Personal Finance Money transfer

A closer look at Tangerine and Scotiabank for international transfers

Piyush Singh

28.05.24

Read time 2 minutes

Scotiabank® and Tangerine® are popular options for transferring money outside Canada. In 2012, Scotiabank acquired ING Direct® and Tangerine is a subsidiary of this institution.¹

You can use Tangerine to make online transfers in USD and CAD or register for a Scotiabank account to send secure worldwide transfers with Scotia International Money Transfer.

We’ll take a look at Tangerine vs Scotiabank for international transfers, including a direct comparison of the 2 services. We’ll also look at Wise as your global money transfer alternative! Send payments overseas at a money-saving exchange rate with minimal fees.

Table of contents
Comparing Tangerine and Scotiabank for international finances Simplify your international finances with Wise

Comparing Tangerine and Scotiabank for international finances

Tangerine and Scotiabank are popular choices for international banking in Canada. You can use Tangerine Bank to send money to the US – but you can’t use the service to send a wire transfer, which may limit your spending options.²

Scotia International Money Transfer lets customers send up to 10,000 CAD a day to over 200 countries, including a partnership with Western Union. However, exchange rates and currency conversion charges may apply.³

Let’s compare Scotiabank vs Tangerine, including currencies covered, exchange rates and fees.

	Tangerine	Scotiabank
Currencies covered	CAD and USD⁴	CAD, USD and EUR¹⁵
Online or physical branches?	Online only - no physical branches⁵	Online and in-person: over 900 branches in Canada⁶
Types of bank accounts offered	Chequing, savings and investment accounts including options in USD and CAD⁷	Chequing, savings, seniors and student accounts⁸
Currency conversion fees	2.50% added to the currency exchange rate : this is a markup on the standard rate⁹	1.99 CAD flat rate to send money internationally as a direct deposit. Scotiabank makes money from a foreign currency markup on the mid-market exchange rate. This figure can differ depending on when you send your transfer¹⁰
Account fees charged?	No, you won’t pay a fee for Tangerine’s No-Fee Daily Chequing Account⁷ or Savings Account¹¹	Yes, some accounts charge monthly fees. For example, the Scotiabank Basic Banking Account charges 3.95 CAD per month¹⁰
Inactivity and dormancy fees	1 year inactivity fee: 10 CAD 2 to 9 years dormancy fee (non-registered personal and business savings accounts): 20 CAD 10 years dormancy fee (chequing and non-registered personal and business savings accounts): 40 CAD⁹	Scotiabank inactivity fees depend on how long your account is inactive. For example, after 2 years notice of inactivity, you’ll pay 20 CAD. After 9 years, you’ll pay 40 CAD¹⁰
Account closing fees	No fee¹²	Account closed within 90 days of opening is a 20 CAD fee ¹⁰

If you want to open a Tangerine No-Fee Daily Chequing Account, you’ll need:

to be a resident of Canada with a Social Insurance Number
to be at least 16 years old
an email account for communication and verification purposes¹³

To open a Scotiabank account, you’ll need to be:

at least 16 years old
a Canadian resident you may be able to apply if you’re in Canada to work or study
opening the account in your name

You can make your international transfer via the Scotiabank mobile app or online banking in 20 countries and your recipient will receive their funds within 5 business days.³

Simplify your international finances with Wise

Make payments across the world with Wise’s multi-currency account. Hold, spend and send your money in over 40 currencies… all from just one account!

You can use your Wise account to:

send and receive money internationally – including; Interac e-Transfer, SWIFT, IBAN and BIC codes
avoid hidden currency conversion fees
access dedicated support 24/7 in 14 languages

Whether you’re sending money to family in France or paying bills in the US, choose Wise to get access to local account details in CAD, USD, GBP, EUR, SGD and more.

Use Wise to send your money to over 160 countries at the mid-market rate. This is the standard exchange rate you might see on Google – and it’s the best rate out there. Unlike banks and most money transfer services, Wise never adds a markup to your exchange rate. You’ll only pay for what you spend. Sounds fair, right?

Wise uses transparent pay-as-you-go pricing to help you make the most of your money.

No monthly or annual fees
No inactivity or dormancy fees

Finished with your account? Wise doesn’t charge closure fees. It’s your account and you should be able to use it as little or as much as you want.

Access Wise online 24/7, with real-time spending notifications and secure tracking features. You can even use Wise with or without a bank account for simple international transfers.

To start making stress-free payments around the world, register for a Wise account.

Sources:

Sources verified on 28 May 2024

*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.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.