Here are the main details on cashing cheques/checks from the US in American Dollars.
Yes, you can do it. Usually you won't be charged any extra fees. Sometimes, banks will put on a hold (if it is a personal cheque) of as much as 30 days. TD did that.
Be sure to ask if there are any extra fees before you do the transaction! Though there usually shouldn't be any.
Usually, you can't deposit US$ checks into an ATM, you'll have to bring it into the branch.
Toronto Dominion/Canada Trust used to let me (and I'm sure they still do today) let me cash the cheque into US$ paper money. In other words, if I had a cheque for US$23.12, I could get a US$20 bill, 3 US$1 bills, and then they'd do the currency conversion of US$0.12 into Canadian dollars (since they don't have US$ change). This can be convenient if you might need the US$ money at some point, so you don't have to pay an exchange. I guess they still let you do this, maybe other banks do too.
TD Bank's phone numbers are here.
TD would also combine multiple cheques if I brought them in into one transaction (also useful to minimize change if you use the above method).
If you have a large sum of money to exchange, well, I'll be writing an article on the various methods in the next couple days.
I get paid in U.S.$ cheques
I get paid in U.S.$ cheques and the Bank of MOntreal holds them for 30 days. Which Canadian bank does not do this?
charge for depositing Check in US $
Hello
I got charged by CIBC after I deposited a check in US $. Even though the US $ is higher than the Canadian. After contacting them they canadianclaimed that they had to buy US dollar @ a rate of 98c.
Is this normal , is there anything that can be done to remedy this situation.
Question. I sold an object
Question.
I sold an object to a man, and he says there is no canada cheque what ever that means.
So if he sends me a cheque that is in american currency, could i cash it at my bank back into canadian dollars into my account?
Cashing US Cheque in Canada
If the cheque is from the USA, your bank should have no problems cashing it and converting the amount into Canadian dollars.
Post new comment