Question about Canadian MO

[ddockery]

Alright I just sold a TG16 to a kid (or at least I hope it's a kid) in Canada, and he wants to send a personal check. I have tried again, and again, to explain that even though my auction says I take them, that this is a far cry from what that means, since it's an International personal check. I called my bank, and I CAN get it cashed, but it takes 1-2 weeks and they take a % off the top. The guy hasn't called back to tell what that % is yet.

Is it really this hard for him to just go get a MO in USD???

[jonjandran]

I get USD money orders from Canadians all the time. :hmm:

[Sniderman]

Do NOT take a Canadian check as your bank will not only take a few weeks to process it, they'll take a portion out in conversion fess or some-such. Tell this chucklehead that you accept checks only when drawn from a US bank. No exceptions. Getting a MO (and make sure he gets an International (pink) MO) is not that big a deal. If he makes it out to be a chore, screw 'im.

[Sph1nx]

Getting a MO (and make sure he gets an International (pink) MO) is not that big a deal. If he makes it out to be a chore, screw 'im.


Make sure he does that. I get royally screwed like that at least once a month. Except from the other end. A US buyer sends me a money order that I cant cash here in canada.
Ive been negged twice for "ripping people off" such a way.

[sniperCCJVQ]

For those who are confuse about sending MO in US funds between Canada and the US and vice versa.

From Canada -> US (Ask for a MO in US funds and that's it)

From US -> Canada (It NEED to be a PINK international MO because the domestic green US MO ARENT cashable in Canada).


It' so simple :)

[Lost Monkey]

From US -> Canada (It NEED to be a PINK international MO because the domestic green US MO ARENT cashable in Canada).


It' so simple :)

Even simpler: Any US money order EXCEPT the green USPS one is cashable in Canada.

The only reason why the green one is cashable in Canada is because the USPS prints "Negotiable only in the US and possessions" right on the MO to FORCE you to pay extra for the international one. Go to 7-11 or Walmart instead.

For Canadians, all Canadian banks have US offices, and can write US dollar money orders "drawn" on US banks. Canada Post can write up US money orders as well.

[briskbc]

Teh fuck is the problem here. Send him the game before he pays. Always trust a Canuck. :D Just don't turn your back on Bertuzzi.

Just kidding.

I do have a serious question though. Would a US bank charge you to cash a check drawn on a Canadian bank when the account at said bank is held in US funds? Are you being charged for converting to US funds or for the clearing process?

Thanks eh.

[SoulBlazer]

A few months ago I asked a friend in Canada for a loan. He sent me a international money order. When it came time to pay him back, I asked if his bank could take a personal check from me drawn on my (US) checking account. He said yes. So I sent him a check. :) I assume the exchange difference made up for any fees that his bank charged. It DID take about a month for the funds to actually come out of my account, though, after he cashed it. :hmm:

[ddockery]

I was told they have to actually send the check off and it takes forever, and they charge a fee in the form of a %. I don't know if it's specifically for the conversion, or just because they feel like it though.

[leonk]

I think exchange rates is the #1 place where banks make money..

credit cards add 2% on top of the rate, banks sell you for much higher than the rate, they buy lower than the rate.

Hell, even paypal now does the exchange rate for you (they used to deposit US funds to your canadian credit card, and the credit card did the conversion). They got all smart and are now like the banks when it comes to bad exchange rate.

Purchasing money orders at the bank/post office is also expensive! At least 5$ in Canada!

I think for us cross border shoppers, paypal is a life saver. It allows us to maintain US CASH accounts and exchange in US$. Sell canadian goods for US$.. use that US$ to buy US goods.

[ddockery]

They might make a lot, but there is no way banks make more off of the exchange rate than they do fron loans. Take a look at some amortization tables, it's amazing how much interest you really end up paying.

As for using Paypal I really, really wish this kid could/would.

[Dr. Morbis]

I think for us cross border shoppers, paypal is a life saver. It allows us to maintain US CASH accounts and exchange in US$. Sell canadian goods for US$.. use that US$ to buy US goods.
This is EXACTLY why I've been using Paypal for years. It's fees are miniscule compared to the fees associated with never-ending currency conversions.