How do I make a bank draft with Scotiabank?

To make a bank draft with Scotiabank : 1. Log in to your online account. 2. Select the payment or funds transfer option. 3. Select the bank draft option. 4. Enter the beneficiary's details and the amount to be transferred. 5. Confirm and send the transaction. 6. Check your statement to confirm the transaction. You can also go into a branch and ask for a bank draft at the counter.

The Ultimate Package and the Scotiabank Passport™ Visa Infinite* Card: the perfect duo

To the point Open a Scotiabank Ultimate Package account and get a welcome bonus of up to $400, plus a $150 waiver on the annual fee for the Scotiabank Passport™ Visa Infinite* Card.

What is the Scotiabank Ultimate Package? How to get it for free

Why combine the Ultimate Package with the Scotiabank Passport™ Visa Infinite* Card? A great welcome bonus

Bottom Line

Looking for a chequing account with a wide range of benefits? Discover Scotiabank’s Ultimate Package which, in addition to offering unlimited debit transactions and a welcome bonus of up to $400, allows you to obtain the Scotiabank Passport™ Visa Infinite* Card free of charge year after year.

What is the Scotiabank Ultimate Package?

Scotiabank ‘s Ultimate Package is the most comprehensive banking package offered by this institution. With this chequing account, you benefit from :

Unlimited debit transactions, Interac e-transfers and international money transfers;
An additional 0.10% interest on your MomentumPLUS savings account;
Unlimited free withdrawals from international ATMs;
No overdraft protection fee;
Ten free trades in a Scotia iTRADE account;
Personalized cheques and bank drafts free of charge;
A free small safety deposit box ($60 annuel fee waived).

Other benefits are also available: find out more on the Scotiabank website.

Plus, when you open a new Scotiabank Ultimate Package, you can earn up to $400 in bonuses. Within 60 days of opening your account, you must complete two out of three of the following operations:

Receive an eligible reccuring direct deposit (such as payroll or pension) for a minimum of six consecutive months;
Set up at least two eligible recurring pre-authorized transactions (such as a mortgage) of at least $50, for a minimum of six consecutive months;
Make at least one eligible online bill payment of at least $50.

You’ll receive a $350 bonus directly into your account, within nine months of opening. To receive an additional $50 bonus, you must open a new registered savings account (TFSA, RRSP, FHSA) within 60 days of opening your chequing account. Next, complete one of the following two operations:

Set up a monthly pre-authorized contribution of at least $50 from a personal Scotiabank account to the new registered account for at least 6 consecutive months OR ;
Make a minimum deposit of $3,000 to the new registered account and maintain this minimum amount for at least six consecutive months.

Scotiabank Ultimate Plan - How to get it for free

The $30.95 monthly fee for the Scotiabank Ultimate Package account may be waived if either of these conditions is met:

Chequing account balance exceeds $6,000;
The combined balance of the chequing account and a MomentumPLUS savings account exceeds $30,000.

Minimum amounts must be reached daily and maintained throughout the month.

Why combine the Ultimate Package with the Scotiabank Passport™ Visa Infinite* Card?

Milesopedia voted Scotiabank Passport™ Visa Infinite* Card the best no-FX-fee credit card in 2024. This is an excellent card for frequent travelers and snowbirds, as it saves the 2.5% fee usually charged by other cards for foreign currency transactions.

The card also comes with six passes for access to VIP airport lounges worldwide. You also benefit from other Visa Infinite advantages such as a collection of hotels, concierge service and comprehensive travel insurance.

It’s a card to keep in your wallet, year after year. With a Scotiabank Ultimate Package account, you’ll receive a waiver on the $150 annual fee for this credit card. This means you can keep it for the long term, free of charge!

By maintaining a minimum account balance of $6,000 for one year, you’ll save the equivalent of $371.40 in fees ($30.95 x 12 months). Add to that the $400 bonus if you meet all the conditions and the $150 annual fee for the Scotiabank Passport™ Visa Infinite* Card: that’s a total of $921.40 in savings.

Some may wonder whether it’s worth leaving $6,000 in a chequing account, when it could be growing at around 5% annually in high-interest savings accounts (HISA). In this case, such an investment would yield around $300 a year, less the tax rate for interest income.

With the $400 bonus and the $150 rebate on the Scotiabank Passport™ Visa Infinite* Card annual fee, the Ultimate Package is definitely more profitable in the first year than investing in a HISA. Then it’s up to you to work out what’s best for you, especially if you’re taking advantage of the many benefits of a chequing account.

Scotiabank Passport Visa Infinite - travel insurance

A great welcome bonus

With this welcome offer for the Scotiabank Passport™ Visa Infinite* Card, you earn up to 35,000 Scene+ points as a welcome bonus (a $350 value) :

25,000 points after just $1,000 in purchases
10,000 points after $40,000 in purchases in the first year

Then, each year, if you make at least $40,000 in purchases on the card, you’ll earn an annual bonus of 10,000 points, a $100 value.

With the Scotiabank Passport™ Visa Infinite* Card, you earn 3 points per dollar spent at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op.

You’ll also earn 2 points for every dollar you spend, including on foreign transactions, in the following categories:

Grocery shopping
Restaurants
Entertainment centers
Transit

The Scotiabank Passport™ Visa Infinite* Card is an excellent Visa credit card for this type of purchase.

You can redeem your points for any travel purchase at the rate of 1,000 points = $10 (flights, hotels, all-inclusive properties and even Airbnb). You can also use your points as cash back with Scene+, such as at your grocery store checkout at the same rate of 1,000 points = $10.

The Scotiabank Passport™ Visa Infinite* Card also offers:

No fees for foreign currency transactions
6 complimentary passes to airport VIP lounges
Excellent insurance for your travels and purchases
Concierge service

We voted this credit card the Best No-FX Fee Credit Card of 2024.

Bottom Line

Scotiabank Ultimate Package is a premium bank account with a host of benefits, including unlimited debit transactions and a welcome bonus of up to $400. Combined with the Scotiabank Passport™ Visa Infinite* Card, this package becomes even more advantageous. Cardholders can enjoy a full range of banking services while saving on the annual fee of one of the best credit cards for travel. A truly winning duo!