Cashing a Canadian Postal money order in the US

Old 08-17-2010, 07:52 PM
  #1  
markdunlap
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Default Cashing a Canadian Postal money order in the US

I sold some parts to a guy in Canada. I specified a UNITED STATES POSTAL SERVICE money order as only payment I would take in the ad on RJ . We discussed this and I specified that in every written correspondance.

What I received is a Canadian Postal Service money order.

This is a question, not a claim of any problem. Has anyone had experience with this?

I think I need to cash this before sending parts.
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Old 08-18-2010, 04:19 AM
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bjuice
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I sold a 63 vette to a canadian a few years back for a larger amount of Money. He paid me with a Canadian Check but i had verified with the bank in Montreal the funds where there and were secured with a cashiers check i had in hand. They did go thru a process of changing the money to the american Bank ( mine)

Not saying ALL Canadian Buyers are Great...cause you got thiefs everywhere.....but my Experience with my Canadian Buyer was AWESOME !

We sat at my Kitchen table and drank Coffee for the longest time.



Just call the bank the check is drawn off of and Verify..just make sure you press the prompt buttons that speak english instead of French....lol
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Old 08-18-2010, 03:13 PM
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markdunlap
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Default Cashing a Canadian money order

Just thought I would update. My bank has refused to cash the money order even though they researched it for an hour today and believe it to be OK.

They will allow me to deposit it but want to hold it until it is processed, a minimum of 1 week. In addition they can with draw that amount from my account any time in the future if it comes back for any reason, possibly up to a year.

It is a Canadian Postal money order and it is in US dollars, so there is no problem with Canadian money being worth less, but it is still taking a chance if I do this that I do not need to take.

I feel sorry for the buyer, as I believe he is a good honest guy, but not enough to send parts that far without a guarentee of payment.

Anybody else got any ideas?
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Old 08-18-2010, 04:18 PM
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Scooterz
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Being that you are potentially liable for up to a year, I would convert this transaction to a wire transfer. Then verify the receipt of funds, & the deal is done. I do wire transfers for my overseas buisness & they are about 2 to 4 days. They work great for both sides. JMO. Scoot
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Old 08-18-2010, 04:40 PM
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mopar1968
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My bank did the samething refused to cash a out of country Money Order, had to send back and get cash :!: :!: I just bought a Dash pad for a challenger i am restoring, The part is from United kingdom so i sent a wire transfer via western union :!: So far all good :!:
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Old 08-20-2010, 12:11 PM
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dak697
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I think, if you were to call the guy and tell him, you have to send the money order back. Your Bank has issues with it and for "Peace of mind" you are sending the money order back.

I am Canadian and have bought stuff in the US using both Canadian and US money orders, never had an issue but I can get to a US Post Office in about 30 imnutes from my home.

Call the guy, at the very worst, he is not happy but gets his money back and you are not out parts and have no money to show for it

Good luck
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Old 08-20-2010, 02:41 PM
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TopspeedLowet
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Default No big deal,

Go to the post office and cash it............... That is why I like the US postal money orders. Your post office will cash it if they have the cash on hand. Sometimes I have to come back so they can get more stamp money saved up, but that is the method of cashing a U.S. or Canadian postal money order. Truth in advertising, no wait to clear, no BS, clears right on the spot, Canadian or US Postal are treated the same.
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Old 09-16-2010, 03:23 PM
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I am Canadian and I have bought and sold a ton of parts across the border using only Canadian postal money orders in US funds which we have to pay for in full at the going exchange rate at our Government run postal service so if your Banks have an issue it's because they haven't got the info on them they are as good as cash and all banks will not release the funds until it clears, so just wait until you have the money clear and send the parts you have no worries and as far as being held accountable for the funds up to a year i doubt it as there is no reversing or canceling a money order. Have some faith you will be ok if it is a certified money order
Simon
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Old 09-16-2010, 03:25 PM
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Sorry i didn't read the updated post
Simon
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Old 09-16-2010, 05:19 PM
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markdunlap
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Default Cashing a

I took it to my post office and cashed it and sent the man his parts.
Done deal and thanks for the help.
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