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    Scotiabank Exchange Rates – BER Review

    Read our review of Scotiabank's foreign exchange services and how their exchange rates compare to FX specialist providers, compare rates and check if you can save money when you send and spend abroad.

    Review Updated: Apr 06, 2022

    Whether planning to make a trip overseas for a vacation, maintain a business in a different country or work for a company that has international offices, you may be required to deal with foreign currency. As the Canadian Dollar is not accepted abroad, it is necessary that you convert it into the currency of the destination.   In this article we will compare the Scotiabank Exchange Rates with Canadian banks and financial institutions.

    Scotiabank has various options to transfer money abroad from Canada or receive it from a foreign country. As every customer has a specific foreign currency need, the products too are specific to the situation. Scotiabank offers products like travel money cards, drafts, foreign cash, and International money transfers.


    Founded in Halifax, Nova Scotia in 1832, Scotiabank is a Canadian multinational bank. The bank moved its headquarters to Toronto, Ontario in 1900 and has many branches and office locations in more than 50 countries. Scotiabank operates as a full service wholesale financial institution in Canada and provides a broad range of banking services to Canadian clients, with a core focus on debt and risk management products.

    If you are looking for information on Scotiabank foreign exchange services and how to send money overseas, then read on.

    From this article, you will


    Send Transfer & Buy Cash Rates

    This table shows Scotiabank exchange rates that apply to non-cash transactions up to $9,999 including for foreign transfers. The percentages show the margins the bank is charging compared to the market mid-rates. The table is updated hourly, for the latest comparison goto the calculator for Scotiabank Foreign Transfers

    Scotiabank Exchange Rates - Click Rates to Compare (% margins to midrate)

    The components that decide Scotiabank exchange rate

    There are three main components that regulate the exchange rates for a currency. They are:

    Before going into each section, let’s understand this better by looking at a table. It lists the exchange rates as of 4th July 2018. Please note that the rates in this table are against Canadian Dollars.


    The exchange rate depends on the currency you wish to buy or sell.  For example, if you are travelling to Japan, you’ll need Yen, and if travelling to the US, you’ll need USD. Once you know which foreign currency you need to buy or sell, you will have to check the rates relevant to that currency. So, if you are travelling to Japan, check the row showing rates of Yen in the above table. If travelling to the US, check the rates of USD only.

    Loading rates...

    ProviderAmountsRateTotal Cost
    Sending $CAD 10K with Scotiabank vs FX Providers

    Scotiabank Transfer 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

    Type of transaction

    Once you know which foreign currency you need, the next step is to understand the nature of the transaction. Do you want to buy foreign currency or sell it?

    If you’re looking to convert from CAD to any other foreign currency, check the exchange rates for buying foreign currency found under the column – ‘Client Buys’.

    If you have surplus foreign currency with you that you need to convert back to CAD, you’ll have to refer to the rates under the column ‘Client Sells’.

    Please note that the conversion from CAD to a foreign currency or vice versa will have different cross currency rates at work. That is, for 1 CAD, you get USD at one rate, and when converting back from, you get CAD at another rate.

    Product required

    One more factor that controls exchange rates is the type of product you wish to buy. Global currency card, money transfer, drafts and cash are the main products offered by Scotiabank. While travelling abroad, carrying cash might seem to be the cheapest option. However, it might turn out to be unsafe. Travel cards are easy to carry but might be costly. Further, it might not be practical to opt for money transfer every time. The best way out is to use a balance of the options.

    Calculating the Scotiabank Exchange Rates

    Now that you’ve got an idea of the components that determine the exchange rates, let’s take a look at a few common questions and answers raised while calculating the exchange rates.

    How much currency will my money buy?

    Use the following formula to calculate how much foreign currency you will receive:

    Canadian Dollars with you*exchange rate = Currency you will receive

    For example, if you have 1,000 CAD and you wish to buy USD at a rate of 1.005 then the amount of CAD you will receive is 1005 (1000*1.005 = 1005).

    How much CAD would you require to buy a certain amount of foreign currency?

    In a situation where you know the exact amount of foreign currency you need, you can find the cost in CAD by using the following formula:

    CAD required = Amount of foreign currency you need/exchange rate

    If it’s CAD you need and the requirement is 1,000 CAD and the exchange rate is 1.005, then the amount of CAD you’ll have to pay is 995.02 CAD (1000/1.005 = 995.02).

    What is the cost to send currency overseas?

    If you want to send a specific amount of currency aboard, the situation is same as buying travel money.

    The formula for calculation would be:

    CAD required = Amount of foreign currency you need/exchange rate

    How to calculate the value of currency received from overseas?

    You can use this formula to calculate how much you will receive in CAD while receiving foreign currency from overseas:

    Amount of foreign currency received/exchange rate = CAD received

    If you received 10,000 CAD through bank transfer while the exchange rate was 1.005, you’ll receive 9950 CAD (10,000/1.005 = 9950).

    Are there any hidden costs?

    There is a cost attached to money transfers which is 2.5% of the converted amount, applied to both debit and credit transactions.

    Additional fees may be imposed by an intermediary or recipient bank who handles the transaction.

    The maximum order limit per customer per week for foreign cash is equivalent to 2,000 CAD.

    Time taken to do an international money transfer through Scotiabank

    The turnaround time for an international transfer depends on the country of the target account. The credit to the beneficiary can happen in anything from one to three business days.

    Scotiabank Reviews

    Customers think highly of the Scotiabank foreign exchange services.  Competitive exchange rates and ease of transferring money online were identified as  key drivers of overall customer satisfaction for the bank. The promptness of the service support team was also appreciated by many.

    For more information on Scotiabank exchange rates and international money transfers, click here.


    Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.