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How To Deposit A US Cheque In Canada?

Are you in need of depositing a U.S. dollar cheque in Canada, but not sure how to go about it? No need to worry – it’s actually quite a simple process! Here’s a step-by-step guide on how to deposit a USD cheque in Canada:

1. Verify If Your Bank Can Deposit A US Dollar Cheque

Make sure you have a bank account that is able to accept U.S. dollar cheques. All major Canadian banks and credit unions are able to do this. All of them require you to show up at the bank with your cheque if you want to deposit in your CAD account. Most of them allow you to deposit by regular means (but not mobile deposit through banking apps as of January 2023) if you own a US Currency account. If you don’t, prepare to go to the bank. Business bank accounts offer more options.

Here are the banks we verified that can deposit a US Dollar Cheque on a personal account:

  • RBC
  • TD
  • CIBC
  • ScotiaBank
  • BMO
  • HSBC
  • National Bank
  • Desjardins
  • Laurentian
  • Canadian Western Bank
  • Tangerine (Only offers a mail-in option. Awful, we know.)

2. Endorse The Cheque

Once you’ve confirmed that your bank account is able to accept USD deposits, you’ll need to endorse the cheque. This simply means signing the back of the cheque, either with just your signature or with “For Deposit Only” written above your signature. This ensures that the cheque can only be deposited and not cashed.

3. Bring The USD Cheque To The Bank

Next, you’ll need to bring the endorsed cheque to your bank. Most banks in Canada, TD included, have branches or ATMs that are able to accept deposits, so you can choose the option that is most convenient for you. If you’re depositing the cheque at a branch, be sure to bring along some identification (such as a driver’s license or passport) as the bank may require it.

4. Fill Out Or Alternatively Have The Bank Teller Fill Out The Deposit Slip For You

 When you arrive at the bank, you’ll need to fill out a deposit slip. This is a small form that allows you to specify how much money you want to deposit and which account you want the money deposited into. Make sure to fill out the deposit slip accurately – double check the amount of the cheque and ensure that you’re depositing it into the correct account.

5. Hand The Endorsed US Denominated Cheque To Be Deposited

Once you’ve filled out the deposit slip, hand it along with the endorsed cheque to the bank teller. They will process the deposit and give you a receipt for the transaction. Keep this receipt safe – it will serve as proof of your deposit in case you need to reference it later.

That’s it! Your U.S. dollar cheque has now been successfully deposited into your Canadian bank account. It’s important to note that it may take a few days for the funds to become available in your account – this is because the bank has to process the cheque and convert the USD into Canadian dollars.

So there you have it – a simple and straightforward guide on how to deposit a USD cheque in Canada. With these steps in mind, you’ll be able to easily and smoothly deposit your U.S. dollar cheques into your Canadian bank account. Happy banking!

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