canadian money

[kaibosh 3]

Hi all, been a while since I posted, anyways, got married last week in california, a few ppl back home sent us checks in canadian funds, just wondering what is the best way to go about depositing these with the least amount of fees or exchange rates?? Any one with any knowledge would be greatly appreciated.

[NorthernBird 0]

I deposited my Canadian checks in my husband's Wells Fargo account without problems, directly at the cashier's window.

[Inky 1,110]

Most banks will not accept Canadian funds I found.

We were lucky that I had the money changed to USD before hand on a good exchange rate day and they accepted that. Our bank wouldn't of accepted Canadian funds!

Banks charge a fair amount for exchange rate and don't always give the best rates either.

[Udella&Wiz 325]

We're with Wells Fargo (formerly Wachovia) and have found they freak out if they have to do anything with foreign currency (and we live in a high tourist area). Cashing a cheque is probably more difficult for them then straight exchanging cash.

I would sign the checks and send them back to your parents to cash in Canada and then they can transfer the money back to you.

Good luck

[mrsz. R 1]

my husband and i both bank with TD (him US mine Canadian) and i just signed the checks into his name (if it was both) and it was fine, but plain cash gave us some issues ... maybe a Western Union would be good?

*i used to bank with the Canadian TD

Edited September 28, 2011 by mrsz. R

[MelissaAndJordan 5]

I am with Bank of America and have had no issues exchanging or depositing Canadian funds. They do charge a small fee per dollar, unless it is over $5000. And most banks will require that you are a member of their bank in order to exchange/deposit foreign funds.

[SapphireDreams 71]

You should be able to get the teller to deposit it, it'll just take extra time to process. Go ask at your bank, it really varies from bank to bank.

You may also just want to mail the check to your Canadian bank branch and have them deposit it for you. I don't believe you need to be present, but also call and ask!

[Julie B. 2]

Hi all, been a while since I posted, anyways, got married last week in california, a few ppl back home sent us checks in canadian funds, just wondering what is the best way to go about depositing these with the least amount of fees or exchange rates?? Any one with any knowledge would be greatly appreciated.

Having been in the banking business for 25 years, the status quo is this. Canadian CASH is difficult to deposit and/or exchange. Checks written in Canadian funds though are no problem. The teller should have procedures handy, and she/he just needs to get the exchange rate, do the math, and deposit it. The bank I worked for (Chase) and the local credit union I worked for, never charged a fee for this type of transaction. I wouldn't suggest signing the check over to someone, as 3rd party checks are almost always turned away.

Good luck. Hope this helps.

[Flames9_RN 358]

before I found CustomHouse, I used Wachovia! I quickly learned that I could use only the 1 branch and ONLY 1 teller!! As if I used a different teller or a different branch, it turned into a nightmare!! 1 teller said they would have to charge me a $75 fee--I think the cheque was for less than that,lol I even had a bunch of cheques returned to me and the $$$$ taken out of my acct with no warning. So if that 1 teller was not there, I just left!! many banks will put a 10 day hold on it as well. Wachovia did at first, but once they knew me, they did not

1 has to keep in mind that yes some banks may not charge u a fee, but my guess is that they make it up with a sub par exchnage rate! not a big deal for small amounts, but if ur cashing a big cheque, you want to check all ur options!! Thats why I recommend CustmomHouse!! I keep a Cdn bank acct open back Home, and my parents keep a bank card! So I would mail home the cheques and they deposit it. Then use CH to transfer the $$$. Ya a bit of a hassle, but less then what I was facing when going to the USA bank,lol

[kaibosh 3]

before I found CustomHouse, I used Wachovia! I quickly learned that I could use only the 1 branch and ONLY 1 teller!! As if I used a different teller or a different branch, it turned into a nightmare!! 1 teller said they would have to charge me a $75 fee--I think the cheque was for less than that,lol I even had a bunch of cheques returned to me and the $$$$ taken out of my acct with no warning. So if that 1 teller was not there, I just left!! many banks will put a 10 day hold on it as well. Wachovia did at first, but once they knew me, they did not

1 has to keep in mind that yes some banks may not charge u a fee, but my guess is that they make it up with a sub par exchnage rate! not a big deal for small amounts, but if ur cashing a big cheque, you want to check all ur options!! Thats why I recommend CustmomHouse!! I keep a Cdn bank acct open back Home, and my parents keep a bank card! So I would mail home the cheques and they deposit it. Then use CH to transfer the $$$. Ya a bit of a hassle, but less then what I was facing when going to the USA bank,lol

Thanks for all the info guys, we bank with bank of the west, I'll try going to a teller next week, we have 4 checks that equal a nice sum of cash so I'll see what they say.

[CanuckGurl 3]

Canadian cheques shouldn't be a problem - much easier paper trail to follow.

Canadian cash - just ask your local bank if they can handle it.

Our local Huntington Bank handles it, just a bit of paperwork to it.

[Krikit 1,164]

Ugh. I had the worst experience, ever, trying to cash a Canadian cheque at a US bank. Cost me an arm and a leg in fees due to a processing error on their part. They have absolutely no idea how to handle other currencies. Not only that, their exchange rates are outrageous. Even that bank told me it was cheaper just to do a wire transfer. I now send Canadian cheques back to Canada to deposit into my Canadian account. Make sure you speak with your bank about all service charges and exchange rates, as well as finding out if they know how to handle them. They used the wrong coding on mine and I went through all kinds of hell. It still makes my blood boil.

[Flames9_RN 358]

Canadian cheques shouldn't be a problem - much easier paper trail to follow.

Canadian cash - just ask your local bank if they can handle it.

Our local Huntington Bank handles it, just a bit of paperwork to it.

If u read the posts, yes they can be a Huge problem for many,lol