Scotiabank, also referred to as the Bank of Nova Scotia, offers a wide degree of foreign exchange services to its clients. In fact, most if not all major financial institutions in Canada offer very similar transactions. Due to the abundance of FX options in today’s currency conversion market, shopping around for the best deal is a vital consideration. Scotiabank will let you convert your Canadian dollars into many unique tradable currencies, which you can then receive inbound or transfer out. If you’ve already established a primary banking relationship with Scotiabank, using them for FX purposes may seem like the right move.
Over the past few decades, most Canadians would pick their primary bank or financial institution to exchange currencies. In today’s highly competitive technology-driven market, there are newly established online companies that specialize entirely in foreign exchange. In most cases, these specialized companies that transact your money professionally will offer better rates than conventional banks. Expert foreign exchange service providers, for example KnightsbridgeFX, guarantee high quality customer service coupled with an amazing conversion rate. KFX focuses on customer satisfaction by helping them save money on every transaction.
The difference between Scotiabank’s multi-sided exchange rates (buying a currency versus selling it) can be very substantial, often 2-5%. For the best information on Scotiabank’s rates you’d have to contact them over the phone. Once you have a better understanding of their conversion rates, you can compare them with other banks to find the most optimal deal. We’ve compiled the primary banking institutions for most Canadians in the chart below to ease your search:
|Bank Exchange Rates||Markup %||Source||Potential Savings on $10,000 USD with KFX|
|Scotia – Scotia Bank||2.88%||Scotia Bank Foreign Exchange Rates||$258|
|KnightsbridgeFX||0.8%||Knightsbridge Foreign Exchange||–|
|RBC – Royal Bank of Canada||2.60%||RBC Exchange Rates||$230|
|HSBC – HSBC Bank||2.10%||HSBC Foreign Exchange Rates||$180|
|TD – Toronto Dominion Bank||2.64%||TD Bank Exchange Rates||$234|
|BMO – Bank of Montreal||2.65%||BMO Exchange Rates||$235|
|CIBC – CIBC Bank||3.34%||CIBC Foreign Exchange Rates||$304|
|Desjardins||2.49%||Desjardins Foreign Exchange Rates||$219|
|PayPal||2.50%||PayPal Exchange Rates||$220|
Large Canadian financial institutions often include sizeable rate markups in their exchange rates to increase their profit margins. At the most basic level, a markup is a necessity for a FX business to continue operating. Markups help pay for traditional business expenses and the costs to operate. Since big banking involves managing a ton of overhead, the main Canadian banks have a high markup relative to KnightsbridgeFX. The bank’s rate offerings are made worse by the fact that many Canadians willingly exchange currency with their bank before seeking better alternatives. Noticing this heavy rate markup, FX companies such as KnightsbridgeFX have stepped into the scene to guarantee better exchange rates than the bank. KFX does so by accepting lower margins on trades and lowering their markup.
There’s never been a time better than the present to do banking in Canada. Since there are so many different financial products and services out there today, it’s highly advised to shop around for the best deals. At Scotiabank, online banking is made really simple. You can easily download the Scotiabank mobile banking phone application for quick usage on-the-go. Many individuals will say that using Scotiabank’s online banking features are a great time saver.
No matter what currency you wish to exchange for your Canadian or US dollars, it’s important to use a currency converter to double check that you’re receiving a good exchange rate on your hard earned funds. Note that even though the US dollar and Canadian dollar move almost in accordance, due to varying economic conditions other currencies have much more volatile relationships with the CAD or USD. This is why we emphasize the importance of checking currency prices often.
The Bank of Nova Scotia (Scotiabank) offers foreign exchange services that are convenient and economical. Scotiabank helps to offer foreign exchanges services for travelling abroad for pleasure, doing business across international borders, making investments in foreign currencies, and making transfers internationally.
You can easily find your closest Scotiabank branch using their online branch locator. You can contact Scotiabank about their exchange rates and other exchange services at 1-800-4SCOTIA. This is a convenient option if you are looking for a smaller amount of foreign currency for travelling. Scotiabank also offers a daily market commentary on G10 currencies, which can be accessed here. If you’re looking for some analysis on the happenings of global FX markets, the commentary provided by Scotiabank is a very useful resource.
Truthfully, there’s an abundance of alternatives to Scotiabank available to when you’re thinking about placing foreign exchange transactions. The rest of Canada’s big banking system (BMO, CIBC, RBC, Scotiabank, TD) also offer currency conversions and international money transfers. You can take advantage of the resources embedded within this overview to determine if Scotiabank is the right fit. Always check the competition to see if better rates are obtainable.
This is especially important for larger sized transactions (thousands of dollars) since you can save hundreds with a favorable foreign exchange rate.
Thinking about using KnightsbridgeFX instead of traditional Canadian banks? If so, you there is a best rate guarantee. KFX promises you a better rate than the banks by at least 1-2%.
|Financial Institution||Tier-Based Fees||Fixed Charge||Var. Charge||Min. Fee / Max. Fee||Free?|
|Scotiabank||Yes||–||0.15%||$25 – $100||No|
|National Bank||No||$15 – $20||0.34%||$15 – $60||No|
|HSBC||Yes||$40 – $90||–||$40 – $90||No|
|CIBC||Yes||$30 – $80||–||$30 – $80||No|
|BMO||No||$10||0.20%||$15 – $125||No|
|RBC||No||$13.50 – $20||–||$13.50 – $35||No|
Setting up bank wire transfers is widely regard to be a popular option for money transferring. Booking wire transfers (an old fashioned but reliable way to send out money) involves going into a bank branch and speaking to a representative. In today’s constantly evolving financial service market, plenty wire transfers can be done online for a lower charge (some examples of this are HSBC and RBC). Speaking of lowering fees, banks like the National Bank even offers clients a discount if they’re transferring funds to Canada’s neighbor, the US. Unfortunately, even if you can take advantage of all the discounts available, the overall price of a wire transfer won’t be completely free at these major institutions.
KnightsbridgeFX guarantees to give you a completely free no-strings-attached wire transfer to anywhere in Canada, the US, and parts of Europe.
Any time you wish to compare FX rates, you can use a non-bank provider to exchange currency and compare rates.. On large transactions your savings can quickly add up when you lock-in a great rate with KnightsbridgeFX.
Through comparing the rates in the chart to Scotiabank’s exchange rates you can become more knowledgeable on the types of exchange rate spreads offered.
Below you can examine the mid-market FX rate table for the most requested currency pairings. KnightsbridgeFX’s rates are based closer to the spot rate of international currencies (lower margins means more savings for the customer).
The Bank of Nova Scotia (Scotiabank) is the third largest bank in Canada by market capitalization and deposits. Scotiabank operates in over 55 countries across the globe, servicing over 21 million customers. Scotiabank offers a wide breadth of products, including personal and commercial banking, investment and corporate banking, as well as wealth management services. Scotiabank has billed itself as “Canada’s most international bank” due to its acquisition efforts abroad. So whether you need a credit card, small business loan, personal line of credit, or have other borrowing needs, Scotiabank is a great option.
One of the oldest banks in Canada, Scotiabank was founded in 1832. Since that time, the bank has continued to offer services such as loan protection, and favorable mortgages rates for community members. Originally located in Halifax, bank officials chose to move to Toronto where they have remained since 1900. Widely considered a local institution that offers many ways to bank, the company also engages in many international deals. With a long and honorable history, Scotiabank is one of Canada’s most admired institutions. The bank has both historical roots and the ability to work within the demands of the modern world at the same time.
Scotiabank began as the Bank of Nova Scotia. At that time, bank officials began offering services such as business loan protection more than a hundred and fifty years ago. At the time, one of the main goals of the bank was to help facilitate trade between Canada and many nations across the Atlantic. Initial expansion efforts were largely centered on the Canadian Maritimes with branch openings in places such as Prince Edward Island. By the end of the 1800’s company officials decided expansion into other parts of Canada were in order. Branches were opened in many parts of the Canadian west. In addition, bank officials also began opening branches in other parts of the continent.
Large American cities such as Boston, Minneapolis and Chicago were part of this plan along with expansion into many regional markets in Canada. In additional, bank officials sought opportunities in the Caribbean nations. The first branch of Scotiabank in this part of the world was opened in Kingston, Jamaica in 1889 in order to help trading of commodities such as sugar and rum. This was the first time a bank from Canada opened up a branch that was not in the United Kingdom or the United States. As such, it was an early demonstration of the ability of company officials to seek out financial opportunities in other parts of the world and act on them for the benefit of company officials and the local and international economy.
In the coming century, company officials shifted the company’s focus. While still continuing to open branches in many parts of Canada and other areas, they also felt opportunities could be used to buy new companies that might make Scotiabank more able to better serve their clients. Officials opened up branches in places such as Havana and New York City. They also began a plan to acquire lucrative mergers that would better enable them to offer a Scotia business loan to all those who need the capital. Bank officials merged with other banks such as the Bank of New Brunswick and ING Direct Bank of Canada. By 1914, the company purchased the Metropolitan Bank. Acquiring this Toronto based bank made it the nation’s fourth largest bank, a position it would continue to assume for many years.
Bank officials also saw the chance to expand into new markets in many parts of the world. In 1920, the bank opened a branch in London and one in Santo Domingo, Dominican Republic. Roughly forty years later saw officials expanding into the Asian markets by opening up an office in Japan. They also became the first bank to appoint women to be managers, opening the company up to participation by a much broader section of the market and allowing them to tap into even more financial talent at the same time.
Company officials focus on four major areas of business. The Canadian banking section is about delivering high quality services for Canadian residents. There’s an international banking sector that looks for opportunity in many parts of the world from Asia to Europe and the Americas. The Global Wealth & Insurance is focused on specific help for wealthy clients as well as providing necessary products such as insurance that companies and people need to help manage risk in the modern world. The Global Banking & Markets is about the provision of varied kinds of financial products to clients in Canada and other parts of the world.
Scotiabank offers credit cards include the American Express® Card (Scotiabank Gold) and Visa Infinite* Card (Scotia Momentum® and Scotiabank Passport™). They also offer savings accounts, mortgage and business loan options and allow for money transfers through Interac e-Transfer.
Scotiabank posts their foreign exchange rates online. You can see that Scotiabank offers a multitude of currencies. The rates posted are cash rates for up to $999 in cash, so for larger transactions call into the branch to see if the difference in the rate is material. Remember that not all currencies are available at all branches, and that currency exchange rates are subject to change.
Scotiabank’s financial service lineup is among Canada’s most comprehensive. Take a look at your current banking needs provider and compare them to Scotiabank to see if you’re getting the best bang for your buck.
If you choose KnightsbridgeFX for your currency conversions you’re choosing to save more money.
After witnessing the unfavorable deals on the market, KFX has made it their mission to provide clients with guaranteed better FX rates than the banks. The best part is, KFX does so without including hidden fees or transfer charges.
Trading your money at KnightsbridgeFX is safe, convenient, and efficient. If you’re converting amounts larger than $2000 you can expect to see more savings with KFX than with the conventional banking system.
Contact us today to speak to one of our friendly representatives! Toll-Free: 1-877-355-5239