How to Deposit an American Cheque in Canada
- Liliana Donatoghh
- Mar 16, 2022
- 1 min read
The first step when writing a check is to write the name and date of the recipient. This can be the name of an individual, business, trust, school, or any other entity with a bank account. Be sure to spell the name properly, although some banks give leeway in spelling. Once the name is written correctly, you should sign and date the check. You can practice your spelling with a practice question.
If you want to send money from the US to Canada, you can write a cheque in USD or CAD. The exchange rate for these currencies can vary greatly between banks. Some banks will credit your account with the current exchange rate at the time of deposit while others will wait until the check clears before making the adjustment. In some cases, you can even get charged back if the amount was too small. If you do not want to face these fees, you should choose a bank that accepts Canadian currency.
You can write a cheque in USD or CAD, but the check needs to be written with "USD" on it. I once wrote a check to Apple and it was deposited into my account as "CAD." The bank would have cashed the check as "CAD", but it did not matter. The process is easy, and you may even be able to make a profit this way. Keep this in mind for future transactions.
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