Payments in ScotiaConnect can be used for many reasons. This list gives an overview of each payment type and some common uses.

EFTs: Used to send payables or collect receivables from Canadian domiciled accounts. Useful for: Higher volumes of payments such as payroll.

Wire Payments: Can send money internationally in any currency Scotiabank trades. Useful for: Paying international vendors.

ACH(IAT): International ACH Transfers let you send payables or collect receivables using a Canadian domiciled USD account. Useful for: Debiting or crediting vendors in the US.

Interac e-Transfer for Business: Lets you send payment using an email address in near real time. Useful for: lower value payments to recipients who haven't provided an account number.

International Money Transfers (IMTs): International payments similar to wires but lower value with less fees. Useful for: Low value payments to international vendors.

Bill Payments: Lets you make payments to companies that have registered as bill payment companies with Scotiabank. Useful for: Paying bills such as hydro, or internet.

Account Transfers: lets you move money between your accounts setup on ScotiaConnect.

EDI Payments: Lets you send money with remittance data, requires the receiver to have a method of reviewing the additional data. Useful for: Sending payments with detailed invoice data.

What is a routing/ABA number?

Related Articles