able to cash Foreign cheques in canada??
Sep 17th 2007 | 2:58 pm
#16
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From: vancouver island! BC Canada~ Lovin it!
Sep 18th 2007 | 1:01 am
#17
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Joined: Sep 2003
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From: Upstate South Carolina
Re: able to cash Foreign cheques in canada??
For international cheques only as a general rule they put a hold on the funds for 60...yes sixty, working days, on anything valued at over $300 or $500 (I forget which), but it doesnt cost anything except the usual bank exchange rate thing. In my case the magic number is $1000, anything more than that they hold, regardless of when it clears the original account (in my case about 2 weeks after I paid it into my account)
The first I paid into my line of credit, so I didnt notice the 60 day hold, the balance just went down as you would expect.
The second I paid into my regular account. $1000 they cleared immediately as is usual on my account, a few days later they made the currency correction (Say you get £2000, put it in the bank machine and key it in as $2000, then they correct it as they process it for the exchange another $2300ish appears in your ballance, but, you only have access to whatever they have preagreed to unencumbered dont have to wait for clearance amount (based on credit rating perhaps?) So in short I cant move or spend anything in excess of the first $1000 for 60 working says, which in reality is nearly three months! However, they will pay interest in the full amount..not that that is a lot in a canadian chequing account
The way around this is either to;
Pay the extra for a wire transfer instead, and have instant access to it.
Get the money in several smaller cheques that wont incurr the hold. Typically though anything in excess of $30 value has a hold on it, unless you have a higher limit pre agreed.
Pay it into a line of credit account to pay off some debt.
Pay it into a savings account so at least its doing something while it sits.
If you need the money to pay for something tommorow, and its more than a couple of hundred bucks, a wire transfer is a better bet than a cheque. For smaller sums..like birthday pressents and the like a cheque will work fine.
Last edited by iaink; Sep 18th 2007 at 1:07 am.
Sep 18th 2007 | 2:55 am
#18
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Joined: Sep 2004
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From: vancouver island! BC Canada~ Lovin it!
Re: able to cash Foreign cheques in canada??
I have recently cashed a couple of cheques that my dad sent me....This is my experience with President Choice
For international cheques only as a general rule they put a hold on the funds for 60...yes sixty, working days, on anything valued at over $300 or $500 (I forget which), but it doesnt cost anything except the usual bank exchange rate thing. In my case the magic number is $1000, anything more than that they hold, regardless of when it clears the original account (in my case about 2 weeks after I paid it into my account)
The first I paid into my line of credit, so I didnt notice the 60 day hold, the balance just went down as you would expect.
The second I paid into my regular account. $1000 they cleared immediately as is usual on my account, a few days later they made the currency correction (Say you get £2000, put it in the bank machine and key it in as $2000, then they correct it as they process it for the exchange another $2300ish appears in your ballance, but, you only have access to whatever they have preagreed to unencumbered dont have to wait for clearance amount (based on credit rating perhaps?) So in short I cant move or spend anything in excess of the first $1000 for 60 working says, which in reality is nearly three months! However, they will pay interest in the full amount..not that that is a lot in a canadian chequing account
The way around this is either to;
Pay the extra for a wire transfer instead, and have instant access to it.
Get the money in several smaller cheques that wont incurr the hold. Typically though anything in excess of $30 value has a hold on it, unless you have a higher limit pre agreed.
Pay it into a line of credit account to pay off some debt.
Pay it into a savings account so at least its doing something while it sits.
If you need the money to pay for something tommorow, and its more than a couple of hundred bucks, a wire transfer is a better bet than a cheque. For smaller sums..like birthday pressents and the like a cheque will work fine.
For international cheques only as a general rule they put a hold on the funds for 60...yes sixty, working days, on anything valued at over $300 or $500 (I forget which), but it doesnt cost anything except the usual bank exchange rate thing. In my case the magic number is $1000, anything more than that they hold, regardless of when it clears the original account (in my case about 2 weeks after I paid it into my account)
The first I paid into my line of credit, so I didnt notice the 60 day hold, the balance just went down as you would expect.
The second I paid into my regular account. $1000 they cleared immediately as is usual on my account, a few days later they made the currency correction (Say you get £2000, put it in the bank machine and key it in as $2000, then they correct it as they process it for the exchange another $2300ish appears in your ballance, but, you only have access to whatever they have preagreed to unencumbered dont have to wait for clearance amount (based on credit rating perhaps?) So in short I cant move or spend anything in excess of the first $1000 for 60 working says, which in reality is nearly three months! However, they will pay interest in the full amount..not that that is a lot in a canadian chequing account
The way around this is either to;
Pay the extra for a wire transfer instead, and have instant access to it.
Get the money in several smaller cheques that wont incurr the hold. Typically though anything in excess of $30 value has a hold on it, unless you have a higher limit pre agreed.
Pay it into a line of credit account to pay off some debt.
Pay it into a savings account so at least its doing something while it sits.
If you need the money to pay for something tommorow, and its more than a couple of hundred bucks, a wire transfer is a better bet than a cheque. For smaller sums..like birthday pressents and the like a cheque will work fine.
however i am with CBIC and they seem to be fairly more relaxed about cashing them.
But the info you have given is very handy to know
Sep 18th 2007 | 3:22 am
#19
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Joined: Sep 2003
Posts: 30,771
From: Upstate South Carolina
Re: able to cash Foreign cheques in canada??
PC financial is a division of the CIBC, and is mainly phone / internet banking, although there are kiosks in many loblaws owned stores coast to coast. Frankly Im surprised you are unaware of them.
There primary attraction is no fees and no minimum balance required, plus reasonable interest on both chequing and savings balances. Secondary attraction is the hundreds of dollars worth of groceries its possible to get through using PC mastercards and financial services.
There primary attraction is no fees and no minimum balance required, plus reasonable interest on both chequing and savings balances. Secondary attraction is the hundreds of dollars worth of groceries its possible to get through using PC mastercards and financial services.
