Scotiabank international wire transfers online: Fees, rates & limits
If you're a Scotiabank customer looking to send a payment overseas, you'll need to know about how Scotiabank international transfers work including the costs involved, the delivery times and the process to get your money moving. This guide is here to get you up to speed so you can send your money with confidence.
We'll cover how Scotiabank international transfers work - and also touch on some Scotiabank international money transfer alternatives that may be cheaper, faster, and easier to use like Wise, OFX or Currencyfair.
Sending money overseas with a money transfer service is generally simple, and can mean you get a lower overall cost compared to using your bank - join us as we explore why.
Scotiabank international money transfer comparison
To understand the costs involved with sending a payment overseas with Scotiabank it helps to know about the types of fees that can apply, and why they matter.
When you transfer money with a bank there will be an obvious transfer fee stated - but that's not necessarily all. In total you may run into any of these costs:
Bank transfer fee - paid to Scotiabank and usually set out clearly
Exchange rate markup - a percentage fee added on the rate used for currency conversion
Third party fees - these may go to intermediary banks or the recipient's own banks and are deducted as the payment is processed
Because of these different fees, the easiest way to compare the value offered by different transfer services is usually to see the amount the recipient gets in the end, when all costs are taken into consideration. It's also helpful to factor in delivery times, so you can be confident your money will arrive in time.
We've got a quick comparison to illustrate this with Scotiabank side by side with some popular money transfer services - in this case we are imagining sending a payment of 1,000 CAD to a bank account in the US:
Provider | Fees and exchange rates | Recipient gets | Transfer time |
---|---|---|---|
Scotiabank | Fee: 1.99 CAD Rate: 0.704009 | 702.61 USD | Up to 5 business days |
Fee: 7.41 CAD Rate: 0.723118 (mid-market rate) | 717.76 USD | Often instant - vast majority of payments arrive in 24 hours | |
OFX | Fee: 15.00 CAD Rate: 0.711380 | 700.71 USD | 1 - 2 days |
Currencyfair | Fee: 4 USD Rate: 0.7186 | 714.60 USD | Variable delivery depending on payment method |
*Data correct at time of writing - 30th April 2025
As you can see, in this example the recipient gets the most in the end with Wise, even though on paper, Wise has one of the highest transfer fees. The difference is the exchange rate used. Wise splits out the costs of currency conversion and shows them as a transparent fee, using the mid-market rate for conversion.
The other providers, and Scotiabank have added a fee into the exchange rate being used, which is variable and will depend on the currency and the value of the transfer. Because it's a percentage fee, it can mount up quickly with higher value payments, so it's important to compare both the fees and the rates on offer before you transfer.
Scotiabank international wire transfer fees
Scotiabank promotes their International Money Transfer service which is a digital payment option for sending money overseas. You'll pay a flat transfer fee for your payment, and there may also be a markup on the exchange rate used by Scotiabank, an intermediary or the recipient's own bank to convert the payment to the currency needed for deposit.
Scotiabank also clarifies in their transfer terms and conditions that the intermediary bank or the recipient's own bank might also deduct their own fees as the payment is processed. Let's take a look at the Scotiabank fees for an international money transfer:
Service | Scotiabank fee |
---|---|
Sending an international money transfer | 1.99 CAD transfer fee + any exchange rate margin + any fees deducted by third parties |
Receiving an international wire | 15 CAD or USD, depending on the currency of the account |
*Data correct at time of writing - 30th April 2025
Need a cheaper alternative?
As we've seen - ‘cheaper' is about more than the fee, the exchange rate also matters. Looking at both fees and rates can help you decide if Scotiabank or another alternative is better for your payment. Here's a reminder of the transfer services we touched on earlier:
💡 Alternatives with lower transfer costs 💰 | |
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Send money transfers with the mid-market rate and fees from 0.48% which are clearly split out for transparency. Wise allows payments to 140+ countries, in 40+ currencies, with fee discounts on high value payments | |
OFX | OFX is a currency specialist which has no fee for payments over 10,000 CAD in value, and a flat fee of 15 CAD below that. OFX adds a small, variable margin to the exchange rate used for currency conversion. OFX is famous for having excellent service, including a 24/7 phone line for people who prefer to manage their money by phone |
Currencyfair | Currencyfair sets its basic fee in euros, so you'll pay the equivalent of 3 EUR when you transfer internationally. There's a variable fee included in the exchange rate applied, which you'll see online when you set up your transfer |
Scotiabank exchange rate
Scotiabank may convert your payment from CAD to the currency needed for deposit - or the intermediary or recipient bank might take this step. Generally, banks will add a fee to the mid-market rate to calculate the exchange rate they use for their retail customers.
While this markup is variable, it's often about 3%. That doesn't really sound like a lot, but it can quickly add up and is often the highest of all the fees associated with an international payment.
To give some context, here's how a 3% fee rolled into the exchange rate would add up up for different transfer amounts:
Sending 5,000 CAD - a 3% exchange rate markup adds 150 CAD to the total
Sending 10,000 CAD - a 3% exchange rate markup adds 300 CAD to the total
Sending 50,000 CAD - a 3% exchange rate markup adds 1,500 CAD to the total
Scotiabank exchange rate markup
Scotiabank doesn't publish its exchange rate markup online. Instead, to calculate the markup being used you'll have to get the Scotiabank rate for your currency from the Scotiabank website, using the ‘Client Buys' column.
You can then compare this rate against the mid-market exchange rate for your currency which you can get from Google or a currency conversion tool. The difference is the exchange rate markup.
Different providers use their own markups, and some, like Wise, choose not to use any markup at all. Here's a reminder of the comparison we looked at earlier:
💰Summary of transfer costs | |
---|---|
Scotiabank | 1.99 CAD transfer fee + exchange rate markup - recipient gets 702.61 USD |
7.41 CAD transfer fee + mid-market exchange rate - recipient gets 717.76 USD | |
OFX | 15 CAD transfer fee + exchange rate markup - recipient gets 700.71 USD |
Currencyfair | 4 USD transfer fee + exchange rate markup - recipient gets 714.60 USD |
How long does an international transfer take with Scotiabank?
Scotiabank states that their international money transfers can take up to 5 business days to arrive.
Need a faster alternative?
International money transfer services may be able to deliver your money to your recipient quicker. You'll usually see a delivery estimate before you complete your payment, which will allow you to see when your money is likely to arrive.
Here's a reminder of how the providers stacked up earlier:
🎯Summary of transfer times | |
---|---|
Scotiabank | Up to 5 business days |
Often instant - vast majority of payments arrive in 24 hours | |
OFX | 1 - 2 days |
Currencyfair | Variable delivery depending on payment method |
Scotiabank international transfer limits
Scotiabank has lower and upper limits on the amount you can send using their online service. If you need to send more you may be able to do so in a branch, but different fees will then apply, which may well be higher.
Limit | Scotiabank online limit |
---|---|
Minimum amount | 10,000 CAD per day |
Maximum amount | 100 CAD per transfer |
*Data correct at time of writing - 30th April 2025
Need to send a larger transfer?
While Scotiabank may allow you to send a payment in a branch if you exceed your online payment limit, you may decide it's easier to use an alternative which lets you arrange a digital high value transfer:
💡 Alternatives with higher limits | |
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Transfer limits vary by currency, but they are usually set at around 1 million GBP - about 1.85 million CAD at the time of writing. | |
OFX | Transfers are usually unlimited |
Currencyfair | No advertised limit - ask directly if you need to make a very high value payment |
Large amount transfers with Scotiabank
If you'd prefer to send money online with Scotiabank you can only send up to 10,000 CAD a day. This may be an issue if you have a very high value payment to make. Instead you can visit a branch and arrange your payment there, but different fees and rates may apply in this case.
Scotiabank only advertises exchange rates online up to 9,999 CAD payment value - if you're sending a higher amount you may be able to negotiate a better rate. Ask in your local branch to see if they can help you.
How to send a high amount transfer with Scotiabank online
You can send up to 10,000 CAD per day online with Scotiabank. For amounts higher than this you must visit a branch to arrange your payment in person.
Pros and cons of sending money abroad with Scotiabank online
Scotiabank international transfer pros | Scotiabank international transfer cons |
---|---|
✅1.99 CAD flat transfer fee ✅ Send to a range of countries ✅ Convenient service for up to 10,000 CAD payments ✅ Reliable and familiar | ❌ Exchange rates include a markup ❌ Third party fees may apply |
For smaller payments where you're not in a great hurry for the money to be received, Scotiabank's online transfer service may suit. But if you're making a high value or urgent transfer you might find you're better off looking for an alternative.
How to make an international wire transfer online with Scotiabank
You can send your international wire transfer online with Scotiabank by taking the following steps:
Sign in to the Scotiabank mobile banking app and tap Transfers
Tap Send money internationally, then tap Bank deposit
Enter the recipient's contact information and select the account you want to transfer money from
Enter the amount you want to transfer and tap Submit
Your money is deducted from your account and sent to your recipient
What information do you need to make an international transfer with Scotiabank?
You can follow the prompts online to enter the recipient's details, as they may vary a little depending on the country you're sending to. Usually you need:
The recipient's name
The recipient's bank account number
The recipient's bank name
The recipient's bank SWIFT/BIC code
Countries to send money with Scotiabank
You can send money with Scotiabank to countries including: the United States, India, Philippines, Greece, Portugal, Ireland, Spain, Netherlands, Cyprus, France, Germany, Italy, Belgium, Austria, United Kingdom, Mexico, Australia, Dominican Republic, Jamaica and China.
For other countries, visit a branch to set up your payment.
How to receive an international transfer with Scotiabank
To receive an international transfer with Scotiabank you'll need to give the sender your name, account number and the Scotiabank SWIFT code.
In some cases you'll also need the bank address.
You can then sit back and wait for your money to arrive - but be aware Scotiabank charges an incoming wire fee which is deducted before the money arrives in your account.
Scotiabank SWIFT code
You'll need a SWIFT code for incoming payments - it helps guide money from the other side of the world, to your correct bank here in Canada.
Here's what you need to receive a payment to your Scotiabank account:
Scotiabank (Bank of Nova Scotia) SWIFT code/BIC: NOSCCATT
Scotiabank address for incoming wires
If the wire transfer is in USD, in addition to the above you'll also need to provide:
🏦 Scotiabank address for incoming wires |
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Bank name: Bank of America NA Address: 222 Broadway New York, NY 10038 US ABA number: 026009593 SWIFT code/BIC: BOFAUS3N |
Scotiabank international incoming wire transfer fees
When your money arrives in Scotiabank, the receiving fee is deducted before the remaining money is added to your balance:
Service | Scotiabank fee |
---|---|
Receiving an international wire | 15 CAD or USD, depending on the currency of the account |
*Data correct at time of writing - 30th April 2025
Scotiabank international transfer receiving limits
There's not usually any limit to the amount you can receive with Scotiabank.
Scotiabank customer service for international wire transfers
To get help with your international payment you can:
📞 Scotiabank contant info: |
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Conclusion
Sending a payment overseas with your bank is familiar and reliable, but it's not necessarily fast or cheap. Scotiabank online transfers have a low flat fee, but can also have a fee added to the exchange rate, and third party costs deducted as the transfer is processed. All in all this can mean your recipient gets less than you expect.
Alternative providers like Wise, OFX and Currencyfair can also help you to process your overseas payment - often with better exchange rates and lower overall costs. Compare your options before you confirm your next transfer, to be sure you're getting the best available deal.