Personal Finance

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

  • Last Updated:
  • Jul 18th, 2019 11:27 am
[OP]
Newbie
Feb 18, 2019
47 posts
45 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
1183 posts
613 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
1105 posts
973 upvotes
Vancouver
Just to confirm what @houska said (adding BMO), that is correct.
Deal Fanatic
Jul 1, 2007
8202 posts
1104 upvotes
If it's directed to a CAD account, the receiving bank will automatically convert it to CAD.
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.

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