Checking Exchange Rates on your Scotia Connect Account

In this article, let's understand how to know current exchange rates on your Scotia Connect account. Existing Scotia Bank support articles can be misleading and lack a sense of direction. This guide aims to fill that gap, offering clear, concise instructions for managing currency conversions efficiently.

Current Rates: 

Step 1: The home page of your Scotia Connect account has an option to know the 'Current Rates' in the Important Links section.

Step 2: The next page displays the current rates for CAD and USD.

Step 3: The rate report can be downloaded by selecting the base currency, providing ranges and respective exchange rates.

Are banks charging unfavorable exchange rates?

All banks charge unfavorable exchange rates. This is how they profit by exploiting companies during currency conversions and customers are forced to negotiate hard if they are handling large volumes.

According to recent research, on average, Canadian companies lose about 2% of their transaction value due to unfavorable exchange rates set by banks. This percentage can vary based on the currencies involved, the volume of transactions, and the bank's specific rates, but it significantly affects the overall cost of international payments. All these extra charges come with outdated banking portals, delayed payments, and poor customer support.

Finofo, on the other hand, is transparent and offers exchange rates that are algorithmically fixed. There are no fluctuations in the rates based on the volume of transactions. Our goal is to maintain a flat FX spread, providing consistency to our customers and ensuring we do not overcharge.