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:

*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:

*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:

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:

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:

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.

*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:

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

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:

1. Sign in to the Scotiabank mobile banking app and tap Transfers

2. Tap Send money internationally, then tap Bank deposit

3. Enter the recipient's contact information and select the account you want to transfer money from

4. Enter the amount you want to transfer and tap Submit

5. 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 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:

*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:

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.