Canadian Dividend Cheque

A long time ago I worked for the overseas branch of Lloyds Bank in Southampton.

What banks used to do was send the cheques to us, we would then send them to a foreign bank, with whom we had an account. They would credit our account and we credit the branch.

It was called collection, ask if there is a foreign clerk at the TSB, because it's their job.

They don't cash it, it takes about two weeks for the funds to clear depending on postage.

I'm with the TSB and they are crap.

It used to be that you could sign a cheque over to someone else on the back of it. Maybe that's still possible. Then she could deposit it to her account and then give you the money. You just write: "Payable to (name)" and sign it. Ask your bank how to do it. Nowadays everything is direct deposited - don't know why yours wasn't.

Not with foreign cheques, they need to be sent to the country that issued them.

That was my thought, too, but apparently the bank cashed the wife's cheque, which was also foreign.

My other suggestion is to have someone in Canada deposit it and transfer the money.

There should be a bank over here who can collect it for him.

Yeah, you're right. There are Canadian banks throughout the world. He'd just need to take it in with his passport, open an account and deposit it.

Even without. It was a long time ago that I worked there, but most major banks have accounts with overseas banks.

They're known as correspondent banks.

Let's say you send me a cheque for x canadian and I deposit it in my bank.

They would then send the cheque to their correspondent bank in Canada who would process it in the normal way and credit the account with x canadian.

When that goes through my bank then converts it into sterling and credits my account.

Well at least that's how it used to work.