|SCOTIABANK||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to CAD||NO MINIMUM||5/7 DAYS||3.4%||$1.606|
|EUR € - to CAD||NO MINIMUM||5/7 DAYS||3.4%||$1.393|
|CURRENCIES DIRECT||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to CAD||FROM £100||FROM 1 DAY||0.7 to 1.0%||$1.645 to $1.652|
|EUR € - to CAD||FROM €100||FROM 1 DAY||0.7 to 1.0%||$1.428 to $1.434|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Save on the exchange rate conversion when sending money abroad from your Scotiabank account in Canadian dollars, UK pounds, the euro & other currencies. Scotiabank international money transfers to or from Canada have higher transaction charges, due to a less competitive exchange rate offered by Scotiabank. Skip to: Canada Money Transfer Specialists
Typically, sending funds to or from your Scotiabank account in Canadian dollars (CAD) or UK pounds will involve a margin rate of 3.4% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Sending foreign currency to or from your Scotiabank account in Canada needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of $100,000 Canadian dollars (CAD) using Scotiabank services would have a transaction exchange rate margin of around 3.4% – or $3,400 CAD. Using a specialist broker, in this example TorFX – the exchange rate margin would work out at 0.7% – or only S700 CAD in total, which is a large saving over the bank service.
International money transfers from Scotiabank could take longer to arrive than using a private currency exchange provider and you will also need to be an existing Scotiabank account holder to use their services. Scotiabank may additionally charge a flat rate commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. Private brokers offer commission free currency transfers, typically over a value of $5000.
Unless you pay a premium, Scotiabank’s service will take from 5 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction either same day, or next day.
Scotiabank (The Bank of Nova Scotia) was created in 1832 and is a Canadian multinational bank which is the third largest bank in Canada by deposits, serving more than 23 million customers in over 55 countries around the world. Scotiabank has a large distribution of its services all across Canada including over 1,000 local banking branches in major cities such as Toronto, Ontario, Montreal, Quebec, Vancouver, British Columbia and Calgary, Alberta.