trouble with Canadian funds

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butch

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Again. I enjoy doing business with folks above the border. I posted about this a few weeks ago. Well, it's happened again. This was on an International Money order that came from one of the most honest fellows on our roster. It originated in Canada and was drawn on a bank in Delaware. Took it to my bank today.and again it has to be "sent for collection". That means that it will not be deposited to my account for several weeks and the bank will charge me $8.00 for the service. The bank officer said that if the check has more than 8 characters in the account # the Federal Reserve will not accept it. I know the funds are good and will certainly not dun my buyer for something that was not his fault. He's already had to appeal an improper Custom's levy. (My package to him contained two "user" SLRs that I honestly valued at $200.00. I reused a box from Sandy Ritz for an item that I had given him $500.00 for a few weeks before. Customs finds the invoice that unbeknownst to me was buried in the pink peanuts. Hopefully this can be sorted out.) And it may be that he had already included an adder for the possible eventuality. I'll live over this since I'm not in dire straits. And life's too short to worry about $8.00. It's just that I know there are cross boarder transactions going on daily. Am I the only one having this happen? Earlier, guys suggeested Paypal. It ain't gonna happen captain. Others suggested that the USA annex Canada and though that would certainly be an honor to the US (IMO), I don't figure it'll happen.
 
Before I started using paypal, I mostly used US dollar money orders from Western Union issued by Money Mart. No one ever had a problem with those.
 
trouble with Canadian funds

I have never had a problem dealing with Canada...When I buy there, I typically use Paypal...The other day a dealer in Ontario requested an International Money Order (pink) issued by the US Post Office...The only unforeseen issue was that it cost $3.45 usd instead of 95cents usd for a regular US Postal Money Order for US transactions....It also cost 60 cents usd for postage to mail the International Money Order...Thus it cost $4usd to buy my item from the Canadian dealer...

On receiving funds from Canada, I also typically get paid via Paypal...

As for bank charges for using Money Orders, my experience suggests that my bank accepts them just like personal checks and deposits the money after they clear, which is about five days...I find, however, that it is almost impossible -- if I want to cash them when I get them -- to get anyone to do it...Western Union money orders are cashable at a local supermarket-- with a little effort. US Postal Money Orders are cashable instantly...Others cost at least $2.50 usd to cash --if you can find someone to do it...Everybody will sell money orders but very, very few will cash them...They tell me that's because they have to keep too much money on hand to do it...

In summary, the best way to pay or to collect is PayPal or US Postal Money Order...regards, bob cole
 
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I like it when I get a US postal money order, the domsetic one that's no good in Canada. Some of the people who buy on ebay just don't know that Canada is not part of the US. I have sent Candian bank money orders from CIBC bank that are drawn on a US bank no problem or delay. So I not incountered this one before.
 
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The International money orders that are from Canada Post clear my bank without any problems. I'll agree with the above PayPal is best.
 
I've only ever bothered to pay by Canada Post money order, or a US funds money order from my credit union. I've done this for well over 3 years now, probably in the range of 50 of them to date, and have never heard anything from a seller concerning cashing in the money. I've paid Cameraquest and Ritz that way, and the rest have been individual sellers, not businesses. Can you explain a little further what type of money orders your having trouble so I can avoid them??
 
trouble with Canadian funds

Can you explain a little further what type of money orders your having trouble so I can avoid them?

Ravid, all money orders are ok if you are willing to send them to your bank and wait a week to find out that it's cleared and that you now can ship your item to a buyer, or vice versa, wait a week before your dealer will ship to you...The problem comes when you want to cash today and ship today...A US Post Money Order can be cashed today. A Western Union money order -- once you determine where to cash them -- can also be cashed today...The big problem is the Travelers Express Moneygram...you can buy all you want but have difficulty finding someone to cash them today and, if you find a check-cashing outfit which cashes them, you will always have to pay a fee...I hope this helps...regards, bob cole
 
Butch: Some banks seem to be quite xenophobic when it comes to such things. If you are not interested in PayPal, then you might check out getting a checking account with TD Banknorth or RBC Centurion, which are US banking organizations of major Canadian banks. You would likely avoid those problems, and cound use the accounts just for camera buying/selling if you don't wish to have it as your main account.
 
Are these Canada Post money orders immediately cashable by the American receiver
Click to expand...
AFAIK, yes. That's why Canada Post wants your cash (not credit card) when you buy MO. Sure you have to make clear, you want MO in US Dollars and want to send it to USA (so Canada Post will convert requested amount of USD to your canadian cash you gotta leave there). I used it once with no problem - once the seller got MO, goods were shipped the same day. This MO costs about $5CAD, there are all details on Canada Post web site.
Eduard.
 
My bank will not accept a Canadian Postal or (as I know now) an International Money order drawn on a US bank in Delaware. It's not that they will not accept it but they want to wait for it to be "sent for collection" and they insist on charging a flat rate of $8.00 for the "service". The key seems to be the quantity of digits in the account number. I don't know nuttin bout no high finance. Maybe because I deal with a "national" bank. I just know how they handle Canadian funds down here. I've not been deprived of the bulk of my payments. I, so far, have never had a total loss with a Canadian transaction and I've often dealt on "faith" and shipped before payment. But I know that there are folks who have kids in school and need to mind the pennies. If you're one of these and live in South East Arkansas, I give you this heads up.
 
My sister lived in a small town in Alabama. She had more trouble cashing a Canadian money order than a friend had cashing a personal check drawn on a bank in Israel. Apparently Canada isn't mentioned in the Bible...
 
butch said:
Again. I enjoy doing business with folks above the border. I posted about this a few weeks ago. Well, it's happened again. This was on an International Money order that came from one of the most honest fellows on our roster. It originated in Canada and was drawn on a bank in Delaware. Took it to my bank today.and again it has to be "sent for collection". That means that it will not be deposited to my account for several weeks and the bank will charge me $8.00 for the service. The bank officer said that if the check has more than 8 characters in the account # the Federal Reserve will not accept it. I know the funds are good and will certainly not dun my buyer for something that was not his fault. He's already had to appeal an improper Custom's levy. (My package to him contained two "user" SLRs that I honestly valued at $200.00. I reused a box from Sandy Ritz for an item that I had given him $500.00 for a few weeks before. Customs finds the invoice that unbeknownst to me was buried in the pink peanuts. Hopefully this can be sorted out.) And it may be that he had already included an adder for the possible eventuality. I'll live over this since I'm not in dire straits. And life's too short to worry about $8.00. It's just that I know there are cross boarder transactions going on daily. Am I the only one having this happen? Earlier, guys suggeested Paypal. It ain't gonna happen captain. Others suggested that the USA annex Canada and though that would certainly be an honor to the US (IMO), I don't figure it'll happen.
Click to expand...

Butch,

I had the same "issue" with my bank a couple of weeks ago. Some friends of ours in Ottawa sent us a reimbursement for some show tickets we'd "fronted for".

They sent us a Royal Bank of Canada (RBC) US-dollar denominated money order. Maybe because I am a banker, I noticed that the MO was actually drawn on RBC's New York Branch so was a domestic US draft.

I deposited it to a small bank we have an account it and a couple of days later I got a notice that they were deducting $15 US for "transaction costs".

I went to them and protested - pointing out it was a US draft. It took a couple of days (the branch had forwarded its scans to the home office and had to verify my claim first) but they reinstated my $15 with apologies!

Go to you bank and insist they check the scanned image. If it is drawn on a US-based account they have no right to charge you an international transaction fee. Generally, folks here should check when they receive such MO's to see how the draft is drawn (make a photocopy if necessary). US funds alone is not enough proof - but if it is in US funds AND is drawn on a US-based account - you should NOT be charged such a fee!
 
Huh? Just someone who has some really good Canadian friends (T.O., Ottawa and Edmonton).
 
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