Scotiabank Currency Exchange

Scotiabank CAD to USD / USD to CAD Exchange Rate Overview

For institutional, international, private, industrial, and small business customers, Scotiabank is a leading provider of foreign exchange services. The bank publishes its rates online but only for a limited range of transactions.

It states that the rates shown on the website are only for informational purposes. They are also only for non-cash purchases up to $9,999. Scotiabank also displays rates for small business, but they are only valid for purchases up to $999. The bank says rates can only be guaranteed at the time the purchase or sale is conducted. So the rates you see online may not be valid at the time you want to buy currency.

Scotiabank also has an online trading platform. However, it is only for business customers. Called ScotiaFX, it offers live foreign currency exchange quotes, trade execution, and transaction history to commercial and corporate clients.

How does Scotiabank’s currency exchange work?

To boost their profit margins, large Canadian banks like Scotiabank also provide significant rate markups in their currency exchange rates. A markup is needed for a foreign exchange company to operate. The largest Canadian banks have a heavy markup because major banking entails traditional corporate expenses and operating costs — a lot of overhead.

To exchange currencies with other banks, banks typically use a rate known as the mid-market rate. They do not, however, give this lower cost to their clients. Instead, they benefit from adding a margin to the exchange rate. Additional costs, such as a payment transfer charge or an overseas transaction fee, are also added.

For example, on a particular date the interbank or mid-market rate was 1 USD = 1.2100 CAD. Meanwhile, on the same date, the non-cash rate for Scotiabank’s customers is 1 USD = 1.2476 CAD. (Rate checked on May 19, 2021) This means that a Scotiabank customer who wanted to buy USD was charged more than the rate that they may have found when they entered “current USD exchange rate” into Google..

How to Exchange Currency with Scotiabank

Here are the nuts and bolts of buying foreign exchange if you bank with Scotiabank.

U.S. Dollar Daily Interest Account

With this type of account, you hold savings in US dollars. By visiting a branch in person, you can easily take it out. You may also use an online transfer to transfer the cash.

Move between Canadian and US dollar accounts

It is possible to transfer funds between your registered account's Canadian and US dollar sides. Select Registered Withdrawals and then Currency Conversion to transfer funds between your registered account's Canadian and US dollar sides. Fees for foreign exchange will be paid.

Scotiabank says in its terms for this account that “The party performing the currency conversion may earn revenue on such currency conversion transaction (a “spread”), in addition to commission or fees related to the Foreign Currency Transactions in your account.

Scotiabank US Dollar VISA Card

The following are some of the features of the US Dollar VISA card: no charge for currency exchange in US dollars, supplementary cards do not attract an annual charge, and extended warranty protection and purchase security.

Scotiabank branches and ATMs

If you have a registered account with Scotiabank you can withdraw from the US side at one of their ATMs if it has US currency. If you hold any type of account with the bank, you can go to a branch to get foreign currency as well.

How to Exchange in Scotiabank accounts with Remitbee

Step 1

Create an account by entering your email address and selecting a password. You will be asked to confirm your Canadian phone number. Enter your Personal Information including name and address.

Step 2

From the menu, select Exchange Currency. Now enter the details of your currency exchange to see how much you'll get right away.

Step 3

Connect your CAD and USD bank accounts

Step 4

Choose the amount and confirm your exchange rate. The entire transaction takes place between your own two currency accounts via EFT

Step 5

Convert your money! You can see all of your transactions in future by going to the Dashboard and clicking on the Transactions tab.

Wondering how much you can get? Try our currency exchange calculator!

Alternatives to Scotiabank’s Foreign Exchange Rate

Looking for a currency exchange choice other than Scotiabank? Through using a different provider, you can save money on your US dollar order. It could also be more convenient than going to the bank. If you're looking for a different way to exchange money, take a look at this list.

- Other Banks or Financial Institutions
- Online Foreign Exchange Companies
- Airport Kiosks or Shops
- ATMs in the United States or Abroad .

Why is Remitbee the best option for exchanging money?

Remitbee offers better currency exchange rates than your bank.

FINTRAC regulates and audits Remitbee, ensuring that transactions are safe.

Remitbee makes exchanging money simple so you can get on with your day.

Other Currency Exchanges

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Frequently Asked Questions

So, what exactly is Remitbee Currency Exchange?

Remitbee’s currency service enables you to deposit funds into your US account and quickly and easily trade them for Canadian dollars, and vice versa.

What are the benefits of Remitbee's currency exchange service over Scotiabank's?

The whole transaction is done online with Remitbee at one of the most competitive exchange rates in the world. It's easy to sign up and start using the service right away. You can also do it when on the go by downloading the Remitbee app or visiting the website. Remitbee is also licenced and regulated by FINTRAC for your peace of mind.

Is it safe to send money via Remitbee?

Remitbee's technology protects your anonymity and ensures all transfers are completed safely. The money you're sharing comes from and is deposited directly into your own bank account.

Is there a charge for the currency exchange with Remitbee?

With Remitbee Currency Exchange, you can exchange money for free.

What currencies can I use Remitbee to convert?

Right now, Remitbee exchanges dollars from the United States and Canada. In the future, more currency pairs will be available to meet your currency needs.

Is Remitbee's currency exchange rate better than what Scotiabank and other Canadian banks offer?

Unlike banks, Remitbee specialises in foreign exchange trading and can do it at a lower cost. The fact that most people are unaware that there are other options to exchange money benefits big banks. As a result, consumers are routinely overcharged.

This is because for a long time customers haven't known there are other options. Customers are unaware of how much money they are spending because banks conceal their high exchange rates behind a maze of fees.

Our goal at Remitbee is to make our payments and exchange rates as clear as possible so you can exchange currencies around the world at the best price. You'll know just how much you're spending and how much you're getting when you choose us.

Take our word for it, but don't take our word for it. Take a look at our prices and make a comparison. You will start saving right away if you sign up now.