Foreign Payments - Frequently Asked Questions

Since 2004, Old Age Security (OAS) and Canada Pension Plan (CPP) pensioners are receiving their cheques in the currency of the country where they live.

What are the advantages of receiving my OAS/CPP payments in my local currency?

It saves money for OAS/CPP recipients, since their payments will be in the currency of the country where they live, so they should get a better exchange rate. They may also see lower banking fees for cashing their cheques.

How do I know if I am eligible to receive my payments in my local currency?

Check the list of countries to see if you are eligible to receive your OAS and/or CPP payments in the local currency of your country of residence.

I live in a country where I could receive my payments in the local currency and I am still receiving them Canadian dollars. Why?

If you presently have your benefits delivered to a Canadian address, your payments will continue to be issued in Canadian dollars. If you wish to receive your benefit(s) in your local currency, you will have to contact us to change your cheque delivery address to the country in where you live.

If you are receiving your payments in the country where you live, contact us so that we can investigate the problem.

I received my cheque and it is in the wrong currency for this country. What should I do?

Please contact us and we will investigate.

I live in a country where I cannot receive payments in the local currency. How can I get my benefit(s) in my local currency?

Presently, the Receiver General of Canada can only offer your benefit(s) in Canadian currency.

Can I receive my benefit(s) in Canadian currency or another foreign currency?

No. Overwhelmingly, Canadians living abroad have asked the Government of Canada to provide cheques in the local currency of their country of residence. The benefits of this option include lower administrative fees and better rates of exchange.

Why is the amount on my cheque stub different than the amount on my cheque?

The amount on the cheque stub reflects the Canadian dollar value of the CPP payment before it was converted to your local currency. The amount on the cheque itself is the amount in foreign currency which you will receive when you cash the cheque. The amount shown on the stub is in Canadian dollars and is the amount that will be reflected in the Taxation slip you will receive for the year.

Why is my payment amount different each month?

Bank of America purchases the foreign currency only when they receive the payment instructions from the Government of Canada. Therefore, daily currency market fluctuations may cause your cheque amount to differ each month, even though your entitlement amount in Canadian dollars has not changed.

How can I find out the exchange rate used for my payments?

You can contact us to find out the exchange rate used when your payment was issued.

Can I receive this amount via direct deposit to my local bank?

Direct Deposit for OAS and CPP payments is becoming available in a growing number of countries. Refer to the list of countries to see if foreign direct deposit service is available in the country where you wish to receive your payments.

I will be moving back to Canada or to another country that uses a different currency. How do I ensure that I receive my future cheques in the correct currency?

OAS and CPP cheques are issued in the currency of the country where your cheques are being mailed. Once your address has been changed, future payments will automatically be in the currency of your new country if it is a country supported by the Bank of America conversion service. To change your address, please refer to the Changing your Address life event section.

If you are currently living in Canada or in the USA and are changing to another address within Canada or the USA, address changes are usually effective the month after we receive your request. Address changes from and to all other countries can take up-to an additional month to process.