Requests for Transfer

Requests for Transfer from Template

The Request for Transfer service provides a fast, easy and convenient way to initiate payments from your accounts domiciled at virtually any financial institution in any country in the world.

Features of this service

The request for transfer service allows you to:

  • Move funds between your own accounts at other banks
  • Initiate payments from you own accounts at other banks to third parties
  • Draw-down funds from your own or subsidiary accounts at other banks for credit to your operating accounts in Canada

What this means:

Scotiabank is simply a pass through point for MT101 Request for Transfer messages and takes no responsibility for affecting these payments or cancellations. To cancel, amend or trace payments, you must deal directly with the Financial Institution where the debit account is held.

Using ScotiaConnect, you can enter Request for Transfer instructions quickly and easily using templates you have previously set up on the system.

How to create requests for transfer from a template

Navigate to Payments and select Requests for Transfer in the sub-menu, then choose the Create One Time tab.

  1. Select the template that you’d like to use to make your payment
    1. Enter all or part of the Template ID or Beneficiary Name
    2. Or select a Debit Account
  2. Click the red “Search” button
  3. Results will display below. You can re-sort the results list by Template ID, Beneficiary or Debit Account
  4. To select a template, click the Template ID number showing as a link. You will be go to a new page with the Template details that you may edit, if need be.
  5. On the Request for Transfer from Templates page, you may edit the following:
    • Execution Date: The date on which the Ordering Customer’s account is to be debited. Default is today, which you may change for up to 30 in the future.
    • Payment Amount: The amount to be transferred, OR
    • Original Amount: Specify this if different from the transaction currency/amount. For example, you may instruct the other financial institution to debit $100 USD (original amount) and transfer the equivalent of $160 CAD (transaction amount) to another of your accounts. Note: if either amount is entered when a template is originally set up, the amount cannot be modified when a wire payment is created using that template.
    • Exchange Rate/Rate Reference: If you have a foreign exchange contract, you can enter the foreign exchange rate to be used and the reference number. Otherwise, enter the Exchange Rate as 0.00 and the Rate Reference as SPOT. The receiving financial institution will apply the spot rate when they process your transaction.
    • Treatment of Charges: How the charges will be handled at the receiving financial institutions. All transaction charges can be one of the following:

      BEN – Covered by the beneficiary

      OUR – Covered by the ordering customer

      SHA – Covered by the beneficiary except the servicing bank charges

    • Information to Beneficiary: This optional information may be used to enter transaction details for the beneficiary customer.
    • Regulatory Reporting: This optional information can contain the values for the statutory and/or regulatory information required by the authorities in the country of the receiver or sender/originating customer.
    • Internal Memo: This optional field is for your internal use only. It will not be sent with the payment, but will be displayed on transaction report and included when you download your wire payment transactions.
    • Instructions: This optional information will only be used as directed by a recipient, depending upon acceptance or non-acceptance by the executing bank. Please see Instruction Codes below.
  6. When you finish editing, click the red “Save” button. If successful, you will be presented a green Confirmation message. If not, you will be guided to add or correct required information.
  7. At this point you may either
    1. Click the “Done” button if you do not want to enter additional payments.
    2. Select a template from the list displayed and repeat steps 1 to 6 to enter another payment
  8. Once “Done” you will be taken to the Pending Requests for Transfer page with the payment(s) you entered listed.
  9. Payments must be approved by at least one additional person before they can be submitted to the Bank.

Request for transfer instruction codes

The following codes may be selected in the Optional Information section to provide further instruction.

CHQB: This transaction requests that the beneficiary be paid via the issuance of a cheque.

CORT: This transaction is a payment that is made in settlement of a trade (e.g. foreign exchange deal, securities transaction).

INTC: This transaction is for an intra-company payment (e.g. a payment between two companies belonging to the same group).

NETS: This payment should be settled via a net settlement system if available.

RTGS: This payment should be settled via a real-time gross settlement system if available.

URGP: This is a time-sensitive payment that should be executed in an expeditious manner.

PHON: This transaction requires that the beneficiary be contacted by telephone. An appropriate telephone number must be included in the sub-field. This instruction is meant for the last financial institution in the chain.

OTHR: Used for bilaterally agreed codes/information. The actual bilateral code/information must be specified in the second sub-field. The following codes may follow: ‘DMST’ for domestic and ‘INTL’ for international.

Please note, the following combinations are not allowed:

  • CHQB with URGP
  • CHQB with RTGS
  • CHQB with NETS
  • CHQB with PHON
  • NETS with RTGS

Related Topics