What's the best way to deposit US checks in Canada to be used in Canada?
January 1, 2014 2:38 PM Subscribe
I'm a Canadian freelancer located in the GTA area, and I've signed on for a long-term contract with a US client. I'll be getting paid in USD checks fairly regularly. How can I deposit this money in my Canadian bank account and use it in Canada without getting screwed over on currency exchange fees with the big 5 banks?
posted by Be cool, sodapop to Work & Money (9 answers total) 3 users marked this as a favorite
I have both a regular Canadian account and a US currency account with CIBC, but my main day-to-day bank account as well as my savings accounts are with PC Financial. The easiest thing to do would be to deposit checks in my USD account and then transfer it to my Canadian account with CIBC and then write myself checks to my PC Financial account or something, but I fear being screwed over by CIBC's exchange transaction fees.
I've done a little research, and it seems like the most cost-effective way to go is to deposit the checks in the CIBC USD account, send those funds through something like Knightsbridge
or XE Trade
to be converted into Canadian dollars, and then have one of the FOREX services send Canadian funds back into my PC Financial account.
Have you been in a similar situation where you've had to regularly cash USD checks in Canada? Is this the best way to go? Do you have any experience with XE Trade or Knightsbridge or any other FOREX service, and are they as awesome as they say they are? Are there other ways of doing this that I haven't considered?
Thanks in advance!