TD Bank Group (TD) offers a comprehensive retail foreign exchange service across North America, providing currency rates, payments, and banknote products around the clock through over 2,000 branches. This includes 14 FX centres in Canada, where customers can access over 50 currencies either by pre-order or on-demand.
To enhance convenience, TD has heavily invested in improving customer touchpoints and expanding access across multiple channels, including optimizing cash management through advanced forecasting tools. TD has minimized the need for customers to pre-order travel money, reducing wait times and ultimately boosting banknote sales.
Sending money internationally, a traditionally complex process, has also been streamlined, through TD Global Transfer, which allows customers to make remittances in over 100 currencies. By enabling secure, online transactions, TD has eliminated the need for in-person branch visits and removed uncertainty about FX rates on the receiving end, making the process accessible to customers.
TD’s focus on customer needs also extends to the precious metals market. Drawing on community insights, TD has curated a diverse range of custom products that reflect Canada’s multicultural population. This strategy has grown demand for TD’s exclusive pieces and led to procurement of high-demand products from global mints.
The bank has continued to reduce the need for in-person transactions, offering live FX rates and precious metals shopping through its e-commerce platform. This shift towards digital, high-efficiency, low-cost channels benefited both customers and the bank, while also opening up cross-sale opportunities with other TD investment products.
"We continually focus on providing our customers access to competitive foreign exchange rates in whichever channel they choose to bank," says Anthony Herceg, director and head of retail and wealth FX sales and distribution.
"Through the pandemic, we prioritized the need for our customers to send money internationally by extending our currency offer for outbound remittances in both our branch and digital channels; an offer that continues to grow with adoption in the last year.
"Preparing for North America's pent-up travel demand post-pandemic, we heavily invested in cash forecasting tools that would put the right currencies and amounts in TD branches where our customers could easily access them. On-site availability of cash for customers before they travel increased our foreign banknote sales year over year, where industry participants reported flat or negative growth."