- Fast transfers
- Cash pick-up
- Many currencies
- Online app
Not so great for
- Competitive rates
- Reasonable fees
- Large amounts
- Bank-to-bank transfers
Scotiabank uses Western Union to send money transfers overseas and, unlike many other banks, doesn’t offer wire transfers. Transfers with Western Union cost $9 plus 1% of your transaction amount.
There will also be a margin of around 2-5% added to the exchange rate, so you’ll pay more than you would with a specialist money transfer service.
You can send cash overseas to over 200 countries with Scotiabank’s online transfer service. Some of the more popular currencies include:
You can only send transfers with Scotiabank through Western Union, which acts as an intermediary to the bank. To send a transfer, you’ll need to provide your recipient’s information, including name, address and nearest pick-up location. They’ll usually receive the transfer in as little as 30 minutes, so it’s a convenient option if you need to get cash overseas quickly.
Unfortunately, there is no bank-to-bank transfer service available at the time of writing. There are also no forex options like limit orders or forward contracts on offer from Scotiabank to help you save money by locking in a favourable exchange rate for the future.
Transfer times vary based on what currency you’re sending, but typically it takes around 30 minutes for your cash to arrive.
You can only pay for your transfer with Scotiabank through a bank transfer from either your chequing or savings account. There’s a maximum transfer limit of $999 if you’re transferring online. To send more money, you can visit your bank to arrange transfers up to $7,500.
Transfers typically take
Scotiabank can enable 2FA, meaning that when you log in, you’ll need to go through two levels of verification to access your account. Unlike many other banks, Scotiabank doesn’t offer fraud protection for sending money overseas with Western Union.
Scotiabank makes money on international transfers by charging fees and a margin on the exchange rate. To send money online with Western Union, you’ll pay $9 plus 1% of the transfer amount. In addition, you’ll pay around 2-5% more on exchange rates.
Most banks trade at the mid-market or interbank rate, which is the rate you’ll find on Google or Reuters, and then add a margin. For example, if a bank trades with other banks at a rate of CAD$1 = USD$0.751, they might offer you a rate of CAD$1 = USD$0.732. This means that they get to keep $0.019 on every dollar you exchange.
This might not seem like much but if you send a transfer of $1,000, it adds up to $19. If you throw in the $9 plus the 1% fee charged on top of that, you’ll find that you’re paying the bank an extra $38 to send your money overseas.
To apply for an account with Scotiabank, you’ll need to visit your local branch. Don’t forget to bring a piece of government-issued ID (like a passport or driver’s license), a secondary piece of ID (like a birth certificate or credit card), proof of address and, if you’re a non-resident customer, a reference letter or a current account statement from a reputable bank.
Once you’re all set up, you’ll be able to register for Scotiabank’s online banking or mobile app, which is where you’ll carry out money transfers.
To send a Western Union Money Transfer, first sign in to your mobile or online banking. Click on the “Transfers” tab, and below that click “Western Union Money Transfer”. Fill in your recipient’s personal information, specify the amount you wish to send and which account you’d like to pay from and include a destination country. You can also track your transfer history through the online app.
Scotiabank was founded by a group of prominent merchants in Halifax over 185 years ago. It’s the 3rd largest bank in Canada by assets and has offices in Canada, the United States and overseas.
Scotiabank is just one among many banks and specialist companies offering international money transfers. Use our calculator below to see how Scotiabank stacks up against the competition.
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