Scotia online money transfers

For those that have a Scotia Bank account in Canada you can now transfer funds to any bank in the world online or via their phone app. They charge about 1.1%.

Too bad it doesn't work the other way. U.S. banks can barely transfer to each other without incurring major charges, and certainly not to Canadian banks. Just think: all I need is the email address of the person to whom I wish to transfer funds.

So for example, when I design a book online for an author who doesn't have a Cdn bank account, they have to pay me via PayPal. And now that costs: first, with a very poor exchange rate, and then with a percentage of the total.

mudgirl wrote:I know, I love the Interac transfer option. I can send $ to my kids and grandkids for their birthdays and they have it in a few minutes. It costs neither them nor me anything, unless I go over my amount of free transfers /month.

There is a one dollar fee for the use.

Before you had to present yourself in person to do a wire transfer to a foreign bank. It works good for me. I have a Bancomer account for my business and I use it to pay bills and sometimes don't have enough in there. Now I can top it up from my Canadian account where I keep most of our money.

Plan B wrote:

mudgirl wrote:I know, I love the Interac transfer option. I can send $ to my kids and grandkids for their birthdays and they have it in a few minutes. It costs neither them nor me anything, unless I go over my amount of free transfers /month.

There is a one dollar fee for the use.

Different accounts offer different options. I get 4 free transfers per month, and because I maintain a certain balance, they always refund me if I go over, and all ATM transactions world-wide are free. Not only that, when payment is required, you are right: a buck a use. And it used to be $1.50. Have not seen a bank lower any rates too often.

CIBC (Canadian Imperial Bank of Commerce) has Global Money Transfers for free.   https://www.cibc.com/en/personal-banking/ways-to-bank/how-to/global-money-transfer.html