I purchased a Bank Draft from Chase Bank in New York for 6000 Canadian dollars to send as payment to Canada?

Question

I reside in New York U.S.A. I purchased a Bank Draft from Chase Bank in New York for 6000 Canadian dollars. I'm sending it as payment to a Canadian. Can this person cash this draft/check drawn from an American Bank payable in "Canadian dollars" over the counter same day at his own Canadian bank or does this draft have to be held up for a period of time before his bank will make the funds available to him. I figured that if I purchase and send a draft in Canadian dollars instead of U.S dollars. It would be easier and less complicated for him. In the U.S I can immediately cash a cashier's check over the counter for not more than 5000 U.S dollars so I want to know if it's the same with Canadian Banks with drafts from U.S banks but in Canadian dollars. What is the highest amount cash-able over the counter in a Canadian Bank. This is for anyone with some experience in banking matters either as a customer or employee. Any reply is appreciated. Thank you.

Answer 1

That's between him and his bank. It's standard practice to place a hold on deposited funds until they have time to clear. This is particularly true with international transactions.

Answer 2

When Ahiests travel to Canada do they write "In me I trust" you know just to be on the safe side?

Answer 3

I'm sorry but I don't know about this

Answer 4

This is a very interesting question