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Understanding the Table:
The comparison table above helps you see the total cost of your Scotiabank currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of available providers, simply enter your transaction type, details and click ‘GET RATES’.
Scotiabank is a Canadian multinational bank and a leading financial institution in North and South America. The bank offers a wide range of financial products and services to individuals, businesses, and institutions, including banking, investment, and insurance services.
One of the financial products offered by Scotiabank is wire transfers. Wire transfers are a secure and fast way to transfer funds between banks in different countries. With Scotiabank wire transfers, you can send money to over 100 countries in a variety of currencies.
When you get a quote for your Wire Transfer from Scotiabank on their website or in-app, you can also see the Scotiabank exchange rate, but it can be difficult to then calculate how much markup from the market rate you are being charged.
Our research shows that on average, Scotiabank profit margin for foreign exchange rates is somewhere between 3 - 8%, depending on the amount you're sending, where you're sending it to and which currency will be received.
While all banks in Canada charge this markup, the extra amount being charged is much higher than it would be with a global money transfer specialist.
The table below shows Scotiabank Canadian dollar (CAD) Send Money exchange rates with the percentage of margin being charged from the current market mid-rate :
| Currency route | Mid market rate | Scotiabank Send Money Rate | Cost% |
|---|---|---|---|
| CAD - AUD | 1.1331 | 1.0884 | -3.9% |
| CAD - BBD | 1.4716 | 1.3877 | -5.7% |
| CAD - BMD | 0.7358 | 0.6932 | -5.8% |
| CAD - BSD | 0.7358 | 0.6932 | -5.8% |
| CAD - CHF | 0.5974 | 0.5738 | -4% |
| CAD - DKK | 4.7520 | 4.5662 | -3.9% |
| CAD - EUR | 0.6371 | 0.6111 | -4.1% |
| CAD - GBP | 0.5424 | 0.5202 | -4.1% |
| CAD - GYD | 154.07 | 145.71 | -5.4% |
| CAD - HKD | 5.7760 | 5.5402 | -4.1% |
| CAD - INR | 63.37 | 60.91 | -3.9% |
| CAD - JMD | 117.90 | 111.61 | -5.3% |
| CAD - JPY | 106.04 | 101.28 | -4.5% |
| CAD - KYD | 0.6137 | 0.5690 | -7.3% |
| CAD - MXN | 13.95 | 13.39 | -4% |
| CAD - NOK | 7.2876 | 6.9979 | -4% |
| CAD - NZD | 1.2227 | 1.1747 | -3.9% |
| CAD - SAR | 2.7619 | 2.6392 | -4.4% |
| CAD - SEK | 6.9754 | 6.7114 | -3.8% |
| CAD - SGD | 0.9429 | 0.9079 | -3.7% |
| CAD - TTD | 4.9939 | 4.6992 | -5.9% |
| CAD - USD | 0.7358 | 0.7107 | -3.4% |
| CAD - ZAR | 13.21 | 12.67 | -4.1% |
| Send money internationally as a direct deposit to your family or friends using your mobile app or online banking |
$1.99*/transfer on select accounts |
| Each automatic pre-arranged transfer of funds between your Scotiabank personal Canadian Dollar deposit account (debit transaction fee applies) | Free |
| Each manually processed pre-arranged transfer of funds between your Scotiabank personal deposit accounts (debit transaction fee applies where applicable) | $1.50 |
| Each transfer by branch staff between your Scotiabank personal deposit account due to telephone/fax/mail request, or to cover cheques (debit transaction fee applies) | $4.50 (optional Advice $5.00) |
| Transferring a Scotiabank account balance to another financial institution | $20.00 |
| Incoming Wire Transfer fees | |
| Incoming Wire Transfer identified as a Pension Payment in the payment message | $1.50 per transfer* |
| All other Incoming Wire Transfers | $15.00 CAD/USD per transfer* |
* All fees are charged in the currency of the account.
The Scotiabank FX Fees we use are based on publicly available information available here.
The Scotiabank CAD to GBP exchange rate is 0.5202. This is -4.1% compared to the latest CAD-GBP mid-market rate 0.5424.
As exchange rates can vary significantly between banks and also between currency exchange providers, it's therefore important to carefully compare Canadian dollar (CAD) to British pound (GBP) rates from different sources before making a conversion.
The above Scotiabank - Loonie to Sterling comparison table makes it easy to compare the Total Fees (both variable and fixed) you are being charged by Scotiabank and other foreign exchange providers against the latest CAD-GBP mid-rate and the possible savings of using various providers.
Looking at the full CAD to GBP - Send Money comparison table the provider with the best CAD to GBP exchange rate is OFX at 0.5397, -0.5% from the latest mid-market rate 0.5424.
The next best is XE at 0.5392, -0.59% from the mid-rate.
Then Wise at 0.5392, which is -0.59% from the mid-rate.
The Western Union rate is 0.537 which is -1% from the mid-rate.
Among the banks the TD Bank rate is 0.5840 at 7.7% the Scotiabank rate is 0.5202 at -4.1% and the Royal Bank of Canada rate is 0.5257 at -3.1% compared to the mid-rate 0.5424.
It's important to note that exchange rates also fluctuate frequently due to market conditions. Additionally, banks like Scotiabank often apply a margin to the exchange rate, resulting in a less favorable rate for customers compared to the mid-market rate. For more competitive rates, you might consider using a specialized currency exchange service or platforms that offer rates closer to the mid-market rate.
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View a full list of exchange rates by selecting your Base (from) currency: