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TuringDock vs TD
TD is a world-class Canadian bank with the strongest US cross-border footprint of the Big 5. Its international wire product is a general-purpose business banking feature, not a manufacturer's payments workflow.
| Attribute | TD | TuringDock |
|---|---|---|
| FX markup | Typically 2.5–3% above interbank. | 0%. Interbank rate, locked at PO issuance. |
| Wire fee | $30–50 per international wire. | Near zero. |
| Settlement time | 2–5 business days. | Same or next business day. |
| Tracking | Confirmation on send. No status until landed. | Real-time status in TuringDock and Slack. |
| Where the payment lives | Separate portal, separate workflow. Manually re-enter PO reference each time. | Inside the PO record. One click to send. PO updates automatically. |
| Failure recovery | Call business banking. Hold music. Days. | Inline error with the supplier bank's reason. Retry from the PO. |
| Total cost on a $500K Shenzhen PO | ~$15,000 | ~$500–1,500 |
What TD does well
TD is the second-largest Canadian bank and has the deepest US presence of any Canadian bank, with TD Bank operating across the US Northeast. If a meaningful share of your suppliers, customers, or operations is US-based, TD's cross-border banking infrastructure is genuinely better than most. For Canadian-domestic deposits and commercial banking relationships, TD is an obvious choice.
Why TuringDock
The Big 5 banks were not designed to be the operating layer for an international supply chain. TD's wire product was built for occasional cross-border transfers in a commercial banking relationship; the per-transfer cost (FX markup plus wire fee) eats real margin when you're placing 10 to 40 international POs a year.
TuringDock moves payment initiation inside the purchase order. FX rate is locked at PO issuance, the transfer settles same or next day at interbank rates, and the PO record updates automatically. On a typical $500K Shenzhen PO that's roughly $13,500 of savings, plus same-week delivery instead of next-week.
Common questions about TuringDock vs TD
- What's the FX markup at TD vs TuringDock?
- TD's standard outbound wire applies a 2.5 to 3% markup on top of the interbank FX rate for small-business accounts. TuringDock Payments applies 0% markup — the interbank rate that reaches your supplier is the same rate banks see when trading with each other. On a $50,000 USD payment that's roughly $1,250 of margin TD was keeping that TuringDock returns to you.
- Are there wire fees with TuringDock?
- No. TD charges $30 to $50 CAD per outbound international wire on top of the FX markup. TuringDock Payments has zero per-wire fees in the premium tier.
- How fast does a TuringDock supplier payment settle?
- Same business day for major corridors (USD, EUR, GBP, JPY). TD's standard timeline is 2 to 5 business days. Faster settlement means your supplier ships sooner, which means your customer order ships sooner.
- Can I keep my TD business account?
- Yes. TuringDock Payments doesn't replace your operating account; it sits alongside as the international-payments rail. Your CAD operating banking (payroll, GST/HST remittance, day-to-day) stays at TD. International supplier payments route through TuringDock at PO issuance. If you bank with TD specifically for the US cross-border footprint, you keep that — TuringDock isn't a checking-account replacement.
- Is TuringDock a bank?
- No. The payment rail runs on a licensed fintech infrastructure partner (currently in public beta with the first cohort). The MRP layer + the rate-lock UX is what TuringDock owns; the actual money movement is provided by partners who hold the necessary banking partnerships and regulatory licenses in Canada, the US, and the supplier-side jurisdictions.
See it for yourself. The free tier is genuinely free.