Foreign Currency and Checks | Office of the Washington State Treasurer (2024)

Agencies are discouraged from accepting foreign currency and checks. Processing fees, which can be levied by multiple participants in the exchange process, are deducted from the proceeds and born by the depositing agency. Best practice is to request payment by Wire Transfer in US Dollars.

Foreign coin is not accepted for deposit, including Canadian $1.00 and $2.00 coins.

Canadian Currency

U.S. Bank does not accept Canadian paper $1.00 and $2.00 bills or any denomination of coin.

1. Deposit Canadian currency separately from your regular deposit
2. Deposit must be at least $20 in US dollar value to be accepted
3. Take the deposit to the branch with a blank, preprinted deposit slip and carbons
4. The teller will obtain the current exchange rate and provide the US dollar deposit amount
5. Complete the deposit slip
6. Email a copy of the completed deposit slip to A8@tre.wa.gov by 3:00 on the day of deposit

Agencies Depositing Canadian Currency at a Cash Vault

Most cash vaults process foreign currency deposits once per week. Delayed settlement is to be expected.

Follow the above instructions with the following exceptions:

1. Include a blank deposit ticket in the deposit bag
2. Email Recon@tre.wa.gov with the Canadian currency amount, deposit date and bag number.
3. OST will create a deposit adjustment A8 when the deposit has been processed.

Canadian Checks

Canadian Checks must be taken to a branch for deposit, even those in US funds. They are not eligible for deposit with On-Site Electronic Deposit (OED) or Image Cash Letter (ICL).

Determine if the check is in US or Canadian funds. Generally USD or US Dollars will appear on the face of the check if it is US funds. Checks in US funds can be included with your regular deposit.

Checks in Canadian Funds

1. Deposit checks in Canadian funds separately from your regular deposit.
2. The deposit ticket should list the item(s) at face value. The bank will accept the deposit at face value and send it for further processing by the foreign exchange (FX) department.
3. Email a copy of the completed deposit slip to A8@tre.wa.gov and copy Recon@tre.wa.govby 3:00 on the day of deposit.Note in the body of the email the deposit was for a Canadian check.
4. Process a Cash Receipt (A8) for amount of the deposit at face value.
5. The FX department will issue an adjustment for the difference between the face value and exchanged value and notify OST.OST will prepare an adjustment Cash Receipt (A8) and send a copy to the agency accompanied by the adjustment advice and check copy.

Other Foreign Checks and/or Currency

Not all foreign currencies are accepted by the bank for deposit. Accepted currencies changes frequently and deposit instructions vary from country to country. Contact the Cash Flow Desk via email prior to accepting foreign checks or currency to confirm it will be accepted for deposit. If it is one that is accepted, OST will work with you and the bank to determine the most efficient and cost effective way to process your deposit.