How To Send Money To A Scotiabank Account Using Chase
Scotiabank's personal customers can make outgoing international coin transfers via 3 options. 1 is through Western Union, the second pick is called Scotia International Coin transfer. As the tertiary option, y'all tin arrange international bank transfers, known as a wire transfer – if y'all visit your co-operative in person.
In this article, we'll look at these iii options by Scotiabank and the corresponding fees and transfer times for each method.
As you'd expect, there are some costs involved in making an international transfer with Scotiabank, so information technology'due south a good idea to research in accelerate, so you can minimize fees and avoid surprises. Probable, you could save up to 6x by using a new transfer service similar Wise. But more on that after.
Save upwardly to 6x with Wise
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How do you make an international transfer with Scotiabank?
There are three ways of arranging an international transfer with Scotiabank: yous tin can either utilise banking company wire transfers, send money through their Western Union service, or use the depository financial institution's International Money Transfer feature. In this segment, we are going to look at these options and how to make an international transfer with them.
Wire transfer
If you accommodate a wire transfer with Scotiabank, your funds volition go directly to the recipient's bank account, then you'll demand some details nigh where your coin is headed. Exactly what you have to provide will depend on where you're sending coin to, only you lot can wait to be asked for the following:
- The transfer corporeality and currency
- The full name, address and account number of the person yous're sending the coin to, as written on the account
- The total name and accost of the bank y'all're sending coin to
- The recipient'southward IBAN if yous're sending to Europe
- The SWIFT/BIC code or routing number if you're transferring to the U.s.
Western Union
Scotiabank also offers international transfers online through Western Wedlock. You tin brand Western Union transfers online by using their app, or using the Scotia Online service if you register your account for internet cyberbanking first.
This is how you lot send a Western Union Money Transfer with Scotiabank:
- Select "Transfers" on your account page
- Choose the option "Send Money Internationally"
- Now, select the option "Greenbacks pick-up"
- To complete the transfer, review the details and follow further instructions.
It is important to note that the recipient has needs to visit a local Western Matrimony co-operative to pick upward the money personally.
Scotia International Money Transfer
As the second option, y'all can use a service called Scotia International Coin Transfer. This is how yous send an international coin transfer with Scotiabank using your figurer:
- From the "Accounts page, click on "Transfers".
- Select the selection "Send Coin Internationally".
- Choose the selection "Bank deposit".
- Add together a contact or the details of the person you'd like to send the coin to.
- Now, choose the account you'd similar to use to complete the transfer.
- Confirm the details to complete the transfer.
Alternatively, you can also use Scotiabank's iPhone or Android mobile app:
- On the master screen of the app, tap "Transfers" first.
- Choose "Banking concern eolith".
- Add together a contact or the details of the person you'd like to send the money to.
- Now, choose the account y'all'd like to use to complete the transfer.
- Enter the desired amount of money you lot transport.
- Confirm the details to complete the transfer.
This table summarizes what are your availability options with Scotiabank and the maximum amount you tin send as the sender of an international transfer:
| Scotiabank (wire transfer) | Scotiabank (via Western Union | Scotia International Money Transfer | |
|---|---|---|---|
| Availability | In person | Online or in person | Online |
| Maximum amount | More C$x.000 (≈ US$7.900) | Online: Upward to C$999.99¹ (≈ US$790) Branch: Upwardly to C$seven.499¹ (≈ US$5.925) | Up to C$x.000¹ (≈ US$7.900) |
(11/25/2021)
How long practice international transfers take with Scotiabank?
More often than not, it takes about 1-iii business days for the funds to accomplish the recipient through an international wire transfer with Scotiabank², and it takes around two-4 hours with Western Union¹, nevertheless, this can vary depending on agent availability, branch opening times – as the recipient has to pick up the greenbacks in person. With Scotia'southward International Money Transfer service, information technology can have upwardly to 5 days to receive money¹.
This is how long international transfers take with Scotiabank, depending on the method:
| Scotiabank (wire transfer) | Scotiabank (via Western Union | Scotia International Money Transfer | |
|---|---|---|---|
| Transfer length | 1-three business organisation days² | 2-4 hours¹ | Up to v business days¹ |
What are Scotiabank's international money transfer fees?
Scotiabank's rates vary depending on the specific circumstances of the transfer, and your business relationship terms and conditions. Apart from the transfer fees itself, it is essential to mention substitution rates and other additional fees as they are all contribute to the fees you'll pay when transferring money internationally with Scotiabank. Let's have a expect at them!
Scotiabank international transfer fees
On the one hand, Western Union online transactions and the Scotia International Money Transfer service accept a fixed fee construction:
- Western Union: C$9+1% of the transfer corporeality¹ (≈ United states$vii.11+i%)
- Scotia International Coin Transfer: C$i.99¹ (≈ US$1.57)
(11/25/2021)
On the other paw, Scotiabank'south international wire transfer fee can vary branch past branch. For this reason, they aren't published by the bank – that means you have to visit your branch to even find out what your wire transfer will cost y'all.
Scotiabank substitution rates
As well as any flat fees applied, you lot need to know the exchange rate that'll exist used for your transfer.
In example of Scotiabank, a currency exchange charge per unit is added to in add-on to the transfer fees.⁴
Plus, on average, banks and money transfer providers ofttimes mark upward an commutation rate by 4-6% to brand money on converting your currency.
Western Union too clearly states on their own website that "in addition to the transfer fee, Western Union also makes money when it changes your dollars into foreign currency"⁵.
For this reason, it'southward a good idea to compare the substitution rate you lot're offered with an online currency converter to detect out how much your international transfer is really costing you.
Boosted fees from Scotiabank
Wire transfer
If you're carrying out your transfer through a bank branch via a wire transfer, it'll ordinarily be processed using the SWIFT system.
That ways that there can be equally many as 3 banks involved in the process.
These banks might add their own apartment fees to the transaction on top of annihilation Scotiabank applies. Considering the other banks involved decide their own fees, Scotiabank can't tell you exactly what other charges at that place could be before you place your transaction.
Western Matrimony
The Western Union page holds a lot of small print explaining possible extra fees: "Boosted services may modify the total amount it will cost to send your money transfer."⁵ One boosted fee tin be, which Western Union calls as an Amanuensis Fee:
"The transfer fees and the money Western Union (or its Agents) makes when information technology changes your dollars into foreign currency may vary based upon the payout currency that yous select. Some Western Union Agents may offering receivers the choice to receive funds in a currency different from the i y'all selected. In such instances, Western Union (or its Agents) may brand additional coin when information technology changes your funds into the Receive selected country."⁵
See a summary Scotiabank's international transfer fees here:
| Scotiabank fees (wire transfer) | Scotiabank fees (via Western Union) | Scotia International Money Transfer fees | |
|---|---|---|---|
| Incoming international transfer | C$15 or The states$15 (depends on the currency received)³ | Not bachelor | Not available |
| Outgoing international transfer | Not disclosed⁴ | C$9+one% of the transfer amount¹ (≈ US$7.11+1%) | C$ane.99¹ (≈ US$i.57) |
| Boosted fees | Intermediary banking concern fees³ Currency conversion fees (if sending to a different currency)⁴ | Currency conversion fees (if sending to a different currency)⁴ | Intermediary bank fees³ Currency conversion fees (if sending to a different currency)⁴ |
(11/25/2021)
| 💡 You lot can use the Scotiabank reckoner to figure out the costs involved in your online bank transfer if you choose to procedure the transaction through Western Union. However, the pocket-sized print specifies that the costs calculated are indicative simply, and could change⁵. |
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A cheap and transparent alternative: Wise
At the end of the day, all the international transfer fees, currency conversion fees and other fees can actually add up. Still, if you lot need to send or receive coin from abroad, you practise take other options.
For example, yous might relieve yourself a lot of coin and time by using a specialist service similar Wise. Our mission is to build instant transfers for anybody, everywhere.
That's because Wise offers fast, secure international money transfers, using the existent exchange charge per unit, with only a small transparent fee applied. In that location are no hidden fees, currency markups or any additional fees – yous can salvage up to 6x compared to another providers.
Discover out for yourself if you tin can get a improve bargain with Wise:
Become a gratuitous Wise account today
How do I receive a wire transfer with Scotiabank?
To receive funds into your Scotiabank account safely, y'all'll need to give the sender the following:
- Your total name and address
- Your bank'due south name and address
- Your account number and SWIFT/BIC code
Unlike some European countries, Canadian banks don't use the IBAN system, and so it's especially important to give the correct SWIFT/BIC lawmaking and branch address.
You should as well concur with the sender, who'll pay the charges associated with the transfer. Scotiabank will charge you lot C$15 or US$15 (depends on the currency received)³ to receive the funds, and yous could also find that at that place are flat fees added by intermediary banks. This tin can mean you end up with much less money than yous expected.
More than questions around your transfer with Scotiabank?
If y'all need a bit more help with your transfer, you tin always log into your online banking, or talk to Scotiabank directly:
- Detect your nearest Scotiabank branch to get help in person
- Give Scotiabank a call - 1-800-472-6842
Making an international transfer shouldn't be besides much of a headache, as long every bit you watch out for hidden fees. However, considering your regular banking company isn't necessarily the all-time place to get to send money abroad, it's worth doing your inquiry in accelerate, and then you tin can choose the best service for your needs. With a chip of advance planning, you lot can avoid or minimize the fees involved, and become the best possible bargain on your overseas transfer. For example, you tin besides take a await at Wise, and encounter if y'all become a better deal.
Learn more about Wise
Sources:
All sources checked on 25 November 2021
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Source: https://wise.com/us/blog/international-transfer-scotiabank-ca
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