Doug raises an interesting question. He is being charged $45 dollars for each Canadian$ cheque he clears. Now, of course, the cost of clearing those cheques (thanks to modern technology) approaches zero. So someone is ripping him (and many others of us) off. Why? And why do we accept it. What stops an independent (as suggested, I think by Maggie), from setting up shop in Canada, accepting those canadian cheques, converting them to international bank draughts or money orders -- if I remember right at approx 5$ max -- and transmitting them to the US. Have the monopoly banks become so powerful that they can prevent absolutely the market, imperfect as it is, from working even in a most primitive matter. In short, is there really a market in international money or have 'tansaction cost' completely destroyed the market except for the multi-big players? Paul Phillips, Economics, University of Manitoba