Cashing Foreign Checks or Third Party Cheques
Third party and foreign cheques can be a bit trickier to cash and the alternatives listed above don’t always apply. A third party cheque is when someone signs a cheque that they’ve been given and asks you to cash it for them.
Cashing a third party cheque can cause you a lot of trouble if it turns out to be a bad cheque, or if it has a stop payment on it. Your bank will want you to pay the money back. That is why cheque cashing centres or payday loan stores will cash these types of cheques, but with higher fees.
A foreign check is a check drawn on a financial institution in another country, like in the USA. A bank or check cashing mart charges you more money for a foreign check because they cannot verify if the check is good or not before giving you the money.
For foreign and third party cheques it’s best to deal with your bank so that you can avoid extra or high fees.