Scotiabank Large Transfers 2024 Guide: the How-to, Limits & Fees
If you need to make a large payment soon, you might be wondering what the Scotiabank maximum transfer limit is for your specific account. Sending high value payments can be daunting - and might also mean paying pretty high fees. This guide to the Scotiabank bank transfer limit covers the costs you should know about, and how much you can send through different Scotiabank channels.
We’ll also look at alternative options like Wise which has progressive reductions on fees when sending over 35,000 CAD or so in a month, and OFX which has no transfer fee for payments over 10,000 CAD, and no maximum cap on the send amount.
Quick summary: Scotiabank transfer limits
The Scotiabank transfer limit can vary depending on the transfer type you want to arrange
There’s no fixed upper limit for standard international transfers from your Scotiabank account to another bank overseas
The minimum amount you can send overseas with a Scotiabank standard international transfer is 100 CAD
Scotiabank exchange rates will include a markup when you send money abroad
You may find you can get a simple and cheap transaction experience if you choose a non-bank provider like Wise or OFX instead of using your bank
Scotiabank daily transfer limit: No limit is set out for standard international transfers, but various limits do apply on some other payment types
Scotiabank online transfer limit: Variable limit depending on the transfer type, currency and the account involved
Scotiabank receiving limit: Some limits apply when receiving to specific account types - check your online banking service to get your personal limits
Scotiabank large transfers pros | Scotiabank large transfers cons |
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✅ Low, flat fee for international transfers ✅ Easy to get phone and in branch help if you need it ✅ Familiar and reliable service ✅ Several different ways to send money depending on your specific needs | ❌ Exchange rates include a markup ❌ Low limit on some types of transfer ❌ No fee reduction for higher value transfers |
Scotiabank doesn’t state any fixed limit for payments you’re sending to a bank account overseas, but there are limits on some payment types, including Western Union transfers for cash collection, and transfers to and from USD accounts or brokerage accounts.
Scotiabank uses an exchange rate markup when converting currency. Before you choose Scotiabank for your high value transfer, you may also want to compare some other services like Wise and OFX which support high value payments, with fair exchange rates and low overall costs. Wise also reduces the fee you pay, when you’re sending a higher value transfer. More on that later.
Can you send high value international transfers with Scotiabank ?
Yes, Scotiabank supports high value payments through some of its payment channels. There’s no limit specified for personal international payments arranged through Scotiabank, although fairly low limits apply if you’d like to use Scotiabank’s partnership with Western Union to send money for cash collection.
Scotiabank high amount transfer fees
Scotiabank has a flat 1.99 CAD fee for its online international money transfer service. However, this isn’t the only fee you’re likely to pay. There’s also a markup on the exchange rate used to convert your currency - which can add to the costs significantly - and there may be third party costs to consider, too.
It’s important to weigh up all of these different fees before you decide to send a high value payment with Scotiabank. Here’s a summary of some key costs:
Transfer type | Scotiabank fee |
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International money transfer online or in mobile banking | 1.99 CAD |
International money transfer by phone/fax/mail | 4.5 CAD (5 CAD optional advice) |
Incoming wire fee | 15 CAD for payments which are not pension related |
*Details correct at time of research - 3rd December 2024
Scotiabank exchange rate for international transfers
You’ll be able to find Scotiabank exchange rates when you set up an international transfer. It’s important to note that Scotiabank’s exchange rates include a markup. That’s a percentage fee which is added to the mid-market exchange rate for your currency, to calculate the amount that will be deposited to your recipient’s account.
Bank exchange rate margins may be around 3%. That sounds pretty insignificant, but it quickly mounts up when higher value payments are involved. Here’s how the exchange rate markup builds up with a 3% margin used for different transfer values:
Sending 1,000 CAD - the exchange rate markup adds 30 CAD to the total
Sending 5,000 CAD- the exchange rate markup adds 150 CAD to the total
Sending 50,000 CAD - the exchange rate markup adds 1,500 CAD to the total
Compared to the flat transfer fee you pay for your Scotiabank transfer, the exchange cost can be far higher. Before you confirm your payment, compare the rate you get from Scotiabank with different non-bank providers like Wise and OFX, to see if there’s a better deal to be had.
We’ll look at some alternatives you might want to consider, a little later.
Is Scotiabank safe for large amount transfers?
Scotiabank is safe to use, even when sending large amounts. Scotiabank is a properly licensed and regulated provider which uses industry level security to keep accounts and payments protected.
Scotiabank transfer limits
Scotiabank money transfer limits depend on the specific type of payment you need to make. In some cases, if you’re sending a very high amount of money you may be asked to speak to a member of bank staff or provide supporting documents to allow the payment to be processed smoothly. Here’s an overview of the Scotiabank limits on some key transfer types:
Transfer type | Scotiabank money transfer limit |
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International money transfer | Minimum payment 100 CAD - no fixed maximum |
Western Union payment | No stated minimum Maximum payment: 999.99 CAD online, or 7,499.99 CAD in a Scotiabank branch |
Transfer between CAD and USD accounts | 10,000 CAD/day |
Transfers between USD accounts including brokerage accounts | 100,000 USD |
Transfers between brokerage accounts, or a bank account and a brokerage account | Online maximum limit 25,000 CAD You can send more by calling the bank or visiting a branch in person |
*Details correct at time of research - 3rd December 2024
Alternatives to Scotiabank with higher transfer limits
If you need to send a high value payment it’s worth comparing your options on convenience and cost. You might find that an alternative could offer you a better exchange rate, lower costs, or a quicker delivery time.
Here we’ve picked out OFX, Wise and Xe Money Transfer as some non-bank services you might want to look at, which can support high value payments online and in app, with good exchange rates and low overall costs. Here’s how they measure up:
Providers | International transfer limits | Transfer methods | Transfer fees & exchange rates |
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Scotiabank | Variable limits based on account and payment type | Transfer online, in app or in person | 1.99 CAD international transfer fee Exchange rate includes a markup |
OFX | No limit | Transfer online, in app or by phone | 15 CAD for payments under 10,000 CAD in value - waived above this Exchange rate includes a markup |
Wise | 1.5 million CAD per payment | Transfer online or in app | Fee from 0.33% |
Xe Money Transfer | 560,000 CAD per payment | Transfer online or in app | Often no transfer fee Exchange rate includes a markup |
*Other limits may apply, depending on the payment method and destination country
OFX
OFX - best features for high value transfers |
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OFX allows customers to send money in 50+ currencies, all over the world. OFX does not charge any transfer fee on payments which are over 10,000 CAD in value, although there is a fee included in the exchange rate that’s used to process your payment.
There’s no upper limit on the amount of money you can send with OFX. If you’re sending a high value payment you may need to talk it through with OFX using their 24/7 call line, to make sure you have all the right information and documentation to support your transfer. Some banks have a daily or per transfer limit on the amount you can send. If your bank imposes a limit, OFX can accept partial payments for a transfer - so you can make several bank transfers to pass OFX the full amount required for processing.
Learn more about them on OFX money transfer review.
Wise
Wise - best features for high value transfers |
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Wise offers high value payments for individuals and businesses to 160+ countries, with the mid-market exchange rate and low fees from 0.33%. Wise is a secure provider which also offers volume discounts on fees, so the costs could be reduced if you use the service regularly or if you’re sending a large amount.
Wise limits when sending in CAD depend on how you want to pay:
You can send up to 9,500 CAD per day and 30,000 CAD weekly by direct debit.
You can send up to 3,000 CAD per transfer by debit or credit card.
You can send up to 1.5 million CAD by online bill payment and wire transfer.
You can send up to 25,000 CAD by Interac e-Transfer
If you send more than the currency equivalent of 20,000 GBP a month (around 35,000 CAD) you could get an automatic discount of up to 0.17%. There’s no need to pre-arrange the fee.
Here’s how the Wise high value payment discounts break down:
Payment volume (GBP) | Discount |
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Under 20,000/month | 0 |
20,000 – 300,000/month | 0.1% |
300,000 – 500,000/month | 0.15% |
500,000 – 1million/month | 0.16% |
1 million+/month | 0.17% |
Learn more about them on Wise money transfer reviews.
Xe Money Transfer
Xe Money Transfer - best features for high value transfers |
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With Xe Money Transfer you can send a payment online or in app to 130+ countries from Canada, for personal or business use. Xe has a fixed limit of 560,000 CAD or the currency equivalent per personal payment. This limit does not apply on business transfers.
Xe does not market volume discounts on fees or exchange rates, but if you’re using the service for a big transfer it may be worth calling them to check if there’s a good deal to be had.
How long do large transfers take with Scotiabank?
Scotiabank states that payments sent overseas can take up to 5 days. Usually they’ll arrive a bit quicker than that, within 1 - 2 business days, but the ultimate delivery time depends on a range of factors including the recipient’s own bank.
How to send a large amount transfer with Scotiabank
You can usually send payments with Scotiabank online, in the Scotiabank app, by phone or by visiting a branch. The easiest option is likely to be using the app, which offers secure payments to many countries with a flat transfer fee. Here’s how to send a payment overseas with Scotiabank:
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
Information needed to send large amounts of money with Scotiabank
The exact information needed to send a high value payment with Scotiabank might depend on where you’re sending money to. Generally you’ll always be asked for the following:
Recipient's name and address
Recipient's bank account number or IBAN
Recipient's bank SWIFT code
You may also need to provide additional information based on the destination, as well as supporting documents proving the source of the funds.
Is it possible to increase Scotiabank transfer limits?
Scotiabank does not give guidance on how to increase transfer limits, where limits are applied for security reasons.
If you run into a limit you’ll be notified when you’re arranging your payment. In some cases you can send a higher value payment by phone compared to online - if your transfer is to or from a brokerage account, for example. With Western Union transfers it’s also possible to send more by visiting a Western Union location instead of using Scotiabank.
How to increase Scotiabank transfer limits
If you hit a limit with Scotiabank you can call the bank to ask about alternative payment routes which have higher limits available. Or, you could send your transfer with a different service instead, like Wise or OFX.
How to receive large transfers with Scotiabank
There’s a 15 CAD for payments received to a Scotiabank account which are not pension related. If you need to receive large payments into a Scotiabank account you’ll need to provide the sender with the following information:
Your name and address
Your Scotiabank account number
The address of your Scotiabank branch
The correct bank name and SWIFT/ABA number
The bank name and SWIFT or ABA information you need will depend on the currency you’re receiving to your Scotiabank account:
When receiving CAD payments:
Bank name: Bank of Nova Scotia
SWIFT code: NOSCCATT
When receiving USD payments:
Bank name: Bank of America NA
Address: 222 Broadway New York, NY 10038 US
ABA number: 026009593
SWIFT code: BOFAUS3N
Alternatives to Scotiabank for receiving large payments
Receiving a large value payment to your Scotiabank account is hassle free but can mean paying an incoming wire fee.
Transfers to your bank are also not always the fastest or cheapest option. If your sender is overseas, for example, you may find you get less than you expect because of third party charges involved in sending the payment via SWIFT.
You may avoid some of these costs if you choose to receive your payment to a specialist non-bank account which lets you receive payments in a foreign currency instead:
Wise Account review: Receive money with local and SWIFT account information in 8+ currencies, with quick payment options and low or no fees. Hold, send, or spend your money as you choose, with mid-market exchange rates
OFX Business Account review: Receive business payments in 7 major currencies to your OFX account, which you can use for future payments or withdraw to your US bank later. There’s no OFX fee to receive a payment in a foreign currency with your local account information
Scotiabank business payments limits
Scotiabank international business payments have a maximum limit of 50,000 CAD per transfer, with no daily, weekly or monthly limit on the number of transfers you send. There’s a 5 CAD fee per payment.
Scotiabank customer support for high amount transfers
You can get help with your Scotiabank account or payment in person at a branch, or by calling the bank. There are different phone numbers you can use depending on the type of question you need to ask, which include:
1-877-277-9393 for support with mobile banking
1-877-472-6842 for bank account related queries
1-877-552-5522 for business banking support
Conclusion: Does Scotiabank have transfer limits?
Scotiabank has variable limits depending on the type of payment you need to make. There’s no stated upper limit for international money transfers, so if you hit a limit when you’re setting your transfer up you can expect to see a message on screen telling you what to do next. Limits for some payment types, such as Western Union transfers, are pretty low.
If you find you hit a Scotiabank limit with your payment, or if you simply want to compare your options on features and fees, you may want to consider alternative non-bank services like Wise and OFX which both offer high value payments which can be arranged securely with low overall costs and a great exchange rate.
You can also find out more on How to send large amounts of money internationally.
Scotiabank transfer limits FAQs
How much can I transfer with Scotiabank internationally online?
Scotiabank has no stated limit for international money transfers to a bank account, but limits for some payment types, such as Western Union transfers, are pretty low, at 999.99 CAD for online payments. If you hit a limit when you’re setting your transfer up you can expect to see a message on screen telling you what to do next.
What is the maximum amount you can transfer abroad with Scotiabank?
Scotiabank has no stated limit for international money transfers to a bank account for personal customers. Business customers can send up to 50,000 CAD per payment.
How can I increase the Scotiabank maximum transfer limit?
If you hit a limit with Scotiabank you can call the bank to ask about alternative payment routes which have higher limits available. Or, you could send your transfer with a different service instead, like Wise or OFX.