How Do I Transfer Money from Scotiabank To Another Bank?

Scotiabank has made it possible for its customers to do Scotiabank money transfer to another bank. It is a straightforward and safe process with few requirements. All you need is a bank account with Scotiabank, money in your account, and the recipient’s bank account details. 

Your transfer could take up to four days to be complete, depending on the bill of payment. However, some transfers take longer if done during weekends and holidays, if there is an error in the transfer, or if the sender missed the bank cut-off time. 

Read on to learn how to transfer money from your Scotiabank account to another account. 

Can You Transfer Money from Scotiabank To Another Bank?

You can transfer money from your Scotiabank account to another using the Scotia Mobile Banking account. To send money;

1. Log in to your Mobile Banking 
2. Select Funds Transfer
3. Go to Transfer To and click on Third Party Transfer 
4. Select Add Recipient. Ensure you enter their correct bank account details
5. Enter the amount you want to send
6. Tap Continue and check if the provided details are correct
7. Confirm the transaction

Sending money from Scotiabank to other scotia accounts is free. However, you will incur some charges for every transfer done to different financial institutions. The charges also depend on the other financial account you send money to, but beware of hidden costs.

Time Taken to Transfer Money from Scotiabank To Other Accounts

The average processing time for Scotiabank money transfers to other financial institutions is 3-5 business days. However, sometimes delays happen if you do the transaction during weekends and holidays. Other reasons your Scotiabank transfers could delay are;

• Weekends and Holidays

Sending money during weekends and holidays is a major reason for bank transfer delays. During that time, most banks are closed and will resume work after the weekend. Therefore, if you made a transfer on a Friday afternoon, you’ll have to wait until Monday morning for the processing to be completed. 

Financial institutions are also closed during holidays. Therefore, these transfers will be affected if there is a holiday in the receiver’s country of the transfer’s origin. 

• Missed Bank Cut-Off Time

Sending money from Scotiabank to another financial institution will take longer if you miss the bank cut-off time. Some banks close at 4 pm, meaning the transaction won’t be complete if you send money a few minutes before closing. 

Even worse, sending money on a Friday afternoon can take three days to reach the recipient. This is because all the transactions not made on Friday will be made the following Monday during working hours. 

• Errors in Your Details

The Scotiabank transfers to another account will delay if there are errors in your submitted details. For example, the transaction will not go through if you enter the wrong bank account or routing number. 

If you are doing a large cross-border transaction, you might need additional paperwork for safety. These are useful in curbing fraud and tax regulations. Missing some documents or information could delay the transaction. 

• Long Fraud Prevention Procedures

Sending wire transfers from Scotiabank might take longer because of the fraud prevention processes. These processes ensure it is the account owner sending the money. The process could take longer if you transfer more significant amounts of money. 

Besides, the recipient’s bank could also do a fraud check before depositing the money into the owner’s account, which causes more delays. However, some banks have faster systems, so their transfers take a shorter time to complete. 

• Currency Conversions

The conversions will take time if you send money in a different currency. However, it also relies on the financial institutions involved and how fast their currency conversion systems are.

 Cost of Transferring Money from Scotiabank Account to Other Financial Institutions

Now that you know ‘how do I transfer money from Scotiabank to another bank,’ the next worry is about the cost of transfers. If you send money to another financial institution from Scotiabank, you will incur a fixed fee of $1.99. These charges apply to all Canadian citizens. 

However, if you recently got a permanent residence in Canada or have had permanent residence for less than three years, you will send money for free. This is a Scotiabank StartRight program started by the bank. 

Beware of hidden transfer fees if you use international money transfers with Scotiabank. Some banks do not disclose transaction fees, which could potentially leave a dent in your bank account. 

The hidden fees also include foreign exchange transfers. Senders pay an exchange rate margin every time they do foreign transfers. As a result, the cost is slightly higher than the market exchange rates. 

To be safer, you can exchange your currency at Knightsbridge FX before sending the money. The online currency exchange platform offers more favorable rates than banks would offer, saving you some coins. Besides, exchanging your currency at the site is straightforward, fast, and takes a shorter time than with currency exchange agencies. 

 International Transfers from Scotiabank

Scotiabank offers smooth money transfers for international transfers. The pricing is also reasonable, and the banks offer good customer service. Besides, international transfers from Scotiabank take 1-3 days if you send them during working hours. 

You can also transfer money from Scotiabank to another recipient using Interac e-transfer. It’s a fast, easy, and secure way to do business transactions. You can send up to $25000 per e-transfer from Scotiabank through Interac, which does not require banking information. 

Some advantage of sending money from Scotiabank to an Interac e-transfer is that funds will automatically deposit in the recipient’s account. But this happens when the recipient sets up an auto-deposit account. 

However, to avoid internet scams, you must adhere to all safety measures when using Interac e-transfer for business. For example, avoid using public Wi-Fi to access your account or send money. Cybercriminals hack into individual accounts and steal information. 

You should also avoid login your account details on work computers and other people’s gadgets. Your information remains on the desktop or tablet, and strangers can access your account.

Can You Cancel a Scotiabank Transfer?

While sending money from Scotiabank to other accounts is easy, you cannot cancel a transfer once you press Send. Therefore, you must crosscheck your details to ensure they are correct before you complete the transaction. 

If you don’t receive a scotia transfer after 3-5 business days, you can follow it up. Ask for proof from the payer that they sent the payment. You can also ask your bank why the delay is and if any more details are needed to complete the transaction. 

Final Words

Scotiabank money transfer to another bank is a straightforward process. Start by logging into your scotia mobile banking account, adding the recipient, adding the amount to send, confirming the details, and tapping send. Although these transfers take 3-5 days, some take longer during holidays and weekends. You should also beware of any hidden fees when transacting.