Resources • February 23, 2024
How much does it cost to send a bank wire transfer with Scotiabank?
Have you ever wondered how much does it cost to send a bank wire transfer with Scotiabank? It’s hard to get the information on the internet and you are never really sure until you talk to someone at the branch with all the details of your wire transfer. Let’s simplify this for you so you can have a reasonably good estimate of how much it may cost you. Of course, the actual amount can only be determined once you contact Scotiabank.
The cost of making wire transfers through Scotiabank can be a little confusing. They charge a percentage of your total payout but have a minimum charge and a maximum. For example, say you are sending:
- $1000 → it should be $11.50 in service fees but is increased to $25 because of the minimum limit.
- $25,000 → is a $37.50 service fee; it does change because it’s between $25 and $100.
- $150,000 → should be a $225 service fee but is lowered to $100 because of the maximum limit.
If you are sending a wire transfer from a Scotiabank branch, the charges could be different as they do not disclose the branch fees for sending wires.
How much does it cost to receive a wire transfer at Scotiabank?
A: When a wire transfer is being received at a Scotiabank branch, the recipient will be subjected to a handling fee between $15-$17.
What information do I need to send an international wire transfer through Scotiabank?
In order to send a wire transfer through Scotiabank, you will need to provide them with the following information:
- Full name of the beneficiary
- Address of the branch
- SWIFT number
- Routing number (this could be the branch number / transit number / routing number and may vary from country to country)
- Account number
Depending on which bank you are sending money to and where in the world they are, these details may vary. For example, most European banks use an IBAN or BIC number instead of SWIFT. You will need to contact the bank directly to determine these details.
How long does it take to process a wire transfer with Scotiabank?
As per Scotiabank, they take approximately 5 business days to complete an international wire transfer.
International wire transfers can be 6x cheaper
When you make international transfers with an alternative service like Truly Financial, you save nearly six times the cost you would pay to a bank. Truly Financial does not use wires to make international direct deposit payments, so the process is much faster and easier, not to mention free of cost. Secondly, depending on your account type, you may be paying zero fees for sending and receiving wire transfers with Truly Financial.
- Fees charged by the bank depend on your account type, which may be a personal account or a small-business account.
- We do not guarantee that the above information is accurate as it is based on the information available to us.
- You are advised to refer to Scotiabank fees schedule for business accounts for more details here for more accurate and up to date information.