depositing CAD cheques into UK bank/building society accounts
 

Hi all, I need to send some money to the UK to someone without paypal who is not an online type of person in any way. Does anyone know if there is an issue banking a Canadian cheque into a UK bank or buiding society account? (I am not sure what type of account it is yet)


Thanks

Re: depositing CAD cheques into UK bank/building society accounts
 

There's no problem in doing that but the UK bank will deduct a fee (about £10).

YMMV

Re: depositing CAD cheques into UK bank/building society accounts
 

I think £10 is on the low side, it could be twice as much, or more. And they will screw the recipient on the exchange rate, .... and it may take several weeks for it to clear!

You should be able to go to your bank in Canada (perhaps through their Web site???) and ask them for a "foreign currency draft" or "foreign currency bankers draft", or maybe even a "foreign currency cashiers cheque", denominated in pound sterling.

What you will get is a bank cheque drawn in £, on your bank's account with their bank in the UK, which will clear as a domestic cheque in the UK, and there'll be no exchange rate to deal with, no fee to pay, and no delay. .... Your bank in Canada, will however screw you with their fee, and the exchange rate! :rofl:

Or you could find a friend or relative and do what we do - have someone in the UK pay them the money, then you send C$ to their account in Canada, or give them the cash to spend when they visit. ..... Then you get to screw the banks out of their fees and unreasonable exchange rates! :thumbsup:

My mother sends pocket money to my daughter by depositing £££ into my account in the UK, then I give my daughter the $$$ "from grandma". :) Then I use the £££ to fund my additional NI contributions. :nod:

Re: depositing CAD cheques into UK bank/building society accounts
 

A bid wad of cash in an envelope normally works

Re: depositing CAD cheques into UK bank/building society accounts
 

Wow, why is it that when we deposit UK cheques into our RBC account that we just get a reasonably ok fx rate then?

Re: depositing CAD cheques into UK bank/building society accounts
 

As I do when depositing $Cdn cheques into our HSBC-GB account.

And a £10 transaction fee. Clearance is usually 4 days.

Re: depositing CAD cheques into UK bank/building society accounts
 

It's because it's NS where people are nice ;)

Re: depositing CAD cheques into UK bank/building society accounts
 

From what I have heard of Canadian banks, consistent with my experience some years ago, they get their pound of flesh from you one way or another! :lol:

But, joking aside, if you're getting half-decent exchange rates and reasonable fees in Canada then I would definitely recommend buying a £££ draft from your Canadian bank and sending that.
Of course it also depends what you think is "reasonably OK". :unsure:

Re: depositing CAD cheques into UK bank/building society accounts
 

If you have a UK bank account, why not transfer some $$ to that using Currencyfair of something similar to give you a good deal on the conversion rate. Then just make an electronic bill payment in sterling into the other person's account?

Re: depositing CAD cheques into UK bank/building society accounts
 

We send money to the Philippines via https://www.westernunion.com/ca/en/home.html each month. It costs us about $10.

You can send up to $999.99 via the link above and for amounts of $1k + you need to go here Online FX | Western Union

Nigerian Princes swear by it.

Re: depositing CAD cheques into UK bank/building society accounts
 

that might work too, thanks

Re: depositing CAD cheques into UK bank/building society accounts
 

:amen:

Re: depositing CAD cheques into UK bank/building society accounts
 

I have been sending HMRC Sterling cheques for pension voluntary contributions and buying a sterling cheque at a Credit Union costs $7.50 BUT they do whack ya on the exchange rate by around 5%..

Re: depositing CAD cheques into UK bank/building society accounts
 

I suggest TransferWise.
You send CDN to them and they deposit GBP in the UK account.
You input the details, check the transaction and transfer them the money...as soon as they receive they transfer GBP to the designated account.

I.E. just done a dummy run this moment to send CDN500......

Deposit CDN$500 - fee CDN$4.21 X rate 0.57159 = net amount GBP283.39 to receive on Monday. (it takes longer over weekends and holidays)

ps On Tuesday I sent GBP5,000 from my bank in UK to my bank in Indonesia and received the Rupiah today.