We help you save money by comparing Scotiabank exchange rates to the latest market rate and those offered by leading FX providers.
Scotiabank at a glance
Scotiabank is a Canadian multinational bank and a leading financial institution in North and South America. The bank offers a wide range of financial products and services to individuals, businesses, and institutions, including banking, investment, and insurance services.
One of the financial products offered by Scotiabank is wire transfers. Wire transfers are a secure and fast way to transfer funds between banks in different countries. With Scotiabank wire transfers, you can send money to over 100 countries in a variety of currencies.
When you get a quote for your Wire Transfer from Scotiabank on their website or in-app, you can also see the Scotiabank exchange rate, but it can be difficult to then calculate how much markup from the market rate you are being charged.
Our research shows that on average, Scotiabank profit margin for foreign exchange rates is somewhere between 3 - 8%, depending on the amount you're sending, where you're sending it to and which currency will be received.
While all banks in Canada charge this markup, the extra amount being charged is much higher than it would be with a global money transfer specialist.
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What are the Scotiabank rates for other currencies?
The table below shows Scotiabank Canadian dollar (CAD) Send Money exchange rates with the percentage of margin being charged from the current market mid-rate :
Send money internationally as a direct deposit to your family or friends using your mobile app or online banking
$1.99*/transfer on select accounts
Each automatic pre-arranged transfer of funds between your Scotiabank personal Canadian Dollar deposit account (debit transaction fee applies)
Free
Each manually processed pre-arranged transfer of funds between your Scotiabank personal deposit accounts (debit transaction fee applies where applicable)
$1.50
Each transfer by branch staff between your Scotiabank personal deposit account due to telephone/fax/mail request, or to cover cheques (debit transaction fee applies)
$4.50
(optional Advice $5.00)
Transferring a Scotiabank account balance to another financial institution
$20.00
Incoming Wire Transfer fees
Incoming Wire Transfer identified as a Pension Payment in the payment message
$1.50 per transfer*
All other Incoming Wire Transfers
$15.00 CAD/USD per transfer*
* All fees are charged in the currency of the account.
The Scotiabank FX Fees we use are based on publicly available information available here.
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