Bank Wire Transfer
How much does it cost to send a bank wire transfer with Scotiabank?
A: The cost of making wire transfers through Scotiabank can be a little confusing. They charge a percentage cut of 0.15% from your total payout but have a minimum charge of $25 and a maximum of $100. 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.
When a wire transfer is being received at a Scotiabank branch, the recipient will be subjected to a $15 handling fee.
In order to send a wire transfer through Scotiabank, you will need to provide them with the following information:
- Full name of beneficiary
- Address of branch
- Transit number
- Institution number
- SWIFT number
- Routing 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. Although, if you’re sending money to another Scotiabank branch, you don’t need any other information apart from what is listed above.
It can anywhere between 7 to 10 business days for Scotiabank to complete an international wire transfer.