Toronto-Dominion Bank (TD Bank Group): Overview and Account Opening Guide

Toronto-Dominion Bank (TD Bank Group) is the second-largest bank in Canada by assets and one of the top financial institutions in North America. Headquartered in Toronto, TD operates a vast retail network in Canada and the United States, where it is branded as “America’s Most Convenient Bank.”

As of 2025, TD ranks among the top 20 global banks by market capitalization, with strengths in retail banking, wealth management, and commercial services. Its reputation for customer service and cross-border banking makes it particularly attractive to clients with ties in both Canada and the U.S.

Bank Profile

• Founded: 1955 (merger of Bank of Toronto and Dominion Bank, both established in the 19th century)
• Headquarters: Toronto, Canada
• Market Cap (2025): ~USD 245 billion
• Global Presence: 15+ countries, including the U.S., U.K., and Singapore
• Key Services: Retail and personal banking Business and commercial banking Wealth management and private banking Insurance services Capital markets and investment banking

Why Choose TD Bank?

• Strong Canada–U.S. cross-border banking solutions
• Known for excellent customer service and convenience
• Extensive retail network in North America (over 2,300 branches)
• Growing digital banking platforms with advanced mobile apps
• Solid wealth management and private banking services

Account Types Available

1. Personal Accounts Checking and savings accounts in CAD or USD Debit and credit card services Mortgages and personal loans
2. Business Accounts SME and corporate banking solutions Treasury and cash management services Trade finance and cross-border payments
3. Private Banking (TD Wealth Private Banking) For high-net-worth individuals (USD 1–2 million+ in assets) Comprehensive estate planning, wealth structuring, and investment advisory

Account Opening Requirements

For Individuals (Canadian Residents):

• Government-issued ID (passport, driver’s license, or permanent resident card)
• Social Insurance Number (SIN)
• Proof of address (utility bill, lease, or bank statement)

For Non-Residents / Foreign Clients:

• Valid passport
• Proof of overseas residential address
• Tax identification number (for FATCA/CRS compliance)
• In some cases, ties to Canada or the U.S. may be required

For Corporate Accounts:

• Articles of Incorporation / Business registration
• Business Number (BN) or tax ID
• Proof of registered office address
• Identification of directors and shareholders

Step-by-Step Account Opening Process

1. Initial Contact Book an appointment at a TD branch in Canada or the U.S. Private banking clients are onboarded through relationship managers.
2. Document Submission Provide required personal or business documents.
3. Compliance Review TD performs KYC and AML checks. Non-resident applications may undergo extra scrutiny.
4. Approval Timeline Personal accounts: 3–5 business days Business accounts: 1–2 weeks Private banking: 3–5 weeks
5. Account Activation Clients receive account numbers, debit/credit cards, and online banking access.

Advantages & Considerations

Advantages

• Strong Canada–U.S. cross-border coverage
• Large branch network in both countries
• Excellent digital and mobile banking services
• Trusted private banking and wealth management solutions

Considerations

• Limited international retail presence outside North America
• Non-residents face stricter requirements
• Higher thresholds for premium/private banking

Frequently Asked Questions (FAQ)

Q1: Can foreigners open a TD account remotely?
A1: Generally no. Most non-residents must apply in person or demonstrate strong ties to Canada/U.S.

Q2: Does TD operate in Singapore?
A2: Yes, but its Singapore office mainly focuses on capital markets and institutional services, not retail banking.

Q3: What is the minimum deposit for a standard account?
A3: Basic checking accounts may require CAD 25–100. Private banking requires USD 1M+ in assets.

Internal Link

• Link from Global Top 20 Banks by Market Cap 2025 → “Toronto-Dominion Bank (TD Bank Group)” anchor text
• Related banks: [Royal Bank of Canada Guide], [Bank of America Overview], [HSBC Account Opening]

Toronto-Dominion Bank, TD Bank, TD Bank Group, account opening, Canadian banks, personal banking, private banking

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles