Personal Finance

deposit a cheque in US funds

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  • Nov 2nd, 2009 9:04 am
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Sr. Member
Oct 21, 2005
615 posts
95 upvotes
London

deposit a cheque in US funds

Can I deposit a cheque in US funds to my normal chequing account in canada? I have a cheque from a friend who just left the country for good and forwarded all his mails to me. The cheque is under his name, and I have his permission to endorse the cheque at the back. I wonder if it is ok to sign the back of the cheque and deposit the cheque in US funds into my own account? thanks.
3 replies
Sr. Member
Oct 31, 2009
560 posts
14 upvotes
bby
bfoot wrote: Can I deposit a cheque in US funds to my normal chequing account in canada? I have a cheque from a friend who just left the country for good and forwarded all his mails to me. The cheque is under his name, and I have his permission to endorse the cheque at the back. I wonder if it is ok to sign the back of the cheque and deposit the cheque in US funds into my own account? thanks.
You can deposit a cheque in US dollars in a Canadian bank but they will give you a lousy exchange rate. Did your friend sign the back of the cheque? I dont know the answer but you'd at least need his signature.
Sr. Member
May 5, 2006
991 posts
474 upvotes
Legally speaking, you should not be endorsing his cheque. That's forgery, strictly speaking, and any complications could bite you hard. If you're going to go ahead anyway...

Check carefully at your bank to ensure that they don't charge a fee for processing a USD cheque - PCF, for example, recently introduced a fee for doing this (can't remember what, but it was fairly hefty).
Sr. Member
Oct 21, 2005
615 posts
95 upvotes
London
I will mail the cheque to him instead, thanks.

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