Scotiabank review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Scotiabank suits expats, students and teens who want free ATM access and a wide currency reach for day to day banking, backed by a long established Canadian bank. The monthly fee of CAD 16.95 is the catch, and it is the main reason readers may look elsewhere.
Key facts
- Best for
- Free ATM access and a wide currency range for expats, students and teens.
- Monthly fee
- CA$16.95↗
- Currencies
- from 65↗
- Free ATM withdrawals
- CA$1↗
- Transfer fee
- Free between own Scotiabank accounts; $1.99 per international money transfer on select accounts; $1.00 per cross-border transfer; $20.00 to move a balance to another financial institution↗
- Legal entity
- The Bank of Nova Scotia↗
- Headquarters
- Canada↗
- Founded
- 1832↗
- Support channels
- Help-centre, Phone, Email↗
- Audience
- Expats, Students, Teens
- Features
- Free ATM withdrawals, Joint account
- Official website
- scotiabank.com
Facts checked September 26, 2026, 4 sources
Pros and cons
Pros
- An ATM free allowance of CAD 1 sits alongside a joint account option in free atm and joint account.
- Foreign exchange reaches from 65 currencies, which suits expats and students paying abroad.
- Transfers between your own Scotiabank accounts are free.
- Support runs on help centre, phone and email, covering phone and email as well as a help centre.
Cons
- A monthly fee of CAD 16.95 sits well above the €0 across accounts on this site.
- Moving a balance to another financial institution carries a charge, which adds to the cost of leaving.
- Support runs on help centre, phone and email only, with no live chat option listed.
Who it suits
- Expats and students who need a wide currency reach, given from 65 currencies.
- Teens and students who value a free ATM allowance of CAD 1.
- People who want joint account access and help on help centre, phone and email.
Who should look elsewhere
- Anyone who wants a free monthly charge: bunq has a monthly fee of €0.
- Readers who prefer a euro account with a small fee: Pixpay FR charges €3.99 a month.
- Anyone based in Spain: bunq Spain Bank Account has a monthly fee of €0 and serves euro customers there.
Fees and currency costs
The everyday account carries a monthly fee of CAD 16.95. Transfers between your own Scotiabank accounts are free. An international money transfer on a select account carries its own charge, cross-border transfers carry a separate one, and moving a balance to another financial institution costs the most of the three.
Who runs it
The brand sits under The Bank of Nova Scotia, which is headquartered in Canada and has been trading since 1832, making it a long established name in Canadian banking. Support runs on help centre, phone and email, so a phone line, email and a help centre cover most account questions.
How Scotiabank compares
9.2 vs 8.7
9.2 vs 8.6
9.2 vs 8.0
9.2 vs 8.9
9.2 vs 9.1
9.2 vs 9.2
9.2 vs 8.7bunq Spain Bank Account has a monthly fee of €0, so euro customers there can hold an account at no monthly cost.
9.2 vs 8.7
9.2 vs 8.7Pixpay FR's monthly fee of €3.99 is a much smaller figure than the monthly fee here.
9.2 vs 9.0
9.2 vs 8.7
9.2 vs 9.5
9.2 vs 9.4
9.2 vs 9.3
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.1
9.2 vs 9.0
9.2 vs 9.0
9.2 vs 8.9
9.2 vs 8.9- 9.2 vs 8.9
9.2 vs 8.7
9.2 vs 8.5
9.2 vs 8.5
9.2 vs 8.5
9.2 vs 8.4
9.2 vs 8.3
9.2 vs 8.2
9.2 vs 8.1- 9.2 vs 8.1
9.2 vs 8.0
9.2 vs 8.0
9.2 vs 8.0
9.2 vs 9.1
Where Scotiabank is available
- Available
- Canada
- Licence in Canada
- Canada Deposit Insurance Corporation (CDIC) - member, deposits eligible for CDIC insurance, checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does the account cost each month?+
The everyday account charges a monthly fee of CAD 16.95. Transfers between your own Scotiabank accounts are free, and a joint account is offered through free atm and joint account. Many accounts compared on this site sit at €0, so that monthly charge is the main thing to weigh before applying.
Is the money in the account protected?+
Deposits are eligible for CDIC insurance, since the legal entity The Bank of Nova Scotia is a member of the Canada Deposit Insurance Corporation in Canada. That scheme covers eligible deposits rather than the account fee, so a monthly charge of CAD 16.95 is not part of what the insurance restores.
How do I get help if something goes wrong?+
Support runs on help centre, phone and email, which means a phone line, an email address and a help centre. There is no live chat among the listed channels, so anyone who prefers messaging support will need to use email instead.
Can I hold and convert other currencies?+
Foreign exchange services cover from 65 currencies, which is a wide reach for anyone earning or spending abroad. Exchange is handled by the bank itself, so the rate depends on the bank's own foreign exchange service, and the account is aimed at expats, student and teen who often move money across borders.
What does it cost to move money or switch away?+
Transfers between your own Scotiabank accounts are free. An international money transfer on a select account carries its own charge, cross-border transfers carry a separate one, and moving a balance to another financial institution is the costliest of the three. Budget those charges alongside the CAD 16.95 monthly fee before deciding where to keep the money.
Who is this account aimed at?+
The stated audience is expats, student and teen, so expats, students and teens sit in the target group. A free ATM allowance of CAD 1 suits students and teens who withdraw cash regularly, and the currency reach suits expats who get paid or spend in other currencies.
Is there a joint account option?+
Yes, a joint account is part of the feature set listed for this account, alongside free ATM withdrawals. Joint accounts suit couples, families or a parent and a teen sharing the same money, and the free ATM allowance of CAD 1 comes with the account.
Sources
- en.wikipedia.org/wiki/Scotiabank checked September 26, 2026
Backs: Founded, Headquarters
“The Bank of Nova Scotia was founded in 1832 in Halifax, Nova Scotia”
- scotiabank.com/ca/en/about/contact-us/legal.html checked September 26, 2026
Backs: Legal entity
“legal notice provided by The Bank of Nova Scotia (sometimes referred to as 'Scotiabank') in respect of Scotiabank and its affiliates”
- scotiabank.com/ca/en/personal/bank-accounts.html checked September 26, 2026
Backs: Audience, Licences
“New to Canada? Let's set you up for financial success in Canada with banking solutions, credit cards, and more ... Banking for students ... Student and youth accounts”
- scotiabank.com/ca/en/personal/bank-accounts/fees.html checked September 26, 2026
Backs: Free ATM withdrawals, Features, Monthly fee, Support channels, Transfer fee
“The Preferred Package account includes 1 free non-Scotiabank Interac+ ABM cash withdrawal within Canada per month”
- scotiabank.com/ca/en/personal/rates-prices/foreign-exchan... checked September 26, 2026
Backs: Currencies
“Enjoy the comfort, convenience and security next time you travel in over 65 available currencies”
Compiled from 5 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type, Deposit protection, Currency conversion fee.
Related by the facts
Scotiabank
Free ATM access and a wide currency range for expats, students and teens.