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The Bank of Nova Scotia operating as Scotiabank is the third largest bank in Canada by deposits and market capitalisation, one of Canada’s Big Five Banks – Royal Bank of Canada (RBC), TD (Toronto-Dominion) Bank, Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC).
Scotiabank offers 3 means of international money transfers–wire transfer, Western Union, and Scotia International Money Transfer.
Here, we look at Scotiabank international money transfer alternatives like CIBC, Bank of Montreal (BMO), Royal Bank of Canada (RBC), and Pesa - a digital Cross-border financial service provider offering a convenient way to send and receive money internationally at the best exchange rates in the market.
Pesa offers secure international money transfers or remittances to over 35 countries. With our Multi-Currency Wallet, you can hold, exchange, or transfer money to local and international vendors or recipients.
Pesa not only provides instant and safe international transfer but also has the advantage of saving users money with free international money transfers.
Make fee-free transfers internationally from Canada.
CIBC has the Global Money Transfer (GMT) is free for transactions that are C$15,000 and below, and is also available in over 50 countries. The CIBC Wire Transfer is available to users sending money to a country or banking institution not available in CIBC GMT for C$30 and an exchange rate markup.
BMO users log in to their online BMO account to use the Western Union option to make international payments to over 200 countries and 500,000 Western Union agents. This method costs CA$9, a 1% transaction value charge, and a markup on Western Union’s exchange rate used. The BMO wire may cost between CA$25 to CA$135 in fees. BMO includes markup to their exchange rates.
Key Features
- Western Union Outward Payment Fee: CA$9 + 1% transaction value
- Up to 5% markup on offered Western Union exchange rate
- BMO Branch Wire Transfer: CA$10 (Comms Charge) + 0.2% transaction value
- 4% - 6% markup on exchange rates
- CA$15 - CA$125 for BMO Wire Transfer charges
- SWIFT charges may also apply
- Receiving International Payment: CA$14
RBC has two options its customers can use for international money transfer services–International Money Transfer and International Wire transfer. Both methods come with additional charges that are based on transaction value, recipient’s location and other instructions.
Send and receive money globally with Pesa — without delay and hidden fees.
4 BMO Alternatives In Canada for International Money Transfer
4 RBC Alternatives In Canada for International Money Transfer
4 TD Bank Alternatives In Canada for International Money Transfer
4 CIBC Alternatives In Canada for International Money Transfer
5 WorldRemit Alternatives In Canada
