Bank Identification Code FAQs

  • What will change for the customer?
    • Wire routing instructions made simpler
    • Faster wire processing time for incoming wires
    • Seamless international payments and receipts
  • What will be the transition period where customers can continue to use the old instructions? During this period, if old instructions are used, will the funds be returned?

    Ideally, we would like all customers to transition to the new SWIFT BICs within a 2-month period. If, however, your previous routing instructions are used (RBNKTTPX) the payments will still be received and processed to your account, however there will be delays in the processing times which may exceed the published 1-3 days.

  • What are the implications if customers use Scotiabank routing instructions after the new BICs have been rolled out?

    The Scotiabank BICs will be deactivated on October 10th, 2020. Therefore, if you continue to use Scotiabank’s routing instructions, payments will be automatically cancelled by the SWIFT network and your account will not be credited.

  • Will there be any new charges for incoming wires? If so, what will be the fee?

    Fees are associated with the account/ correspondent bank and not the SWIFT BIC, therefore the existing fees remain applicable.

  • When will the be updated routing instructions become available?

    Updated instructions will be posted in branch and on website on September 28, 2020.

  • Will there be any changes to the existing correspondent banks?

    The existing correspondent banks remain the same.

  • Will the routing instructions for EC payments be amended?

    Yes, the routing instructions for EC Payments have been amended and will also be updated on the website as of September 28, 2020.

  • What will be the timelines for receipt of funds with the new BICs?

    Once the correct wire instructions are used the timeline for the receipt of payments should be between 1-3 days as a standard.

  • Will the required changes be made to CMS for automated wire transfers?

    Yes, the changes will be made to CMS to facilitate the creation of the Wire Transfer messages. New information will be available in CMS effective September 28, 2020.

  • Which currency wire transfers will be affected?

    Only USD and XCD Incoming Wire Transfers will be affected. The current routing instructions for CAD, GBP and EURO wire transfers remain in effect until further notice.