How To Transfer Money To Tfsa Scotiabank

{"menuItems":[{"label":"How can I send money with Scotiabank?","anchorName":"#options"},{"label":"Scotiabank exchange rates and fees","anchorName":"#fees"},{"label":"How long will my Scotiabank money transfer take?","anchorName":"#time"},{"label":"What payment methods does Scotiabank accept?","anchorName":"#what-payment-methods-does-scotiabank-accept"},{"label":"How much money can I send?","anchorName":"#how-much-money-can-i-send"},{"label":"Available currencies","anchorName":"#currencies"},{"label":"Is Scotiabank safe to use?","anchorName":"#safe"},{"label":"How to send your first Scotiabank money transfer","anchorName":"#how-to-send-your-first-scotiabank-money-transfer"},{"label":"Does Scotiabank have a mobile app for money transfers?","anchorName":"#does-scotiabank-have-a-mobile-app-for-money-transfers"},{"label":"How does Scotiabank compare to other money transfer services?","anchorName":"#sites-like"},{"label":"Frequently asked questions","anchorName":"#faq"}]}

Great for sending cheap transfers using Scotiabank's mobile app or online banking.

Not so great if you're not a Scotiabank client or you want to send less than $100.

Why should I consider Scotiabank for my money transfer?

Cheap Scotiabank money transfers. Scotiabank money transfers cost as little as $1.99 per transfer.
Easy mobile transfers. You can use Scotiabank's mobile app to send both Scotiabank online money transfers or Western Union cash transfers.
Cash pick-up with Western Union. Your recipient can pick cash up at over 550,000 Western Union agent locations around the world.
Short processing time. You only have to wait between 2 and 4 hours for Western Union cash transfers to process.

What to be aware of

High transfer amounts. You have to send a minimum of $100 with a Scotiabank money transfer.
Poor exchange rates. Scotiabank adds a larger margin to the exchange rate than specialist money transfer services.
Limited to account holders. You can only transfer money with Scotiabank if you sign up for a bank account.
Cancellation not allowed. It's not possible to cancel a Scotiabank money transfer once you've initiated it.
Limited countries. There are only a handful of countries you can send money to with Scotiabank money transfers.

How can I send money with Scotiabank?

You can send money directly to your recipient using a Scotiabank money transfer or a Western Union cash transfer.

Scotiabank money transfer. Scotiabank money transfers are bank-to-bank transfers that take between 3 and 5 business days to process. You can send these transfers using Scotiabank's online or mobile banking app.
Western Union money transfer. Western Union cash transfers let your recipient pick up the money you send them in cash at a Western Union location in their own country. These transfers take between 2 and 4 hours to process.

Scotiabank exchange rates and fees

Scotiabank charges different fees based on how you send money.

Transfer type	Cost
Cash transfer through Western Union	$5 admin fee plus 1% of your transfer amount
Scotiabank money transfer	As little as $1.99 per transfer

There will also be a margin of around 2-5% added to the exchange rate so you should factor in the extra expense before sending your transfer.

Scotiabank foreign currency exchange rates

How long will my Scotiabank money transfer take?

Your Western Union cash transfer will usually process in 2 to 4 hours. Scotiabank money transfers typically take up to 5 business days to arrive.

Tips for avoiding transfer delays:

Send money at set times. Try to send your transfer in the morning or on a weekday.
Send smaller transfers. Avoid sending large amounts of cash or send multiple smaller transfers if your transfer is over $10,000.
Arrange for cash pickup. Send cash for your recipient to pick up in person at a Western Union location in their country for faster processing.
Send popular currencies. Send mainstream currencies over exotic currencies wherever possible to speed up your transfer time.

Transfers typically take Clock icon for transfer speed

2-4 hours

What payment methods does Scotiabank accept?

You can only pay for Scotiabank money transfers using your bank account. Funds can be sent from either your chequing or your savings account. You won't be able to pay for your transfer in cash unless you go into a Scotiabank branch and deposit money.

How much money can I send?

Transfer type	Amount you can send
Cash transfer through Western Union	$999 per day for online/mobile app transfer $7,499 per day through a Scotiabank branch
Scotiabank money transfer	No specified maximum

Available currencies

You can send cash overseas to over 200 countries with Scotiabank's online transfer service. Some of the more popular currencies include:

USD US Dollar
GBP British pound
AUD Australian dollar

EUR Euro
JPY Japanese yen
CNY Chinese yuan

PHP Philippine peso
INR Indian rupee
DOP Dominican Peso

MXN Mexican peso
LBP Lebanese pound
JMD Jamaican dollar

You can send 130 currencies when you transfer money with Western Union.

Is Scotiabank safe to use?

Scotiabank is one of the "Big 5" banks in Canada along with TD Canada Trust, CIBC, RBC and BMO. It employs mandatory 2-factor authentication, which requires customers to pass 2 levels of authentication before gaining access to their bank accounts.

It also encrypts all of customers' personal and financial information, and offers a Security Guarantee to protect customers against costs associated with fraud.

Security and regulation. Government-regulated, enables 2-factor authentication and other industry-standard security measures.
Established. 1832.
Number of customers. 23+ million

*According to Scotiabank on 01 April 2021

Where is Scotiabank regulated?

Scotiabank is a member of the Investment Industry Regulatory Organization of Canada (IIROC) as well as the Canadian Investor Protection Fund (CIPF).

How to send your first Scotiabank money transfer

You need to have a bank account with Scotiabank in order to transfer money overseas.

Scotiabank money transfer. You can send a Scotiabank money transfer using your mobile app, online banking or in-person at a branch. You'll just need your recipient's personal and banking information.
Western Union money transfer. You can send a Western Union transfer in-person or through Scotiabank's online banking app. From there, your recipient can pick up the cash transfer at their nearest Western Union location.

How to become a Scotiabank client

You'll need to sign up for a Scotiabank account in order to send money transfers with this provider. You can do that by following these steps:

You'll typically need to be a Canadian resident and the age of majority in your province to sign up for an account.
Register for an account either online or by visiting a branch.
Fill out an application by providing information such as your full name, home address, phone number and SIN (Social Insurance Number).
Show proof of ID to verify your identity.
Authorize the bank to use your personal information to do a credit check.
Register for Scotiabank's mobile app or visit a branch in person to send a money transfer.

Does Scotiabank have a mobile app for money transfers?

Scotiabank mobile app screenshot

Scotiabank has a mobile app to help you manage your banking on the go. You can use this app to send both Scotiabank money transfers and Western Union cash transfers. You can also track your transfer history.

The app supports a wide range of everyday banking functions like bill payments, transfers between accounts, Interac e-Transfers, viewing your Scotiabank account balances and rewards points balance, mobile cheques deposit, AutoPay and more. To use the Scotiabank mobile app, you need to open a Scotiabank account.

These ratings are accurate as of 01 April 2021.

Google Play Store	3.4 out of 5, based on ‎24,623 customer ratings
Apple App Store	4.7 out of 5, based on ‎278,781 customer ratings

Best international money transfer apps

How does Scotiabank compare to other money transfer services?

Use our comparison tool below to see how Scotiabank stacks up against other money transfer services.

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Bottom line

Scotiabank offers online money transfers as well as cash transfers through Western Union. You'll need to have a Scotiabank account and you'll pay fairly high fees to transfer money. Compare your options before sending money with Scotiabank to make sure you get the best deal.

Frequently asked questions

Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, along with an Associate's Degree in Science from Camosun College. Much of Claire's coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. She has also worked extensively in the field of "Blended Finance" with the Canadian government. In her spare time, Claire loves rock climbing, travelling and drinking inordinate amounts of coffee.

More guides on Finder

Mydoh Review
Let your child earn a taste of financial freedom with Mydoh, an innovative prepaid Visa card for kids.
WALO Review
Let your child explore the world of finance in a safe setting with the innovative WALO app.
Faxless payday loans
Apply for a faxless payday loan online and get your funds within a few hours.
Compare 1-week payday loans
Though it may seem convenient, repayments can be difficult to afford with a 1-week payday loan.