Platform
Accounts Payable
Automate your accounts payable workflow - from ERP to your supplier’s bank account.
Global Receivables
Open unique receivable accounts worldwide to collect payments like a local, save on fees, and control currency conversions on your terms.
Currency Conversions
Enjoy consistent rates with 24/7 control.
Treasury Management
Unified financial operations management across borders and entities.
Corporate Cards
Cards tied to your global accounts - spend globally, earn cashback, and eliminate currency conversion fees.
Integrations
Pull and push transaction data with a single click.
Solutions
Tech
See how Finofo solves the pain points of Tech & SaaS companies.
Food & Agriculture
Leverage Finofo’s platform to grow your Agribusiness globally.
E-commerce
Swipe right on better Global Banking
Automobile Industry
Drive growth with smoother, faster international transactions.
Manufacturing
Finofo makes your financial workflows as advanced as your production line.
Retail & Wholesale
Finofo helps you expand beyond borders with ease.
Pricing
Pricing
All the features without any paywalls
Company
About Us
Empowering business finance teams with technology to surpass traditional barriers.
Submit Pitch Deck
Finofo’s “Pay it Forward” program
Resources
Blog
Learn more about Finofo, Technology, Payments, and Banking.
Case Studies
See Finofo in action with our customers’ stories.
Changelog
Product news and updates.
Powerful tools to save you time and money.
Help Center
Product guides, best practices, and FAQs.
Comparison
Using a Bank?
Here’s what your Finance team endures — experience their pain.
Working with an FX Broker?
Are they really looking out for your best interests? Understand the trade-offs.
Using other Fintechs?
Are they truly solving your needs? Compare and see the difference.
Log InBook DemoSign Up
Scotiabank

Checking Exchange Rates on your Scotia Connect Account

Discover how to check current exchange rates instantly on your Scotia Connect account.

In this article, let's understand how to know current exchange rates on your Scotia Connect account. Existing Scotia Bank support articles can be misleading and lack a sense of direction. This guide aims to fill that gap, offering clear, concise instructions for managing currency conversions efficiently.

Current Rates: 

Step 1: The home page of your Scotia Connect account has an option to know the 'Current Rates' in the Important Links section.

Step 2: The next page displays the current rates for CAD and USD.

Step 3: The rate report can be downloaded by selecting the base currency, providing ranges and respective exchange rates.

Are banks charging unfavorable exchange rates?

All banks charge unfavorable exchange rates. This is how they profit by exploiting companies during currency conversions and customers are forced to negotiate hard if they are handling large volumes.

According to recent research, on average, Canadian companies lose about 2% of their transaction value due to unfavorable exchange rates set by banks. This percentage can vary based on the currencies involved, the volume of transactions, and the bank's specific rates, but it significantly affects the overall cost of international payments. All these extra charges come with outdated banking portals, delayed payments, and poor customer support.

Finofo, on the other hand, is transparent and offers exchange rates that are algorithmically fixed. There are no fluctuations in the rates based on the volume of transactions. Our goal is to maintain a flat FX spread, providing consistency to our customers and ensuring we do not overcharge.