNW/ - Today, Visa and TD Bank announced a new capability to help Canadians move their money between their Canadian and U.S. accounts. Powered by Visa Direct, Visa's real-time1 push payments solution that has processed 2 billion transactions2 in the past year, the new service - TD Bank (US) to TD (Canada) Transfer, allows TD's Canadian customers to transfer their funds to Canada from their U.S. accounts at TD Bank with speed, convenience and transparency. The collaboration reinforces Visa's commitment to modernize how payments are made around the world and TD's focus on meeting evolving customer preferences.
"At Visa, we want to empower Canadians to send, receive and access their money where they want, when they want, and how they want," said Brian Weiner, vice president & head of product, Visa Canada. "Visa Direct is providing Canadians more convenient ways to move their money, and we are pleased to be working with TD to expand this capability to Visa cardholders."
With 1.5 million Canadians heading to warmer climates during the winter3, financial preparations before travelling are top of mind. A Visa poll shows that 36% of Canadian snowbirds are frustrated with money matters like moving funds between Canadian and U.S. accounts4. Today, nearly $80 trillion USD is sent via wire transfer or bank account globally5, a process that is outdated, costly and can take days to complete. Now the ease, convenience and security of moving money digitally is generating momentum, and the improvement of these solutions are core to Visa's payment modernization strategy.
"At TD, we're focused on providing our customers with products and services that are easy to use and deliver value," said Frank Psoras, senior vice president, Everyday Banking at TD. "Today, we're pleased to be offering an even easier way for our customers to move funds from their TD U.S. to Canadian bank accounts, demonstrating our commitment to omni-channel experiences that allow Canadians to bank in the ways that work best for them."
The northbound money movement feature is now widely available for TD Cross-Border Banking customers in Canada and there is no transfer fee for customers sending money from an American personal bank account at TD Bank, America's Most Convenient Bank®, to their Canadian-based personal accounts at TD Canada Trust. For more information about Visa Direct, visit: https://usa.visa.com/run-your-business/visa-direct.html. For more information about TD's Cross-Border Banking features, visit https://www.td.com/ca/en/personal-banking/solutions/cross-border-banking/.
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1 | Actual fund availability depends on receiving financial institution and region. Visa requires fast-funds enabled issuers to make funds available to their recipient cardholders within a maximum of 30 minutes of approving the transaction. Please refer to your Visa representative and the Visa Direct Original Credit Transaction Global Implementation Guide for more information. |
2 | https://s1.q4cdn.com/050606653/files/doc_financials/2019/q4/CORRECTED-TRANSCRIPT-Visa,-Inc.%28V-US%29,-Q4-2019-Earnings-Call,-24-October-2019-5-00-PM-ET.pdf Data refers to Visa's Fiscal Year 2019, which ended September 2019. |
3 | Arizona Office of Tourism (AOT) 2017 and 2018 Canada-Florida Economic Impact Study |
4 | Visa Canada Google Survey (conducted between November 21 – December 5, 2019) of 2,300 Canadians aged 55 and older (of which, 780 self-identified as travelling to a warmer part of the USA during the winter). |
5 | Accenture Market Sizing, 2017, Annual Addressable PV for Real Time Payments, all markets. |
About Visa Inc.
Visa Inc. (NYSE: V) is a world leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. Our relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit visa.ca/en_CA/about-visa.html, usa.visa.com/visa-everywhere/blog.html and @VisaNewsCA.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the fifth largest bank in North America by branches and serves over 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 13 million active online and mobile customers. TD had CDN$1.4 trillion in assets on October 31, 2019. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE Visa Canada
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