Personal Finance

Can a wire in US dollars be deposited into a CDN bank account?

  • Last Updated:
  • Jul 18th, 2019 11:27 am
[OP]
Member
Feb 18, 2019
333 posts
349 upvotes

Can a wire in US dollars be deposited into a CDN bank account?

Hi All,
Quick question... My dads business is in the process of winding down, and consequently he closed the companies USD account.
We just got a last minute order which we wish to fulfill - The wire will come in USD, probably around 6K. Can we just give the banking info for the CDN account, and accept whatever terrible conversion the bank will give us?
If it was up to me I'd just open a new account because it takes literally all of 5 minutes... But my retired dad will not see it that way :)
Thanks!
4 replies
Deal Addict
Feb 25, 2007
1240 posts
719 upvotes
Ottawa
Best would be for you to check with the bank, but in all banks I've dealt with (Scotia, RBC, HSBC personal accts; RBC business account), you can do this. However, as you say, you will then have to accept whatever conversion rate given and may also be charged a manual processing fee of some sort. This in fact is what people/companies used to do all the time before USD accounts became commonplace.
Deal Addict
Jan 21, 2018
2495 posts
2458 upvotes
Vancouver
Just to confirm what @houska said (adding BMO), that is correct.
Deal Fanatic
Jul 1, 2007
8341 posts
1341 upvotes
If it's directed to a CAD account, the receiving bank will automatically convert it to CAD.
Money Smarts Blog wrote: I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
[OP]
Member
Feb 18, 2019
333 posts
349 upvotes
Excellent, thank you for the replies!

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