This post is sponsored by Scotiabank. All views and opinions expressed represent mine and are based on my own research of the subject matter.
The Scotiabank International Money Transfer (IMT) service enables clients to send funds from their bank accounts to friends, family, and associates in more than 20 countries. A service like this can be especially convenient for newcomers to Canada who may need to send money back to family or friends in their home country, but plenty of others will find it helpful as well.
Those who have the Scotiabank mobile app can simply log in, navigate to the “Transfer” tab, enter the info regarding the amount and recipient, and be finished within minutes. If you’d prefer not to use the app, a similar process can be followed to send money through your online banking account.
Let’s take a look at the important details of the Scotiabank International Money Transfer service.
Key Takeaways
- Scotiabank International Money Transfers can be sent through the Scotiabank mobile app or your online banking portal.
- The $1.99 service fee for sending a Scotiabank IMT is waived for those with a Scotiabank Ultimate Package and those participating in the Scotiabank StartRight® Program.*
- Senders can transfer between $100 and $10,000 per day, to a max of $15,000 per week.
- Transfers can take up to 5 business days to complete.
Scotiabank International Money Transfer fees and exchange rates
Sending a Scotiabank International Money Transfer will require paying a $1.99 service fee and the associated exchange rate for the currency where your transfer will be deposited.
We can’t tell you exactly how much the total cost will be for making a transfer like this, but we can give you more information on the factors that affect it.
Scotiabank IMT Transfer fees
Unless you have a specific type of account, you’ll be required to pay a service fee to send a Scotiabank International Money Transfer – however, it’s a very low fee of $1.99 per transfer.
Keep in mind that you can only transfer money that’s already held in a Scotiabank account. So if you have cash on hand or funds in an account with another institution, you’ll need to transfer or deposit that money into a Scotiabank account first.
Here’s an overview of the transfer service fees that apply to various Scotiabank accounts:
| Type of client | Enrolled in the StartRight™ program | Enrolled in the StartRight™ program | Typical | Typical |
|---|---|---|---|---|
| Account type | Scotiabank Preferred Package | Scotiabank Basic Plus Bank Account | Scotiabank Ultimate Package | All other accounts |
| Required fee | $0 | $0 | $0 | $1.99 |
If you don’t already have a Scotiabank account or are looking to open a new one, these are a few examples of what Scotiabank has to offer:
Don't like keeping a ton of money in your chequing account to waive the fee, but still love the convenience of a big bank? The Scotiabank Basic Bank Account only has a low monthly fee of $3.95 to worry about and comes with 12 free transactions. If most of your purchases are made with your credit card, that's probably more than enough for you.
- Low monthly fee
- Discounted fee for seniors
- Teens can open an account too
- Free Interac e-Transfers
- Big bank convenience and reliability
- Low transaction limit
- No fee waiver with minimum balance
- Lack of welcome bonus
- You must be at least 16 years old
- A Canadian resident or you're here for work or study
- Opening this account in your own name
- Free for seniors aged 60+
- Available for teens too, age 16+
- Free Interac e-Transfers
As one of 5 available Scotiabank savings accounts, the Scotiabank Savings Accelerator Account is one of the more unique options you can go with. That’s because you can choose to include it as part of a non-registered or registered investment plan.
- Registered plans available
- No monthly fee or minimum balance
- Free transfers between Scotiabank accounts
- Low 0.1% base interest rate
- Interac e-Transfers are $1
- Age of majority
- Canadian citizen
- Add to non-registered or registered plans
- Pre-authorized contributions available
- Unlimited free transfers between Scotiabank accounts
The Scotiabank Ultimate Package is the chequing account that offers everything. From unlimited transactions, credit card fee waivers, a free safe deposit, rewards on debit purchases, increased interest rates on GICs and savings accounts, and more, this account includes everything you might need from a chequing account.
- Get a $100 GeniusCash boost
- Get up to $700 in welcome bonus cash
- Unlimited transactions
- Plenty of physical bank locations
- Save money on premium credit cards
- Exclusive rates and fee rebates for other accounts
- Earn rewards
- Minimum balance to waive fee
- High monthly fee
- Minimum balance is a wasted investment opportunity
- You may still be charged for non-Scotiabank ATM withdrawals
- You must be at least 16 years old
- A Canadian resident or you're here for work or study
- Opening this account in your own name
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.- Earn Scene+ points on debit transactions
- No monthly overdraft protection fee
- Unlimited free Scotia International Money Transfers
- Up to $150 annual fee waiver each year on select credit cards
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.Currencies and exchange rates for Scotiabank International Money Transfers
Unfortunately, it’s hard to tell ahead of time what exchange rate you’ll be charged for your international money transfer. This is because exchange rates fluctuate regularly, with Scotiabank and everywhere else.
With that being said, you’ll be able to see the current exchange rate when you initiate the transfer process via the mobile app or online banking.
Scotiabank lists 20 different countries where clients can send international transfers using the associated currencies:
- United States,
- Greece,
- Australia,
- China,
- India,
- Philippines,
- Portugal,
- Ireland,
- Spain,
- Netherlands,
- Cyprus,
- France,
- Germany,
- Italy,
- Belgium,
- Austria,
- Mexico,
- Dominican Republic,
- Jamaica, and
- United Kingdom.
Daily and per-transaction limits for Scotiabank IMTs
These are the related limits for sending a Scotiabank International Money Transfer when sending directly to another bank account:
- a minimum of CAD$100 per transaction,
- a maximum of CAD$10,000 per day, and
- recipient’s full name,
- recipient’s full address,
- the full amount you want to send,
- the ACH routing number for the recipient’s bank,
- the recipient’s account number, and
- the recipient’s account type.
The daily limit resets at midnight each day.
And while newcomers to Canada who are part of the StartRight™ program do not have to pay the typical $1.99 transfer fee to send a transfer using the Scotiabank International Money Transfer service, they do have the same transaction limits as everyone else.
How to send an International Money Transfer from Scotiabank
To send an international money transfer with Scotiabank, you can simply log into your online banking account or use the app on a mobile device. Once you navigate to the “Transfers” tab, you simply fill in the required information and proceed from there.
The funds go directly into the recipient’s bank account, so there really isn’t much for the recipient to do in order to receive the money.
However, you’ll need personal and banking information from the recipient in order to send the funds in the first place. Here are all the details you’ll need to include:
The term “ACH routing number” (where the ACH stands for Automated Clearing House) refers to a 9-digit number used to identify a specific banking institution. It’s similar to the institution numbers used by Canadian banks.
Will you send a Scotiabank International Money Transfer?
Anyone with family or friends in another country will appreciate the value of a service like Scotiabank International Money Transfer, but it’s especially helpful for newcomers to Canada. A speedy, low-cost transfer service like this offers peace of mind for many who are trying to reach out to international contacts.
Have you sent a Scotiabank IMT before? Now that you know more about the service, will you use it?
We always appreciate hearing first-hand accounts from our readers, so please leave us a note with your thoughts and experiences in the comments section below.
FAQ
How much does Scotiabank charge for international transfers?
There’s a $1.99 service fee per transfer when sending an IMT (waived for qualifying Scotiabank account holders), plus there are exchange rates to consider. The exact exchange rate may not be made available until you’re ready to send the transfer.
Can you tell me how to transfer money internationally with Scotiabank?
To send a Scotiabank IMT, log into the Scotiabank app or your online banking account, choose the IMT tab, select a contact (fill in any associated information), and agree to pay the fees listed (as applicable). The transfer should complete within 5 business days.
What are the Scotiabank International Money Transfer exchange rates?
Because exchange rates fluctuate on a regular basis, we can’t tell you the exact rates. You won’t be able to see the precise exchange rate until you’re filling out the information to send a Scotiabank International Money Transfer.
How long does it take to send a Scotiabank IMT?
It can take up to 5 business days for your international money transfer to process and be deposited on the other end. However, it generally takes about 1 to 3 business days to be received.
* A transfer can only be made from an eligible Scotiabank Chequing or Savings account. Terms and Conditions found in Scotiabank International Money Transfer Agreement apply.
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