Originally Posted by Tax Dude

Not sure what the the TD IP card is, but unless there's a legacy card I don't know about, the only time TD doesn't add the 2.5% fx fee is if you use their no-reward US $ card in the US. Here's the verbage from their T&Cs:

For TD Canada Trust Credit Cards except TD U.S. Dollar Credit Cards
We will bill you in Canadian dollars for any transaction made on your Account in a foreign currency. We will convert that transaction by applying our foreign currency conversion rate in effect on the date that the transaction is posted to your Account, which is the rate established by VISA applicable on the date that the transaction is posted to your Account, plus a foreign currency conversion fee of 2.5%. For complete details, see your TD Canada Trust Credit Cardholder Agreement.

For TD U.S. Dollar Credit Cards
We will bill you in U.S. Dollars for any transaction made on your Account in a foreign currency (including Canadian Dollars). We will convert that transaction by applying our foreign currency conversion rate in effect on the date that the transaction is posted to your Account, which is the rate established by VISA applicable on the date that the transaction is posted to your Account, plus a foreign currency conversion fee of 2.5%. For complete details, see your TD Canada Trust U.S. Dollar Credit Cardholder Agreement.