How to close a Scotiabank account

Whether you are simply switching accounts or are looking for a more global and digital alternative, closing a bank account can be a tedious process. In this article we will show you how you can close your Scotiabank account and we will also take a look at Wise, which you can use with or without a bank account.

How to close a Scotiabank account

To close your Scotiabank account follow these 6 simple steps below:

1. Open a new bank account

2. Change your account withdrawals & payroll deposits to a new bank account

3. Withdraw or transfer all your Scotiabank funds

4. Download your Scotiabank bank statements

5. Visit a branch to close your Scotiabank account

6. Follow the steps by Scotiabank on any paperwork

How to close a Scotiabank account online

Unfortunately you cannot close your account online. Scotiabank help centre directs you to visit a branch to make this update¹.

Is there a fee for closing a Scotiabank account?

There is a fee for closing a Scotiabank account. If it’s within 90 days of opening the account it will cost you 20.00 CAD². If it’s older than 90 days then there is no fee. If however, you leave the account inactive and then decide to close there are several fees that can apply. Let’s look at those in more detail:

Account inactivity/closure	Fees²
Account closed within 90 days of opening	20.00 CAD
Inactive account after 2 years	20.00 CAD
Inactive account after 3 years	20.00 CAD
Inactive account after 4 years	20.00 CAD
Inactive account after 5 years	30.00 CAD
Inactive account after 6 years	30.00 CAD
Inactive account after 7 years	30.00 CAD
Inactive account after 8 years	30.00 CAD
Inactive account after 9 years	40.00 CAD

Meet Wise - your international money transfer alternative

Wise could be your money transfer alternative, whether you spend locally or globally. While changing banks can be a tedious process, it has you covered. You can use this money service business with or without a bank account. You can also

• Send money at the mid market rate - no more currency conversion fees!
• No hidden fees - all about transparency
• Hold and convert your money to 40+ currencies including CAD, USD, EUR and GBP, send to 70+ countries, receive in 9 currencies
• Make the most of the Interac e-Transfer features on Wise
• Spend like a local with the Wise card when you travel abroad
• Use Google or Apple Pay to shop online using your phone

To start managing your money as a student, check out the Wise App on Google Play Store or the App Store!

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

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Sources:

1. Scotiabank help section

2. Scotiabank Fees

Sources verified on: 21 September 2023