How to transfer funds between your CAD and USD Scotia Bank accounts?

In this article, let's understand how to transfer funds between your CAD and USD Scotia Connect Bank accounts. Scotia Bank’s help articles are often unclear and don’t guide you well. This article is here to fix that by giving you clear, easy steps to manage currency conversions efficiently.

Cross-currency transfers:

Step 1: In the overview section of your Scotia Connect bank account, click the option 'Create Transfers.'

Step 2: This will take you to a page for currency conversions, allowing for both same-currency and cross-currency conversions.

Step 3: Select the 'from' and 'to' accounts, and the amount in USD to be transferred. Clicking 'Get Rate' will display the exchange rates and take you to the final stage of confirmation.

Finally, you will be able to facilitate the transfer of funds between accounts.

Limitations of Banks for CAD/USD Conversions:

Exchange Rates: Banks often offer unfavorable exchange rates, and their timing limitations, including varying cut-off times, can prevent convenient conversions. Although the process isn't overly complex, it could be simplified.

Scotia Connect's currency conversion process involves an approval workflow that depends on user roles, meaning not all users can initiate or approve transfers when needed. The worst part - banks do not support 24/7 currency conversions.

Transfer process and statuses:

Is it really necessary to have so many stages and statuses for a simple currency conversion process?

How is Finofo different?

With Finofo, currency conversions are straightforward without complex transfers or statuses. There are no multi-stage processes—funds can be easily transferred between your Finofo accounts. You can convert funds instantly and in real-time, at any point, entirely at your convenience.

Get to know more about how conversions work with Finofo - here.

Interested in learning how instant conversions work with Finofo? Book a demo here!