When you fill out an International FexEx waybill, you are doing so for a couple of purposes. One is for shipping charge/insurance purposes, and another is for customs purposes.
For shipping charge/insurance purposes, the relevant question is what it could cost to replace the check if the plane blew up en route (in practice, liability from the carrier is often limited to a refund of your shipping fees, but you could still use the waybill to make a claim against your own personal casualty loss insurer such as a company comprehensive general liability (CGL) policy).
Generally speaking, this would be nominal, but if the check is a cashier's check or certified check payable to a particular person - which can be stopped by the bank in circumstances like that although it is a pain to do and generally only allowed in cases like a probably destruction en route or case of fraud or theft, there is a more than nominal value. The value is arguably the cost you paid to have the check issued or the replacement check fee of the bank, although given the regulations discussed below, at least in the Canadian case, it looks like you wouldn't have to declare it at all because it wouldn't count as a "monetary instrument."
If the check or monetary instrument were in bearer form (e.g. it was endorsed in blank which means with the signature of the payee on the back with no further language, rather than endorsed "pay to . . . "), the value would probably be the face value of the check.
I would think that the same reasoning should apply for customs purposes - since logically, a check is just an instruction to a bank to transfer money, but the money doesn't actually move from one account to the other until the check is presented to the bank of the party issuing the check. But, I am not confident that this is true in general. The last time I went to Mexico, there were detailed instructions on the customers form regarding how to declare currency and financial instruments both on the Mexican form on the trip there, and on the US form on the way back.
There are instructions on the FedEx package or their website as well. But, they aren't very helpful in your case (a similar form is explained here):
WT/VAL (PPD or COLL); Other (PPD or COLL) Indicate whether weight, valuation and all other charges incurred at the origin are wholly
prepaid or wholly collect by placing these amounts in the appropriate
boxes. Weight and valuation charges must be paid in the same way (one
cannot be prepaid and the other collect).
Declared Value for Carriage/Declared Value for Customs You must provide a Declared Value for Carriage on the air waybill. Enter a
specific amount or NVD (no value declared). For Declared Value for
Customs, enter the selling price or fair market value — even if not
sold or for resale — of your shipment contents. If you’re not
declaring a customs value, enter NCV (no commercial value). The
Declared Value for Carriage cannot exceed the Declared Value for
Customs.
The Canadian government also has a website that describes how money should be declared when you cross the border.
Travelling with CAN$10,000 or more
There are no restrictions on the amount of money you can bring into or
take out of Canada, nor is it illegal to do so.
However, any time you cross the border, you must declare any currency
or monetary instruments you have in your possession that are valued at
CAN$10,000 or more. The CAN$10,000 can be any combination of Canadian
or foreign currency and monetary instruments, such as stocks, bonds,
bank drafts, cheques and traveller's cheques. This requirement applies
to you whether you are travelling on business, pleasure or if you are
carrying money on behalf of someone else.
When you arrive in Canada with currency or monetary instruments valued
at CAN$10,000 or more in your possession, you must report it on Form
E311, the CBSA Declaration Card (if one was provided to you), on an
Automated Border Clearance or NEXUS kiosk or in the verbal declaration
made to a border services officer.
When leaving Canada by air with currency or monetary instruments
valued at CAN$10,000 or more in your possession, you must report to
the CBSA office within the airport before clearing security. Prior to
leaving Canada by land, boat or rail, report to the CBSA office
nearest your location.
Consult Travelling with CAN$10,000 or more.
Following the link leads you to the following guidance:
Travelling with CAN$10,000 or more
Anytime you cross the border, you must declare any currency or
monetary instruments you have valued at Can$10,000 or more. This
amount includes Canadian or foreign currency or a combination of both.
Monetary instruments include, but are not limited to, stocks, bonds, bank drafts, cheques and traveller's cheques. There are no
restrictions on the amount of money you can bring into or take out of
Canada, nor is it illegal to do so.
Does this apply to you?
This applies to all travellers, couriers and if you are carrying money
on behalf of someone else.
Entering Canada
When you arrive in Canada with Can$10,000 or more in your possession,
you must report it on the CBSA Declaration Card (if one was provided
to you), or in the verbal declaration made to a border services
officer.
Leaving Canada
When departing Canada by air with Can$10,000 or more in your
possession, you must report to the CBSA office within the airport,
before clearing security. Prior to departing by land, boat, or rail,
report to the CBSA office nearest your location.
Reporting in person
If you are entering or leaving Canada, you have to complete
Cross-Border Currency or Monetary Instruments Report – Individual
(Form E677). If the currency or monetary instruments you are reporting
are not your own, you will be required to complete Cross-Border
Currency or Monetary Instruments Report – General (Form E667). Hand
the form to a border services officer at the nearest CBSA office that
is open at the time you are travelling.
Reporting by mail
If you are sending currency or monetary instruments to or from Canada
by mail, attach a Canada Post Customs Declaration form (CN23), which
is available at your nearest postal office, to the parcel and include
a completed Form E667 currency report inside your package. When
exporting currency and monetary instruments, you must also submit a
copy of the completed Form E667 to the nearest CBSA office. This can
be submitted at the same time as or before mailing the package.
Additional postal requirements may exist. Contact Canada Post for more
information.
Reporting by courier
If you are sending currency or monetary instruments to or from Canada
by courier, the person in charge of the conveyance or the courier must
complete Cross-Border Currency or Monetary Instruments Report made by
Person in charge of conveyance (Form E668), and attach it to the
Cross-Border Currency or Monetary Instruments Report – General (Form
E667), which you, the importer or exporter, must complete and provide
to the courier. Both forms must be submitted to a CBSA office.
Failure to report
The CBSA has the authority to seize all currency and monetary
instruments if the entire value is not reported. They may be returned
after a penalty is paid. Penalties range from Can$250 to Can$5,000.
The CBSA will not return the funds if it is suspected they are the
proceeds of crime or funds for financing terrorist activities. You can
choose to file a review for items that have been seized.
What happens to the information provided to the CBSA? The completed
forms are sent to the Financial Transactions and Reports Analysis
Centre of Canada (FINTRAC) for assessment and analysis. The
information provided on the currency reporting forms is subject to the
Privacy Act and is collected under the authority of the Proceeds of
Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
Contact the CBSA or FINTRAC for more information or contact the Border
Information Service by telephone.
Why do I need to report currency when crossing the border? To help
fight money laundering and terrorist financing, the Government of
Canada introduced the PCMLTFA in 2001.
The CBSA is responsible for administering and enforcing Part 2 of the
PCMLTFA to help the Government of Canada to:
Detect and deter money laundering and terrorist financing activities;
Facilitate the investigation and prosecution of related offences;
Respond to the threat posed by organized crime; and
Fulfill international commitments to fight transnational crime.
If you click through the links related to couriers (which FedEx would be) you finally get some relevant definitions:
Definitions
"Currency" means current coins and bank notes issued by the Bank of
Canada and coins and banks notes in the currency of countries other
than Canada.
"Monetary Instruments" means (a) securities, including stocks, bonds,
debentures and treasury bills, in bearer form or in such other form as
title to them passes upon delivery; and (b) negotiable instruments in
bearer form, including banker's drafts, cheques, traveller's cheques
and money orders, other than
(i) warehouse receipts or bills of lading, and
(ii) negotiable instruments that bear restrictive endorsements or a
stamp for the purposes of clearing or are made payable to a named
person and have not been endorsed.
"Courier" means a commercial carrier that is engaged in the scheduled
international transportation of shipments of goods other than goods
imported as mail.
Thus, as suggested above, a check endorsed in blank counts as a monetary instrument, but a check that has not been endorsed and is payable to a named person, or a check that has a restrictive "pay to . . . " endorsement does not count as a monetary instrument and need not be declared.
