Best way to deposit a CAD check into a USA business bank account?
June 1, 2020 2:58 PM   Subscribe

My US company has a business bank account (Azlo) that doesn't accept checks from international banks. A Canadian corporation wants to pay us by Canadian check. Getting them to pay in USD is a real hassle, so we'd like to accept the check... but have no idea how to get it into the Azlo account. In your experience, (a) what's the best way to deposit a Canadian check into a US business bank account that doesn't accept checks form international banks, (b) what steps did you take and (c) how long did it take?

Some stipulations:

For Reasons, I will not be opening a Canadian bank account or another US business bank account.

I am aware of TransferWise but am not sure they can accept a Canadian check and then route it to my Azlo account in USD. If anyone has done this, how much did they charge for the service (I'm finding their site unclear) and how long did it take?

This has been a huge headache. Thank you in advance for any insight you can give!
posted by melancholyplay to Work & Money (4 answers total) 1 user marked this as a favorite
One thing to say is that if your bank does not accept this check for deposit, you'll have to go back to your client and ask them for another check, or another way of payment. Either way, you're making it a hassle to get yourselves paid, which isn't good for client service or business.

If your bank doesn't accept foreign checks, and you won't open an account that will, you'll need to find another way to get paid.

So, a wire payment is your best bet here. Clearing international checks can take a month or more, and wires are pretty quick.
posted by thenormshow at 6:39 PM on June 1 [1 favorite]

I would suggest these two Azlo FAQs would have a more definite answer.

Can I send wires with Azlo?

We don’t have the ability to send wires, but you can easily send digital payments anywhere in the U.S. These payments are sent via the Automated Clearing House network; they have a few things in common with wires (they’re securely, electronically sent with your account and routing number) and a few key differences (they take longer, but they’re also much more efficient—which allows us to offer them fee-free).

We’re also planning to roll out international payments with Azlo in the coming months.

How do I receive a wire?

Although we can’t send wires, you can receive a wire in your Azlo account. Here’s the information that the person sending the wire will need:

For domestic wires:

Bank Name: BBVA USA
Address: 15 South 20th Street, Birmingham, AL 35233
Your Azlo account and routing numbers
For international wires:

Bank Name: BBVA USA
Address: 15 South 20th Street, Birmingham, AL 35233
Your Azlo account and routing numbers
One thing to note: some international banks may ask for an International Bank Account Number (IBAN) to send a wire. The U.S. doesn’t currently use the IBAN system, so your Azlo account does not have an IBAN. If this happens, we recommend asking the sending bank if they can use the SWIFT number instead.


Can I send an international transfer with Azlo?

Currently, Azlo does not offer the ability to transfer money internationally. However, you are able to use third-party international payment services with your Azlo account, such as TransferWise, OFX, and Xoom. Keep in mind these third-party services will likely charge fees, and Azlo will be limited in the support we're able to provide.

While we cannot send international transfers, you can accept international wires to your Azlo account.

Will my Azlo card work for international purchases?

Yes, you can use your debit card to pay international vendors without incurring international transaction fees.

posted by blob at 6:48 PM on June 1

Oof, I've been through this with a bank that does technically take foreign checks and it took many months of back and forth with new checks and runaround with the banks, even when they had all agreed that it would work. To the best of my recollection, it took us 8 months and many hours of time talking with all parties (payer, payer's bank, our bank) over an over. Our CPA didn't like any of the workarounds we dreamed up. Now we only accept electronic funds transfer/wire.
posted by quince at 6:50 PM on June 1 [1 favorite]

At my bank (which is a small bank so yours might have different policies), you'd want to talk to the VP of operations. We can technically take Canadian checks, but we don't advertise that because of the difference we will be debited for with the check conversion. It can take a while so we will only do it for accounts that have always been in good standing (so we can be sure the money will be there when we go to debit the customer). There was one case of an account that wasn't "spotless" that we did it for though, that customer asked us to hold all the funds from the deposit for however long it took for the conversion. Hope this helps you with your bank.
posted by Eyelash at 4:33 AM on June 2

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