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I am sending a check from the states to my friend who resides in Alberta, Canada. I wonder if he can cash my personal check? If yes, does the Canada banks convert USD to CND? Is there any other hefty fee he might encounter?

2007-03-23 03:27:51 · 7 answers · asked by A W 1 in Business & Finance Credit

7 answers

Unless they are a preferred customer they will probably have to wait for the check to clear before they can access the funds. Hemay also have to pay commision and processing fees.

Additionally all USD transactions have to transient New York. The Canadian Bank will submit it to their New York Correspondent Bank who in turn will draw funds from your bank or it's correspondent NY Bank. This could take 10 working days.

T.T. the money. Do it in Canadian Dollars if possible and deduct the conversion charge from the transfer amount. All you need is his account number and his Bank's SWIFT number.

2007-03-23 03:42:18 · answer #1 · answered by Caretaker 7 · 0 0

IF He/she has a bank account then there is no fee in cashing the check.. Here in canada bank usually hold the Funds for 14 business days until the check cleared US bank.. ( What a BIG MESS) .. Usually the check clears the US bank in 2 business days but the bank here in canada Just Like to HOLD ppl money... I am tired of these Bank in canada.. I hope one day they will learn banking from US banks

2007-03-23 04:24:40 · answer #2 · answered by wichita9876 1 · 0 0

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2016-05-19 23:51:40 · answer #3 · answered by Anonymous · 0 0

Yes it will be converted to Canadian funds if he chooses to cash it out. No fees if he's got a bank account.

2007-03-23 03:54:24 · answer #4 · answered by ? 6 · 0 0

Yes hey will cash the check but they will put a hold on it because it is personal. It may e more advantageous for you to send them a Money order in Canadian funds.

2007-03-23 04:04:24 · answer #5 · answered by ? 7 · 0 0

yes but takes a long time to cash it ,it is better to go the US Post Office and purchase "international money order"(cost around $3.50)

2007-03-23 03:37:47 · answer #6 · answered by Anonymous · 0 0

you need to send thsi check in nme of you friend, he chose the usd or cnd to pt out the money

2007-03-23 03:32:51 · answer #7 · answered by florinion2002 1 · 0 0

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