Real-Time Payments.

The following definitions apply to these Terms & Conditions:

“Account” means any Scotiabank retail banking, small business banking or corporate and commercial bank account but does not include any account maintained in respect of a Scotiabank credit facility.

“Customer” means the holder of a Scotiabank Account.

“Real-Time Payment" or “RTP” means a new method of transfer available for Scotiabank customers to transfer funds from their Account to accounts held with other Barbados commercial banks and select credit unions in real time.

“Scotiabank" or “Bank” means Scotiabank (Barbados) Limited.

These Terms and Conditions are in addition to the Financial Services Agreement which govern a Customer’s Account (the “Service Agreement”). Capitalised terms used but not defined in these Terms and Conditions shall have the meanings defined and set out in the Service Agreement.

RTP is available 24/7/365 in Barbados for all Scotiabank Customers to instantly send and receive funds between their Accounts and accounts held with other Barbados commercial banks and select credit unions.

When creating a transfer to a customer of another Barbados bank or credit union in branch or via the Scotia Online banking platform or the Scotia Caribbean mobile banking app, Customers have the option to select the RTP option for the transfer (a “RTP Transfer”). The Customer must confirm that their Account holds sufficient funds (the transaction amount) before proceeding. If the Customer doesn’t have enough funds, a notification will be shown stating that the system cannot process the RTP Transaction.

The current per transaction limit for an RTP Transaction is BBD $5,000. For Retail Accounts, all RTP Transactions will be subject to the maximum daily transfer limit of BBD $6,000 which includes transfers made across all Scotiabank bank transfer methods. There is no limit on the number of RTP Transactions a Customer can make, except that where the Customer has reached the daily, weekly or monthly transfer limit, no further transfers will be processed.

RTP is only available for transactions conducted in Barbadian Dollars.

In deciding whether the Customer has sufficient funds available in their Account for the Bank to settle any instruction given, the Bank may take into consideration the following:

• any earlier instructions received; and

• any outstanding authorizations given to third parties on the Customer’s behalf, such as merchants and retailers, for any of the Customer’s Scotiacard (POS) transactions and any Automated Banking Services transactions.

The Bank is not responsible for any failed RTP transfers which result from the Customer inputting incorrect information or having selected any incorrect account number, dollar amount or other information required for the execution of the transfer. Customers acknowledge that once they have confirmed the details of a RTP Transaction, they may not revoke or stop the RTP Transaction.

Customers will receive an email confirmation if the transfer from their Account to the recipient’s account was successful or unsuccessful. The Customer may opt-in to obtain confirmation of an incoming transfer from another commercial bank or credit union via RTP, through SMS or the Scotia Caribbean App. For incoming transfers, if the sender rejects the transfer or the transfer fails for any reason, the Customer will be notified via email. In all instances, notifications will be sent to the Customer within seconds.

There are currently no fees to send or receive funds using the RTP option for Retail Banking accounts. For Small Business banking and Corporate Commercial accounts, contact your Business Banking Officer or Relationship Manager for further information.

Real Time Payments (RTP) is a new transfer type available for customers to transfer funds to other local banks, in real time. 

Using RTP is a quick and easy option to send and receive money between local commercial banks in Barbados, in 3 minutes or less.

You can send funds from your account to another local bank account at any commercial bank in Barbados, as well as to any person with an account at City of Bridgetown Co-Operative Credit Union and Barbados Public Workers’ Co-Operative Credit Union. You can also receive funds sent to your Scotiabank account from other banks and credit unions instantly once the sender uses the RTP transfer option.

RTP is only available for transfers within Barbados. Should you wish to send funds to a bank outside of Barbados, you may complete a wire transfer in the branch.  

Yes, RTP is available for all Scotiabank retail and business/ commercial customers via the digital banking channels: Scotia Caribbean App, Scotia OnLine Banking and the CMS platform.

Retail customers may transfer up to BBD $5,000 at a time, with a daily limit of BBD $6,000. For business/ commercial customers, please speak to your Business Officer/ Relationship Manager. 

There is no limit on the number of RTP transactions a customer can make, once they stay within the transfer amount limit. 

There is no fee to transfer funds from your Scotiabank account to other local banks or credit unions, when you visit the Branch or use Scotia OnLine Banking and the Scotia Caribbean App. For business/ commercial customers, please speak to your Business Officer/ Relationship Manager.

You will receive an email confirmation if your transfer was successful or unsuccessful. 

You will receive email confirmation on your transfer and you can also save or share your transfer receipt from the Scotia Caribbean App. 

Your transfer may be unsuccessful due to incorrect account information being entered (e.g. incorrect recipient name, account number, branch code, etc.), or technical issues on the side of either financial institution.

There are 32 transaction purpose options available from which you can choose.

It’s a regulatory requirement for all customers who choose the RTP option to provide a transaction purpose.

ACH stands for Automated Clearing House. When this transfer type is selected, funds are transferred in 1-2 business days. 

Yes, you can use either the ACH or RTP option to transfer funds. 

You’ll need to verify with the sender and have them contact their bank. 

 Yes, funds will be transferred in real time. 

Transactions are pre-validated by sending and receiving banks before they are transmitted. If the transaction fails for the sender or receiver, they will be notified by email.

You’ll be able to view inbound and outbound RTP transactions on your monthly account e-statement.