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Due to differences in time zones and bank processing delays, the value date for spot trades in foreign currencies is usually set two days after a transaction is agreed on.The value date is the day that the currencies are traded, not the date on which the traders agree to the exchange rate.
Calculation of accrued interest takes into account three key dates – trade date, settlement date, and value date.
However, it could take days until the bank receives the funds from the payor’s bank, assuming the payor and payee have accounts with different financial institutions.
If the payee has access to the funds immediately, the receiving bank runs the risk of recording a negative cash flow.
I am the executor of a deceased relative's estate and a payment for the deceased was recently received from a federal department.
What do I do with the cheque, or with the money deposited directly in the deceased's account? Although all payments to and from the Government of Canada are made in the name of the Receiver General, enquiries regarding taxes and tax payments should be made directly to the Canada Revenue Agency.
The financial institution (bank, credit union, trust company, caisse populaire) in Canada has the right, however, to validate the cheque by faxing a copy to the Cheque Redemption and Control Directorate in Matane, Quebec.