Scotiabank (Bank of Nova Scotia) is Canada’s third-largest bank by assets, operating more than 900 branches and approximately 3,500 ABMs (automated banking machines) nationwide. Monthly chequing fees range from $0 to $30.95, and the bank’s Scene+ loyalty program is one of Canada’s most popular bank rewards programs. Institution number: 002. SWIFT code: NOSCCATT. Main line: 1-800-472-6842.
Scotiabank at a Glance
| Feature | Detail |
|---|---|
| Institution number | 002 |
| SWIFT/BIC code | NOSCCATT |
| Customer service | 1-800-472-6842 (24/7) |
| Monthly fees | $0 – $30.95 |
| ABM network | ~3,500 across Canada |
| ATM daily withdrawal limit | $1,000 |
| Debit daily purchase limit | $5,000 |
| e-Transfer daily limit | $3,000 |
| e-Transfer 7-day limit | ~$10,000 |
| Wire transfer (domestic) | ~$15–$25 |
| Wire transfer (international) | ~$25–$45 |
| Loyalty program | Scene+ |
Who Is Scotiabank Best For?
Scotiabank is a strong choice for Canadians who want a full-service Big 5 bank with one of the widest ABM networks in the country and a rewards program tied to everyday spending. The Scene+ program earns points on groceries, gas, and entertainment — redeemable for movies, travel, and merchandise — making it particularly appealing for families and movie-goers. It’s also a practical option for new immigrants and international students, as Scotiabank has dedicated newcomer banking programs. If you maintain a balance of $4,000 or more, you can avoid monthly fees entirely on the Preferred Package, which most everyday banking customers will find sufficient.
Scotiabank Chequing Accounts
Scotiabank offers four main personal chequing plans, ranging from a bare-bones low-fee account to an all-inclusive package with travel benefits.
Basic Banking Plan ($3.95/month): Designed for minimal users — 12 debit transactions per month, no fee waivers. This plan works if you primarily pay bills online and rarely use your debit card. Each extra transaction beyond 12 costs $0.65.
Preferred Package ($16.95/month): Scotiabank’s most popular plan. Unlimited debit transactions, 2 free cheques, and a Scene+ bonus. The $16.95 fee is fully waived when you maintain a minimum daily closing balance of $4,000. A good fit for most working Canadians.
Ultimate Package ($30.95/month): Unlimited everything, plus annual fee rebates on select Scotiabank credit cards, free safety deposit box, USD chequing, and comprehensive travel insurance. Fee waived with a $5,000 minimum daily balance.
Student Banking Advantage ($0/month): Free unlimited banking for full-time post-secondary students with a valid student ID. No minimum balance, no transaction limits, no monthly fee — automatically converts to another plan upon graduation.
| Account | Monthly Fee | Fee Waiver Balance | Transactions |
|---|---|---|---|
| Basic Banking Plan | $3.95 | None | 12/month |
| Preferred Package | $16.95 | $4,000 | Unlimited |
| Ultimate Package | $30.95 | $5,000 | Unlimited + perks |
| Student Banking Advantage | $0 | None | Unlimited |
How Scotiabank Fees Work — and When They’re Waived
Monthly fees at Scotiabank are charged at the end of each statement period. The fee waiver works on a daily closing balance basis: you must maintain the required minimum balance every day throughout the statement period to qualify for the waiver — a single day below the threshold will trigger the full monthly fee.
Worked example: A household keeps $4,000 in their Preferred Package account every day. At $16.95/month, they would otherwise pay $203.40/year in monthly fees. By maintaining that $4,000 balance, they pay $0 — saving the full $203.40 annually. For context, $4,000 earning 5% in a HISA generates $200/year — roughly the same as the fee, so the trade-off is worth considering.
There is no partial waiver. If you drop to $3,999 for even one day, the $16.95 fee applies for that month. To avoid surprises, set a low-balance alert at $4,500 in Scotia Online Banking.
Extra transaction fees on the Basic Banking Plan are $0.65 each. e-Transfers beyond plan limits are $1.00 each unless you’re on a plan that includes them.
Scotiabank Key Limits
| Service | Limit |
|---|---|
| ATM daily withdrawal (ABM) | $1,000 |
| Daily debit purchase limit | $5,000 |
| e-Transfer daily send limit | $3,000 |
| e-Transfer 7-day send limit | ~$10,000 |
| e-Transfer 30-day send limit | ~$20,000 |
| Mobile cheque deposit (daily) | $10,000 |
| Mobile cheque deposit (30-day) | $15,000 |
| Wire transfer (online) | ~$25,000 |
The $1,000 ATM limit is the standard for all Big 5 banks. If you need more cash in a single day — for example, to pay a contractor — you can temporarily increase your daily limit by calling 1-800-472-6842 or visiting a branch with ID. The increase is typically applied same-day and reverts automatically.
The $3,000 daily e-Transfer limit is the Interac network standard and applies to all Scotiabank personal accounts. Business accounts may have higher limits.
Scotiabank Pros and Cons
| Pros | Cons |
|---|---|
| Largest ABM network in Canada (~3,500) | Monthly fees waiver requires full-period minimum balance |
| Scene+ rewards on everyday spending | Preferred Package fee ($16.95) is mid-range, not the cheapest |
| Newcomer Banking program | Basic plan only includes 12 transactions |
| Strong mobile app (Scotia Banking) | No fee-free digital-only alternative under Scotiabank brand (unlike CIBC/Simplii) |
| 900+ branches nationwide | ATM withdrawal limit ($1,000/day) same as competitors — not elevated |
| Free unlimited banking for students | Ultimate Package ($30.95) is expensive unless fee is waived |
How to Open a Scotiabank Account
- Apply online at scotiabank.com or visit any of the 900+ branches in person. New immigrants can apply through the Scotiabank StartRight® program.
- Provide two pieces of ID — a government-issued photo ID (passport, driver’s licence) and a secondary piece such as a SIN card or utility bill.
- Fund your account — you’ll need an opening deposit. Online accounts can be funded by e-Transfer or inter-bank transfer. Branch accounts accept cash or cheque.
- Set up online banking — activate Scotia Online Banking at scotiabank.com/onlinebanking. Download the Scotiabank mobile app on iOS or Android. Order a debit card if not issued in-branch (arrives by mail in 5–7 business days).
Scotiabank Banking Guides
Account & Fees
- Scotiabank Fees 2026 — Full breakdown of monthly fees, transaction charges, and how to avoid them
- Scotiabank Branch Hours 2026 — Branch hours by day, holiday closures, and 24/7 access options
Transfers & Payments
- Scotiabank e-Transfer Limit 2026 — Daily, weekly, and monthly Interac e-Transfer limits explained
- Scotiabank Wire Transfer Limit 2026 — Domestic and international wire transfer fees, limits, and processing times
- Scotiabank Routing Number 2026 — How to find your institution number (002) and branch transit number
Cash & Deposits
- Scotiabank ATM Withdrawal Limit 2026 — Daily ABM cash limits, debit purchase limits, and how to request an increase
- Scotiabank Mobile Deposit Limit 2026 — Cheque deposit limits via the Scotiabank app and hold times
Tips for Getting the Most from Scotiabank
Use Scene+ to your advantage. Scene+ points earn on groceries, gas, and entertainment — you can redeem for Cineplex movies, travel, and gift cards. Linking your Preferred Package to a Scene+ Visa card multiplies your earning rate significantly. Many Scotiabank customers find Scene+ the most practical everyday rewards program among the Big 5.
Set up Scotia Smart Alerts. In the Scotiabank mobile app, configure a low-balance alert at $4,200 (slightly above the $4,000 fee waiver threshold). This gives you a 2-day buffer to move funds before a brief dip triggers the monthly fee.
Use Scotiabank ABMs for free cash withdrawals. With ~3,500 Scotiabank ABMs across Canada — the largest network among the Big 5 — you’ll almost never need to use a competitor’s machine. Google Maps shows nearby Scotiabank ABMs in real time.
New to Canada? Scotiabank’s StartRight® program offers newcomers a free first-year plan, credit card without Canadian credit history, and banking in multiple languages. This is a meaningful advantage over competitors for recent immigrants and international students.
Bundle your banking. If you hold a Scotiabank mortgage, credit card, and RRSP alongside your chequing account, you may qualify for packaged rate discounts and waived fees on ancillary services like safety deposit boxes and wire transfers.
How Scotiabank Compares to Competitors
| Feature | Scotiabank | TD | RBC |
|---|---|---|---|
| Institution # | 002 | 004 | 003 |
| Unlimited chequing monthly fee | $16.95 | $10.95 | $10.95 |
| Fee waiver balance | $4,000 | $4,000 | $4,000 |
| ATM network | ~3,500 | ~3,500 | ~4,000 |
| Extended branch hours | Some | Yes (Better Hours) | Some |
| Rewards program | Scene+ | TD Rewards | Avion |
| No-fee digital subsidiary | No | No | No |
Related Canadian Banking Guides
- Best Chequing Accounts in Canada 2026 — Compare all Big 5 and digital banks side by side
- Best High-Interest Savings Accounts in Canada 2026 — Top HISA rates including EQ Bank, Tangerine, and Simplii
- Canadian Bank Institution Numbers — Complete List — Every bank’s 3-digit routing code
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