One Time Wire Payments |
Using the
Bank Search you can enter One Time Wire Payments using a ‘fill in the blanks’
payment entry page. Wire payment instructions can be sent to the Bank 24 hours
a day, however, to ensure that funds are paid to the beneficiary on
time, payment instructions must be
sent to Scotiabank before the appropriate cut-off time. A link is
available on the Create One Time Wire Payments page to view the cut-off times
for processing wire payments to various destinations. Please refer to How to Send Payments on Time for more information. |
Creating a One Time Wire Payment
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1. From the Payments menu, select
Wire Payments then click on One Time
to access the Create One Time Wire Payment page. 2. From the drop down list, select
the Debit Account for the payment. 3. The Value Date, which is the day
the beneficiary should receive value
for the payment, defaults to the current date. Using the
button you can change the Value Date. Wire payment
instructions can be sent to the Bank up to 30 days in advance. Scotiabank will warehouse each payment and
process on the appropriate execution date. Note: The Execution Date, which is
the day the Bank will act on your wire payment instructions, will
automatically be calculated based on the Value Date that is entered, the
payment amount, the payment currency, and the payment destination (i.e. the
location of the Beneficiary Bank) and will be displayed for your information
on the ‘Create Wire Payment Confirmation’ page when the payment is
saved. 4. The Ordering Customer fields will
automatically be populated based on the debit account selected, however, you
have the option to change the information in these fields. 5. Enter the Amount of the payment. 6. The Payment Currency will default
to the currency of the selected debit account. To enter a cross currency payment: a) Click the Cross Currency button next
to the Payment Currency field to access the Create One Time Wire
Payment – Cross Currency page. Note: To return to the Create One Time Wire
Payment page to continue creating a same currency payment, you can click on
the Same Currency button. b) Select a Payment Currency from the
drop-down list. c) Indicate how the foreign exchange
rate information will be provided: i.
Get Automated Rate This option is only available for payments that are under
the Bank’s bulletin limit. If this
option is selected, the system will automatically provide a system generated
foreign exchange rate. The
foreign exchange rate that will be applied to your payment will be displayed
on the FX Rate Confirmation page when the payment is saved. To view the Automated Rate (bulletin) limits,
click on the Rates Inquiry link next to the Get Automated Rate radio button. ii. Enter Pre-booked Rate This option must be selected for payments that exceed the
bulletin limit. Note: 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 Note: The ‘Enter Pre-booked Rate’ option must be
selected for all payments from accounts that are domiciled in the Note: If you are set up to have the Bank book
foreign exchange rates on your behalf, you will
not have the option to indicate how the rate information will be
provided. The ‘Get Automated Rate’ and
‘Enter a Pre-booked Rate’ options will not be displayed. 7. Enter the full Name and Address of
the Beneficiary. 8. Enter the Beneficiary’s Account
Number. If the number you are entering is an International Bank Account
Number (IBAN), place a check in the check box next to IBAN. The IBAN field is currently optional however, for payments
sent within the European Union we strongly recommend that you provide an IBAN
for the Beneficiary and a SWIFT BIC for the Beneficiary Bank to facilitate
the processing of your payments. If
IBAN and BIC details are not provided, payments sent within the European
Union could be returned or additional fees may be levied by the Receiving
Bank. Please click
here for more information about the IBAN. 9. Using the Search function, select the
Beneficiary Bank: a) Select the type of Bank ID you would like to search for from
the drop-down list in the Beneficiary Bank field. If you selected SWIFT/BIC or i.
Enter a corresponding code and press the Search button. ii. If there is a match, the results
will be displayed on the Create One Time Wire Payment page. iii. If there are no matches or
multiple matches, you will be directed to the Bank Search page with the
results displayed on the page. iv. If there are matches displayed you
may select
a bank by clicking on the Bank Name link. Your selection will be displayed on
the Create One Time Wire Payment page in the Beneficiary Bank field. Or You many perform a new search using search
Option 1 or 2. Or Click on the Cancel button to return to the Create One
Time Wire Payment page to manually enter the beneficiary bank information. If you selected Bank/Transit: i.
Select a Bank from the drop down list, enter a transit number and
press the Search button. ii. If there is a match, the results
will be displayed on the Create One Time Wire Payment page in the Beneficiary
Bank field. iii. If there are no matches or
multiple matches, you will be directed to the Bank Search page with the
results displayed on the page. iv. If there are matches displayed you
may select a bank by clicking on the Bank Name link. Your selection will be displayed on the
Create One Time Wire Payment page. Or You many perform a new search using search Option 1 or 2. Or Click on the Cancel button to return to the Create One
Time Wire Payment page to manually enter the beneficiary bank information. If you selected Bank Name and Address: i.
Click the Search button to access the Bank Search
page. ii. Enter all or part of the bank
name/address you are searching for.
You must enter at least the first two characters of the Bank Name. iii. Click the Search button. The results will be displayed on the Bank
Search page. iv. Select a bank by clicking on the
Bank Name link. Your selection will be
displayed on the Create One Time Wire Payment page. Or Click the Cancel button to return to the Create One Time
Wire Payment page to manually enter the beneficiary bank information. Note: Manually entering Beneficiary
Bank Information may cause delays in payment processing. 10. You may enter the following
Optional Information: Information to Beneficiary This optional field is used to
enter transaction details intended for the beneficiary customer. You may enter up to 4 lines of 35
characters. Internal Memo This field is for your internal
use only. Information that is entered
will not be sent with the payment, but will be displayed on transaction
reports and included when you download your wire payment transactions. You may enter up to 140 characters. Bank to Bank Information
You should only enter information
in this field if instructed to do so by the Bank. Information in this field may cause delays
in payment processing. Vendor Number
This field is for your internal
use only. Information that is entered
in this field will not be sent to the bank with your payment instruction. 11. When you have finished entering
the required information, click on the Save button at the top of the page. If your payment is a cross currency payment and you have selected the ‘Get Automated Rate’ option: i. The FX Rate Confirmation page
will be displayed with the currency/foreign exchange rate that will be
applied to your payment. ii. Click on the Accept button
within 30 seconds to accept the foreign exchange rate and continue
saving your payment or click on Cancel to return to the Create One Time
Wire Payment page without saving your payment. If all required information was entered correctly and any applicable foreign exchange rate has been accepted, the Create Wire Payment Confirmation page will be displayed with the following message at the top of the page: ‘Creation Successful’. 12. If you want to enter additional
one time payments, click the Continue button to return to the Create One Time
Wire Payment page. Repeat steps 1 to
11 to enter another payment. OR Click the Done button if you do not want to enter
additional payments. You will be
directed to the Pending Wire Payments page. 13. The payments you have entered will
be listed on the bottom half of the Pending Wire Payments page. The payments will be in ‘Entered’ status
and must be approved by at least one authorized user before they can be
submitted to the Bank for processing. |
Priority Handling
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If the requested Value Date for a payment cannot
be met based on our standard cut-off times, the system will display an error message. If you subscribe to the ‘Priority Handling’
function, you have the option to flag your time sensitive payments for
priority handling. If you flag a payment for
priority handling, you can request a value date that is earlier than our
standard cut off times will allow. The
payment will receive priority handling and, on a best efforts basis, the
beneficiary will receive the payment on the requested value date. Note: Only same currency payments can be flagged
for priority handling. For information on how to subscribe to this
function and the associated fees, please contact your Relationship Manager. |
Invalid SWIFT Characters
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Note: The following characters should
not be used when entering payment instructions: + & *
# @ ; !
$ % ^ _ =
: < > {
} [ ] \ These are invalid SWIFT
characters and if they are entered, an error message will be returned. |
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