How to switch to Scotiabank

You can move your balance from your old bank account to your new Scotia account by Interac e-Transfer ^†. Depending on your account, you could be charged a fee.

Remember, you’ll have to make multiple transfers if your balance is higher than your daily e-transfer limit — the total amount you can send in a day for all of your e-transfers. Your limit’s set by your financial institution and, according to Interacopens in a new tab, is usually between $2,000 and $3,000. To increase your limit, call or visit your old bank.

Visit your old bank to move your full balance by certified cheque. It works like a regular cheque, but comes with a guarantee from the bank that you have enough in your account to cover the amount.

With a certified cheque, your old bank will freeze your funds for the amount of the cheque until it’s cashed, either in the Scotia mobile app, at a branch, or at an ABM. There’ll likely be a charge between $10 and $20 and a hold of five business days for Canadian funds, and longer for other currencies.

With a bank draft, your bank will immediately move your money out of your account and hold onto it for you until the draft is deposited. They’re available at the branch, and fees are usually less than $13. Just like with a certified cheque, there will be a hold of five business days for Canadian funds.

With a wire transfer, your old bank will instantly move your money to your new Scotia account. They’re available at the branch, and fees can range from $0 to $80, depending on how much you’re transferring and if the transfer is within Canada or internationally. Expect a delay of one business day.

Write yourself a cheque from your old account to deposit in your new Scotia account. Be aware that, depending on the amount, there’s often a hold of four to eight days before you can access your full balance.

We can suggest other ways which might be right for you, such as making a cash withdrawal. Give us a call any time at 1.800.4SCOTIA or come visit us at your nearest branch.