Scotiabank international money transfers review

• Great for sending cheap transfers using Scotiabank’s mobile app or online banking.

• Not so great if you’re not a Scotiabank client or you want to send less than $100.

How can I send money with Scotiabank?

You can send money directly to your recipient using a Scotiabank money transfer or a Western Union cash transfer.

• Scotiabank money transfer. Scotiabank money transfers are bank-to-bank transfers that take between 3 and 5 business days to process. You can send these transfers using Scotiabank’s online or mobile banking app.
• Western Union money transfer. Western Union cash transfers let your recipient pick up the money you send them in cash at a Western Union location in their own country. These transfers take between 2 and 4 hours to process.

Scotiabank exchange rates and fees

Scotiabank charges different fees based on how you send money.

Transfer type	Cost
Cash transfer through Western Union	$5 admin fee plus 1% of your transfer amount
Scotiabank money transfer	As little as $1.99 per transfer

There will also be a margin of around 2-5% added to the exchange rate so you should factor in the extra expense before sending your transfer.

What payment methods does Scotiabank accept?

You can only pay for Scotiabank money transfers using your bank account. Funds can be sent from either your chequing or your savings account. You won’t be able to pay for your transfer in cash unless you go into a Scotiabank branch and deposit money.

How much money can I send?

Transfer type	Amount you can send
Cash transfer through Western Union	$999 per day for online/mobile app transfer $7,499 per day through a Scotiabank branch
Scotiabank money transfer	No specified maximum

Available currencies

You can send cash overseas to over 200 countries with Scotiabank’s online transfer service. Some of the more popular currencies include:

You can send 130 currencies when you transfer money with Western Union.

Is Scotiabank safe to use?

Scotiabank is one of the “Big 5” banks in Canada along with TD Canada Trust, CIBC, RBC and BMO. It employs mandatory 2-factor authentication, which requires customers to pass 2 levels of authentication before gaining access to their bank accounts.

It also encrypts all of customers’ personal and financial information, and offers a Security Guarantee to protect customers against costs associated with fraud.

• Security and regulation. Government-regulated, enables 2-factor authentication and other industry-standard security measures.
• Established. 1832.
• Number of customers. 23+ million

*According to Scotiabank on 01 April 2021

Where is Scotiabank regulated?

Scotiabank is a member of the Investment Industry Regulatory Organization of Canada (IIROC) as well as the Canadian Investor Protection Fund (CIPF).

How to send your first Scotiabank money transfer

You need to have a bank account with Scotiabank in order to transfer money overseas.

• Scotiabank money transfer. You can send a Scotiabank money transfer using your mobile app, online banking or in-person at a branch. You’ll just need your recipient’s personal and banking information.
• Western Union money transfer. You can send a Western Union transfer in-person or through Scotiabank’s online banking app. From there, your recipient can pick up the cash transfer at their nearest Western Union location.

• What documents do I need to send money online through Scotiabank?

  You need to have the following information to send the following types of transfers:

  Scotiabank money transfer

  • Recipient’s name and address
  • Recipient’s bank name, location, account number and transit number
  • Recipient’s international bank account number (IBAN), BIC, or SWIFT code

  Western Union money transfer

  • Recipient’s first and last name (as it appears on their government-issued ID)
  • Recipient’s country of residence and in some cases their full address

How to become a Scotiabank client

You’ll need to sign up for a Scotiabank account in order to send money transfers with this provider. You can do that by following these steps:

1. You’ll typically need to be a Canadian resident and the age of majority in your province to sign up for an account.
2. Register for an account either online or by visiting a branch.
3. Fill out an application by providing information such as your full name, home address, phone number and SIN (Social Insurance Number).
4. Show proof of ID to verify your identity.
5. Authorize the bank to use your personal information to do a credit check.
6. Register for Scotiabank’s mobile app or visit a branch in person to send a money transfer.

Does Scotiabank have a mobile app for money transfers?

Best international money transfer apps

How does Scotiabank compare to other money transfer services?

Bottom line

Scotiabank offers online money transfers as well as cash transfers through Western Union. You’ll need to have a Scotiabank account and you’ll pay fairly high fees to transfer money. Compare your options before sending money with Scotiabank to make sure you get the best deal.

Frequently asked questions

• Can I send a Scotiabank money transfer directly to my recipient's bank account?

  You can send money to your recipient’s bank account by visiting a Scotiabank branch or by initiating a transfer through the mobile app. Your recipient can only pick up Western Union cash transfers in person at an agent location.

• Can I send Scotiabank money transfers in any currency?

  Unfortunately, no. Scotiabank money transfers are not available in all currencies and you may have difficulty sending exotic currencies. That said, you can send most currencies if you transfer cash through Western Union.

• How long will my transfer take to arrive?

  Scotiabank money transfers typically take up to 5 business days to arrive. Western Union transfers often process in less than 4 hours.

• Can I cancel my money transfer with Scotiabank?

  No. Once your transaction has been submitted, your Scotiabank money transfer can’t be cancelled or changed. That said, you may have more luck cancelling a Western Union cash transfer if you contact them immediately after you initiate the transfer.