Exchange Rate Question
 

If taking a payment from Canada how does the Exchange rate work out in a private transaction. If I take a check for $10,000 from a Canadian bank and deposit into my US account do I get $10,000 in my account or does the check need to be made out for more than 10,000 to make up for the exchange rate ?

If you take 10k CN you get $9,564 US

To get 10k US you need to get paid 10,455 CN

That's today.

Tomorrow may be different.

But probably only by pennies.

Bloomberg.com: Benchmark Currency Rates

It was like .93 to the dollar this morning!

Regardless of the exchange rate - you had better be careful with any check. Make sure money is on hand before you sign over any title or turn over any car.

Request payment in $USD.............buyer worries about the exchange. He buys a USD Bank Draft at the bank or does Eletronic Transfer in US funds. This is how I have purchased in the US before................not an issue we have plenty of Greenbacks in Canadian Banks.

Ask for a 10K US$ draft or wire payment - then there are no worries about exchange rates.
I'm in Canada and pay with US$ all the time.
AM

If you deposit a check be prepared for your bank to hold it up to six weeks and charge fee's up to $100.00 It all depends on the bank and your relationship with them.

Steve

There are buy and sell rates. Need to check the bank. Rates change every day and find out if there are any handling fees. But this is the buyer's problem. You want USD.

I would only take a bank check, money order, certified, wired, etc. not a personal check. Need to make sure the money is there.

Thank's Everyone