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Scotiabank international money transfers review
Get competitive rates and fees when you send money through Scotiabank's mobile app or online banking platform.
- Great for sending cheap transfers using Scotiabank’s mobile app or online banking.
- Not so great if you’re not a Scotiabank client or you want to send less than $100.
Why should I consider Scotiabank for my money transfer?
- Cheap Scotiabank money transfers. Scotiabank money transfers cost as little as $1.99 per transfer.
- Easy mobile transfers. You can use Scotiabank’s mobile app to send both Scotiabank online money transfers or Western Union cash transfers.
- Cash pick-up with Western Union. Your recipient can pick cash up at over 550,000 Western Union agent locations around the world.
- Short processing time. You only have to wait between 2 and 4 hours for Western Union cash transfers to process.
What to be aware of
- High transfer amounts. You have to send a minimum of $100 with a Scotiabank money transfer.
- Poor exchange rates. Scotiabank adds a larger margin to the exchange rate than specialist money transfer services.
- Limited to account holders. You can only transfer money with Scotiabank if you sign up for a bank account.
- Cancellation not allowed. It’s not possible to cancel a Scotiabank money transfer once you’ve initiated it.
- Limited countries. There are only a handful of countries you can send money to with Scotiabank money transfers.
How can I send money with Scotiabank?
You can send money directly to your recipient using a Scotiabank money transfer or a Western Union cash transfer.
- Scotiabank money transfer. Scotiabank money transfers are bank-to-bank transfers that take between 3 and 5 business days to process. You can send these transfers using Scotiabank’s online or mobile banking app.
- Western Union money transfer. Western Union cash transfers let your recipient pick up the money you send them in cash at a Western Union location in their own country. These transfers take between 2 and 4 hours to process.
Scotiabank exchange rates and fees
Scotiabank charges different fees based on how you send money.
|Cash transfer through Western Union||$5 admin fee plus 1% of your transfer amount|
|Scotiabank money transfer||As little as $1.99 per transfer|
There will also be a margin of around 2-5% added to the exchange rate so you should factor in the extra expense before sending your transfer.
How long will my Scotiabank money transfer take?
Your Western Union cash transfer will usually process in 2 to 4 hours. Scotiabank money transfers typically take up to 5 business days to arrive.
Tips for avoiding transfer delays:
- Send money at set times. Try to send your transfer in the morning or on a weekday.
- Send smaller transfers. Avoid sending large amounts of cash or send multiple smaller transfers if your transfer is over $10,000.
- Arrange for cash pickup. Send cash for your recipient to pick up in person at a Western Union location in their country for faster processing.
- Send popular currencies. Send mainstream currencies over exotic currencies wherever possible to speed up your transfer time.
Transfers typically take
What payment methods does Scotiabank accept?
You can only pay for Scotiabank money transfers using your bank account. Funds can be sent from either your chequing or your savings account. You won’t be able to pay for your transfer in cash unless you go into a Scotiabank branch and deposit money.
How much money can I send?
|Transfer type||Amount you can send|
|Cash transfer through Western Union|
|Scotiabank money transfer|
You can send cash overseas to over 200 countries with Scotiabank’s online transfer service. Some of the more popular currencies include:
- USD US Dollar
- GBP British pound
- AUD Australian dollar
- EUR Euro
- JPY Japanese yen
- CNY Chinese yuan
- PHP Philippine peso
- INR Indian rupee
- DOP Dominican Peso
- MXN Mexican peso
- LBP Lebanese pound
- JMD Jamaican dollar
Is Scotiabank safe to use?
Scotiabank is one of the “Big 5” banks in Canada along with TD Canada Trust, CIBC, RBC and BMO. It employs mandatory 2-factor authentication, which requires customers to pass 2 levels of authentication before gaining access to their bank accounts.
It also encrypts all of customers’ personal and financial information, and offers a Security Guarantee to protect customers against costs associated with fraud.
- Security and regulation. Government-regulated, enables 2-factor authentication and other industry-standard security measures.
- Established. 1832.
- Number of customers. 23+ million
*According to Scotiabank on 01 April 2021
Where is Scotiabank regulated?
Scotiabank is a member of the Investment Industry Regulatory Organization of Canada (IIROC) as well as the Canadian Investor Protection Fund (CIPF).
How to send your first Scotiabank money transfer
You need to have a bank account with Scotiabank in order to transfer money overseas.
- Scotiabank money transfer. You can send a Scotiabank money transfer using your mobile app, online banking or in-person at a branch. You’ll just need your recipient’s personal and banking information.
- Western Union money transfer. You can send a Western Union transfer in-person or through Scotiabank’s online banking app. From there, your recipient can pick up the cash transfer at their nearest Western Union location.
How to become a Scotiabank client
You’ll need to sign up for a Scotiabank account in order to send money transfers with this provider. You can do that by following these steps:
- You’ll typically need to be a Canadian resident and the age of majority in your province to sign up for an account.
- Register for an account either online or by visiting a branch.
- Fill out an application by providing information such as your full name, home address, phone number and SIN (Social Insurance Number).
- Show proof of ID to verify your identity.
- Authorize the bank to use your personal information to do a credit check.
- Register for Scotiabank’s mobile app or visit a branch in person to send a money transfer.
Does Scotiabank have a mobile app for money transfers?
The app supports a wide range of everyday banking functions like bill payments, transfers between accounts, Interac e-Transfers, viewing your Scotiabank account balances and rewards points balance, mobile cheques deposit, AutoPay and more. To use the Scotiabank mobile app, you need to open a Scotiabank account.
These ratings are accurate as of 01 April 2021.
|Google Play Store||3.4 out of 5, based on 24,623 customer ratings|
|Apple App Store||4.7 out of 5, based on 278,781 customer ratings|
How does Scotiabank compare to other money transfer services?
Use our comparison tool below to see how Scotiabank stacks up against other money transfer services.
Scotiabank offers online money transfers as well as cash transfers through Western Union. You’ll need to have a Scotiabank account and you’ll pay fairly high fees to transfer money. Compare your options before sending money with Scotiabank to make sure you get the best deal.
Frequently asked questions
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