Scotiabank International Money Transfer: Fees, Rates and Transfer Time
Exchanging currencies is a service that all major banks provide. If you’ve had to send money over the border, you probably did a great deal of research to determine which bank has the lowest exchange rates. But did you know that exchanging and transferring money isn’t a service that only major banks can perform? In fact, they charge a much higher rate than is required.
All of the major banks in Canada have huge operational costs. Many of them have branches even outside of Canada, and therefore have global concerns, with global responsibilities. This is why they charge high fees for just about every service, including but not limited to foreign currency exchange and international money transfers.
KnightsbridgeFX is a Canadian company that is also integrated with every Canadian bank. Our primary mission is to beat the exchange rates the banks are giving out, and give you the most economical option for sending your money across borders. With Knightsbridge, you could save hundreds, if not thousands of dollars on every one of your transfers.
If you’d like to learn even more about the high fees and unnecessary costs institutions like Scotiabank are charging you for your international transfers and currency exchanges, continue reading and get the facts.
This example highlights the advantages of using Knightsbridge over Scotiabank.
Say for instance you were transferring $1000 CAD from a Canadian bank to a US bank account.
||2-3% Exchange Rate Markup + Outgoing Wire Transfer Fee + Additional Fees from Third Party Banks
|Knightsbridge Foreign Exchange
||0.5% Exchange Rate Markup + No Additional Fees
(Scotiabank Statement of Fees, Knightsbridge)
Quite clearly, the costs associated with Scotiabank are high when compared to Knightsbridge.
Also consider that Knightsbridge doesn’t charge anything for the transfer itself (since we are integrated with all the major Canadian banks). Additionally the exchange rate you get can be as much as 2-3% lower than the rate Scotiabank charges. It’s simply the best rate you’re going to find anywhere in Canada.
You should not make any decision regarding your money until you have all the relevant information at your disposal. Give us a call at 1-877-355-5293 and chat with one of our representatives for a free exchange rate quote. We stay up to date on the daily rates the banks set, so we’re always able to give you the best price for your foreign currency exchange.
What are the Fees for an International Wire Transfer with Scotiabank?
|Scotiabank International Transfers
|Incoming International Transfer
||C$15.00 per transfer
|Outgoing International Transfer
||C$20 per transfer
|Additional fees may apply
||See Additional Fees section below
(Scotiabank Statement of Fees)
Exchange Rates for Scotiabank
Whenever you transfer funds from one financial institution to another, both banks take a fee out of the amount being transferred, on top of the heavily marked up exchange rate you’re being charged. These compounding costs are what make performing an international transfer with a major bank like Scotiabank so undesirable. Quite often (depending on where you need to send money) there could be as many as 3 intermediary banks facilitating the transfer, all of whom will charge a fee for doing so.
What this means is that the recipient of the transfer is getting less money than expected.
If Scotiabank is indeed the bank performing the service it is absolutely in your best interest to not only learn what their exchange rate is on the day of the transfer, but learn about what extra fees you’re being charged. Their rates change daily and without notice. For the most up to date information, contact Scotiabank
Conversely we recommend getting a free exchange rate quote from the pros at Knightsbridge. Either visit our website or give us a call, and you’ll see how much you could be saving on your international transfers.
When you transfer funds from one bank to another, your funds are almost always passed through anywhere from 1-3 intermediary financial institutions. Your transfers are prone to additional costs like:
|International Funds Transfer with Scotiabank
|Additional Third Party Bank Fees
||The vast majority of major financial institutions use third party networks to facilitate international transfers, sometimes involving as many as 3 intermediary banks. Each one of those banks take their fee out of the amount your sending via transfer. To find out more about these fees, contact a Scotiabank representative and get the information first hand.
||Scotiabank charges $20 for cancellation of any transfers
$10 for a trace of a transfer made no more than 90 days prior
$30 per hour per employee involved in a trace of the date is beyond 90 days
(Scotiabank Statement of Fees)
An Inexpensive and Trusted Alternative: Knightsbridge Foreign Exchange
There’s a reason Knightsbridge was recently ranked on Profit Hot 50’s list of fastest growing companies. Knightsbridge Foreign Exchange is fully bonded, insured, and regulated. Knightsbridge is subject to the regulation of FINTRAC, an agency of the Government of Canada. Furthermore we are insured up to an amount of $1,000,000.
All of our client funds are held with BMO in segregated client trust accounts, kept completely separate from corporate operating accounts. We can guarantee same-day delivery of funds (provided the booking was made before the end of the day bank cut-off).
In short, Knightsbridge Foreign Exchange is equally secure as any of the major banks, except we can save you thousands of dollars the banks would otherwise hold onto. Signing up is free, and there is never any obligation to transact. Try KnightsbridgeFX today!
Making an International Bank Transfer with Scotiabank
There are a few select ways Scotiabank has available to make an international transfer: Online, or at one of their many branches.
Like most major banks Scotiabank has an easy to use online application for all of your banking needs. The downside to Scotiabank’s online international transfer service is that you’re still paying the same high exchange rate they set. The reason big banks set such high rates for foreign exchange is because they have much higher costs to cover, and they know people will continue to pay for it as long as they remain competitive with the other banks.
It is also possible to speak with a Scotiabank representative in person to arrange an international money transfer and foreign exchange. However, in addition to the high rates you’ll be paying, you must also take time to physically be there at a branch, thus interrupting your busy schedule. With Knightsbridge you can lock in the lowest possible exchange rate either online, or over the phone, all of which can be done from your mobile device.
(Scotiabank Money Transfer)
Time Frame for an International Funds Transfer with Scotiabank
The main issue with using a major bank like Scotiabank to facilitate your transfer of funds, is that your money will likely have to go through one, two, or maybe as many as three different intermediary banks in order to reach the recipient bank. This means that each bank will have their own processing procedures, so your money may take as long as three business days to reach the intended recipient. Furthermore the amount received may be far below what they were expecting.
As with all major banks, Scotiabank does not have any kind of express service. When you transfer with a big bank, you are subject to the hurdles of bureaucracy.
Have Additional Questions About Your Transfer?
Scotiabank’s Customer Support has more than a few options for contacting them if there are further questions you have about the fees they charge for their transfer services and exchange rates.
However, considering everything you learned regarding their fees, and how much you can save by using Knightsbridge instead, it seems as though the clear choice is right in front of you. Why spend more when you can have the same secure and trusted service for less? So call or go online with KnightsbridgeFX now, and save on all of your international transfers.