- A Canada Post money order costs $8.50 each and can’t be written for more than $999.99, so bigger payments need several orders or a bank product.
- Bank drafts cost $9.95 at RBC, TD, Scotiabank and CIBC, $9.00 at National Bank and $10 at Tangerine, according to each bank’s fee page.
- To certify a cheque, TD charges $10.00 for its own account holder and Scotiabank charges $15.00.
- FCAC says a deposited cheque of more than $1,500 can be held up to 7 business days in person, and fraud rings use fake cheques in overpayment scams.
Checked October 2026
Three kinds of guaranteed payment
A personal cheque is only a promise. If the account is empty, it bounces. Money orders, bank drafts and certified cheques fix that problem because the money is set aside before the payee ever sees the paper.
- Money order: a prepaid order you buy at a post office or bank. Canada Post sells them over the counter and you don’t need a bank account.
- Bank draft: a cheque drawn on the bank itself. RBC explains that the funds are taken from your account immediately in exchange for the draft, which guarantees them for the recipient.
- Certified cheque: your own cheque, which the bank stamps as guaranteed after holding the amount in your chequing account.
Each one names a payee, so only that person or business can cash it. Canada Post won’t issue a money order without both the sender’s and the payee’s names.
What each bank charges
These are personal-account fees as each bank publishes them. Some packages include free drafts, so check yours before you pay.
| Issuer | Bank draft | Certified cheque | Lost or stolen draft |
|---|---|---|---|
| Canada Post (money order) | $8.50 per money order | Not offered | Refund of an uncashed order after 45 days |
| RBC | $9.95 | Check bank | Replacement or refund; Bond of Indemnity may be needed |
| TD | $9.95 | $10.00 (account holder), $15.00 (anyone else) | $10.00 for Canadian or U.S. dollars |
| BMO | Check bank | Check bank | Check bank |
| Scotiabank | $9.95 | $15.00 (client), $25.00 (non-client) | Check bank |
| CIBC | $9.95 (money orders too) | Check bank | No fee in Canadian dollars |
| National Bank | $9.00 | Check bank | $10.00 in Canadian dollars |
| Desjardins | Check bank | Check bank | Check bank |
| Tangerine | $10 | Check bank | Check bank |
Check bank means the bank’s own fee page didn’t state the fee when we checked. Fees exclude any package that includes drafts.
Packages can wipe out the fee. RBC includes up to 12 drafts a year with the RBC VIP Banking Package and up to 6 with Signature No Limit Banking. TD’s All-Inclusive Banking Plan has no draft fee, Scotiabank’s Ultimate Package includes unlimited drafts, and National Bank’s The Total includes drafts in all currencies. Use our bank fee audit to see whether your chequing account already covers this.
Limits and how long they take to clear
The money order cap is the biggest practical difference. Canada Post won’t write one for more than $999.99, and every extra order carries its own $8.50 fee. You pay with cash or debit only, not a credit card. Bring government photo ID if the total, fees included, is $3,000 or more.
Bank drafts and certified cheques have no published upper limit; you’re limited by what’s in your account. RBC sells drafts in Canadian dollars, pounds and euros, and other banks offer U.S. dollar drafts.
Guaranteed doesn’t mean instant. Scotiabank’s hold policy counts certified cheques and bank drafts as cheques, and CIBC’s does the same for money orders. That means the FCAC maximum hold periods apply when you deposit one.
| Cheque amount | Deposited in person | Deposited another way |
|---|---|---|
| $1,500 or less | 4 business days | 5 business days |
| More than $1,500 | 7 business days | 8 business days |
| First $100 | Immediately | Next business day |
Longer holds can apply to accounts open less than 90 days and cheques endorsed more than once.
Canada Post money orders are simpler for the payee: there’s no fee to cash one at any post office in Canada.
If it’s lost or stolen
You can’t just call and cancel these. RBC says plainly that it can’t cancel or stop a bank draft. Instead, you ask for a replacement or a refund, and the bank may want a Bond of Indemnity first.
- TD charges $10.00 to replace or refund a lost Canadian or U.S. dollar draft, $22.00 for other currencies, and may ask you to buy a surety bond.
- CIBC replaces a Canadian-dollar draft or money order for no fee; other currencies cost $25.00.
- National Bank charges $10.00 for a refund or duplicate of a Canadian-dollar draft.
- Canada Post refunds a destroyed or uncashed money order after 45 days, but keeps the $8.50 fee.
Keep your receipt and the serial number until the payee confirms they’ve cashed it. Without them, a replacement takes longer.
Which one to use
- A small payment and no bank accountA Canada Post money order works for up to $999.99. It’s the only option here that doesn’t need a chequing account.
- A deposit, closing or big purchaseUse a bank draft or a certified cheque. Both cover any amount in your account and cost about the same.
- Ask the payee firstLandlords, lawyers and car dealers often have a preference. Ask which form they take and the exact payee name before you go to the branch.
- Consider electronic optionsFor small personal payments, an Interac e-Transfer is often faster. For pay and government money, set up direct deposit with your void cheque instead.
Certified cheques have one quiet advantage. FCAC notes that banks usually treat a cheque as stale-dated after 6 months, but a certified cheque is an exception.
Spotting fakes and overpayment scams
Because people trust these documents, fraudsters copy them. The Canadian Anti-Fraud Centre describes the classic overpayment scam: a buyer pays more than your asking price and asks you to send back the difference. The cheque later turns out to be fake, and you owe the bank.
Canada Post lists the features of a real postal money order:
- One or two beaver-shaped watermarks when held up to the light.
- Micro printing along the bottom and fluorescent fibres visible under ultraviolet light.
- A barcode that matches the serial number at the top right.
- An amount no higher than $999.99. Watch for altered values, such as $8.00 changed to $800.00.
- Verification only through 1-800-563-0444. Fraudsters may give you a different number.
For a bank draft or certified cheque, call the issuing bank yourself using the number on its website, not one printed on the cheque. Report fraud to the Canadian Anti-Fraud Centre at 1-888-495-8501.
Frequently Asked Questions
Is a bank draft the same as a certified cheque?
No. A bank draft is drawn on the bank’s own funds after it takes the money from your account. A certified cheque is your personal cheque that the bank guarantees by holding the amount. Both are treated as guaranteed funds.
How much is a money order at Canada Post?
Canada Post charges $8.50 per money order, plus any taxes. Each money order can be for up to $999.99, and each extra one carries its own fee.
What’s the maximum for a Canada Post money order?
$999.99 per money order. For more, you buy several, each with its own $8.50 fee, or use a bank draft instead.
How much does a bank draft cost in Canada?
RBC, TD, Scotiabank and CIBC each list $9.95, National Bank lists $9.00 and Tangerine lists $10. Some packages include free drafts.
Can I pay for a money order with a credit card?
Not at Canada Post. It accepts cash and debit only.
Do bank drafts clear immediately?
Not always. Banks such as Scotiabank treat bank drafts and certified cheques as cheques under their hold policy, so the FCAC maximum holds of 4 to 8 business days can apply.
Can I cancel a bank draft?
RBC says it can’t cancel or stop a bank draft. If one is lost or stolen, you request a replacement or refund, and the bank may require a bond of indemnity.
What happens if I lose a Canada Post money order?
Canada Post refunds destroyed or uncashed money orders after 45 days. The $8.50 fee isn’t refunded.
Does a certified cheque expire?
FCAC says banks usually treat cheques as stale-dated after 6 months, but certified cheques are an exception. Ask the issuing bank if you’re holding an old one.
How can I tell if a money order is fake?
Check for the beaver watermark, micro printing and a barcode that matches the serial number, and confirm the amount is no more than $999.99. Verify it only through Canada Post at 1-800-563-0444.
Try this next
Sources, checked October 2026
- Canada Post: Purchasing a money order canadapost-postescanada.ca
- Canada Post: Send money orders from the post office canadapost-postescanada.ca
- Canada Post: How to spot a counterfeit money order canadapost-postescanada.ca
- RBC: Bank Draft rbcroyalbank.com
- RBC: Additional Account Services rbcroyalbank.com
- TD: About Our Accounts and Related Services (513796) td.com
- Scotiabank: Day-to-Day Banking Companion Booklet, September 2026 scotiabank.com
- CIBC: Banking Fees and Service Charges cibc.com
- National Bank: Fee Guide for Personal Banking Solutions, February 15, 2026 nbc.ca
- Tangerine: Chequing Account tangerine.ca
- FCAC: Cashing a cheque canada.ca
- FCAC: Paying by cheque canada.ca
- Canadian Anti-Fraud Centre: Merchandise fraud antifraudcentre-centreantifraude.ca
- Canadian Anti-Fraud Centre: Bulletin on payment methods antifraudcentre-centreantifraude.ca
General information for Canadians, not financial, tax or legal advice. Rules and menus change, so confirm details with your bank, lender or the Government of Canada. See our methodology.