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Scotiabank has enhanced its online banking service to introduce cross currency transfers and foreign exchange purchasing. As of Monday, August 16, customers who utilize ScotiaOnline, the Bank’s internet banking platform, are now able to transfer funds from their local currency accounts to any foreign currency account or vice versa at the Bank’s daily foreign exchange rates. Foreign currency transactions include US Dollars, Pound Sterling, Canadian Dollars and Euros.

Scotiabank customers with foreign currency credit cards can also pay these cards online by purchasing foreign exchange and then paying their card through the funds transfer option. Scotiabank has promoted its self-service channels even more aggressively with the recent addition of mobile banking. Maya Johnston, senior vice president of Non-Branch Sales & Service said that “the addition of the cross currency transfer feature to online banking is one more step in Scotiabank’s commitment to deliver convenient, value-added services to our customers. We observed that a large number of customers had to come into our branches simply to purchase foreign exchange to make a card payment or for travel. Now without visiting a branch, customers can easily make payments on USD denominated Scotiabank or AmEx credit cards, or purchase foreign exchange ahead of travel plans and later access those funds using their Scotiacard at ATMs overseas.”

As is normal with all online transactions, a daily customer limit will apply to all foreign currency transactions.

The enhancements to Scotia Online follows an announcement made by Scotiabank President and CEO Bruce Bowen at the company’s recent third quarter investor briefing that the bank will be focusing on innovations that improve customer service, expanded accessibility and greater convenience.

For further information about the Cross Currency Transfer option, customers may call the Contact Centre at 1-888-4-Scotia.