Scotiabank has launched a new ‘Scotia International Money Transfer’ feature to allow customers to send money internationally through its mobile app or website.
It costs $1.99 per transaction, but the transaction price is subject to foreign exchange rates. There isn’t a fee for customers with the ‘Ultimate Package’ at the bank or customers of the ‘StartRight’ program for newcomers to Canada.
The bank says this feature is a critical need for millions of Canadians who need an easy way to send money abroad to places like the U.S., China, India and many countries in Europe.
“Scotiabank has been undergoing a true digital transformation and developing solutions that make it easier for customers to bank with us,” said Anya Schnoor, the executive vice-president at retail products at Scotiabank, in a press release.
The bank says the new feature will be critical for customers who need to send money to their families, help pay for tuition or pay back a friend.
You can learn more about the feature here.