Thanks for the replies.
Quote:
Originally Posted by ken0042
A lot has to do with your standing as a customer. Even with the 10 day hold, if it comes back for some reason 20 days later the bank can still reverse the charges and ask for the money back.
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Standings good, never had issues and done many prior transactions using xe.com with no problems.
Quote:
Originally Posted by BlackArcher101
It's probably because of the extensive number of scams using money orders from overseas.
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That's the only thing I can rationilize it to.
Quote:
Originally Posted by Ice
A money order drawn on a foreign bank is a collection item and it probably will take longer than 10 days for your bank to receive credit for the item. The manager likely looked at your account history and made a judgement call. Sometimes a foreign bank has accounts with banks in other major countries, so there could be a bank in Canada that can pay out for these money orders, in which case, ten days is long enough because the item would no longer have to be sent as a collection item.
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But from my understanding from a friend who works in banking over there is that the Canadian bank that the UK one deals with collects on it more or less right away (next day). He says that as the
order is in $CDN it should be treated the same as an ordinary cheque re. clearing.
He put it like this. If a customer was to walk into his UK bank with a
money order from a Canadian bank in UK pounds to deposit in his account the cheque would clear in 3-4 business days.
Quote:
Originally Posted by Prototype
It's a piece of paper. Even if the bank it was purchased from says it's "guarenteed funds", it's not looked upon that way from the cashing bank. If it's foreign currency, that's a whole different ball game.
Regardless. It will take time. Usually cheque clearing time frame as far as what I'm used to is 5 days for CDN, 30 days for all other currency.
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It's CDN hence why I'm wondering why it's taking >5 days.
So if it's not "guaranteed funds" then what then is the point of
money orders?
Quote:
Originally Posted by GirlySports
Why are you using money orders?
Wouldn't something like Western Union be faster?
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Just returned from Europe. As I said the information I was given over there was that the cheque should be treated like an ordinary cheque re. clearing times as it was in CDN.
Never used Western Union. I like XE rates as you can lock in rates and have never had any issues.
Quote:
Originally Posted by Locke
You didnt happen to have fallen in with any estranged Nigerian Princes did you?
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That's why I want this to clear so quickly. I told the bank they'd be sorry for the inconvenience when the $47M arrives next week.
I still don't get why it's so long and even more so the arbitrary 30-25-20-15 days they were telling me. Even googling says it should be no more than 5.
Quote:
How long does a money order take to clear once it is deposited?
The more practical question is when you can have access to funds you've deposited to your checking account in the form of a money order. If it's a U.S. Postal Service money order, you should get next-business-day access. Otherwise, funds from money orders payable at banks in the local check processing region should be available on the second business day following the day you deposit the money order; those drawn on more distant banks might take five business days for you to access the funds.
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http://www.bankingquestions.com/chec...q_moclear.html
How long for a money order to clear?
expression. Some other person came out from the back, told us they could do it in 25 days. After a lot of toing and froing it went from 20 -> 15 -> 10 days.
