If you apply to schools in multiple countries, expect to take both. You will need minimum of scores of 6.5 on each part, as well as overall score, on IELTS, or 90 on TOEFL. Yet foreign students tell me even with such scores, they still have trouble keeping up with classmates, and homework typically takes them at least twice as long as for native speakers.
You will not qualify for scholarships based on TOEFL or IELTS scores. IF a school has any financial aid available for foreign students, competing for such limited funds depends on your grades, test scores (e.g. SAT/ACT for US), letters of recommendation from teachers, exceptional achievements, etc.