PCF CHEQUE to USA?

[john widow]

Is it possible to send a President's Choice Financial Cheque to someone in the USA and they can use it? How would the total price be determined.

Say the total price is $1000 USD.
How much would I write on the cheque? $1000 United States Dollars? $1171.60 CDN(from xe.com)...is it possible they let you do this? Is there a currency exchange fee like 2.2% or so?

How would I calculate the above for $1000 USD?

[Hellfire]

No problem with sending a PCF cheque to the guy in the states, but what X-Rate to use is between you and the seller.

[15-20_God]

just cross out the currency and write us dollars on it. the bank will know what to do.

[bobaroo]

The other side is going to be charged some hefty fees for depositing a foreign cheque... some banks won't even do it. IT would be easier to mail them a money order

[john widow]

who is going to be charged the fees?
Him? Or me?
Let's say I do the xe.com test.
And say $1000 CDN = 900 USD...
So say I send that much $1000 CDN
and it turns out that once the guy goes to the bank
the bank only gives him $600 USD...is that what happens?
They take the fees or something?

[charliebrown]

who is going to be charged the fees?
Him? Or me?
Let's say I do the xe.com test.
And say $1000 CDN = 900 USD...
So say I send that much $1000 CDN
and it turns out that once the guy goes to the bank
the bank only gives him $600 USD...is that what happens?
They take the fees or something?

yes, the bank will only give him $600 after taking PCF fee because PCF doesnt operate in the US

there is nothing stopping your other party from depositing the $1000 chq
If the US bank accepts it as USD 1000, they'll charge PCF for USD1000; and PCF will charge you accordingly

[Whitedart]

who is going to be charged the fees?
Him? Or me?
Let's say I do the xe.com test.
And say $1000 CDN = 900 USD...
So say I send that much $1000 CDN
and it turns out that once the guy goes to the bank
the bank only gives him $600 USD...is that what happens?
They take the fees or something?

No bank is going to use xe.com rates, even though you may use them for reference. The bank will add or subtract whatever percentage they charge in conversion fees, in addition to whatever that US bank charges for taking a foreign cheque, if they will even accept it.

[gei]

You can write a cheque for "$1000 USD", however in order for it to be valid, you must write out (in full) the American Pledge of Allegiance on the back of the cheque. Technically you must also hold one hand to your heart while writing the cheque, but you can usually get away without doing that.

[15-20_God]

the us banks don't give 3% cashback though, i hope you're aware of that.

[john widow]

The 3% cheque cashback is a scam. It's not true.
I mean, I've seen credit cards give out 1% back...and maybe a little more but that's all. 3 is too much.

[Hellfire]

Ok lets clear one thing up. Besides the X-Rate fee, there will be no other fees.

And for those who think differently have you ever got a MIR from a US bank in US funds? I sure have. Does the bank operate in Canada? NO. Did I get charged any fees besides the normal x-rate fee? No.

[don242]

Do US banks really charge a fee for cashing a foreign cheque? They don't charge fees here.

[felix]

Is this an online eBay auction? Are we going to see a thread from you saying "I got scammed!" ? :D

[john widow]

It might, it might not be. Trying to find out.

[BHA1]

Search this forum for info on the T4 multiplier. It was discussed here a few weeks ago and 15-20 God and others posted some useful info.

Try to use the american version (W2) since 2% is a MUCH better rate than paying the CCRA T4 (4%) rate!