Business Making payments

Your guide to business wire transfers with Scotiabank

Piyush Singh

08.09.25

Read time 2 minutes

Scotiabank ranks among Canada’s Big Five banks and provides an entire suite of payment services specially tailored to business clients, including domestic and international wire transfers. Whether you're paying overseas vendors or sending large sums cross-border, understanding the process and fees helps avoid costly surprises.

In this guide, you'll find a clear overview of how Scotiabank business wire transfers work and what they charge.

Table of contents
How to send a wire transfer from your Scotiabank account Scotiabank wire transfer fees for business accounts Conclusion

How to send a wire transfer from your Scotiabank account

Scotiabank business customers can send domestic and IMT (International Money Transfers) payments directly through ScotiaConnect¹ the bank’s secure online and mobile banking platform designed for business and commercial clients. The service supports transfers in CAD, USD, EUR, GBP, and other major currencies² to bank accounts at home in Canada or abroad.

To initiate a transfer, you’ll need the recipient’s full name and address, their bank details (such as IBAN, SWIFT/BIC code, ABA, or transit number), and the bank’s address. ScotiaConnect also offers a built-in Beneficiary Bank Search tool to help you verify these details.

With ScotiaConnect, you can:

Create wire templates and schedule payments up to 30 days in advance
Automatically receive live FX rates before confirming a transfer
Track both incoming and outgoing wire payments in real time
Receive payment confirmations instantly

Transfers within Canada are usually processed within a few hours, while international wires typically take up to 3 business days, though they may take as long as 5 business days.³

You can also initiate wire transfers in person at any Scotiabank branch for one-off transactions or for those not enrolled in online business banking. The same recipient details are required, and branch staff will guide you through the process.

In-branch wire transfers may cost more than online ones, though processing times are similar. Domestic wires typically arrive faster than international ones.

Scotiabank wire transfer fees for business accounts

If you’re sending or receiving wire transfers through your Scotiabank business account, you can expect fees to vary depending on how the transfer is made and where the funds are going.

Outgoing wire transfer fees:

Outgoing wire transfer fees for business accounts depend on whether you’re sending the wire through a branch or via ScotiaConnect:

Method	Fee type	Amount
In-branch⁴	Transaction fee	0.2% of wire amount per transfer
	Minimum fee	$30 CAD per transfer
	Maximum fee	$100 CAD per transfer
	Destination fee	Additional 7 CAD for domestic, 7.50 to the US and 15 CAD international per transfer
ScotiaConnect via IMT (International Money Transfer)³	Transaction fee	Fees for online transfers via ScotiaConnect are set out in the Service Schedule, but the cost for the service is 5 CAD per transaction sent

Currency conversion fees:

If your wire transfer involves a currency exchange, Scotiabank uses its posted exchange rate on the day the fees are charged. These rates are published on Scotiabank’s website.

For example:

Foreign currency conversion for deposits to CAD or USD business accounts is subject to a $2.00 fee per deposit, plus the applicable foreign exchange rate⁴.
For foreign debit transactions (such as payments at overseas terminals or online purchases), Scotiabank applies a 2.5% markup on the exchange rate determined by Visa International⁴.

All fees:

Businesses should also account for:

Outgoing wire transfer fees (which can vary depending on whether the transfer is made in-branch or online)
Potential intermediary or receiving bank fees
Charges deducted from the recipient’s final amount

Conclusion

Scotiabank offers a reliable and familiar wire transfer service for Canadian businesses, with robust security features, real-time tracking, and access to a global network. Businesses can send payments in multiple currencies and manage transfers conveniently online or in-branch.

Sources:

Sources verified on 8 September 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

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