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Bank of Nova Scotia International Transfers

Bank of Nova Scotia or Scotiabank is a Canadian-based bank with a range of products and services, including personal and commercial banking, private banking, and corporate and investment banking. Its influence extends outside Canada to the USA and parts of South America.

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About Bank of Nova Scotia

The Bank of Nova Scotia or Scotiabank became the first chartered bank in Nova Scotia on May 10, 1832.  In 1889, they expanded towards the Caribbean and became the first bank to open outside the USA or the UK. Naturally, they became the largest bank that featured connections across continents. Around the 1960s and 1970s, Scotiabank extended its network to Asia. By 2006, Scotiabank exhibited its presence in Latin America through their different majority-controlled groups: Grupo Financiero Scotiabank in Mexico, Scotiabank El Salvador, Scotiabank de Costa Rica, Scotiabank Sud Americano in Chile, Scotiabank Peru, and affiliate Banco del Caribe in Venezuela.

Today, Scotiabank showcases its leadership as a bank guided by its purpose “for every future” and its “three pillars”: “customer first”, “winning team”, and “lead in the Americas”. Their broad services in banking, investments, and wealth management provide ample testament to the fulfillment of their mission. As of April 2020, they employ 97,000 workers with over $1.2 trillion of assets. The bank also trades on the Toronto Stock Exchange (TSX:BNS) and New York Stock Exchange (NYSE:BNS).

Scotiabank Exchange rates and fees

As a leading bank across continents, Scotiabank operates its own exchange rates for its clients. On top of their exchange rates, the bank observes interbank and international money transfer fees.

Exchange rate

As of May 26, 2021, Scotiabank’s USD (US Dollar) to CAD (Canadian Dollar) is 1.177, while their EUR to CAD is 1.431. It must be cautioned that the provided rates on their website remind clients that due to “up-to-the-minute” updates on rates, the final transaction may appear different from the values provided on their website.

No other terms and conditions regarding their international money transfer exchange rate can be found on their website.

Transfer fees

Scotiabank clients need to consider three things to determine their transfer fees per transaction: (1) Recipient: Is it for personal transactions or for other financial institutions? (2) Means: Is it through the app, through face-to-face banking, or through the phone/fax/mail request? (3) Location: Is the transaction a local or an international transaction?

Local personal transfer fees that are automatically pre-arranged from a Scotiabank personal Canadian Dollar deposit account are free but subject to debit transaction fees. On the other hand, if the local personal transfer is manually processed, the fee is USD 1.50, and also subject to debit transaction fees. 

If the transaction is done by the bank staff from a request through phone/fax/mail, the fee starts from USD 4.50 (subject to debit transaction fees) with an optional additional fee for “optional advice” of USD 5.00.

Requests for transfers for other financial institutions cost USD 20.00. 

International personal transfer fees can be done through their app, which starts from USD 1.99. However, it can increase due to the difference in currency exchange. This will be reflected as the “Requested Currency” price in the total transaction breakdown, as stated in their terms and conditions.

How do Scotiabank transfer fees compare to using a money transfer provider?

Scotiabank transfer fees showcase significantly lower transfer fees (starts at USD 1.99) compared to other money transfer providers. However, it must be reiterated that since the currency changes affect the total transfer fees, clients should inform themselves of the updated currency exchange rate of Scotiabank.

Transferring money through Wise would depend on the route and fees the client intends to transfer and calculated through percentages. Currencies Direct features the same application in using percentages in calculating the transfer fees based on the total money sent. WorldRemit charges from USD 3.99 to 24.99 depending on the destination and total money sent. These services exceed the base price of Scotiabank for transfer fees.

As for local transfer fees, Scotiabank offers a wide range of services that starts from free to USD 4.50. Given that, their terms and conditions explicitly state that a debit transaction fee applies per transaction.

Scotiabank pros and cons

International money transfers with Scotiabank weigh more pros than cons largely due to the breakdown of costs.

Convenience and Ease of Process – international money transfers can be done through their app by their “Scotia International Money Transfer” method that can send receipts to North America and to Asia.
Application Data History – The application can also save contacts of regular receipts of the client’s international money transfers.
Up-to-minute updates on currency exchange – Their application allows viewing of the latest currency exchange to the intended currency of the destination country.
Speed of transaction – It takes about five (5) business days for an international money transfer to reach its destination global bank account.
Diverse choices of Recipient Countries – Scotiabank International Money Transfer can accommodate sending of money to the United States and Mexico, India, Philippines and China, and selected countries in Europe.
Currency Exchange Fee Accumulation – By far, this is the only con of doing international transfers with Scotiabank. Despite the lower baseline of international money transfer fees, the client needs to prepare more money for fees due to the additional fees that need to be paid as part of the currency exchange changes.

Scotiabank’s structure and simplicity in their app make it optimal for Scotiabank clients to use their Scotiabank International Money Transfer method compared to other international money transfer means.

Scotiabank Swift Codes

Bank Of Nova Scotia TheAntigua And BarbudaSt Johns
Bank Of Nova Scotia Trust Company Bahamas Ltd TheBahamasNassau
Bank Of Nova Scotia TheBarbadosBridgetown
Bank Of Nova ScotiaCanadaCalgary
Bank Of Nova ScotiaCanadaMontreal
Bank Of Nova ScotiaCanadaOttawa
Bank Of Nova ScotiaCanadaSaskatoon
Bank Of Nova ScotiaCanadaToronto
Bank Of Nova ScotiaCanadaVancouver
Bank Of Nova ScotiaCanadaWinnipeg
Bank Of Nova ScotiaCayman IslandsGeorgetown
Bank Of Nova Scotia TheChinaChongqing
Bank Of Nova Scotia TheChinaGuangzhou
Bank Of Nova Scotia TheChinaShanghai
Bank Of Nova Scotia TheDominicaRoseau
Bank Of Nova Scotia TheEgyptCairo
Bank Of Nova Scotia TheGrenadaSt Georges
Bank Of Nova Scotia TheGuyanaGeorgetown
Bank Of Nova Scotia TheHaitiPort Au Prince
Bank Of Nova Scotia TheHong KongHong Kong
Bank Of Nova Scotia TheIndiaBangalore
Bank Of Nova Scotia TheIndiaCoimbatore
Bank Of Nova Scotia TheIndiaHyderabad
Bank Of Nova Scotia TheIndiaMumbai
Bank Of Nova Scotia TheIndiaNew Delhi
Bank Of Nova Scotia Jamaica Ltd TheJamaicaKingston
Bank Of Nova Scotia TheJapanTokyo
Bank Of Nova Scotia BerhadMalaysiaKuala Lumpur
Bank Of Nova Scotia TheMalaysiaLabuan
Bank Of Nova Scotia ThePanamaPanama
Bank Of Nova Scotia TheSaint Kitts And NevisBasseterre
Bank Of Nova Scotia TheSaint LuciaCastries
Bank Of Nova Scotia TheSaint Vincent And The GrenadinesKingstown
The Bank Of Nova Scotia Singapore BranchSingaporeSingapore
Bank Of Nova Scotia TheSint MaartenPhilipsburg
Bank Of Nova Scotia The Seoul BranchSouth KoreaSeoul
Bank Of Nova Scotia TheTaiwanTaipei
Bank Of Nova ScotiaUnited Arab EmiratesDubai
Bank Of Nova ScotiaUnited KingdomLondon
Bank Of Nova Scotia TheUs Virgin IslandsSt Thomas
Bank Of Nova ScotiaUsaBoston Ma
The Bank Of Nova ScotiaUsaHouston Tx
Bank Of Nova Scotia Miami AgencyUsaMiami Fl
Bank Of Nova ScotiaUsaNew York Ny
Bank Of Nova ScotiaUsaPortland Or

Answers to key questions about Scotiabank

Scotiabank features various banking and investing services for their clients given their large customer base in Canada and around the world. The prompts below answer some key questions related to their banking experience.

Can I open a Scotiabank account in any country?

Yes. Scotiabank makes this possible through their “Scotiabank Startright Program” which allows clients to open a Scotiabank International Account online before they arrive. However, the potential client must first meet their eligibility through their website before opening the account. The application for their international account can be done through their website. After a successful opening of an account, further validation will be done when the client arrives in Canada. No timeline or deadlines are stated that can invalidate the account opening once found eligible.

Opening an account in Canada will have the same process as the account opening for international accounts. All of the relevant details of the client will be asked on their website.

Does Scotiabank have an app?

Yes. The Scotiabank mobile banking app can both be downloaded from Apple Store or Google Play.

Here are highlighted features of the Scotiabank app:

  • Paying bills and transferring money – all of these transactions can be done in the app in a few taps and swipes.
  • Navigation shortcuts – the app tracks the user’s most frequently used functions for ease of access in future banking experiences with the app.
  • Access to quick answers to common questions – The app’s Help Centre contains the library of questions and tips the user might need for their navigation through the app.
  • Robust security features – The app uses data encryption to keep the user’s financial information confidential. The login process requires identification verification through multi-factor authentication. The notifications keep the user aware of all their banking transactions.
  • Inclusive design – The app promotes accessibility for everyone through dynamic font sizing for different screens and considered ability ranges in the design and format of the app.
  • Flexibility – The app can work in the background with other running applications by minimizing the app’s size on the screen.

Are there transfer limits?

Yes. Scotiabank uses “Interac e-Transfer” for money transfers done through their application. Most of the accounts’ daily limit is set at USD 3,000. However, the client must first check their limit by logging into the Scotiabank website or through the settings of the app.

How long do transfers take with Scotiabank?

Scotiabank’s Interac e-transfer exhibits instant money transfers, having 30 minutes as its latest waiting time.

Scotiabank’s International Money transfer can take up to five (5) business days before arrival to its recipient account.

What customer support options are available?

There are four available support options available for clients of Scotiabank: (1) library of commonly asked questions found in the app and their website’s Help Centre, (2) calling option 1.800.4SCOTIA and more phone numbers available on their website, (3) contact through the mail in the list of addresses found on their website, and (4) contact through their Twitter (@ScotiabankHelps) available 8 am – 11 pm ET 7 days/week.

Can I use a Scotiabank debit card when traveling abroad?

Yes. As a founding member of the “Global ATM Alliance”, Scotiabank reduces fees of their clients in usage of the banks found in the alliance. Scotiabank debit cards with a PLUS logo at the back of their cards can be used for international transactions as well. Additionally, Scotiabank offers their “ScotiaCard” with VISA Debit, which features no transaction fee when shopping with VISA Debit. It comes with a rewards program based on the reward points clients accumulate from their everyday purchases with ScotiaCard.

How to open an account and transfer money with Scotiabank

There are three (3) ways to open a Scotiabank account. (1) Online: This is done through their website. (2) Face-to-face/ In-person: An account can be opened by booking an appointment at any Scotiabank branch. The list of branches is found on their website. (3) Phone: An account can be opened by contacting Scotiabank at 1-800-472-6842.

The client can log in through the Scotiabank app or go to any Scotiabank branch to transfer money.

Opening an account

The Scotiabank website features various personal banking accounts that individuals can open for chequing or saving purposes through packages. Four (4) Scotiabank packages can be explored in opening the first-time account. These packages are “Basic Bank Account”, “Basic Plus Bank Account”, “Preferred Package”, and “Ultimate Package”, arranged in increasing benefits and perks. 

Once decided with which package to go with, the user will be asked if they already have an existing account with Scotiabank or if it is their first time. For those with existing accounts, they will be asked to log in to their Scotia OnLine to open another account. For those who are first-timers, they will be asked for their information, which will take around five (5) minutes before a successful opening of their accounts based on the package chosen. Once all of the information is saved and verified by Scotiabank, their accounts are active for usage.

Transferring money

Transferring money is mainly done through the app. For local interbank transfers, Scotiabank endorses Interac e-transfer for real-time transfers. For international money transfers, Scotiabank uses its “Scotia International Money Transfer” service that can take up to five (5) business days to arrive at its destination account.

Additional Information

Customers who opt to open any of the packages offered by Scotiabank must keep in mind that monthly fees come with the maintenance of their accounts. In order to avoid these fees, minimum daily balances must be kept. The variation of minimum daily balances and monthly fees can be seen through the Scotiabank website.

There are special accounts for students and youth that feature no monthly fees and maintaining balances. The terms and conditions for students and youth must be observed in order to enjoy these privileges. The Scotiabank website contains all of the details regarding these accounts.

Customer service details for users of Scotiabank

The customer service for Scotiabank clients is made available on their website. Scotiabank can be reached through telephone (1.800.4SCOTIA), their website Help Centre, and through their Twitter (@ScotiabankHelps). Additionally, their website contains a list of branches for clients who prefer in-person assistance.

Can I use Scotiabank for international bank transfers?

Yes. Scotiabank uses its “Scotia International Money Transfer” for international bank transfers. All international money transfers must be done through their app. Receipt of the transactions can be expected up to five (5) days after a successful transaction. The breakdown of transfer fees starts from USD 1.99 on top of the foreign currency exchange rates that are determined at the time of the transaction based on real-time currency exchange.


Scotiabank offers a wide range of personal banking products to cater to the different needs of their clients. This is reflected through their account packages, online accessibility, application accessibility, and customer service. Scotiabank exhibits its vision “for every future” based on its services to a wide range of age groups (youth, student, or adult), preferences (in person or through the app), and international alliances (Global ATM Alliance, VISA Debit collaboration, and Scotia International Money Transfer).

In cases of questions and concerns, their website offers transparent and easy-to-search information for incoming and present clients. Questions about fees, exchange rates, transfer fees, and all of their updates are regularly announced on their website. 

April Summers

April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.