Compare · Payments
TuringDock vs Scotiabank
Scotiabank has the most genuine international branch footprint of any Canadian bank, with deep operations across Latin America and the Caribbean. Useful for the right shop. Still the wrong tool to be your manufacturer's payments workflow.
| Attribute | Scotiabank | TuringDock |
|---|---|---|
| FX markup | Typically 2.5–3% above interbank. | 0%. Interbank rate, locked at PO issuance. |
| Wire fee | $30–50 per international wire. | Near zero. |
| Settlement time | 2–5 business days. | Same or next business day. |
| Tracking | Confirmation on send. No status until landed. | Real-time status in TuringDock and Slack. |
| Where the payment lives | ScotiaConnect portal. Separate from your operational systems. | Inside the PO record. One click. PO updates automatically. |
| Failure recovery | Call commercial banking. Wait. | Inline error with the supplier bank's reason. Retry from the PO. |
| Total cost on a $500K Shenzhen PO | ~$15,000 | ~$500–1,500 |
What Scotiabank does well
Scotiabank operates branches across more than 50 countries, with particularly strong presence in Latin America (Peru, Mexico, Chile, Colombia) and the Caribbean. If a meaningful share of your suppliers or operations is in those regions, the in-region branch presence and Spanish-language commercial banking are real advantages no Canadian competitor can match.
Why TuringDock
International branch presence doesn't actually make individual wire transfers cheaper or faster. ScotiaConnect's FX markup and per-wire fees are in the same range as the other Big 5 banks, and the workflow lives in a separate portal from your purchase orders. Even with offices in your supplier's country, you still pay the markup and settle in days.
TuringDock moves payment initiation inside the PO. FX locked at issuance, same-day settlement at interbank rates, status tracked back into the PO automatically. On a typical $500K PO that's about $13,500 of savings. The Scotiabank relationship is still valuable for your local banking; the supplier wires belong somewhere else.
Common questions about TuringDock vs Scotiabank
- What's the FX markup at Scotiabank vs TuringDock?
- Scotiabank's standard outbound business wire applies a 2.5 to 3% markup on top of the interbank FX rate. TuringDock Payments applies 0% markup — the interbank rate that reaches your supplier is the same rate banks see when trading with each other. On a $50,000 USD payment that's roughly $1,250 of margin Scotiabank was keeping that TuringDock returns to you.
- Are there wire fees with TuringDock?
- No. Scotiabank charges $30 to $50 CAD per outbound international wire on top of the FX markup. TuringDock Payments has zero per-wire fees in the premium tier.
- How fast does a TuringDock supplier payment settle?
- Same business day for major corridors (USD, EUR, GBP, JPY). Scotiabank's standard timeline is 2 to 5 business days. Faster settlement means your supplier ships sooner, which means your customer order ships sooner.
- Can I keep my Scotiabank business account?
- Yes. TuringDock Payments doesn't replace your operating account; it sits alongside as the international-payments rail. Your CAD operating banking (payroll, GST/HST remittance, day-to-day) stays at Scotiabank. International supplier payments route through TuringDock at PO issuance. If you bank with Scotiabank specifically for the Latin America / Caribbean footprint, you keep that.
- Is TuringDock a bank?
- No. The payment rail runs on a licensed fintech infrastructure partner (currently in public beta with the first cohort). The MRP layer + the rate-lock UX is what TuringDock owns; the actual money movement is provided by partners who hold the necessary banking partnerships and regulatory licenses.
See it for yourself. The free tier is genuinely free.