Due to changes in the US correspondent bank clearing regulations, since April 28, 2014 we were not able to purchase USD bank drafts. We are pleased to inform our clients that we have worked out a temporary solution to this issue, and commencing May 12, 2014, we can now, again, purchase USD bank drafts with the following stipulations:
- Draft must be from a major Canadian bank.
- Draft cannot exceed $75,000 USD.
- Draft must be payable to Calforex and dated the business day you wish to visit our branch.
As an alternative to USD bank draft transactions, Calforex will continue to accept incoming USD wire transactions, allowing our customers to continue taking advantage of the excellent rates they have come to expect when exchanging USD to CAD with Calforex. Incoming USD wires sent to Calforex from within North America can generally be accessed and converted to Canadian in 1 to 2 business days.
When performing a wire transfer to Calforex, please confirm the details with one of our branches. Our friendly and knowledgeable staff will be happy to assist you and to answer any questions you may have, in order to make your transition to incoming wires as effortless as possible. Calforex will then forward you the proper wire details, and advise you upon successful receipt of your transfer.