How to Send Payments on Time
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Each wire payment has an Execution Date and a
Value Date: ·
The Execution Date is the day that the Bank will act upon your
wire payment instructions. ·
The Value Date is the day the beneficiary is to receive value
for the payment. To ensure that funds are paid to the beneficiary on the
Value Date, payment instructions must be sent to the Bank 1 or 2 business
days in advance, depending on the payment destination, the currency and
amount of the payment. Please refer to
the cut off times outlined in the table below: |
|
If payment destination
is: |
And currency is: |
And payment is: |
Then payment must be
transmitted to Scotiabank: |
And Scotiabank must
receive the payment by: |
|
Within North or |
CAD |
Any amount |
On the Value Date |
5:00 pm EST |
|
Within North or |
USD |
Any amount |
On the Value Date |
4:00 pm EST |
|
Within North or |
Any BNS traded currency (other than CAD/USD) |
Under the bulletin limit* |
One Day before the Value Date |
5:00 pm EST |
|
Within North or |
Any BNS traded currency (other than CAD/USD) |
Above the bulletin limit* |
Two days before the Value Date |
4:00 pm EST |
|
Outside North or |
CAD/USD |
Any amount |
One Day before Value Date |
5:00 pm EST |
|
Outside North or |
Any BNS traded currency (other than CAD/USD) |
Below the bulletin limit* |
One Day before the Value Date |
5:00 pm EST |
|
Outside |
Any BNS traded currency (other than CAD/USD) |
Above the bulletin limit* |
Two days before the Value Date |
4:00 pm EST |
|
* The bulletin limit is the maximum value
for which the Bank will automatically provide a foreign currency rate. For any transaction above the bulletin
limit a rate must be booked. |
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Note: ScotiaConnect will enable you to submit wire payment
instructions to the Bank after the cut-off times stated above. Payments submitted after the cut-off time,
but before 5:55 pm EST will be made on the requested date on a ‘best efforts basis’. |
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