Canadian bank confirms global money transfer service launch

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • Scotiabank to offer “Scotia International Money Transfer” service for individuals looking to make cash transfers to a range of markets around the world, including India, the UK and the US
  • The cost per transaction will be set at $1.99 Canadian dollars, although this could vary depending on the customer’s chosen package and the foreign exchange rate
  • "We want to enhance the customer experience across all of our channels through simple and easy-to-use digital tools and solutions”, said a Scotiabank spokesperson

A leading bank in the major market of Canada has revealed that it will launch a new function for international money transfer.

Scotiabank said that it would offer the cross border payments capability through both its mobile banking facilities and its “Scotia OnLine” function.

The new service, simply named Scotia International Money Transfer, will permit Canadians to send cash to a wide range of places around the world.

These will include the UK and the US as well as India, China and the Philippines.

It is understood that the new service will permit senders to place transactions in just a few moments.

Those receiving the cash at the other end will be able to get it within one day in some cases, although in other cases it might take longer.

The standard fee for the service will be $1.99 Canadian dollars per transaction.

However, this amount might vary.

Foreign exchange rates will be in force, which could alter the amount customers pay.

Customers of the bank who have the either the bank’s “New to Canada” status or the “Ultimate Package” will not be charged.

According to D'Arcy McDonald, who serves as senior vice president for retail deposits, investments and payments at Scotiabank, the move will give consumers an opportunity to save time.

"We're ecstatic to be launching an innovative, digital solution that allows customers to send money abroad in a simple, low-cost and secure way", he said.

"By sending money internationally through mobile or online, customers can avoid the often lengthy, confusing and costly process that is typically involved with traditional global money transfers”, he added.

Anya Schnoor, who is the executive vice president for retail products at Scotiabank, explained how the new offer was a result of digitalisation at the bank.

"Scotiabank has been undergoing a true digital transformation and developing solutions that make it easier for customers to bank with us", she said.

"We want to enhance the customer experience across all of our channels through simple and easy-to-use digital tools and solutions”, she added.

Scotiabank, which is listed on both the Toronto Stock Exchange and the New York Stock Exchange, is a major financial institution in North America.

It has over 100,000 employees and assets of over $1tn, and operates services such as commercial banking, capital markets and wealth management.

Would you like to know more about the latest goings-on in the industry?

If so, you can read more about what’s going on in the cross border payments world over at this link.


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