How much can you wire with Scotiabank? : A closer look

You can wire money through your Scotiabank account by visiting a local branch. However, you’ll need to look into your wire transfer limit at Scotiabank, as it may depend on factors like currency and how you want to pay.

Here’s how much you can send with Scotiabank — including limits, fees, and how to make a wire transfer..

Want a simpler alternative? Try Wise! Send low-fee payments to 160 countries – all at the standard mid-market exchange rate. Let’s dive in.

What is Scotiabank’s wire transfer limit?

Your wire transfer limits at Scotiabank may depend on your account type, your recipient’s bank, your financial history and the type of payment you want to send. For example, you can send up to 10,000 CAD per day between CAD and USD accounts as a USD funds transfer.¹

For Scotiabank International Money Transfers, you can also send up to 10,000 CAD a day via direct-to-bank deposits.². You’ll need to ask your local Scotiabank branch for details. about your wire transfer limits.

How to send a wire transfer with Scotiabank

Here’s how to send a wire transfer through Scotiabank.

Step 1. Visit your local Scotiabank branch to initiate your payment
Step 2. Tell the branch representative your payment currency, your recipient’s name and address, and your recipient’s bank name and address. You may also need the recipient’s SWIFT or ABA number³
Step 3. Scotiabank will process your wire transfer within 5 business days

The speed of your Scotiabank wire transfer can depend on whether you want to send money in Canada or abroad.

For domestic transfers, domestic transfers usually arrive within a few hours for the transfer to reach your beneficiary, whereas international payments can take up to 5 days to process.⁴

Scotiabank wire transfer fees and exchange rates

There are some fees and costs for Scotiabank wire transfers in Canada and overseas. For in-branch transfers, for example, you’ll pay 7 CAD per domestic outgoing wire or 15 CAD per international transfer.

You’ll pay 7.50 CAD to send a transfer to the US. Scotiabank also charges a 0.2% transaction fee on the total amount sent. This is calculated using the value of your wire.⁵

Many Canadian banks charge a fee to send foreign currency payments from a Canadian dollar bank account – and Scotiabank’s currency exchange values are subject to change at any time.⁶

You may also face additional clearing costs for cross-border wire payments in USD, EUR or GBP. This can depend on whether your wire passes through an intermediary bank or not.⁴

At Scotiabank, you’ll also pay to receive an incoming wire transfer into your account. Scotiabank charges 15 CAD or USD per transfer, depending on your payment type and currency.⁷** **These fees can add up quickly — especially if you’re sending money often.

Factors that can affect wire transfer limits and processing times

You can usually send large wire transfers within Canada and internationally. However, a few factors may affect your transfer limits and processing times.

For example, some banks have cut-off times for transfers. If you send your payment after the cut-off time, your wire may not be processed until the next business day. Wire transfers typically aren’t processed on weekends.

If your bank relies on intermediary banks, this can slow down your transaction, as your wire transfer will need to pass through multiple institutions before it reaches your beneficiary.

Some banks also require you to go through verification before you can send money – and certain types of accounts may be able to send less than others. You’ll need to speak to your bank for more information about your wire transfer limits.

Comparison of Scotiabank’s wire transfer limits and fees

Let’s compare Scotiabank and Wise for international wire transfers, including transfer limits, fees and speed. Here’s how they compare — so you can choose what works best for you.

** Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions

Using Wise for cost-effective international transfers

Wise is a global money transfer option built to save you time and money. You can send low-fee transfers from anywhere using the Wise app — without hidden costs.

Use your digital Wise account to:

• send money to 160 countries worldwide
• access fast processing times for all your transactions
• order a physical or virtual Wise card to spend in over 160 countries

A wire transfer is one of the most expensive payment types – and international Scotiabank wires can cost up to 15 CAD per transfer.

At Wise, you can send money abroad from just 0.48%^* per transfer. The provider always uses the standard mid-market exchange rate for currency conversion.

Whether you’re sending money to Brazil or paying for groceries in the US, you’ll only pay for what you spend. Sounds fair, right?

Final thoughts on Scotiabank's wire transfer limits

You’ll need to visit your local Scotiabank branch to make your transfer – and there may be intermediary banks that charge for cross-border transactions.

Wise makes it easy to send large amounts worldwide — with no hidden fees.

To explore your global spending options, check out Wise.

Sources:

1. Scotiabank- What’s the maximum amount for a funds transfer?
2. Scotiabank - Money transfers
3. Scotiabank - How do I send a wire transfer?
4. Scotiabank - Wire payments
5. Scotiabank - Your guide to fees and interest schedules
6. Scotiabank - Foreign currency exchange
7. Scotiabank - Bank account related fees