Cashing in a cheque is made easy thanks to modern-day technologies like online banking apps. Now, instead of having to drive all the way to your bank’s local branch, you can simply upload a picture of your cheque and have the money go directly into your bank account. While banking apps are a great way to deposit cheques, accessing the money from a cheque is more difficult if you do not have a bank account. Whether it’s because of personal preferences, lack of access to banking services, or simply a desire to avoid fees, many people find themselves needing to cash a cheque without a traditional bank account. Learn how you can cash in a cheque without having to open a bank account of your own.
Options for cashing in cheques without a bank account
If you need to access money from a cheque without a bank account, there are several options available for you to convert your cheques into usable funds. Here are four methods you can try:
1. Visit a cheque-cashing service
Cheque-cashing stores are businesses that specialize in converting cheques into cash. These establishments typically charge a fee, which can vary based on factors such as the amount of the cheque and where the store is located. Cheque-cashing services and kiosks exist all over Canada, making it easy to find a location near you and exchange a cheque for cash on the spot. However, since these businesses typically charge fees, it’s important to compare rates and read reviews to ensure that you’re using a reputable establishment.
Visit the Western Union Website
2. Check your nearest retailer or grocery store
Cheque-cashing store fees can add up, especially if you are depositing cheques on a regular basis. Many large retail chains and supermarkets offer cheque-cashing services to their customers, and they often come with lower fees compared to dedicated cheque-cashing stores. Visit your nearest retail or grocery store to see how their rates compare to a cheque cashing service.
3. Use a prepaid debit card
Prepaid debit cards can be easily purchased at most retail stores and do not require a bank account to use. You can endorse your cheque and use the card’s mobile app to deposit the funds onto the card. Once the funds are loaded, you can use the prepaid debit card for purchases, online transactions, and even cash withdrawals from ATMs. While this method is convenient, it may come with associated fees, such as card activation fees and ATM withdrawal charges.
Western Union is a great option for sending or receiving cheques as well. You can find an agent location near you to get your cash on hand, or go the digital route by downloading the app. Make domestic and international money transfers along with money withdrawals and know where your money is at all times by tracking your transfers.
