Personal Finance

$3000 USD cheque - best way to deposit as CAD?

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  • Dec 13th, 2018 4:30 pm
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Dec 1, 2017
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RaptorsLeafsBlueJays…

$3000 USD cheque - best way to deposit as CAD?

I have Tangerine and CIBC. What's the best way (least foreign exchange fee) to deposit this?
7 replies
Deal Addict
Dec 16, 2017
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CND Brain & Hear…
MercHuntIsle wrote: I have Tangerine and CIBC. What's the best way (least foreign exchange fee) to deposit this?
neither. Open a Scotia USD account to get them to cash your USD.
DO NOT ever give bank your foreign currency and let them convert. DIY
Give me a J. I'm a maniac and an African expert.
Deal Addict
Dec 23, 2010
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Moon
dekvitaly wrote: neither. Open a Scotia USD account to get them to cash your USD.
DO NOT ever give bank your foreign currency and let them convert. DIY
?? The bank will still charge the exchange fee even if they are doing it with money in a USD account.

@OP Use Knightbridge. Fantastic rates to exchange money.
Deal Addict
Dec 16, 2017
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CND Brain & Hear…
Applesmack wrote: ?? The bank will still charge the exchange fee even if they are doing it with money in a USD account.

@OP Use Knightbridge. Fantastic rates to exchange money.
his cheque is written in USD.... he's looking to cash out from the cheque. jeeez
correct me if I'm stupid. Isn't KBFX is to convert money? how do you send them the cheque (in his name) to cash?
Give me a J. I'm a maniac and an African expert.
Deal Addict
Dec 23, 2010
1897 posts
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Moon
dekvitaly wrote: his cheque is written in USD.... he's looking to cash out from the cheque. jeeez
correct me if I'm stupid. Isn't KBFX is to convert money? how do you send them the cheque (in his name) to cash?
I am disagreeing with the use of the bank to convert the currency in the account. I dont disagree with actually opening a USD account and putting the money into it.
Deal Addict
Dec 16, 2017
2542 posts
1049 upvotes
CND Brain & Hear…
Applesmack wrote: I am disagreeing with the use of the bank to convert the currency in the account. I dont disagree with actually opening a USD account and putting the money into it.
I said not to give forex to bank for them to convert. Same sentence, no semi-colon ;.
Give me a J. I'm a maniac and an African expert.
Deal Fanatic
Nov 24, 2013
6479 posts
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Kingston, ON
Applesmack wrote: I am disagreeing with the use of the bank to convert the currency in the account. I dont disagree with actually opening a USD account and putting the money into it.
Read the post you quoted,
dekvitaly wrote: neither. Open a Scotia USD account to get them to cash your USD.
DO NOT ever give bank your foreign currency and let them convert. DIY
Open a USD account. Cash it (as in, in USD). Nothing about converting with the bank.

Once it's in a USD account at the bank you can withdraw it in USD and take it to an FX of your choosing, or use an FX service.
Member
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Dec 1, 2017
274 posts
210 upvotes
RaptorsLeafsBlueJays…
dekvitaly wrote: neither. Open a Scotia USD account to get them to cash your USD.
DO NOT ever give bank your foreign currency and let them convert. DIY

Open a USD account. Cash it (as in, in USD). Nothing about converting with the bank.

Once it's in a USD account at the bank you can withdraw it in USD and take it to an FX of your choosing, or use an FX service.
[/quote]

Thanks for advice guys. Currently exchange rate is 1.33 but CIBC is offering 1.28 which is thievery. I ended up opening a USD account with CIBC (only negative is $.75 per transaction but I'll make it one transaction with one withdrawal) as it more convenient than me sending cheque by mail to Tangerine which would take weeks. I can't deposit at any ScotiaBank branches because they don't have access to my Tangerine account.
So I'll now look at Knightbridge.
Do or do not. There is no try. --Yoda
Triumph starts with a "try" and ends with an... "OOMPH!" --Memphis and Mumble

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