How Much Does Money Mart Charge to Cash a Cheque?

November 01, 2024

How Much Does Money Mart Charge to Cash a Cheque?

Updated February 2026

If you need cash quickly and don’t want to wait for a cheque to clear at a bank, cheque cashing services like Money Mart can feel like a convenient solution. Money Mart has locations across Canada and offers same-day access to funds for certain types of cheques.

However, this convenience comes with fees that can significantly reduce the amount you take home — especially if you cash cheques regularly.

Below, we’ll explain how Money Mart cheque cashing works, what fees you can expect, how much you’ll actually receive after fees, and what alternatives may cost less.

Key Highlights

• Money Mart offers cheque cashing for payroll, government, and other eligible cheques.
• Cheque cashing fees are typically charged as a percentage of the cheque amount, sometimes with minimum fees.
• Costs may vary depending on location, cheque type, and verification requirements.
• If you cash cheques frequently, fees can add up to hundreds of dollars per year.
• Bank cheque deposits, direct deposit, and prepaid accounts may be cheaper alternatives.

How Does Money Mart Cheque Cashing Work?

Money Mart is a Canadian financial services provider offering cheque cashing, payday loans, money transfers, and other services. If you bring a cheque into a Money Mart location, they may cash it on the spot (if it meets eligibility requirements).

Here’s the general process:

• Bring your cheque into a Money Mart location
• Provide valid government-issued identification
• Money Mart verifies the cheque and issuer
• You receive cash (minus the cheque cashing fee)

Approval is not guaranteed, and Money Mart may refuse certain cheques depending on risk, amount, or verification issues.

How Much Does Money Mart Charge to Cash a Cheque?

Money Mart’s cheque cashing fees are usually charged as a percentage of the cheque amount, and the rate can vary based on your province, the cheque type, and the location.

In most cases, customers report that Money Mart cheque cashing fees are commonly in the range of:

• 2% to 3% of the cheque amount
• Plus a minimum service fee on smaller cheques (varies by branch)

Important: Fee structures can change, and some cheque types may require extra verification. Always confirm the total fee at your local Money Mart branch before accepting the transaction.

Example: Money Mart Cheque Cashing Fee Breakdown

To understand the true cost, here are examples based on common fee ranges:

Cheque Amount	Fee at 2%	Fee at 3%	Cash You Receive (Approx.)
$500	$10	$15	$485 – $490
$1,000	$20	$30	$970 – $980
$2,500	$50	$75	$2,425 – $2,450
$5,000	$100	$150	$4,850 – $4,900

If you cash cheques regularly, these fees can become expensive over time — even if the percentage seems small.

Does Money Mart Charge Different Fees for Different Cheques?

Yes — the fee you pay may depend on the type of cheque you bring in.

Cheque types Money Mart may accept include:

• Payroll cheques
• Government cheques (such as benefit cheques)
• Insurance settlement cheques
• Some personal cheques (subject to approval)

Some cheques may come with additional restrictions or verification delays, especially if they are:

• Large dollar amounts
• Issued by an unfamiliar business
• Foreign cheques or out-of-country cheques
• Third-party cheques (signed over from someone else)

These types may be refused or cost more to cash due to fraud prevention checks.

Is Money Mart Cheque Cashing Worth It?

Money Mart can be useful if you need money immediately, but the service is often more expensive than depositing a cheque through a bank account.

Money Mart cheque cashing may be worth it if:

• You need emergency cash right away
• You don’t have a bank account
• You cannot wait for a cheque hold period to clear

It may not be worth it if:

• You cash cheques frequently (fees add up quickly)
• You have access to mobile banking deposit
• You can wait 1–5 business days for clearance

How Much Can Money Mart Cheque Cashing Cost Over a Year?

This is where many Canadians get surprised.

If you cash a $1,500 cheque twice per month and pay 3% each time:

• $1,500 x 3% = $45 fee per cheque
• $45 x 24 cheques per year = $1,080 per year in fees

That’s money that could have gone toward savings, rent, groceries, or paying down debt.

Cheaper Alternatives to Cashing a Cheque at Money Mart

1. Deposit the Cheque Through Your Bank

Most Canadian banks allow you to deposit cheques through an ATM, mobile app, or teller. You may face a hold period, but you typically avoid paying a percentage-based fee.

2. Set Up Direct Deposit

If your employer or benefits provider offers direct deposit, this is usually the cheapest and fastest long-term option.

3. Use a No-Fee or Low-Fee Online Bank Account

Some digital banks offer free chequing accounts, which can be a good alternative if you don’t want traditional banking fees.

4. Use a Prepaid Debit Card With Deposit Features

Some prepaid cards allow payroll deposits and bill payments without requiring a standard bank account.

5. Consider a Short-Term Personal Loan (If It’s a Cash Flow Emergency)

If you’re facing a one-time financial emergency, a small personal loan may sometimes be less expensive than repeated cheque cashing fees — depending on the lender and repayment term.

If you want to compare flexible borrowing options, you can explore personal loans in Canada through FatCat Loans.

Tips to Reduce Cheque Cashing Costs

• Ask about the total fee upfront before agreeing to cash the cheque.
• Avoid cashing cheques frequently if possible — batch deposits into a bank account.
• Consider switching to direct deposit for payroll or benefits.
• Build a small emergency fund so you don’t need instant cash services as often.

Frequently Asked Questions

How much does Money Mart charge to cash a cheque in Canada?

Fees typically range from 2% to 3% of the cheque amount, depending on location and cheque type. Some branches may also apply minimum service fees.

Does Money Mart cash government cheques?

Money Mart may cash certain government cheques, depending on verification rules and local branch policies. Always bring valid ID.

Can Money Mart refuse to cash a cheque?

Yes. Cheques may be refused due to fraud concerns, cheque type restrictions, or verification issues.

Is it cheaper to cash a cheque at a bank?

In most cases, yes. Banks usually charge lower fees (or no fees) for deposits, though they may place a temporary hold on funds.

Is Money Mart cheque cashing safe?

Money Mart is a well-known provider in Canada, but customers should still review fee disclosures carefully before proceeding.

Conclusion

Money Mart cheque cashing can provide quick access to funds when you need cash immediately — but the fees can be expensive, especially if you use the service often.

Before cashing a cheque, consider cheaper options like depositing through your bank, setting up direct deposit, or using a low-fee banking alternative.

If you’re dealing with a cash flow gap and need financial flexibility, you can also compare personal loan options in Canada through FatCat Loans.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Fees and policies may vary by location and can change over time. Always confirm rates directly with Money Mart before cashing a cheque.