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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Learn more about Scotiabank Foreign Exchange
Wire Transfer Send/Receive Fees
|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.
The table below shows Scotiabank Canadian dollar (CAD) exchange rates with the percentage of margin being charged from the market mid-rate when they were published.
Note that the above carded rates from Scotiabank do not include any special BER deals that we have negotiated with some providers. To find these deals you can use the above exchange rate comparison tool.
Country Currency Guides
|India (INR)||Canada (CAD)|
How is the cost of living in India?
The cost of living in India is relatively low compared to developed countries. Basic goods and services cost less than 50% of what they cost in developed nations.
How is the expat life in India?
The expat life in India can be very exciting and enriching. There are many things to see and do, and the people are generally very friendly and welcoming. India can be a challenging place to live at times, but it is also very rewarding.
Read more at our India (INR) country guide
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