Payment in Canadian dollars

[lscottpht]

Ok, so I got a check today from a company that bought some of my images, but they are based in Canada. The check is supposedly in Canadian dollars. The only indication of that on the check is that the bank is in Canada. So, when I go to deposit it, will they know it's in Canadian dollars? Also, how do I make out the deposit slip? Do I put CAD next to the dollar amount?

[AjP]

any bank, they suppose have conversion rate I know my bank has, so its doesn't matter what currency as far as they support it.

[thelegend1472]

I'm not sure how to do the deposit and such, I do know from living in a town in MI very close to Canada that if it is indeed Canadian money you are probably going to get taken to the cleaners on the exchange rate since we're in Dallas.

[lscottpht]

Originally Posted by thelegend1472

I'm not sure how to do the deposit and such, I do know from living in a town in MI very close to Canada that if it is indeed Canadian money you are probably going to get taken to the cleaners on the exchange rate since we're in Dallas.

Really??? I do know that the company figured the exchange rate at 1.15%. Shouldn't there be a set standard?

[AjP]

yes, there are exchange rates, dang...go to bank and most of them have same rate +/-

apr 1.15/1.13 per US Dollar

http://finance.yahoo.com/currency/co...submit=Convert

[lscottpht]

So, I'm not worried about the exchange rate, that is covered, but, do I write the deposit slip in CAD and will they know it is in CAD from the simple fact that the check is drawn off of a Canadian bank?

[AjP]

call your bank and ask them...they might have diff way or same way as US $

[johnastovall]

Originally Posted by lscottpht

Really??? I do know that the company figured the exchange rate at 1.15%. Shouldn't there be a set standard?

Nope, exchange rates float. You can also get a better rate if you deal with a bank that does a high volume of foreign exchange. That's why when I travel internationally I try to do every thing on credit cards because they do very high volume exchanges and you'll get a better rate than you would with travelers checks at local banks and such. The only time you can do better if there's a strong blackmarket for foreign currency, then nothing is finer then than a wad of 100 dollar bills.

[lscottpht]

Ok, thanks guys!

[Bill]

Leslie,

100 Canadian dollars is worth about $86.39 US today, maybe. Subtract 1.15% as the service fee for converting from that and you get about $85.60 US. I would not rely on the 1.15%. Ask your bank what they charge as a service fee and what exchange rate they are using.

The exchange rate is one thing for big international transactions and can be completely different for, say, a suburban bank in Dallas, that does not want to convert its customers leftover change from international vacations.

It is good to know exchange rates and service fees. Do not assume that a particular bank or credit card has low fees.

[lscottpht]

Originally Posted by Bill

Leslie,

100 Canadian dollars is worth about $86.39 US today, maybe. Subtract 1.15% as the service fee for converting from that and you get about $85.60 US. I would not rely on the 1.15%. Ask your bank what they charge as a service fee and what exchange rate they are using.

The exchange rate is one thing for big international transactions and can be completely different for, say, a suburban bank in Dallas, that does not want to convert its customers leftover change from international vacations.

It is good to know exchange rates and service fees. Do not assume that a particular bank or credit card has low fees.

Ugh, ok. I hope I don't get ripped off with this exchange and service fee stuff. I quoted the company the price in US dollars which is what I expect to get.

[Terrancelee]

Simply have the bank cash the check, then deposit the US funds.

[johnastovall]

Originally Posted by lscottpht

Ugh, ok. I hope I don't get ripped off with this exchange and service fee stuff. I quoted the company the price in US dollars which is what I expect to get.

If you do more of this write the contract where they pay in dollars and they do a wire transfer to your bank and pay the fees. I've done this with foreign book dealers and it works well. You can even spell out the rate as based on the day they sign. I used to have to deal with this on a larger scale when I was working in China with Control Data. There we had to be sure they were going to pay in Dollars because at that time China had an internal two tier currency. FEC which only foriegners were to use and was at a fixed rate of 1:3 to the dollar and only used in special stores. The other was Reme Be, People's Money, which could not be exchanged for anything and not to be used by foriegners. If you got paid in Reme Be, you had to buy something in China you could then export and sell for a hard currency. Some small companies who didn't know how to play the game could make a million but not be able to spend it any where but in China. We also got caught by the Russians on a deal where part of the payment was in kind. A computer company got having to find a market for Russian Shotguns and very fine printed art books in Russian.

The old joy of business in countries before they get MacDonalds.

[lscottpht]

Originally Posted by johnastovall

If you do more of this write the contract where they pay in dollars and they do a wire transfer to your bank and pay the fees. I've done this with foreign book dealers and it works well. You can even spell out the rate as based on the day they sign. I used to have to deal with this on a larger scale when I was working in China with Control Data. There we had to be sure they were going to pay in Dollars because at that time China had an internal two tier currency. FEC which only foriegners were to use and was at a fixed rate of 1:3 to the dollar and only used in special stores. The other was Reme Be, People's Money, which could not be exchanged for anything and not to be used by foriegners. If you got paid in Reme Be, you had to buy something in China you could then export and sell for a hard currency. Some small companies who didn't know how to play the game could make a million but not be able to spend it any where but in China. We also got caught by the Russians on a deal where part of the payment was in kind. A computer company got having to find a market for Russian Shotguns and very fine printed art books in Russian.

The old joy of business in countries before they get MacDonalds.

Actually, I forgot about that. I sold a bunch of images for a book to a Swiss firm and that's what they did...a wire transfer into my account. Also, my Hong Kong agency used to do a wire transfer, but there was a $15 service fee which they forgot to add in the second time. The first time, they paid that. Btw, that is very interesting about the China thing. Thanks so much for this!