Cheques may carry an amount in United States Dollars and you may want to cash it in Canada. This is quite possible and easy, and the agencies that can provide for the encashment include banks and the money cashing firms and stores like Money Mart. Apart from cashing cheques in Fredericton carrying US Dollar amount, you can also deposit it in any bank account in Canada. But in this instance, the exchange rates, fees and the hold periods would be different when compared to those relating to the cheque transactions in the Canadian dollar.
Bank Encashment
Canadian Bank may accept the US dollar cheque via an Automated Teller Machine (ATM) or through the in-person deposit. Your business organization or institution may also ask you to talk to a particular representative of a bank or a financial institution before actually encashing the cheque. If there is a teller, he/she will be able to tell you about all the exchange rates and processing fee levied on the transaction.
Bank Hold Period
The bank will hold the cheque for a while, and the duration will depend on the main drawing bank (can be a Canadian, U.S. or some other foreign bank). If the bank is in Canada, the duration may be up to 10 days while the same can be even more if the bak is located outside Canada.
Exchange Rate
Exchange rates may differ in lieu of the bank you chose to draw the cheque, and the rate of the day is levied on the transaction. There may also be adjustments later on, which can make a difference to the final amount.
Processing fee amount
While some banks and cashing companies including Money Mart may charge a fee, some banks like the TD bank do not charge anything for the US dollar cheques.
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