Depositing or cashing Canadian cheque / check in USA

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CanalienNew Member
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Depositing or cashing Canadian cheque / check in USA

Post Tue Jun 21, 2011 2:38 pm

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.
82stratNew Member
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Joined: 24 Mar 2012

Re: Depositing or cashing Canadian cheque / check in USA

Post Sat Mar 24, 2012 7:12 am

I too have the same situation. I have a Canadian bank draft issued by a bank in Canada for the amount of the inheritance, but it the bank draft is in "Canadian dollars".

I was thinking of the different alternatives and wondered which one was the best? I could either:

a) Have the bank that issued the draft give me cash, either canadian or u.s. Is this a good idea, and which of the two currencies should I get? I am not familar with how favourable the exchange rates that are typically offered by a Canadian bank versus the "inter-bank rate" which can be easily obtained on-line.

I have found out that U.S. banks give a higher rate for cash (Cdn) dollars versus a draft.

b) The other option is to have the Canadian bank issue a bank draft in U.S. dollars. Again, I wonder what the exchange rate might be. I would use the "inter-bank rate" as the benchmark and means to compare.

Does anybody here have actual experience/expertise with this?

Thanks.
fordcookNew Member
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Joined: 17 Sep 2013

Re: Depositing or cashing Canadian cheque / check in USA

Post Tue Sep 17, 2013 8:52 am

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.
MEgrafixNew Member
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Re: Depositing or cashing Canadian cheque / check in USA

Post Mon Oct 28, 2013 5:33 pm

What I did was kept my Canadian bank account, I have the cheque deposited into the Canadian account and than withdraw it here in the USA. With that you have to get the person to take it to a bank branch for you though. I also have people send me interac e-transfers and that goes into my Canadian account.
MEgrafixNew Member
Posts: 8
Topics: 2
Joined: 1 Jan 2013

Re: Depositing or cashing Canadian cheque / check in USA

Post 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.


You know Scotia Bank and Bank of America have a deal that you can use your Scotia card to withdraw from Bank of America ATMs and not get all the extra charges. So since you bank with both of them, I'd suggest depositing it into your Scotia and withdrawing from a. Bank of America ATM.
MEgrafixNew Member
Posts: 8
Topics: 2
Joined: 1 Jan 2013

Re: Depositing or cashing Canadian cheque / check in USA

Post 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.


I'm a graphic designer that still does freelance for some of my Canadian clients, one pays me through interac e-transfers, it deposits directly into my Canadian bank account. The other sends my cheques to my parents house and they deposit it for me. And a third client goes to the royal bank and deposits it to my account directly, all they need is my name and to know that I bank through royal.

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