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Mon Oct 28, 2013 5:33 pm
Mon Oct 28, 2013 5:36 pm
Canalien wrote:Canadian (dual) citizen living in the US here...
I have a large Canadian cheque that I've received from a family estate settlement, and I'd like to know if there's a less costly way to cash it here in the USA than just depositing it into my Bank of America personal checking account. BoA doesn't charge a fee but their exchange rate isn't the best, about a 5-6 cents less on the dollar than the rate published at XE.com. That really adds up when the check is for a large amount.
I also have a seldom-used ScotiaBank savings (Gain) account back in Canada, so I could deposit or cash the check there on my next trip home (which is soon) and then take the actual CDN cash amount and buy US dollars with it wherever I can get the best rate. The question remains though, where would that be? And the other question with that is whether it would trigger some sort of flag at Revenue Canada where they decide to tax or audit me because of the large, unusual transaction at my otherwise sleepy little Canadian bank account.
Thanks for any suggestions.
Mon Oct 28, 2013 5:41 pm
fordcook wrote:Did anybody figure out the best way to do this? I am a US resident providing consulting services to the Canadian gov't. They are sending us paper checks in CAD dollars. Last one I deposited here in Virginia at my local bank --- was held for two weeks, then the exchange rate was about 2.5% below the bank-to-bank rate - costing me approximately $500 on $20,000. I'm looking for a way to deposit this check and receive a better exchange rate (more fair!). Any suggestions? Thanks.
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