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What's the best way to deposit US checks in Canada to be used in Canada? January 1, 2: I'll be getting paid in USD checks fairly regularly. How can I deposit this money in my Canadian bank account and use it in Canada without getting screwed over on currency exchange fees with the big 5 banks?
Have you been in a similar situation where you've had to regularly cash USD checks in Canada? Is this the best way to go? Are there other ways of doing this that I haven't considered? Or, I take a cash envelope and convert the USD into Canadian currency at a currency trader up the street. My assumption is that using FOREX services are adding an extra layer of fees onto the transaction; my assumption is also that USD is relatively common in Canada, so using RBC or a currency trader is going to get me a good rate.
They provide a smartphone app that lets you deposit US cheques by taking a picture of the front and back, and they usually clear within a few days unlike depositing US cheques into a Canadian bank account of whatever denomination, which can take weeks to clear.
There is a limit to the amount that can be deposited this way, but you can also have your clients mail your cheques directly to the bank at a US address, which means it should arrive in a reasonable amount of time the border can add days or weeks to mail and, again, clears quickly.
The most convenient thing is that you can instantly transfer money to a Canadian RBC account through their online banking and I've found the rates to be reasonable particularly if you're converting larger amounts and have their Preferred US account, which can end up being worth the high monthly fee for this reason.
Another nice feature is that you get a US debit card which you can use to make online purchases from US retailers or while travelling in the States, directly from your US account.
So no extra conversion or cross-border fees. You can also get US credit cards. For me, getting to any bank's branch involves four hours of travel all told, so being able to do all of these things online is a huge time saver, and that factored into my decision to move most of my banking from a credit union to RBC despite the disadvantages of a Big Bank.
I feel it's worked out to my advantage, particularly since I get a rather better exchange rate with this setup that more than compensates for the higher day-to-day banking fees that RBC charges. I think one or two of the other Big 5 Canadian banks offer this sort of thing as well, but I don't have any experience with them.
I'll be eagerly watching this thread to see if there's something I could be doing better, through. They hold for 30 business days on occasion. Have the checks deposited into a TD bank american account then call or go online to transfer to TD Canada trust Canadian account it's completely free, you get the preferred exchange rate, and you can transfer up to 20k daily.
The transfers can take 24 hours but I've never had it take longer than. Its much better than PC which I used to use or driving across the border monthly which I did for four years until the cross border having thing Can you tell me a little bit more about how this works?
Cross-border banking sounds like a great option, I'll definitely be looking into this. I have an existing account with TD so that's probably what I'd go with. And I've only done it on a limited basis so for the purposes of a recurring transaction I might be full of crap.
Wire transfers are more immediate and cost much less in my experience. Perhaps you can get your US client to deposit to your Canadian account via wire transfer.An RBC Wealth Management Investment Access Check-writing Investment Access Account check-writing privileges offer exceptional benefits, including: • Your first set of standard checks free of charge • No per-check charges • Budget planning with help from.
This area you will write a quick description of what the money being paid is being used for. You address is helpful if different than the one listed on the check.
Also, which month you are paying. e.g August rent for East Ridge Apt.#___.
A free inside look at RBC salary trends. 3, salaries for 1, jobs at RBC. Salaries posted anonymously by RBC employees.
Writing a certified check is a way to guarantee to the payee that your check will not be returned for insufficient funds. With a certified check, your banking institution verifies that the proper amount of money is in your checking account, and it sets those funds aside.
The funds for your certified check . It is possible RIGHT NOW for you to bypass the list provided you are willing to write a cheque with a 'big number'.
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