Online banking could reduce fees by 60% for local businesses, says Scotiabank

Scotiabank Global Transaction Banking team says local businesses could see a reduction of up to 60 per cent in annual banking fees and significant reductions in processing times for some transactions if they utilise online banking options.

Scotiabank Jamaica’s headquarters in downtown Kingston, Jamaica.

The team said more business owners and operators should consider digital channels for routine banking transactions including wire transfers, salaries and payments to regular suppliers.

“Since the COVID-19 outbreak, we have seen a spike in local businesses signing up for online banking services,” Senior Vice President for Corporate and Commercial Banking at Scotiabank, Perrin Gayle said.

“Our digital banking channel offers a comprehensive range of banking services and is the ideal way of keeping abreast of day-to-day finances, while of course, offering the added benefit of lower fees for certain transactions,” he added.

Underscoring the reduction in costs, Gayle shared that businesses could benefit from up to 17 per cent reduction in wire transfer fees, if done electronically.

Similarly, he said cheque payments could cost up to J$385 in fees per cheque, while online deposit payments cost only $8 per transaction — a reduction of approximately 98 per cent.

Scotia Business Online offers customers the opportunity to make deposits, view transactions and credit card statements, make payroll and local utility payments, complete third-party payments to suppliers, and conduct local real time gross settlement (RTGS) transactions or wire transfers overseas among other services.