Does an American check cashed in Canada get converted?

Question

Or does it remain at face value in American Dollars? Help! Thanks so much!

Answer 1

The cheque would be cashed and converted to Canadian Dollars at the current bank purchase rate for US Dollars.  Since the Canadian Dollar is presently a couple of percentage points below the US the bank will add on a couple more so you would get less than the "official exchange rate".  Depending on the rate it could be more or less than the actual amount of the cheque.  Today, for example, $5,000 US would convert to approximately $5,021.50 at most banks (the rate varies from place to place and can change frequently during the day).

Answer 2

It is generally converted at the day's rate.

Answer 3

It does get converted and depending on the bank, might incur a fee.

For example - I withdrew money at an ATM in Pearson Airport (I'm an American and doing training in Toronto and Winnipeg).  They gave me the money I asked for, but my bank account took a bit of a hit.  I withdrew $200 Canadian, but my account registered a withdrawal of $205 (don't take this as the conversion rate and fees - that may differ depending on the day).

Answer 4

i think they change it to the vallue of the usd in canada

Answer 5

First, you have to find a bank willing to cash the check for you. Due to fraudulent checks, many banks will refuse to cash it if you do not have an account with them, or may require they hold the funds for anywhere from 10-20 business days to make sure it is not fake or that it is not NSF from the American bank.

Second, they may ask you if you want the funds in American or Canadian dollars. If you tell them $CAD, they will consult their daily exchange rate, and give you the money based on the rate of that day.

Third, since they are offering you a service to cash the check, they may charge you a fee for the cashing of the check, and perhaps an additional fee for the currency conversion.

If you are Canadian, just walk into any bank and you could ask them if they offer this service, and if there are any fees involved. If you are not Canadian, you can try going to one of our major bank websites and asking the question there.

Here are a few:

https://www.cibc.com/ca/contact-cibc.htm...

http://www.rbc.com/contactus/

http://www.tdcanadatrust.com/custserv/co...

http://www4.bmo.com/

Answer 6

yes it can I gut did it yesterday because I went to my mom's and she lives in Canada. I am in Canada now! So it does work!!!!!

Answer 7

I deposited a $7 USD cheque the other day and they took $.38 for exchange, so it ended up being only $6.62 CAD.

If you deposit it into an American dollar account though it will stay as American dollars

Answer 8

cheaper to send a money order