Money Transfer at Scotiaconnect

Internal Scotiaconnect Transfers

Transfer funds between your Scotiaconnect checking, savings, and credit accounts instantly — no fees, no processing delay, available 24/7 including weekends and holidays.

Internal Scotiaconnect transfers move money between any accounts linked to your login profile. Select the source account and destination account from dropdown menus pre-populated with your account list — checking to savings, savings to checking, checking to credit card payment, or any combination. Enter the amount and confirm. Funds move instantly and the updated balances appear on your dashboard within seconds. Internal transfers process 24 hours a day, seven days a week, including weekends and statutory holidays. There are no fees, no daily limits beyond your account balance, and no minimum transfer amount. These transfers are the fastest way to move money within Scotiaconnect and work identically on desktop and mobile.

Recurring internal transfers automate regular savings contributions, credit card payments, or scheduled sweeps from checking to savings. Set a fixed amount and a schedule — weekly, bi-weekly, semi-monthly, monthly, or custom day-of-month — and Scotiaconnect executes the transfer automatically. The recurring transfer displays on your upcoming transactions calendar with the next execution date. Modify or cancel any recurring transfer from the Scheduled Transfers panel; changes take effect before the next scheduled execution.

Interac e-Transfer

Send money to anyone in Canada with an email address or mobile phone number through Scotiaconnect Interac e-Transfer — funds arrive within 30 minutes, and recipients at participating banks can auto-deposit without answering a security question.

Interac e-Transfer through Scotiaconnect lets you send funds to any person or business in Canada using only their email address or mobile phone number. Start from the Money Transfer screen, select "Interac e-Transfer" as the method, choose the funding account, enter the recipient's contact information, set the amount, and add an optional personalized message. For recipients who have not enabled Interac auto-deposit, you must also set a security question and answer — share the answer with the recipient through a separate channel (text, phone call, or in person), never include it in the transfer message. The recipient receives an email or SMS from Interac with a link to deposit the funds. Auto-deposit recipients skip the security question entirely — funds land in their account automatically within 30 minutes.

Interac e-Transfer limits through Scotiaconnect are $3,000 per transaction, $3,000 per 24-hour period, and $10,000 per 7-day period. Sending fees are $1.50 per transfer for standard Scotiaconnect checking accounts; premium checking account holders receive unlimited free Interac e-Transfers. Receiving Interac e-Transfers is always free regardless of account type. For amounts exceeding $3,000 or for recipients outside Canada, Scotiaconnect wire transfer services are the appropriate alternative — wires handle larger amounts and international destinations, though with higher fees and longer processing.

External Bank Transfers

Link external bank accounts to Scotiaconnect for transfers to and from other Canadian and U.S. financial institutions — one-time transfers take 1-3 business days, recurring external transfers automate monthly obligations.

External bank transfers through Scotiaconnect connect accounts you hold at other financial institutions to your Scotiaconnect dashboard. Set up an external account link from the Money Transfer settings: search for your external bank by name or institution number, enter your account number, and confirm ownership through micro-deposit verification. Scotiaconnect sends two small test deposits (under $0.50 each) to the external account within one business day. Enter the deposit amounts in Scotiaconnect to verify ownership — the amounts are refunded automatically. Once verified, the external account appears as a transfer destination in your Money Transfer screen.

External transfers cost $1.00 per transaction for standard checking accounts; premium and business checking accounts include free external transfers. Transfer limits are $10,000 per transaction and $50,000 per month for personal accounts; business accounts support higher thresholds. Processing time is 1-3 business days for both incoming and outgoing external transfers. Same-day external transfers are not currently available — the ACH and EFT networks that process external transfers operate on batch settlement cycles. For same-day transfers to external accounts, a wire transfer through Scotiaconnect provides faster settlement, though wire fees are higher than external transfer fees.

Transfer Method Comparison

Security and Verification

Scotiaconnect money transfers require multi-factor authentication at login and a verification step for new recipients — external account linking requires micro-deposit confirmation, preventing unauthorized transfer destinations.

Money transfer security through Scotiaconnect builds on the platform's core authentication framework. Every transfer session begins with multi-factor authentication at login. First-time transfers to a new external account trigger a verification code sent to your registered device. External accounts require micro-deposit ownership verification before they appear as eligible transfer destinations — this two-business-day verification period prevents someone from linking an unauthorized external account and draining funds. Scotiaconnect also enforces transfer velocity limits: more than five external transfers in a 24-hour period triggers a brief fraud review and a confirmation call to your registered phone number.