Bringing money in
Jun 10th 2015, 6:23 pm
#1
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Joined: Jun 2015
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Bringing money in
I know this kind of question has been covered in other places and I have spoken with my bank too but I'm getting confused. I have several one time only cheques/money orders that I need to bring in from the UK. They are in pound sterling. I had thought I could simply get a cheque and put it in my bank account but I'm being told this isn't the best way to deal with it. My bank is a credit union and very nice but not too knowledgeable. Also I will soon be receiving a regular monthly payment from the UK in pound sterling.
How am I best dealing with this please.
Many thanks from a confused little soul.
How am I best dealing with this please.
Many thanks from a confused little soul.
Jun 10th 2015, 7:30 pm
#2
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Joined: Jul 2014
Posts: 1,232
Re: Bringing money in
Depositing Sterling cheques is possible, but more than likely there will be a 30 day hold on the Canadian equivalent until your bank (credit union) is satisfied the cheques have cleared the UK bank on which cheque is drawn. If you cannot afford to wait until cheque has cleared I suggest to visit your bank manager and attempt to establish an alternative arrangement.
Jun 10th 2015, 7:35 pm
#3
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Joined: Jun 2015
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Re: Bringing money in
Depositing Sterling cheques is possible, but more than likely there will be a 30 day hold on the Canadian equivalent until your bank (credit union) is satisfied the cheques have cleared the UK bank on which cheque is drawn. If you cannot afford to wait until cheque has cleared I suggest to visit your bank manager and attempt to establish an alternative arrangement.
Jun 10th 2015, 8:38 pm
#4
Joined: Sep 2008
Posts: 12,830
Re: Bringing money in
The search function on this site will give you more threads on bringing money into Canada than you can shake a stick at. Pretty much everything has been covered that can be covered.
Jun 12th 2015, 2:39 pm
#5
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Re: Bringing money in
Like I said, I know it is covered already but information is very conflicting. My partner always dealt with this but died last month and I'm being overwhelmed with information on so much and was just hoping for a guiding light. For now I will stay with my bank and try researching again when I have a little less to worry about.
Jun 12th 2015, 3:01 pm
#6
Joined: Sep 2008
Posts: 12,830
Re: Bringing money in
Like I said, I know it is covered already but information is very conflicting. My partner always dealt with this but died last month and I'm being overwhelmed with information on so much and was just hoping for a guiding light. For now I will stay with my bank and try researching again when I have a little less to worry about.
You have several options, each depends on the sum involved.
1. Deposit a GBP cheque into a CAD bank account, the rate maybe not the absolute best, but it is easy and requires little effort.
2. Use a currency broker, they all pretty much offer the same rate at any given moment. The rate changes by the second. Settle on a rate you are content with, give them a buy order and they will buy when (if) it hits that rate. Alternatively you can phone up, give them a buy order for whatever they are offering and transfer your funds to them. They send the money to your CAD account. There are many FX firms, banks also have foreign exchange desks who give similar rates to other FX houses. We use Custom House, which is a Canadian firm owned by Western Union and we also use RBC.
For small amounts (under $5000) we use the bank, above that we use a FX house or the banks FX desk. Credit Unions I have found give poor FX rates.
Regular amounts can be deposited directly to you in Canada from the payer, or you can perhaps have them deposited into a UK account and bring it over yourself by depositing your own cheque from the UK into a CAD account. If you do this regularly, there may be no holds on the funds as the bank gets used to the transaction history.
If the tellers at the CU are not much help, maybe open an account with a major bank such as RBC to transact these sums. You could also speak to an account manager, they should be able to help.
Jun 12th 2015, 3:11 pm
#7
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Joined: Jun 2015
Posts: 4
Re: Bringing money in
That is going to be a problem on a web forum, many different opinions that are conflicting.
You have several options, each depends on the sum involved.
1. Deposit a GBP cheque into a CAD bank account, the rate maybe not the absolute best, but it is easy and requires little effort.
2. Use a currency broker, they all pretty much offer the same rate at any given moment. The rate changes by the second. Settle on a rate you are content with, give them a buy order and they will buy when (if) it hits that rate. Alternatively you can phone up, give them a buy order for whatever they are offering and transfer your funds to them. They send the money to your CAD account. There are many FX firms, banks also have foreign exchange desks who give similar rates to other FX houses. We use Custom House, which is a Canadian firm owned by Western Union and we also use RBC.
For small amounts (under $5000) we use the bank, above that we use a FX house or the banks FX desk. Credit Unions I have found give poor FX rates.
Regular amounts can be deposited directly to you in Canada from the payer, or you can perhaps have them deposited into a UK account and bring it over yourself by depositing your own cheque from the UK into a CAD account. If you do this regularly, there may be no holds on the funds as the bank gets used to the transaction history.
If the tellers at the CU are not much help, maybe open an account with a major bank such as RBC to transact these sums. You could also speak to an account manager, they should be able to help.
You have several options, each depends on the sum involved.
1. Deposit a GBP cheque into a CAD bank account, the rate maybe not the absolute best, but it is easy and requires little effort.
2. Use a currency broker, they all pretty much offer the same rate at any given moment. The rate changes by the second. Settle on a rate you are content with, give them a buy order and they will buy when (if) it hits that rate. Alternatively you can phone up, give them a buy order for whatever they are offering and transfer your funds to them. They send the money to your CAD account. There are many FX firms, banks also have foreign exchange desks who give similar rates to other FX houses. We use Custom House, which is a Canadian firm owned by Western Union and we also use RBC.
For small amounts (under $5000) we use the bank, above that we use a FX house or the banks FX desk. Credit Unions I have found give poor FX rates.
Regular amounts can be deposited directly to you in Canada from the payer, or you can perhaps have them deposited into a UK account and bring it over yourself by depositing your own cheque from the UK into a CAD account. If you do this regularly, there may be no holds on the funds as the bank gets used to the transaction history.
If the tellers at the CU are not much help, maybe open an account with a major bank such as RBC to transact these sums. You could also speak to an account manager, they should be able to help.
Thank you so very much. A very informative reply and it is much appreciated and of immense help. Thank you
