Remitly vs Scotiabank: Fees, Rates & Speed Compared
Remitly
4.6Remitly specializes in personal international money transfers with a focus on remittances to developing countries, offering competitive rates and fast delivery.
Scotiabank
3.4Scotiabank offers international money transfers for Canadian account holders. Strong Caribbean and Latin American presence but expensive for regular transfers.
Remitly and Scotiabank are both popular choices for international money transfers, but they take different approaches. Remitly, founded in 2011 and headquartered in Seattle, USA, is best known for cash pickup and global coverage. Scotiabank, operating since 1832 from Toronto, Canada, focuses on international money transfers. This comparison uses real transfer data collected from both providers across 6 popular corridors to show you exactly which one offers better value for your specific needs.
In this comparison
Live comparison: Remitly vs Scotiabank across popular corridors
The table below shows how much the recipient receives when sending through Remitly vs Scotiabank on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Remitly | Scotiabank | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹95,313.15 | — | N/A |
| GBP → EUR(£1,000) | €1,143.45 | — | N/A |
| USD → PHP($500) | ₱31,217.53 | — | N/A |
| USD → MXN($1,000) | MX$17,001.25 | — | N/A |
| GBP → PKR(£500) | ₨188,690.37 | — | N/A |
| USD → NGN($200) | ₦271,092.18 | — | N/A |
Amounts shown are what the recipient receives. Based on current scraped data, updated every 6 hours.
Key differences between Remitly and Scotiabank
Remitly vs Scotiabank: Feature comparison
| Feature | Remitly | Scotiabank |
|---|---|---|
| Overall rating | 4.6/5 (Excellent) | 3.4/5 (Fair) |
| Fee structure | From $0 to $3.99 per transfer | CAD $15-$30 per wire transfer |
| Exchange rate markup | 0.5% - 2% above mid-market | 2% - 3% above mid-market |
| Transfer speed | Minutes to 3-5 days | 2-5 business days |
| Supported countries | 100+ | 130+ |
| Supported currencies | 40+ | 30+ |
| Max transfer | $10,000 | $50,000 |
| Payment methods | Bank Transfer, Debit Card, Credit Card | Bank Transfer |
| Delivery methods | Bank Deposit, Cash Pickup, Mobile Money, Home Delivery | Bank Deposit |
| Regulators | FinCEN, FCA | OSFI (Canada), FINTRAC |
| Founded | 2011 | 1832 |
Pros and cons
Remitly
Pros
- Express transfers arrive in minutes
- Cash pickup available in many countries
- Mobile money delivery option
- First transfer promotions often available
- Home delivery in select countries
Cons
- Rates less competitive for large transfers
- No multi-currency account
- Focused mainly on remittance corridors
Scotiabank
Pros
- Strong in Caribbean & Latin America
- Send from existing Scotiabank account
- Scotia Globe & Mail partnership for FX
Cons
- High wire fees (CAD $15-$30)
- Exchange rate markup 2-3%
- Slower than fintech providers
When to choose Remitly vs Scotiabank
Choose Remitly if:
- You want the real mid-market exchange rate with no hidden markup
- Your recipient needs cash pickup instead of bank deposit
- You want to send to a mobile money wallet (M-Pesa, GCash, etc.)
- You want zero transfer fees (From $0 to $3.99 per transfer)
- Speed is your top priority — transfers can arrive in minutes
Choose Scotiabank if:
- You want the real mid-market exchange rate with no hidden markup
- You're sending large amounts (Scotiabank supports up to $50,000)
- Scotiabank's strengths (Bank Deposit) match your needs
Verdict: Remitly or Scotiabank?
Cost: Too close to call
Remitly and Scotiabank are closely matched on cost. Across our 6 sample corridors, neither provider consistently delivers more to the recipient. The best choice depends on your specific corridor.
Faster: Remitly
Remitly is generally faster, with transfers arriving in Minutes to 3-5 days, compared to 2-5 business days for Scotiabank.
Wider coverage: Scotiabank
Scotiabank has broader coverage with 130+ countries and 30+ currencies. Scotiabank also offers Bank Deposit.
Bottom line
Overall, Remitly edges ahead for most users thanks to transparent pricing with the real mid-market exchange rate. That said, Scotiabank is the better pick if you need international money transfers.
Frequently asked questions
Is Remitly or Scotiabank cheaper for international transfers?
It depends on the corridor. Our data across 6 routes shows Remitly and Scotiabank are closely matched on total cost. Remitly charges From $0 to $3.99 per transfer with a 0.5% - 2% above mid-market exchange rate markup, while Scotiabank charges CAD $15-$30 per wire transfer with a 2% - 3% above mid-market markup. We recommend comparing rates for your specific transfer using our calculator.
Which is faster, Remitly or Scotiabank?
Remitly typically completes transfers in Minutes to 3-5 days, while Scotiabank takes 2-5 business days. Actual speed depends on the corridor, payment method, and delivery option you choose. Bank transfers tend to be slower than card-funded transfers, and bank deposits are generally faster than cash pickups.
Are Remitly and Scotiabank safe to use?
Yes, both are regulated money transfer services. Remitly is regulated by FinCEN, FCA and has a 4.6/5 Trustpilot rating. Scotiabank is regulated by OSFI (Canada), FINTRAC with a 3.4/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for Remitly vs Scotiabank?
Remitly has a maximum transfer of $10,000 (minimum $1), while Scotiabank allows up to $50,000 (minimum $1). Limits may vary by corridor, account verification level, and payment method. New accounts typically start with lower limits that increase over time.
Can I get cash pickup with Remitly or Scotiabank?
Remitly offers Bank Deposit, Cash Pickup, Mobile Money, Home Delivery. Scotiabank offers Bank Deposit. Remitly supports cash pickup, which is useful when recipients don't have a bank account.
Should I use Remitly or Scotiabank to send money internationally?
For most users, Remitly offers better overall value thanks to transparent pricing with the real mid-market exchange rate. However, Scotiabank is the better choice if you need international money transfers. The best provider for you depends on your corridor, transfer size, and whether you need features like Home Delivery.