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Account Transfers Help

Cross Currency Account Transfers

The Cross Currency Account Transfer service allows you to make foreign exchange (FX) transfers between your Canadian CAD dollar and Canadian USD dollar Scotiabank accounts.

When transfers occur

A Cross Currency Account Transfer may be sent to Scotiabank between 7:30 a.m. and 8:00 p.m. ET. This type of transfer cannot be future dated.

How to send a cross currency transfer

Navigate to Payments in the top menu and select Account Transfers in the sub-menu, and then select the Cross Currency Account Transfer tab. On this page you can use the form to set up your FX transfer.

  1. Use the drop menu to choose the Account From which the funds will be taken
  2. Then use the next drop menu to choose the Account To which the funds will be deposited
  3. Enter the U.S. Dollar amount in the USD Amount field. This amount must be less than $1,000,000 USD
  4. You may opt to enter a Reference as an option for your own recordkeeping purposes
  5. Then, click the red “Get Rate” button
  6. On the Get Rate page, you will see an exchange rate and a counter will let you know for how long that rate is available
  7. Review the details you entered before the counter times out
    • If the counter times out before you are ready to Submit, the system will return you to the form with a message to try again
  8. Finally, click the red “Submit” button
  9. If accepted, you will see a Confirmation message and the transfer will appear in the list of Pending Transfers below this form.

Finalizing the transfer

Depending on the access privileges a user has been given, transferring funds may require two people—one to enter the transfer and a second user to approve and submit the transfer.

Check the status of the transfer (see below for the meanings of transfer statuses), and then for Pending or Ready transfers:

  1. Use the top checkbox to check all Pending transfers, if you want to select all, or check individual checkbox(es), if you want to select specific transfer(s)
  2. Below the list is a drop menu from which you can potentially choose to Approve, Submit or Delete (depending on your entitlements and your company’s approval levels)
  3. Click the “Go” button to perform the action you chose
  4. You will see a modal window asking if you are sure you want to proceed with your chosen action
    • Click “Ok” to continue
    • Click “Cancel” to dismiss

The transfer status will update immediately.

Account transfer approval levels:
The level of approval that is enforced at your company will depend on what instructions your company provided Scotiabank when your company completed your ScotiaConnect Service Request form.

For the Account Transfers, there can be a maximum of one approver. The options include:

  • None (No approval required)
  • May be the Same User (Self Approval - Creator must have approval authority)
  • Must be a Different User (Approver must be different from Creator)
  • Must be in a Different Group (Approval must come from a user in a different group)

Transfer statuses

A saved Cross Currency Account Transfer can have the following statuses assigned:

Pending: The account transfer (dated today or future dated) has been entered but has not been approved, if approval by an authorized user is required.

Ready: The account transfer (dated today or future dated) has been entered and approved, but has not been submitted to the Bank. It can be transmitted to the Bank by checkboxing it, selecting Submit from the drop menu and clicking the “Go” button.

Future Dated: The account transfer has been submitted to the Bank for future processing. It can still be deleted prior to its transfer date. Otherwise, the Bank will automatically transmit the account transfer for posting on its transfer date. If a future dated transfer fails to be processed, an Alert will be sent to the Message Centre on its transfer date.

Accepted: The account transfer has been transmitted to the host system and accepted for posting. You cannot delete a transfer with this status.

Rejected: The account transfer has been transmitted to the host system and has been refused; it will not be posted.

Sent: The account transfer is currently being transmitted for posting.

Unknown: This status is rare. If you see this status, please call our Customer Contact Centre for assistance.

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