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.
Why should I consider Scotiabank for my money transfer?
Low fees. Scotiabank money transfers cost as little as $1.99 per transfer.
Easy mobile transfers. You can use Scotiabank’s mobile app to send both Scotiabank online money transfers or Western Union cash transfers.
Cash pick-up with Western Union. Your recipient can pick cash up at over 550,000 Western Union agent locations around the world.
Fast. You only have to wait between 2 and 4 hours for Western Union cash transfers to process.
What to be aware of
High minimum transfer amount. You have to send a minimum of $100 with a Scotiabank money transfer.
Noncompetitive exchange rates. Scotiabank adds a larger margin to the exchange rate than dedicated online money transfer services.
Need a Scotiabank account. You can only transfer money with Scotiabank if you sign up for a bank account.
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.
How long will my Scotiabank money transfer take?
Your Western Union cash transfer will usually process in 2 to 4 hours. Scotiabank money transfers typically take up to 5 business days to arrive.
Tips for avoiding transfer delays:
Send money at set times. Try to send your transfer in the morning or on a weekday.
Send smaller transfers. Avoid sending large amounts of cash or send multiple smaller transfers if your transfer is over $10,000.
Arrange for cash pickup. Send cash for your recipient to pick up in person at a Western Union location in their country for faster processing.
Send popular currencies. Send mainstream currencies over exotic currencies wherever possible to speed up your transfer time.
Transfers typically take
2-4 hours
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:
USD US Dollar
GBP British pound
AUD Australian dollar
EUR Euro
JPY Japanese yen
CNY Chinese yuan
PHP Philippine peso
INR Indian rupee
DOP Dominican Peso
MXN Mexican peso
LBP Lebanese pound
JMD Jamaican dollar
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).
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.
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:
You’ll typically need to be a Canadian resident and the age of majority in your province to sign up for an account.
Register for an account either online or by visiting a branch.
Fill out an application by providing information such as your full name, home address, phone number and SIN (Social Insurance Number).
Show proof of ID to verify your identity.
Authorize the bank to use your personal information to do a credit check.
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?
Scotiabank has a mobile app to help you manage your banking on the go. You can use this app to send both Scotiabank money transfers and Western Union cash transfers. You can also track your transfer history.
The app supports a wide range of everyday banking functions like bill payments, transfers between accounts, Interac e-Transfers, viewing your Scotiabank account balances and rewards points balance, mobile cheques deposit, AutoPay and more. To use the Scotiabank mobile app, you need to open a Scotiabank account.
How does Scotiabank compare to other money transfer services?
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
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
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.
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.
Scotiabank money transfers typically take up to 5 business days to arrive. Western Union transfers often process in less than 4 hours.
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.
Claire Horwood was a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee. See full bio
An international money order may not be the best option for sending money overseas. Learn more about money orders in Canada, and find out about other ways to transfer funds abroad.
Ever wondered how long it takes for an international wire transfer to arrive in your recipient’s bank account? Find out here.
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