I use PayPal to receive payment from sponsors on this website and small coding projects for clients. Almost all the payments are received in US dollars but transferring funds into your Canadian-based US dollar account from PayPal is not easy. Exchanging US funds into Canadian dollars in PayPal is not ideal because PayPal charges a steep currency conversion fee of 2.5%. If you have a RBC US Dollar account, here’s how you can transfer US dollar funds from your PayPal account into your chequing account (it took me a few iterations to get it right):

  1. Log into PayPal and click on My Account, then Withdraw followed by Transfer funds to your bank account. In the Withdraw Funds by Electronic Transfer page click on Add Bank Account.
  2. In the Add a Bank Account page, select “United States” as Country and type in “Royal Bank of Canada” as the Bank Name.
  3. Enter the 9-digit routing number exactly as suggested by the graphic. Royal Bank’s routing number is “026004093”.
  4. Since the trick is to get the account number correct, ignore the example suggested by the graphic. Instead, enter the five-digit transit number of your account followed by your actual account number. You can also get the exact sequence of numbers (transit number followed by account number) from your monthly statement or online.
  5. Re-enter the account number and click Continue. Wait for PayPal to make two small deposits into your bank account and then confirm that you have added the bank account successfully in PayPal by entering how much was deposited.
  6. Once confirmed, your US-dollar account will show up in the To field in the Withdraw Funds page and you should be able to transfer funds in US dollars into your USD chequing account.

I am not sure if this method would work for US dollar accounts held at other financial institutions. If you’ve successfully transferred US dollar funds to and from PayPal, I would love to hear from you.

This article has 251 comments

  1. I get payments through paypal in $US a fari bit as well. I’ve been using my TD Banknorth account and then I transfer to my TD Canadian $ account. I haven’t any problems to date.

    The best part is that the money gets to me much quicker than a transfer to a Canadian bank (and the fees are significantly lower).

    • paypalebayisascam

      Paypal and Ebay are fast loosing customers , ( Paypal being owend by greedy underhanded ebay)

      I am now looking for other services to use , With pay not your pal being able to take money from you bank account with out your permission to pay greedy Scambay , More and more people are leaving Scambay closing their “Pay not your Pal” Accounts so they cant steal money from you on scambays behalf

      Sellers are now leaving Scambay and selling elts where ,with Scambays high fees

      It use to be anyone could make a good living on Scambay selling stuff they dont want , then Scambay got greedy .

      Scambay took a 52% cut of what I sold one item for and a month later they sent me another bill for 6.50 ( it was an item I sold for $40) as a seller fee for selling the item ,,, thats a total of 58% of what the product was , Paypal and Ebay are done .

  2. I get payments through paypal in $US a farir bit as well. I’ve been using my TD Banknorth account and then I transfer to my TD Canadian $ account. I haven’t any problems to date.

    The best part is that the money gets to me much quicker than a transfer to a Canadian bank (and the fees are significantly lower).

  3. Sorry for the double post. I tried to fix “fair” and made it worse. :(

  4. Apparently it only works on withdrawals from PP to RBC accounts, and not deposits. There’s a few forums sites around online that detail the challenges in getting US Funds in and out of PayPal without have to accept their ridiculous exchange rates.

  5. Canadian Capitalist

    Jon: Thanks for the clarification. I wish I had found the forum sites. I took me a while to figure out how to get money out and PayPal customer support is next to useless.

  6. Jon,

    Can you point me towards some of these forums?

    Thanks

  7. Hey CC,

    Do you have the RBC Centura account or the US Personal account?

    Or are they one in the same?

  8. I just tried making a deposit from my TD Banknorth account the PP. I’ll let you know how it works out.

  9. Average Joe,

    The RBC Centura account is essentially a US account, at a US bank (although it’s affiliated with RBC). The Centura account is a US account, while the US Personal account from RBC is just a Canadian account in US funds. With the Centura account, you can make bill payments to US institutions, but you won’t be able to do that with the Personal account.

    I hope that helped. I use both of these!

  10. TD has stopped offering “true” US accounts (aka Banknorth), so all you get is USD account, held in canadian TD Bank

    RBC Centura is true US account yes, and I believe you can get one from HSBC as well

    I don’t have that much USD in my PP, if I do, I can either just buy stuff from eBay in USD, or find people to exchange it, or worst case let PP exchange it (2.5% is pretty minor UNLESS you have LOTS of USD)

  11. I don’t know for sure it this would work, but this is my idea

    If you have US funds in paypal, transfer it to a US bank account, then transfer that to alartpay.com (i have used them in the past) then convert it to CAD (in alertpay FAQ look up Multi Currency on how to enable it), then transfer the CAD to your canadian bank account.

    so it would be like this

    USD Paypal > USD bank > alertpay > CAD bank

    now for fees, there current USD to CAD exchange rate is
    1 USD= $1.0257 CAD
    $1.00 CAD = $0.92 USD

    and everytime you tranfer your dollars from your USD bank to alartpay it will cost you 0.50 USD .

  12. I had no problems depositing to Paypal or transferring from Paypal to my TD Banknorth account.

    I wasn’t aware that TD was no longer offering TD Banknorth accounts. Although I don’t see why one couldn’t open an account with TD Banknorth anyway.

  13. Thanks so much for this post. I finally got the rest of my money out of Paypal. Too bad it was a little late for my last $750 withdrawl…I only got 1.04 on the exchange to my PC account.

    Keep up the great work CC.

  14. Question: Have you attempted to shuttle US dollars back *in* to Paypal at all? I’m wondering if anyone’s done this successfully with an RBC US dollar account.

  15. Canadian Capitalist

    Charles: Jon has earlier commented that this method would work only for withdrawals and not for deposits into your PayPal account.

  16. I would like to know what would be an easy way to transfer USD funds from a foreign country (ex. Saudi Arabia) into a Canadian bank account? Easy and cheap…? I’m planning on receiving USD funds in Canada from an account in Saudi Arabia and I would like to know where should I open an account in which the transfer fees won’t be significant compared to other banks.

    Thanks!
    Sharjeel

  17. So Sharjeel did you win an internet lottery or are you helping out some deposed royalty?

  18. Great advice. Worked beautifully. thank you.

    -Arthur

  19. Can anyone tell me how to get the proper routing information of my RBC USD cheques? I’ve tried a couple of times to get the information into PayPal properly, but to no avail.

  20. Yes, I’ve been having the same problem. Any ideas regarding getting the correct RBC USD info into PayPal? I’ve tried everything I can think of at this point.

  21. Canadian Capitalist

    Vince: The routing # of RBC is 026004093 as noted in the post.

    Golem: Not sure where you are getting stuck. Can you post more information?

  22. I’m looking to do this as well – I tried to open up an account with M&T Bank, but when Paypal tried to do the deposits, they were rejected for some reason.

    HSBC wasn’t able to open up a business account for me in the states, but a personal one might have worked – I haven’t tried it yet.

    Those of you with TD Bank North accounts – did you have to physically be in the states to open the account?

  23. Give me please, reference to the site, where it is possible to exchange Alertpay on Paypal or on anything other?

  24. Hi Canadian Capitalist,

    Great blog site. As you can imagine, I’ve been looking all over for a US Routing Number for a Canadian RBC Account in USD$.

    If it is indeed 026004093 then you are a hero! However, I ran a few Google checks, and I keep seeing conflicting information on this topic.

    Is there an “official site” you can refer readers to that confirms the RBC Canada Routing Number is 026004093?

  25. Canadian Capitalist

    Chris: I believe the routing number is correct. I’ve followed this recipe twice for my PayPal accounts and it worked both times. If you want to confirm, look at your cheque book – the first 9 numbers should be the routing number in the cheques.

  26. Hi again,

    I checked with a RBC Canada customer service and this is the email I received. It seems the correct is 021000021. I will check myself with PayPal and report back. In the meantime, I hope this help others.

    *****Original Email*****
    Hello Chris,

    Its Natasha again, I want to clarify, the 026004093 routing number is only used on cheques, and is for our use only. Clients do not use this number for processing of items. If you are wiring money to RBC Royal Bank, please use 021000021.

    Thanks for contacting us. We’ll be happy to help you again if there’s anything else you want to discuss.

    Sincerely,
    Natasha Keith
    Customer Service Representative
    Royal Bank of Canada
    ***************************

    Chris

  27. I signed up with RBC yesterday at my local branch for a personal USD account (Not Centura!).

    When I got home I logged in and found the info I needed to set up the transfer from PayPal -> RBC as the original blog post specified. PayPal initiated the deposit process.

    As of just right now, the funds reached my RBC account safely. Just over 24h after I opened the account to begin with!

    So, in a nutshell, it works just fine. Just follow the original blog post.

  28. Original blog post worked great. I transferred from a Paypal business to RBC personal account.

    Thank you x 10!

  29. I’m back. I had to go through a lot of trial and error, but essentially, the blog as written is correct.

    Where I had a hard time was that I was going from a personal PayPal account to a business bank account. Note that the NAME on the PayPal account must match the RBC account or it will not work.

    The correct routing number (despite what RBC employees say) is 026004093. I had to subscribe to a business PayPal account, register my company name, and then I could deposit (and withdraw) from my USD$ RBC Account.

    Thanks again for the tip!
    Chris

  30. Thank you very much for the advice.
    As a fact ,I tried to connect my paypal with My TD Canada Trust US collar account fist,my US dollar accout is BORDERLESS PLAN ,I aksed the TD bank clerk to confirm for me that I can connect my paypal to the US dollar account,the clerk say YES,after then, I tried many times,It doesn’t work,No small amout deposit.
    So I open a US dollar account from RBC ,It does work ,and very efficiently ,Just follow the blog instruction,I am so excited, I save almost $300 every month,Thank you!!!!!!!!!!

  31. Canadian Capitalist

    Chris, Shannon, Boris, Chris L: Thanks for your note that transferring USD from PayPal works as outlined in the post.

  32. Gesha, you cant transfer from paypal to alertpay directly, you have to transfer paypal to usa bank, then deposit money to alertpay from usa bank, then once the money is in alertpay, then you transfer to a canada bank. Look at my post, I explained it, there are exchange fees however.

  33. Chris Perabo… thanks for your info. Are you using the RBC “U.S. Business Deposit Account” ? Found here: http://www.rbcroyalbank.com/RBC:SJm@Uo71JsUAFWAGn1U/business/services/bus_deposit.html

  34. THIS WORKS! Finally! (Today is Aug, 2008)

    I used an RBC “U.S Business Deposit Account”. I got this account by filling out the forms, and taking them to the local branch. Here are the forms:

    http://www.rbcroyalbank.com/RBC:SJm@Uo71JsUAFWAGn1U/business/services/how_to_open_account.html

    The branch set up the account on the spot. Then I followed Chris’ instructions, and 1.5 days later, in popped the two paypal amounts.

  35. IMPORTANT: Paypal has decreased the premium charged on currency conversions. It was 2.5%, but if you have more than $3k/month in sales, it’ll drop to 1.5%. And 1.0% for sales in excess of $125k/month (or something like that).

    HOWEVER – YOU MUST APPLY for this “Merchant Rate”. I did this (log into paypal, search around), and was “approved” for the merchant rate immediately.

  36. Well – All WAS fine and dandy. I received the two payments from Paypal, but now I tried to do a bank transfer and got the following message:

    “You recently attempted to transfer funds from your bank account. Your bank has declined the funds transfer. Because the transfer from your bank account failed, this transaction has been cancelled.
    ———————————–
    Transaction Details
    ———————————–
    Transaction Type: Electronic Funds Transfer into your PayPal Account Transaction ID: xxxxxxxx
    Transaction Date: Aug. 4, 2008
    Transaction Amount: $xx.xx USD
    Reason: This is an invalid bank account number.

    I’m going to go hunting around to find the reason – will post back later.

    Thanks to Frogblender for the premium tip, I’ll check it out.

  37. Ok, so when I logged back into the website, PayPal didn’t allow me to “re-add” the same account that was de-activated. They said in order to do this, I needed to send a fax showing the bank statement with the two deposits and a copy of my driver’s licence.

    I did this and am now waiting for the results.

    By the way, re. Frogblender’s post about the Merchant Account, I got the following reply:
    “Your application was denied for the following reason(s):
    Your payment volume in the last 30 days is less than the required amount needed to qualify for PayPal’s merchant rate.

    We encourage you to re-apply for merchant pricing in thirty days, at which time we will review your account status.”

  38. Canadian Capitalist

    Chris: I believe you are trying to transfer *from* your bank account into PayPal, right? I’m not sure if that works. I do know that a USD transfer from PayPal into a RBC bank account (both personal & business) works okay.

  39. Ok..Here is my scenario..

    Back in 2001 when I was living in the states I opened a US bank account AND a PayPal account. Fast forward – now I live in Canada and I still have my old PayPal account as well as US bank account that is tied to my PayPal account.

    Three months ago I opened RBC US checking account to transfer funds from my US bank account to PP account and transfer it to RBC account. I used the routing number “026004093” and I was able to get my funds from PP to RBC account.

    Last week I attempted to transfer fund from RBC to PP but unfortunately my RBC account was disabled and removed from PP. For some reason PP is not able to get the funds out from RBC .

    When I attempted to re-add the account, I was told I can’t add the account without sending them a copy of my driver’s license AND bank statement. The only issue with this is that I no longer live in the states and I no longer have US driver’s license.
    The only way I can think of adding RBC account to my paypal account is to obtain a different RBC account with different account number…

  40. Ok dudes, RBC USD and CAD accounts are working perfect for withdrawing from paypal.

    Now: how to convert USD to CAD? Here are the options, and the currency conversion premiums charged by each:

    1) Withdraw USD Paypal to CAD bankAcc: 2.5%

    2) Withdraw USD Paypal to CAD bankAcc, merchant rate paypal acc: 1.5%

    3) Xfer USDPaypal->RBC USD, then write USD RBC cheque, deposit into ING Direct.ca CAD acc: last time I checked: 1.25%

    4) use XE.com – these guys are great. Use xe to withdraw from RBC USD, and deposit to RBC CAD: I tried this with $10 USD, it took 4 business days: 0.85% (might get even better with amounts much larger than $10).

    5) Any canadian big bank: always crap. 2.8% or so.

    6) brokerage account: you need CAD and USD short margin accounts; use a stock which is listed on both TSX and NYSE. Short sell the stock on TSX to get CAD, and buy the stock on NYSE using your USD. Cost: 0.00% + brokerage commissions. Haven’t tried this, but apparently it works.

    So to summarize:
    Paypal – 2.5%
    Paypal merchant – 1.5%
    xe.com – .85%
    ingdirect.ca – 1.25%
    big banks: 2.8%
    brokerage acc: 0.0% + commissions

    The actual exchange rate can be found here:
    http://www.bankofcanada.ca/en/rates/exchform.html

  41. Canadian Capitalist

    Frogblender: Good summary. One other option: if you have a TD Waterhouse account, ask for a “Waterhouse rate” at any TD Bank branch and the conversion premium is typically 1%. Not sure if this works with the other banks though.

  42. I have used XE.com for years. I also have transferred from RBC USD to CAD account and it worked great. It takes 4-5 days, but is the best I’ve ever worked with.

    Speaking of which, I use it also to pay suppliers from my USD account if I need to pay in CAD or other funds. I simply send them a bank draft – I love it.

    Chris

  43. Chris, do you know any way for XE to reduce the 4-5 day delay? I believe this delay is for XE to ensure they actually get the funds, before forwarding them on.

  44. No there is no way to reduce the delay. Unlike a credit card, which approves a credit limit and grants credit, XE.com deals in hard currency… Money in, money out. This is why the fees are so low.

  45. Too bad. I’d gladly throw money into an “XE account” (if such a thing existed), just so it’s there for immediate use when I want to do a trade.

  46. Hey FrogBlender… I tried to get things setup, but when PP when to make their two transfers, it kept coming back as an incorrect account setup… I used the 021000021 routing code, and even though the setup worked fine, the transfer failed and subsequently the account # is now frozen by PP for entering it again…

    ??

    G.

  47. At the top of this thread, CanadianCapitalist says to use routing code 026004093… which is probably what I used. I don’t know where you got 021000021 from…

  48. Another option that might work is to use the Vancouver Bullion Exchange. I have yet to try it with US funds but use them for UK Pounds. They have a bank in the US to which you can wire funds. Once they get them they will mail you a check in CAD. Their conversion rates are very competitive. I believe they have a $10,oo0 minimum.

  49. @Chris Perabo

    I had the exact same thing happen to me. Transferred multiple times out of my Paypal into my RBC US account sucessfully. But the first time I tried to transfer money into Paypal from the same RBC account, I got the same message about failed transfer. Now, they won’t let me add it back without faxing in documents (which isn’t going to help because nothing has changed). I think it’s a one-way street – we can receive but can’t send.

    If you happen to come back to this thread, could you post on how you eventually solved the issue? Thanks.

  50. Just would like to know if it is legal to insert the Country “US” when actualy the bank is in Canada and the PP website indicates:
    “Your bank account in Canada must contain only Canadian Dollars.

    I would not want to be in trouble with RBC

  51. I just would like to know if it is legal to insert the country “USA” when the RBC is actually in Canada.
    PP website indicates:
    “Your bank account in Canada must contain only Canadian Dollars”

    I would not want to be in trouble with RBC.

  52. We use this workaround to bypass PP’s exuberant fees in converting your USD funds into CAD. This is neither official nor encouraged by PP or RBC, which makes sense. But if you’re looking for something “legal” or “official” instead of convenience or economic sense, this is not the way to go. However, use it at your own risk…

  53. Taska, you said:

    “But if you’re looking for something “legal” or “official” instead of convenience or economic sense, this is not the way to go.”

    Please explain to all of us what exactly is not “legal” nor “official”.

  54. Thanks a lot! I got a RBC US chequing account (I did NOT need the Centura account) and it worked. I wouldn’t ask about the Centura account, apparently it is so rare for them to set one up that it’s around once/year.

    2- Note that if you get Paypal to do currency conversions for you, they may be using a very wide spread *on top of* their 2.5% fee. When I checked, the actual cost was between 3-5%. Easily makes a RBC account worth it.

  55. “Please explain to all of us what exactly is not “legal” nor “official”.”

    My understanding is that “legal” means that the law says it’s right to do it and “official” means PayPal tells you to do it. So I think this is a gray area. That’s why I put “” on those words in my original post.

    Don’t be surprised if this workaround suddenly stops working one day. But I wish it’d be the other way around that they’d make it official one day.

  56. Taska, do you have any evidence whatsoever that this is illegal? If so, please state your evidence.

    You statement: “My understanding is that “legal” means that the law says it’s right to do it” is utter nonsense. By that logic, it’s illegal to scratch your ass, since there is no law that explicitly says it’s “right to do”.

  57. I had the same issues as everyone else here, just withdrew for the first time and don’t see why there should be any issue re the bank location. On my US personal account checks at least, it has “Royal Bank of Canada, N.Y. branch” listed across the top. It is in the US.

    Thanks very much for this whole thread.

  58. After a lot of research, we found a stable and clearly legal option by opening a (free) business account with an American bank (we’re a Canadian business). More information here:

    http://www.inflowinventory.com/Blog/index.php/2008/12/03/how-to-save-on-paypal-currency-exchange-rates/

    Hope that helps someone!

  59. So if I reading the above comments correctly, if I withdraw funds from PayPal to a Canadian bank account which is in Canadian funds, then on top of the 2.5% non-merchant rate there is also PayPal’s exchange rate, so in the end it may end up to be up to 5%?

    I am assuming this is the primary incentive for one to open a Canadian bank account in US dollars (and follow the original instructions).

    I read earlier that someone opened U.S Business Deposit Account with RBC. How does RBC exchange rate (when coverting to Canadian dollars) compare to PayPal’s “up to 5% rate”)?

  60. Rad…
    >>”up to 5%?”.
    No. See my post above showing the premium comparision. This is relative to the Bank Of Canada published rate, which is the BENCHMARK for doing any kind of meaningful comparison.
    >>”RBC exchange rate?” – I speculate that it sucks like the rest of the canadian big banks (2.5%+). If you did 10 minutes of research, you could find the exact amount and report back to us :)

  61. In your post showing the premium comparison, you mentioned 2.5% for PayPal. However other postings such as the one by GlennC (Jan 26, 2009 ) indicated an additional spread over on top of the 2.5%.

    I also read a posting :

    “# Thanksbut
    August 14th, 2008 at 7:24 am
    What you don’t say is that the exchange fees are on top of Paypal’s “retail foreign exchange rate” which is already 1%-2% above what I would pay my bank if I used them for foreign exchange and had the volumes required to qualify for your discounts. So 1%-2% plus another 1%-2.5% is hardly a deal. …. ”
    https://www.thepaypalblog.com/2008/06/lowered-fees-fo/

    So from this I understand that on top of the 2.5% spread PayPal has a retail foreign exchange rate and when both combined together may add up to more than 2.5% correct?

    If the Canadian Big Banks offer 2.8% then what is the advantage to follow the instructions outlined in the original posting?

    Is the advantage that you can keep your funds in U.S dollars?

  62. Rad… still no. My comparison chart is RELATIVE TO THE BANK OF CANADA PUBLISHED RATE. It is a traceable, apples-to-apples comparison. Those other guys you mention don’t say where they get their numbers.
    You can do the math yourself – try a paypal withdrawal (don’t click the final “submit” button), and compare the rate to the bank of Canada link I give above. Do the same with xe.com.

    Note that the numbers in my comparison chart will vary a little, especially on volatile days, since I *believe* paypal’s rate is based on yesterday’s US/CAD close, whereas BofCanada uses either yesterday’s close or today’s “noon” rate, and xe.com uses updated-to-the-second exchange rates. Sometimes this works in your favour, sometimes not.

    The goal is to get US$ out of paypal unscathed. Then you can do whatever you want with them (exch. to CAD$, xe.com, buy stuff in US$, cash for casino, whatever).

  63. Canadian Capitalist

    Most discount brokers charge around 1% for currency conversion, much better than what you can obtain from your local branch. Why pay 2.5% when you can easily save at least 1.5%? The savings could be significant depending how much you want to convert.

  64. I still agree with Frongblender and the Author. I have been called regularly by “discount brokers” offering even better exchange rates than xe.com, but they require minimum transfers of $100,000 per year.

    For the hassle-free convenience and price of XE.com, I accept PayPal in USD$ into my RBC account and convert using XE.com to CAD$. It sounds ridiculous, but I use XE.com (and not RBC) to transfer from my USD to CAD account (both held at RBC).

  65. Hi there,
    Thank you for the money-saving information!!

    Can anyone tell me if this method still works? Or if it has caveats? I read a few posts that accounts can get frozen or blocked…

  66. Also, what type of PayPal account are you linking to your RBC US account? Are you using the American Website Payments Pro or Canadian Website Payments Pro?

    Thank you very much.

  67. Never mind – as of Mar 23 2009 it WORKS!!

    Paypal websites pro (Canada) to RBC US$ business bank account. Thanks!

  68. Jennie – Good to hear all worked out. The only caveat (as mentioned by Canadian Capitalist) is that this should only be used to get USD$ funds from PayPal to your RBC USD account.

    My account was blocked once I tried funding PayPal from my USD account, and I still have not been able to get it working again despite calls and emails to PayPal :(

    Any help on this would be appreciated.

  69. HINTS FOR RESURRECTING BLOCKED ACCOUNTS:
    Mine too was temporarily blocked, when I accidently tried to use it as a funding source – I called paypal custserv immediately to cancel the transaction; they said they can’t cancel, but I should call my bank and have them block the transaction, which I did (Paypal even offered to pay any service charge which my bank might charge for blocking the transaction (!). See? paypal is not entirely evil)). Anyhoo, paypal predictably blacklisted the account after the aborted transaction; I had to fax in the docs to get it resurrected, and now all is good. I had to state a reason for resurrection on the fax: my reason was short and to the point, and blamed paypal custserv: “Erroneously chose wrong funding source; tried to cancel the transaction and was instructed by paypal customerservice to call my bank and have them block the transaction, which I did. Please re-enable this account”.

    Paypal also requires you to fax in a copy of a BANK STATEMENT. On a completely unrelated note, microsoft Paint, or any graphics program, is capable of removing any occurrence of any word (such as the word “CANADA”, for example) from a screengrab of anything one might happen to view on their computer screen.

  70. Hi, even though the last replies are very recent, has paypal changed? I ask this as i just got burned on transferring money from paypal in US to my cdn td bank and searched for ways in future to save.
    But when i just looked in my paypal acct at the add bank acct section (i am not set up in cda i.e. ready to do it, was just looking) it did not show anything to do with a routing number you guys refer to several times.
    It asks for:
    bank transfer # 5 digits
    institution # 3 digits
    account # 1-12 digits

    at no point is any reference to a 9 digit number or routing number made?
    I have a secondary quesiton in that i was going to open a US funds acct with td and just noticed in my investing td waterhouse acct that i have a cdn funds and separately a us funds acct. Never realized i have a US as i just put in and withdraw in cdn. Could this acct be used?

  71. @frogblender: Thanks. I’ll try this later this week.

    @shark: Sounds like your problem is that you don’t HAVE a USD account. The request for a 9-digit number comes once you select your bank in United States (Canada is selected as default I think).

  72. Does anyone know if you can Send Money from an account set up this way, without getting blocked?

  73. Pingback: is there any new ways of transferring paypal USD funds to Canadian banks — Canadian Free Stuff

  74. I did it. Worked like a charm and saved me a bundle. Wish I’d though of the long-winded search that got me here earlier!
    Thanks!
    Clive

  75. Hi all,

    Thanks for the useful comments!

    Has anyone had positive experiences withdrawing funds from PP to other banks then RBC as for example Bank Laurentienne?

    Thanks

  76. HI,

    First ,i would like to thank you for creating such a helpfull post. I’ve opened RBC usd. then i added to paypal with the ABA number which provided with RBC was 021000021, ofcourse it didnt work. Then i try adding with 026004093… no problem.. i got the 2 deposit. then i confirmed with pay pal. it was succesfull. just transfed some funds. i should have it in my account shortly

    Thank You for sharing this information with us.

    Kumar

  77. Pingback: (Canadians) Transferring US dollars out of Paypal | Running an online business

  78. @ Frogblender – thanks for the tip on resurrecting my blocked account. I tried to do it online, but because my 2 deposits were so old, I couldn’t retrieve them (pretty pathetic that RBC only keeps 3 months of records online…)

    So I called PayPal customer service at (888) 221-1161. I told them it was a USD bank account in the US (to avoid any stupid comments), and gave the last 4-digits of my account.

    They proceeded to remove and then re-add the account while I was waiting. I gave them all the same info as listed above (specifically the routing number 026004093)

    Now it works again (yay!).

    Moral of the story: Do NOT, do NOT, do NOT use this account to FUND PayPal. This account is to be used ONLY to withdraw USD funds.

  79. How long does it usually take funds to appear in your Canadian account once they transfer from paypal. I have had several transactions in the past 6-7 days and still nothing. This is crazy. I shouldn’t have to wait this long. A money order would have gotten to me quicker.

  80. This method is only useful if you are going to keep your funds in USD. If you need the funds in your CAD account right away, then the two methods are virtually the same.

    At the consumer level, most banks will charge 2.5% which may change slightly based on the volume transferred. So even after you deposit the money from PayPal into your RBC US account, when you need to transfer the funds from the US Account to your normal Canadian account you will be charged RBC’s foreign exchange fee’s. (which is 2.5% on top the Bank of Canada’s last closing rate [updated twice a day])

    You can check the difference here:

    http://www.rbcroyalbank.com/cgi-bin/travel/fxconvert.pl

    And the Bank of Canada’s closing rates here:

    http://www.bank-banque-canada.ca/en/rates/exchange.html

    I’ve been using PayPal for contract development invoicing and the foreign exchange fee is usually the same. PayPal does state transactions will take 7 – 10 business days, however with RBC i’ve noticed they usually only take 3 – 4 business days.

  81. Could anyone point me to a way to transfer US$ funds into paypal from a Canadian account?

  82. @Ian – First, why would you want to do that? You can just pay via PayPal and it will convert the rate to CAD from your Canadian Account. True this is more expensive, but it is certainly convenient.

    If you still want to do that, you need to open a USD$ account (most banks have them, but you will probably have to pay to open and/or maintain it), get USD$ in there, and then set up PayPal to draw from it.

  83. Chris,

    When you say open a USD$ account, you mean one in the US? I’ve recently tried linking to my US$ RBC account and my Paypal account became locked up.

    Thanks

  84. Had the same problem. I have since opened an account in the US.

  85. Hi, I’m Canadian. Does anyone know how I can transfer USD from PayPal to my Scotiabank USD (Daily Interest) account? I called PayPal and they claim that it is possible to leave my currency in USD when transferred, but how do I go about punching in my information? Do I follow the method that this blog outlines (choose US and use transit+account in one string? Or should I fill it out like it’s a Canadian account?

  86. I just wanted to let everyone know that I have followed the instructions above and can confirm it worked perfectly. It only takes 48 hours to transfer USD from PayPal to a RBC USD checking account. Thanks everyone so much. Today is Oct. 30th.

  87. I can also confirm that as of today, November 3, 2009 that using 026004093 as the routing number works.

  88. Canadian Capitalist

    @Scienide: I have no idea if this recipe will work will Scotia USD account. Obviously you need to find the correct routing number in Step 3. Then you have to wait a couple of days to find out if the transfer worked. No harm in trying, I suppose but I have no idea if it will work. Do keep us posted.

  89. I’m not able to try it right away, but, since Paypal told me that it’s possible to leave my funds in USD when transferring to a USD account at a Canadian bank, I was wondering if your recipe was even necessary or if I could just select “Canada” as country and fill out the information as usual. I wish there was more info about this. I can’t seem to find anyone under the same circumstances.

  90. Scienide, I’m in the same boat with Scotia. Let me know if you have any more info. I was going to contact them tomorrow. Thanks in advance.

  91. Try linking your Paypal account with your Scotia USD bank account and let us know how it goes. I won’t be able to do it for about another month, but I’m still curious what I’m in for and what to expect. I’m still unsure of what Country to choose and what information to put in when filling out the form. I know Scotia’s routing number is 026002532 though. Thanks in advance :)

  92. Just brainstorming here, but I believe this is how you would fill out the form for a Scotiabank USD account:

    Country: United States
    Bank Name: The Bank of Nova Scotia
    Routing Number: 026002532

  93. Account Number: 5 digit transit # + 7 digit account # (12 digit string)

  94. hi
    since this trick to deposit U$D from paypal to RBC works fine
    Any way we can move Euros from paypal to any Canadian Bank ?
    i know rbc and td don’t have these, but hsbc and scotia do.
    this would save me from having to cash out my euros at low paypal rates :)
    thanks

  95. A lot of good suggestions above. I have used some of the options above but have moved to http://www.Knightsbridgefx.com for foreign currency transfers and wires.

    I have also met the management team in person – great guys. They primarily deal with large corporations.

    They will also help you transfer funds between accounts at a cheaper rate than the bank. Their wire fees are much lower than the bank as well. Best of all, you talk to intelligent individuals with a single phone call.

    They have beat any competitor I have looked at. I have a business where I need to pay suppliers in USD and EUR – they saved me a couple grand annually for my business. Just give them a call and get a quote – you can calculate the savings yourself.

  96. Does anyone know if this works for BMO accounts?

    If not, I’ll just have to open an RBC account myself

  97. Thank you thank you thank you!

  98. I just added my Scotiabank USD Savings bank account to my PayPal account with the information I posted above (see post 93-94). I will follow up with what happens…

    If this doesn’t work, I will try Canada as Country (instead of United States) and fill out the rest of the information accordingly, but I’m doubting that the funds will remain in USD if I have to resort to trying this method.

  99. PayPal is saying “Deposits Sent” although the deposits do not show in my Scotiabank USD account. I’m not sure if this means that linking the account was unsuccessful or if it’s because of the holidays. Does anyone know if it should be instant or if it’s common to have to wait a few days even after it claims that the deposits were sent? I’ll wait a few more days and perhaps call Scotiabank to see if they can tell me anything. I’d rather not deal with PayPal since I don’t care for their help desk, but I may have to call to see if they can help me with this.

  100. Paypal nuked the pending account that I tried to add so this method does not work for Scotiabank. I’ve tried filling out the information as per usual, but I pretty much know that it will want to convert USD to CAN… EVEN THOUGH, I spoke to a Paypal rep who claimed that I am indeed able to withdraw USD to my USD bank account in Canada (I even made them double check with their supervisor and they swore up and down that I can do this). Perhaps they were assuming I had a Centura account and knew the method that this blog outlined! :P

    If this doesn’t work, as I expect it not to, it looks like I’ll have to get a Centura account or cross the border and get a genuine US account.

  101. As expected, setting up the USD account in Canada as country sends CAD currency confirmation deposits and of course the USD account does not handle CAD currency so the deposits were not able to be made.

    It looks like I’ll have to get a RBC Centura account. I have however heard rumours that BMO allows you to set up a USD account which is essential a true USD account (cheques will have a NY branch address on them). Does anyone know anything about this? Or will I just have to suck it up and get a Centura account?

  102. Let me know if you have any success getting a Centura account. RBC says they no longer offer centura accounts for this purpose.

    I’m still trying to find a solution other than paying 2.5% on the currency conversion.

  103. “RBC says they no longer offer centura accounts for this purpose.”

    Really?! I just applied for a Centura account (had to set up a regular CDN account with them first) and I told them why I wanted it. It takes about 10 days for them to review and approve the account. If I don’t get approved, or the Centura account can’t be used for this purpose, I’ll be canceling both of my RBC accounts. I’ll let you know how it goes.

  104. Has anyone tried transferring out of Paypal via the RBC U.S. High Interest eSavings account? I’m trying to choose between this eSavings account (no monthly fee) and the U.S. Personal Banking account ($2 per month).

  105. Squawk: If your goal is to keep the funds in USD when they land in your bank account in Canada, you will need a genuine US account (Centura is the closest thing to it, next to crossing the border and opening an account at a US bank). Although, a previous poster claims that even Centura may not even support this anymore (which was the entire topic of the article). Using this method with any Canadian-based US currency account will not work though.

  106. I just opened a Canadian based USD account with RBC and linked it to Paypal. It just works fine. I also opened a RBC Centura account also through the local Canadian Branch and it works fine as well.

    On the other end, if you have a business account with Paypal and withdrawing funds to the RBC USD account, it can be a problem because Paypal business account will send money through the business name, however your RBC account will be under your personal name.

    I spoke with Paypal and they recommended opening another Personal paypal account. They said that I should gift money from my Paypal Business account to Paypal personal account. No fee will be charged. Your Bank Account should be linked to your personal Paypal account!

  107. “I just opened a Canadian based USD account with RBC and linked it to Paypal. It just works fine.”

    For what purpose does it work just fine? You’re able to send USD to your RBC USD account (not the Centura account)? If so, what information did you put in the “add bank account” form to be able to keep the funds in USD? Did you choose US as country? Please provide more information. Thanks.

  108. I need PayPal.
    Can pay to your USD or CAD acc. to any banks.

  109. Local RBC USD Personal Account

    Choose US as country
    Paypal Routing: 026004093

    I was able to transfer money from Paypal to bank in USD
    I have heard that with RBC local USD personal account, you would not be able to transfer money to Paypal. Your paypal account will be locked.

    Keep in mind that Paypal account, if premier or business account must match the name on the RBC account.

    I hope this information is useful to you.

  110. I got a Centura account but turns out my branch is located in FL so the routing number is 067012882.

    I’m confused because there are no such thing as transit numbers in the US, so I don’t have a 5-digit transit that I can include in my account number like the blog outlines. Unless it’s referring to my Canadian RBC account transit? But I don’t see why that would even be related. Can someone clear this up for me?

    All I have to work with are my routing number and 10-digit account number. Seems pretty straightforward – I don’t see why I can’t just put in the routing and account number… and be on my way. Thanks in advance.

  111. Sorry for the confusion, kookie. You are talking about a regular USD account (not the Centura). So you’re saying I don’t even need the Centura account. I just need a regular USD account and then I use my Canadian transit+account number with the provide NY-based routing number. I’m wondering if I should keep my Centura account or just close it and get a regular USD account. I like the Centura account though because I’m able to cross the border and use my card.

  112. For RBC Canada based USD account, you will use the Routing Code 026004093 and would add your transit and account number.

    So lets say your transit number is: 01234 and account number is: 7654321, you would put the account number as: 012347654321.

    For RBC Centura account, use the routing numer that you mentioned in the post 067012882 and then put only the account number. You are correct no transit for RBC Centura.

    Like you said RBC Centura is good if you want to use the debit in US plus you can get a free credit card (no annual fee) unlike in Canada. This will also establish somewhat your American Credit history if you move to US.

  113. I set up my Centura and US Personal account with Paypal and it now says Deposits sent… but I don’t see anything in either account. I’m wondering if it’s because I set them up on Friday and Paypal sent the deposits but they haven’t showed up because it’s not during the business week…

  114. Thanks for the help, everyone. I got both accounts up and running. Dealing with RBC has been a breeze compared to other financial institutions.

    If anyone figures out how to transfer USD from Paypal to other Canadian-based USD personal accounts, let us know! I would still like to know if there’s a routing number/transit+account trick that I an use with Scotia and BMO.

  115. Hi Kookie and Scienide,

    In RBC, do I only need to open a US Personal Account (Canadian based US Acct) at the least?
    So I don’t need to open any Canadian Dollar Chequing Acct to start with, just (directly) the US Personal Account?

    Thanks..

    r1chard

    PS. I just opened a USD acct yesterday with my CIBC, only to find out today that it can not be linked to my PP acct. How frustrating.

  116. From what I’ve read, RBC is the only one where this US personal acct trick works. I think you should be able to open just a US personal acct, but you may want a Canadian RBC acct as well to transfer funds into unless you’re just going to withdraw it all and do something else with it…

    Does anyone know if there’s a minimum monthly balance that can be kept with the RBC US personal acct to avoid the monthly fee?

  117. @Scienide I opened an RBC High Interest eSavings account to avoid the fees associated with the US Personal Account. The RBC High Interest eSavings account worked when I linked it to my Paypal account.

  118. So the only difference between the US Personal account and High interest savings is the monthly fee? I’m guessing you get more transactions with the personal acct.

  119. You only get one transaction a month with the eSavings account. After your freebie, you pay big $$$$. So stick with the US Personal account if you need two or more transactions a month.

  120. US funds I transfered from my PayPal account to my RBC USD Personal Account finally came in. Here’s the timeline:

    Monday – I opened my USD account, and enrolled it to PP.
    Tuesday – PP sent 2 small amounts which I used to verify my bank account to PP. I sent $200 to my USD account from my PP.
    Wednesday – PP reflected that the transfer is completed but nothing yet on my bank.
    Thursday – Money arrived on my USD account.
    PS. Transfer is a lot faster than sending to my Canadian bank account.

  121. Your suggestion worked like a charm for me because I happened to have a US dollar account with RBC. Bjut where did you get the routing code from? PayPal themselves had told me this couldn’t be done. I have a US dollar account with another financial institution and wonder if I can link it with PayPal the same way – and therefore would need to know how to go about getting a US-style routing code for this account, even though it’s a US dollar account based in a Canadian financial institution.

  122. Well, i have a solution that works for me now, and its not dependent on RBC selectively implementing their policy. Basically, when I called around, none of the canadian banks was willing to give me a US based account if I wasn’t a snowbird or something similar.

    But Harris bank, in Chicago, will open accounts for Canadians without visiting in person. I have transferred my PayPal money into that, then used XE currency converter to move it into my regular Canadian bank account.

    Unfortunately, the rate I get with XE is about 1.3% off the rate it shows when you just do a quick currency conversion, even when converting $5000. Banks and PayPal tend to take about 2.5%. So I’m only saving 1.2% over letting PayPal do the conversion for me at the 2.5% loss.

  123. Hi there!

    This is to CONFIRM I’ve had success today (15-March-2010) with a PERSONAL USD account at RBC following the above ORIGINAL instructions and the original routing number provided in the article. It took 2 days for the PayPal transaction (two amounts) to come in, works without a glitch!

    THANK YOU!!!

    Danny

  124. Frogblender said:

    use XE.com – these guys are great. Use xe to withdraw from RBC USD, and deposit to RBC CAD: I tried this with $10 USD, it took 4 business days: 0.85% (might get even better with amounts much larger than $10).

    You are talking about this feature ? :
    http://www.xe.com/fx/

  125. Hello again guys,

    I recently have to pay an eBay item,
    but my PP funds is short by around 20 bucks.
    I absent-mindedly fund the remaining amount using my RBC USD account.
    Today, I got an email from PP that the withdrawal from my bank failed,
    and the amount was then charged to my CC being my back-up.

    It was only now that it dawned on me (or was reminded)
    that I can not fund using this USD account.
    Now I’m worried if PP will freeze/block my USD account.
    I checked my PP and the USD account is still there (says ‘confirmed’).

    How do I know if PP blocked it?

  126. Hello,

    I was wondering if someone could help me with this?? I have an RBC CAD account and I will be moving to the US for 1 year to study. I will have to open a US bank account but I am keeping my Canadian account open as I will return after one year. While I will be living in the US, I need to be able to transfer money from my US bank account to my Canadian RBC account to pay bills/credit line, etc… and similarly I would need to be able to transfer money from my Canadian RBC account to my US bank account. Someone mentioned that the easiest and cheapest way to do this is via paypal?? i.e. open a personal US paypal account and a personal CA paypal account, transfer money from US bank to US paypal, then transfer US paypal to CA paypal, and finally CA paypal to RBC in canada… would this work??

    And I’m not sure how to figure out how much fees I will incur via this three way transfer?? Any thoughts or suggestions?

    Ronny

  127. I’m not sure if you could open 2 PP accounts (as you said US PP and CA PP) under the same name?

    US bank – US PP >>> I think is free (3 – 4days)
    US PP – CA PP >>> Again, I think is free if sent as a gift but I’m not sure. This should be from USD to USD (no conversion for it to be free. Conversion adds 2.5% fee). Might want to check out PP’s ‘across the border fee’. I have sent USD to a US PP account and it seems there’s no transfer fee. But to Europe, aside from the 2.5% conversion fee, there’s a 5% across the border fee (I’m not sure what this is.). Transfer is instant.
    CA PP – CA bank >>>The tricky part is, at some point you will need to convert from USD to CAD, so add 2.5%, which I think is the same thing if you are transferring from an RBC USD acct (US funds) to an RBC CAD acct. (Canadian funds), unless your CA bank acct is US funds, and you pay your bills in USD. Transfer will take 5 days I think.

    These are just what I think and I might be wrong. To summarize, at the least you’ll be charged when converting funds (USD to CAD and vice versa), and over all transfer might take roughly 10 business days.

  128. Hey folks–thanks for the great post/thread! I’m excited to learn that I can transfer US funds out of my PayPal acct and avoid paying their ridiculous conversion fees.

    Just a heads up to others: I tried this trick with a CIBC US Dollar Personal account and it does not work: the two small deposits were returned to PayPal and the account link failed.

    I’ve thus set up a meeting tomorrow to open up an RBC US High Interest eSavings account (Squawkfox above confirmed that this account also works). This account will work great for me because it has no monthly fee (and actually pays a bit of interest on your USD balance), so it’s great for saving in USD.

    I’ll look into using xe.com for the actual conversions, but for now I just want to save up some cash and not get gouged on conversion fees! I’ll wait till the USD is stronger before converting!

    It’s too bad the account will not work for funding PayPal purchases, however, as it would be nice to save on that conversion as well. I don’t suppose anyone’s figured out how to make that work? (I guess a smart thing to do would be to leave a balance in USD in your PayPal account for future purchases.)

  129. Just to follow up, I was successfully able to confirm my RBC US Dollar eSavings account with PayPal, and am in the process of performing a wire transfer from PayPal to my RBC account. For what it’s worth, I simply used “RBC” as the bank name, and chose “Savings” as the account type. I don’t think these settings have any effect on attaching the account.

    Glad to know this “trick” still works! :)

  130. Hi.

    I am Canada and need to open a Paypal Websites Pro account.

    I have both an RBC Centura USA business account and an RBC Canada US Dollar Account.

    What bank account would you guys recommend linking Paypal to? All of my business is does in USA and rarely transfer money from my US account to Canadian…I would prefer to use my Centura account. Is this possible?

    Thank you in advance

  131. *** BEWARE ***

    I opened a RBC US High Interest eSavings account one month ago and i did two big wire transfert from Paypal to my RBC account.

    One week later, i got a call from RBC telling me to STOP immediately or my account could be suspended or closed.

    RBC said to me, it against RBC rules.

  132. What rule?

  133. Now all my RBC accounts actually got frozen because of this — after a few years of success. Basically they are saying you cannot conduct any kind of business within your personal account.

  134. I just opened up a personal high interest US account with RBC and plan on transferring a large sum of money from my Paypal US$ balance. When I opened it, i explained what I wanted to do to the teller who opened the account and she said it was all good. I don’t understand why they wouldn’t allow this? Its a straight US$ money transfer. If you can’t transfer $ to a bank account, what good is it then?

  135. I guess I have just met a rude account manager. She basically is forcing me to open a business account if I want to continue what I am doing. Would business account’s USD account have the same routing number as personal account’s?

  136. I finally received an xpresspost letter from RBC of Toronto saying they can’t trust me anymore and stop doing business with me.

    My account is scheduled to be closed in less than one month.

    Maybe RBC prefer doing business with people like Earl Jones.

    What a bunch of assholes !

  137. Pingback: USA Bank Account - eBay Suspension & Paypal Limited Forums

  138. Just wondering if PayPal charges a fee to withdraw from a Canadian PayPal account that holds a $USD balance to a Canadian RBC $USD? After following the instructions that you mentioned, Canadian Capitalist, the PayPal confirmation page told me I successfully added the US account but that:

    “You can now withdraw funds from your PayPal account into this bank account in United States. When you withdraw funds, a fee will be assessed and the net funds will be converted to at the current exchange rate.”

    What’s up with the fee part? Do you know if you get charged with this? (when the amount transferred is *more* than the minimum, like the $100 or so)

    Please let me know! :)

  139. Mark–I was not charged any fee when I transfered $100 USD from PayPal to my RBC USD account. I think the fee you are referring to only applies when there is a currency conversion, the avoiding of which is entirely the point of this thread.

  140. Right, that’s what I was hoping. Thanks Logan for the clarification.

  141. I’m curious why some people have been having issues with account closures and freezing when others have not. Is this method legit or what? I’m confused.

  142. I want to give everyone a summary and confirmation, as a thank-you to this great post.

    1. Till today, July 15, 2010, the method still works fine.
    2. You can open any account in RBC, but be sure to match the name of your paypal’s account name, Paypal business type of users, should open a business account, personal user, get a personal account. You don’t have to go with centura or something.
    3. The key is to use the right routing number as stated in the post, also choose the country as US although you don’t live there.
    4. RBC account can only be used to withdraw your money from paypal, not deposit. if you accidentially use it as a funding source, it will cause this bank account disabled. You can go through the comments to see how to fix if it does happen to you.
    5. I got my account set up on Tuesday, and add the bank account in Paypal same day, then I got the deposits on Thursday. Fairly quick.

    Hope this helps!

  143. Re: above Eric

    Regarding point 4, does that include the RBC Centura account? Isn’t the RBC Centura account a legitimate American account, so shouldn’t you be able to deposit to paypal from that account? Anyone can confirm this? I’m looking for an account that can transfer USD in and out of paypal.

  144. Not sure about point 4, but point 2 is not strictly correct: I have a business PayPal account and was able to attach a personal USD RBC account just fine.

  145. Hey John, I’m not famaliar with RBC Centura account, if you have it, it should be fine.
    As for point 2, that’s just for safety purpose, according to RBC’s policy, you can’t use personal account for business purpose, they may go after you someday. I believe there is a buddy up there had such an experience.

  146. Anyone confirm that if its worked fine for RBC USD account able to deposit/withdraw to/from paypal?

    Thanks

  147. Hello all,
    I will start working in the US soon and will need to send money from a US bank account to my CIBC account in Canada to pay mortgage, etc. I am totally new to the topic of transferring money between US and Canada and I am absolutely lost of so many comments given by experienced people. Could someone summarize the best, fast, and cheapest way to transfer UD dollar from an American Bank (located in the US, which one?) to a CIBC Canadian bank (located in Canada). I have a paypal account which I used for buying from e-bay.
    Thank you for your advice,
    Mary

  148. I use XE currency converter to transfer money from a USD account to Canada.
    Banks tend to take 2.5% on a currency conversion. XE currency converter takes about 1.6% (contrary to what people say, yes, they take that much). I wish there was a cheaper way to transfer money, but I haven’t found one yet.

  149. If you happen to have RBC Centura United States USD account and RBC Canada CAD account, you could transfer money to from your US account to RBC Centura United States USD to RBC Canada. Then ask your mortgage bank to withdraw money from RBC Canada CAD account.

    To prevent delays and avoid NSF issues, you can have a overdraft protection or Credit line with RBC Canada. RBC Centura account can be opened in Canada if you are a Canadian Citizen.

  150. Thanks for the great advice here. This stuff is good, definitely worth doing to save hundreds of $$.

    I want to add some information that I haven’t seen anywhere, maybe most people don’t know about this. So I use Oanda Global Currency Transfer – http://fxglobaltransfer.oanda.com/. I was writing a reply to the post but it turned into an article so I posted in on my blog – http://forexsee.blogspot.com/2011/03/currency-exchanges-for-very-low-fee.html

    To give you an example how much you ca save, right now to exchange 1000 CAD to USD, Oanda offers an exchange rate of 0.9713(spot market rate is around 0.9710 virtually the same). So 1000 USD will give you 971.31 CAD – US $25 fee so you receive 995.58 CAD
    In this example the fee is high in %, but if you did a 10k transfer the fee is still $25 which in % is pretty low.

    Also you will need to wire the money to Oanda, so that’s another $25-35 which adds to the whole transaction amount, but as far as I know you need to wire the money to any currency exchange site so that cost is there always.

    If you have any questions let me know. To give you all some background I’ve been trading forex for over 5 years.

  151. March 2011, moving US$ into the RBC US$ account worked like a charm!! Follow the instructions exactly and you will gwt you American money within a few days! Glad I found this forum!! Thanks!

  152. I discovered a more suitable method for myself after a little bit of experience using both Centura and US Personal.

    Since I have a Centura account, I closed my RBC US personal account (to avoid the $2 monthly fee) and opened a RBC US savings account. There is no monthly fee with the US savings account, however you’re only allowed 1 transaction per month. Online banking is of course free which means I can withdraw US funds from Paypal into my Centura account and then transfer from my Centura account to my US savings as much as I like with no fees. If I want to get US funds out at RBC in Canada I just make sure I do it no more than once per month (not a big sacrifice and you get 0.15% interest as opposed to the US personal which has no interest). If I am in the US, I can get money out of my Centura as cash back at a store. Love the Centura since it works as a Visa in both US and Canada (will convert form US to CAN when you’re in Canada so you’ll pay the usual exchange fee) – minimum balance of $750 to waive monthly fee is also quite reasonable and I like how easily you can transfer from Centura to either US personal or US savings. Even though the US personal only costs $24 per year, why pay it if you don’t absolutely have to? Things to think about for those still using the US personal.

  153. @Squawkfox or anybody who can help

    I have an RBC US $ high interest esavings account in Canada. Am trying to link it up to my PAYPAL so that I can withdraw US $ funds FROM paypal into my RBC US $ account.

    Can you please let me know if you selected Savings or Checking during the Paypal ADD ACCOUNT procedure.

    IN my PAYPAL PROFILE I don’t have my middle name mentioned, where as in my RBC account I have my full name including middle name, will that make any difference while adding an the BANK info in PAYAP?

    Any help would be much appreciated

  154. You cannot link your Paypal with RBC “US savings”. The method explained in this article ONLY works with a “US personal” account which is a chequing account.

    If you want to transfer US funds into your RBC US savings, you will have to use the method that I explained directly above your post. I’ll give you a simple breakdown of what I was talking about:

    Paypal –link– Centura (Withdraw from Paypal to Centura)

    Centura –link– RBC US savings (Transfer from Centura to US savings)

  155. @Scienide: That’s not true–I linked my PayPal account to a High Interest eSavings account at RBC using these instructions with no problems.

    @Sharp Shooter: I don’t think it matters if you pick Savings or Chequing during the PayPal Add Account setup, but for what it’s worth I *think* I picked Savings.

    I doubt the naming will be an issue. I think it’s more a matter of having the correct account and routing info.

    Good luck.

  156. @Logan

    Thank you so much for replying. I realized I am trying to do what you did. I have a Paypal Business account and an RBC esaving US $ account. WIsh to transfer from PAYPAL to RBC US $ account without losing on currency conversion. Have set it up as you posted earlier. Shall update soon.

    Cheers!

  157. Logan – That’s good to know because I was going by what the article says:

    “If you have a RBC US Dollar account, here’s how you can transfer US dollar funds from your PayPal account into your CHEQUING account”

    Since it said chequing and not savings, I assumed this only worked with the US personal account. I wish I would’ve known this a year ago or I would’ve said to hell with the US personal altogether. $2/month + 0 interest VS no fee + 0.15% interest. Would’ve been an easy decision.

    Nonetheless, I’d still recommend Centura as you can use it for online credit card purchases in US funds and also use it when you cross the border as a visa or debit. Not to mention, there’s no “trickery” involved when linking it to Paypal since it’s a genuine US account. Very flexible.

  158. Here’s my experience.

    I used to have the RBC US Personal Acct. but the $2/month fee is killing me. So one day I decided to open another account which is the RBC US High Interest eSaving Acct. (no monthly fee).

    Banker told me I could just change my account type from US personal to US High Interest
    plus I keep the same bank number. I didn’t change anything on my PayPal settings and USD transfers still.

    To cut the story short, you may opt for the RBC US personal then shift to RBC US high interest.
    I hope this helps.

  159. @Logan and others,

    Just to keep you all posted that I was able to successfully link my RBC US$ HIGH INTEREST ESAVING ACCOUNT with my PAYPAL Account. The two deposits were seen in the very next day. I have now initiated a transfer of funds and hopefully all should go well.

    @Logan, a quick question. Have you had any issues with higher amounts being transferred from PAYPAL TO your account? Some people above mentioning RBC threatening to close their account for transferring funds. So my worry is perhaps a number of small US$$ amount transactions may go unnoticed but perhaps higher amounts may draw attention? By higher I mean 1 or 2 thousand not zillions :)

    Cheers!

  160. @Sharp Shooter

    To be honest I think I only actually used it once. I haven’t had any money coming into PayPal in a while, so haven’t had the need. I can’t vouch for how strict they are, but my guess is as long as you aren’t transferring large amounts of money on a regular basis, you should be fine. My guess is a small number of large(ish) transactions would be better than a large number of small transactions, but I could be wrong.

    Anyone else’s experience would be useful.

  161. @Logan

    Thank you for your input. I hope David could contrabute and let us all know if possible the actual amounts that led to his RBC account to be in trouble.

    @David

    Do you think you could share some info pls.

    Cheers!

  162. Just to let you all know that as of 28th March 2011, everything worked out perfectly alright, just as mentioned in the original post.

    I have been able to successfully link my US $ RBC HIGH INTEREST ESAVINGS ACCOUNT to my PAYPAL and have been able to transfer funds FROM PAYPAL TO THE RBC ESAVING ACCOUNT, WITHOUT losing anything on currency conversion, as funds from my Paypal US $ account were transferred to RBC US$ esavings account.

    Thank you for all the contributors and the original post. MUCH MUCH appreciated.

    Best wishes!!

  163. First of all, a very interesting article and many great responses. Just a note of caution here. Although, this method works at the moment it is not officially approved by Paypal. I have been tempted to do this and made some calls to them. Their terms of service prohibits Canadians link us bank accounts with a US routing number (and vice versa). So this setup seems to be a technical “loop hole.” I want this but thinking of starting a small business and risking getting suspended down the road makes me think twice.

    By the way I also found this link that I wanted to share:
    http://forums.redflagdeals.com/how-withdrawing-usd-paypal-account-avoid-cad-conversion-973455/

    Good Luck!

  164. That link outlines the exact same process, Fazzi, does it not?

    I find it funny that this loophole still exists, considering it’s worked for years on end (at least 5 I think, maybe closer to 10).

    This is why the method that I shared a few posts above is the best, IMO. No risk. I’ll say it again.

    Get a Centura account (I think they changed the name but it’s basically a true US account for Canadians). You can set this up at RBC Canada as long as you have some other kind of account with them. They send off the application to a RBC US branch somewhere in the US and upon approval it will be linked seamlessly with your RBC Canada USD accounts (US personal or High Interest – both link to Centura), so you can then transfer USD funds from Paypal to Centura (when adding the Centura account to Paypal, fill it out just as you would any United States bank account). When it’s all done you’ll have this:

    Paypal Centura (You can withrdaw from Paypal and also add funds to Paypal)
    Centura RBC Canada USD (either US personal or High Interest) – online transfers are free and instant

  165. Has anyone been able to do this with a BMO usd account?

  166. Hi Scienide,

    With RBC Centura account, would you still need to do something with taxes in U.S ( IRS )? Please explain more.

    Thanks.

  167. Fazzi, it does not say on https://cms.paypal.com/ca/cgi-bin/?cmd=_render-content&content_ID=ua/UserAgreement_full&locale.x=en_US where it is illegal to use the regular RBC USD method, where did you find this out BTW? Can you provide some links or more information, thanks.

  168. Fazzi, can you point to the PayPal ToS where it says anything like that? Here’s an excerpt from User Agreement, it doesn’t mention what you say.

    6. Withdrawing Money.
    6.1 How to Withdraw Money. You may withdraw funds by electronically transferring them to your bank account or using your PayPal Debit Card (eligible Users only).

    6.2 Withdrawal Limits. Depending on the degree to which you have Verified your Account, we may limit you to withdrawing no more than the equivalent of $500.00 USD per month. You can view your withdrawal limit, if any, by logging into your Account and clicking on the “View Limits” link on the “Account Overview”. In addition, we may delay withdrawals of large sums of money while we screen for risk.

    6.3 Withdrawing Money in Multiple Currencies. If you have multiple currencies in your Balance, you will be able to choose from those when you withdraw funds, but the withdrawal will generally take place in your home currency.

  169. @qqking: This suggests you don’t need to worry about the Centura
    http://answers.google.com/answers/threadview/id/779307.html

  170. @Sharp Shooter I haven’t experienced any problems with a couple of higher amounts (as per your definition)

  171. @Slobo – What cinstitutes a higher amount?

    Also to respond to the ToS, I am looking into it, however, I got this response on the phone while speaking to a PayPal rep, and all she did was to pint me to the knowlege base (Q&A’s under help). Unfortunately I did not save that page… like I said I will try to find that reference….

  172. @Fazzi – Please let me know when you find it. If you can please point to the ToS. Dunno how much water Q&A can hold, but even that might be ok if you can find it.

    Also, Sharp Shooter was asking about transferring couple of thousand into the RBC $US account, i’ve did that 2-3 times without issues in the last few months.

  173. @slobo,

    Yes no issues so far. Thank you for the update.

  174. I just initiated this on the paypal side to add the rbc US account and noticed that the instructions here talk about a 12 digits account number, but what the rbcbank online banking web site shows me is an account number with this format: XXX XXX-XXX-X (10 digits). I still tried it with the routing given on top and will see what this gives in the next days. Any feedback from people in the same situation?

  175. Does anyone have an idea how I can transfer my us dollar funds to my national bank of canada’s us dollar account?
    It works well for my RBC account, what about NBC’s routing number?

  176. Result: my first attempt failed. I used the routing number provided in this blog post and not the one given by RBC because I thought it was very important to respect that. At my second try, I used the one given by RBC USA and the 2 paypal small transfers succeeded. I am now withdrawing 100$ from paypal to RBC to confirm this is a complete success.

  177. Nick
    do you have “RBC US based” (which can be opened from within canadian RBC branches) or “RBC USD” account(which is canadian based). I know paypal has no problem with “RBC US based” and consider it as US banks,I want to know about use “RBC USD”.

  178. Sorry for the confusion. I am really talking about the RBC account in the USA. I wanted to emphasize in this board that I had to use the routing number provided by RBCUSA and not the one mentionned at the top in the original post.
    Also my test of 100$ transfer is successful so I’m good to go. I now need to test XE.COM from RBCUSA to my USD BNC account and this will be perfect. If it works, my advisor at the Royal Bank told me I would be able to close my RBC USD (canadian based) account.

  179. Gee, what a long thread. People, RBC US CAD accounts still work fine with the original routing number author mentioned. I do not know why are people here so confused. It’s simple signup with PayPal, select country as US and enter the routing number mentioned above by the author and your account number. There is no problem, I just transferred some money and it works fine. Please do not post stupid questions in here before reading what the author wrote. PayPal has no problem with either CAD US or True US based account. These both work again, just follow the damn instructions to the letter. If you open RBC account in the US note that you need to file with IRS for taxes since account is on US territory. With CAD US account you don’t. Again please do not post lame questions in here, read the instructions, everything works fine.

  180. MrX: I don’t know if you are talking to me but I think my initial question and the description of my successful process are far from stupid. Because my local RBC bank knows me and how my paypal account is used, they forced me to open a business account, which is 9$/month. By opening a centura account, if I can make a XE transfer to another US account I have at BNC (free and in USD) then I should be able to close the local RBC account and avoid the fees. Sorry if I have not your intelligence but I thought that documenting the process could help others… and yes, I could have read better to understand which routing number I had to use. How lame I am… !!

  181. @Nick, heh you told your bank how your paypal account is used? This shyte keeps getting funnier by the minute.
    Man you can simply open a personal US account in RBC, nobody can force you to signup for anything. Just
    open account at different branch if they know you there. Why the heck do you need Centura? Routing works fine with CAD US based account. Again read what I wrote before.

  182. @MrX
    If I wanted to transfer money from my Canadian account to my US account through Paypal, will the reverse work. I currently have a RBC and BMO account here in Canada and a Wells Fargo account in the US. My Paypal account is currently with Wells Fargo in the US. I’m trying to see if I can add my BMO account to paypal, pull money out of my BMO, put it into Paypal, then from Paypal put the money into Wells Fargo. The only way so far for me to make car payments is through my Wells Fargo account but I recently moved to Canada. Direct wire transfers every month would get quite expensive. Thanks for any insight.
    Cheers
    David

  183. That’s good to know, always looking for loopholes. Those paypal fees can add up fast especially when dealing with a large amount of money that needs to be exchanged.

  184. Hi Mike, I do not believe there are any loopholes here, this is just a way to transfer USD funds from PayPal Canada to a USD account at a Canadian Bank. If you had PayPal US account you would not be able to transfer it to Canadian Bank without paying cross-border fees (in fact last time I tried they didn’t even let me specify an account at Canadian Bank).
    Depending how USD got into your PayPal account, someone already paid cross-border fees.

  185. Just a note to say that I set this up and it has worked flawlessly to date, from June to August 2011!

    THANKS!

  186. Does anyone know a work around for the Scotia Bank USD accounts?
    I found the following details regarding Scotia Bank. The thing is my business account is in Scotia Bank and I do not want to receive money to my personal RBC account. Any help is really appreciated.

    THE BANK OF NOVA SCOTIA
    Routing Information
    Bank Name THE BANK OF NOVA SCOTIA
    Routing Number 026002532
    Address ONE LIBERTY PLAZA
    City NEW YORK
    State NY
    Zip Code 10006-0000
    Telephone Number (212) 225-5361
    Office Type Main
    Servicing Number 021001208
    Record Type Code 1
    Institution Status Code 1
    Record Revision Date 2010-03-11

  187. What if transferring monies from RBC US account to Paypal. anyone have success?

  188. Ok I figured out my own question. To transfer money from Canada to US, one has to use RBC Royal Bank here in Canada. You then setup a US Savings account. You also have to setup a US Access Account which is a new account you make that is an actual US RBC Bank account. It’s done through RBC in Canada. When the exchange rate is favorable, you can transfer money from your RBC Canada checking to your RBC US Savings. Now you have US dollars in your Canadian Bank. From there it’s a straight transfer to your RBC US Access account in the US. You can do this online once it’s all setup or via phone call. Any questions shoot me a line. It’s nice and easy and takes a 2-3 weeks. Only thing that sucks right now is that the exchange rate is not so favorable.

  189. Hi guys,

    I want to share my experience with everyone using the above instructions.

    Tuesday: Filled out an online application for eSavings USD account with RBC
    Wednesday: Called from customer service to setup a meeting.
    Thursday: Went to the RBC to setup 3 accounts (eSavings USD, eSavings CAD, and Access USA – which takes a few weeks); You need to have a CAD account in order to add the USD account.

    I added the accounts using the above instructions
    Country: United States
    Bank Name: Royal Bank of Canada
    Account Type: Savings
    Routing Number: 026004093
    Account Number: XXXXXXXXXXXX (No dash, retrieved from Online Banking)

    Monday: 2 initial deposits showed up on my CAD account
    Tuesday: Still nothing shown on my USD account yet.

    So, as of Tuesday morning, there’s nothing shown on my USD account yet. I have tried to add another USD account in my paypal, but it tells me that the same account has already been added. If this trick doesn’t work anymore, I guess we’ll have to use the Access USA (US Based USD account) from now on which’ll take a few weeks to setup. I’ll keep everyone posted if anyone is interested.

  190. Just following on my previous post.

    Tuesday night: 2 initial deposits are received in my USD eSavings account.
    So yes, this method is still working as of Oct 25, 2011. Hooray! I will also keep everyone posted on the Access USA (US based USD account) since it allows you to deposit money as well.

  191. Nov 17, 2011 – it worked.
    Just don’t even THINK about moving money from RBC to Paypal.
    This is great for Canadians. Sell and receive money into Paypal. Use that US currency to pay your Ebay fees. Get another Paypal account and use one for buying with a credit card and the other for selling/receiving. Otherwise Paypal will default to your existing balance and you won’t have the credit card protection.

  192. Should have reminded newbies that you can transfer funds free between your accounts.

  193. Now what we need is a way of paying a US $ credit card physically in the US (Nordstrom is an example of a feeless US$ credit card available to Canadians) with our Paypal US currency account. I’ve never found a credit card company that accepts payment from Paypal. Not sure why. They claim the institution has to have a routing number. Well I can pay the teller with cash and I don’t have no routing number! So why wouldn’t they take money from Paypal? Perhaps Paypal is asking for a fee that is too high. Maybe somebody here knows.

    Sure you can pay with a US$ BMO (in Canada), then pay for that by moving US$ that have accumulated from Ebay sales from Paypal to your RBC US$ account in Canada, but you have to physically go to BMO with the cash after withdrawing it from your RBC account. How archaic is that?

    Just got off the phone with RBC. There’s a better way. Their US $ account allows 1 free transaction amount per account. So open up a few. You can move money back and forth free (not classified as a transaction if its in-house). Get some counter cheques from any branch for free. Now write a cheque to your BMO account and drop that at any BMO bank machine that accepts deposits to be deposited into your BMO US $ account. That will fund your BMO US$ credit card automatically every month. That’s a whole lot easier than tromping between branches and moving cash and standing in lines for tellers. BMO said they don’t really like it when customers write cheques to themselves. Guess a lot of fraud is committed that way. But if the money is there they should honor it. Maybe it would be prudent to keep a float in the account in case the funds don’t through occasionally. You must make sure the funds clear in time for the credit card to access them. If you can remove your hold this clears up that problem.

  194. I was wrong. RBC never prints cheques for US$ accounts for free. You have to order them. And they can’t be written on a feeless US$ account. You have to pay every month for a US$ checking account.
    You can withdraw the US$ cash out of RBC atm’s (some of them) and take that to BMO. Otherwise, its just cash from one teller to another teller. You cannot deposit US$ cash at any BMO atm. We’re back in the stone age. And you cannot pay your BMO US$ CC account electronically with RBC. My ears are going deaf with all the door being slammed!
    Best scenario for convenience if you don’t want to bother with the RBC USA account/credit card:
    Pay $65 a year for a US$ RBC credit card which will be funded by Paypal funds transferred in from your Ebay sales in US$ to your US$ RBC account. The perk with the RBC US$ CC is that they have a rewards system which works out to about 1% back. BMO is 0.5% back. BMO is cash though so a slight advantage. Do the math: 0.5% of $13,000 is $65. So if you’re spending $13,000 or more its better for most people to go with RBC where the rewards system is quite flexible (gift cards, travel, etc.)

    Or use RBC USA (if you have a Canadian passport) and have your bank on US soil. Keep $700 US in the account to avoid monthly fees. Get a no-fee RBC CC from the same bank and fund it with your bank account but probably you’re free to get any CC in the US and fund it with your account. You can move funds between your RBC Canadian accounts and US accounts seemlessly as well. Use XE.com to change money unless you’ve found better rates somewhere. If so, post here!

  195. Hi all,
    Would the above method work for this scenario:
    1. Withdraw money from RBC US chequing in Canada to PayPal.
    2. Transfer money from PayPal US account setup in #1 above to another PayPal user whose paypal is setup with bank of America US chequing.

    Is there a better/easier way to transfer money online from RBC Canada to Bank of America in the state!

    Thanks,

  196. > 1. Withdraw money from RBC US chequing in Canada to PayPal.

    If you try to do that little trick your RBC account will be immediately deleted off Paypal. As countless people have said, you can only move money from Paypal to RBC. And the term is transfer, not withdraw. Or move I guess.

    > 2. Transfer money from PayPal US account setup in #1 above to another PayPal user whose paypal is setup with bank of America US chequing.

    You can transfer to another Paypal user for free if you don’t specify Purchase.
    You cannot transfer from Paypal to another user’s bank account. Doesn’t matter if they have Paypal attached or not. Just transfer to the user. It will be immediate if you have a credit card to back it up. That is key. Otherwise they have to wait for the funds to actually arrive and that can take several days.

  197. Has anyone had success with TD? I opened a TD US bank in Florida (they took over the defunct Riverside and are expanding rapidly).

    The problem is, there is no way to link my TD US account with my TD Canada Trust account. There is no seamless connection like RBC. The only similarity is in the name, logo, colour scheme etc.

  198. Just to add to my post, I had absolutely no trouble whatsoever connecting my PP account to my Florida TD US. It’s a great bank to deal with, they’re friendly and the branches are never busy. I have a chequing account and pay no fees and it includes a Visa debit card.

    Transferring from PP is smooth and painless; it takes 2 business days instead of 3 or 4 days for CDN$CDN$ Canada

  199. I think its pretty clear to us that there is no problem linking Paypal to most any banking institution if they are in the physical US. The challenge is to link it to an account in Canada. Both ways. RBC works to withdraw from Paypal. It would be nice to be able to move US dollars from Canada to Paypal with no currency exchange tricks foisted upon us by the banking institution.

    The point of this is to pay in US $, sell in US $ and never convert to Canadian – at least as infrequently as possible.

    Right now, if you have the proper ID (driver’s license or passport) RBC USA is the answer. Keep $700 in your account for no monthly fees and you can move US$ seamlessly across the border with no currency change occurring. Sell on Ebay in US $, transfer to your RBC USA account, use that account to pay for your RBC USA credit card (no annual fees with some rewards) that you use on Ebay to buy and you have a workable system.

    And if you’re sending your goods to Canada, source out a Freight Forwarder as more and more US sellers refuse to ship across their northern border. Their fees should be under $10, they should use Fedex Ground (if you’re living near a customs office to pay GST/PST), and they should be willing to group packages together to save you large amounts on shipping to Canada. Not all of us are so lucky as to live very close to a border town where we can bring it across ourselves. That is the ideal of course.

  200. Thanks to the original poster for getting this multi-year thread going. Here’s my little contribution.

    HOW TO GET THE BEST CONVERSION RATE POSSIBLE? (once you have set-up your way to retrieve your USD funds from PayPal. WARNING: these are results from my research, but make your own tests as I have yet to set these up myself.

    1) If you have a trading account with them (only non-RSP available), InteractiveBrokers has extremely competitive rates. Make sure you have an account jn the currency you are buying otherwise, it may be problematic getting it out.
    2) For large sums, OANDA is the way to go because of their flat $25 fee (there may be a tiny spread, not sure)
    3) For small sum XETRADE is still best with a competitive spread but no flat fee.

  201. Hello

    I just added an RBC USD account to my canadian RBC account, I followed the exact steps above and it did not work. I got an email from paypal saying this :

    “The two deposits that PayPal sent to your bank account as part of the bank confirmation process were returned to us for the following reason:

    Your bank reported a problem. Please contact your bank’s customer service. If you still need assistance, you may contact us at https://www.paypal.com/wf/f=bank_addfnd .
    If you feel this rejection is in error, you may also email PayPal Customer Service to confirm this bank account by going to:

    https://www.paypal.com/ca/wf/f=act_verifyba

    So I have no idea what happened but I got no deposits in my USD account :(

    Any help would be very appreciated!!!

    THANKS!!

  202. I got the exactly same email as Paul.

    My guess: Maybe they know there are lots of guys like us want to get our USD out from this way which they don’t like. Coz’ they can’t get money from us.. So, they make their new rule.

    Do you think so?

    Is there anyone can help me out? Thanks in advance.

    Pete

  203. Hey Pete

    This is what I did, I added my Canadian dollar account as well, then the next day I got a deposit in my USD account, and the day after that a deposit in my CAN dollar account. So just ad you Can dollar account as well and see if that works. I verified my account and deposited some money in the USD account and right now I am in the process of waiting for the deposit from Paypal to the USD account.

  204. Paul, just try it again, triple checking that routing number and making sure you follow the other directions to the letter. Many people check Canada for their bank location but it must be the US even though it is in Canada. Why Paypal hasn’t plugged this anomaly nobody knows but let’s just be thankful its available. And make sure you never accidentally attempt to move money from your RBC account to Paypal. Best to make sure the RBC account is not the default account. Make a Canadian account the default account. Better to make a mistake with that occasionally.

    But unless you have no ID or are pretty broke, just open a RBC USA account and keep $700 in it for no monthly fees. Apply for a RBC USA credit card and use that to buy on Ebay. Perhaps they could lock in the $700 so the credit card is secured for them. That would be smart but I bet they would refuse such logic. Anyway, fund the card from your RBC USA bank account that will be funded by your Ebay/Paypal sales to Americans. Everything revolves in the US, nothing crosses the boarder. Now learn what exposure you may have with the IRS….I have no ideas about that. But I think you can sell a few thousand a year before anyone cares. And the fact that you’re Canadian and not living there, might help that immensely. Revenue Canada says there are no taxes on personal use items if the selling price is under $1000. So for most of us we don’t have to worry about profiting on some of our stuff. Obviously you can’t say you used 100 air conditioners as personal use items last year. Be reasonable and they’ll be reasonable.

  205. Sadly, this has all changed as of Feb. 19

    I just got off the phone with Paypal, and they no longer allow Canadians to add US bank accounts. They want to be able to collect conversion fees, no doubt.

    They will grandfather any account you have connected presently, but will not allow the addition of new ones.

    RBC recently transitioned their US accounts to another bank in Georgia, so if you have to change your Paypal info for the account, DO NOT remove the old RBC account!!!

    Use the ADD function to add the new account for RBC Georgia, and don’t worry about the error message for the invalid routing code. The account will be switched to the new one correctly.

    If you remove your existing RBC account first, you will be screwed, and will not be allowed to add the new one.

  206. Thanks for this most important update. We knew this was coming. Amazed it took so long. Also amazing they allow the old accounts to continue. The answer though is to use the RBC USA US$ account and a US$ credit card either down there (RBC) or here (BMO). Both have no annual fees with reasonable levels of activity (for BMO, not sure if RBC cares.) Move your US$ seemlessly across the border with no currency change via RBC with no silly wire fees. Until other banks wake up, and it probably won’t be long til they do, RBC USA is the only choice. And their Canadian accounts (both US and Can currencies) have no monthly fees thankfully so long periods of inactivity won’t matter. Plus the RBC website is pretty good. Unfortunately you can’t link any RBC account with other banks yet but you can use online banks like PC Financial, HSBC, ING, and some credit unions to pull and push money from your brick and mortar established banks. Just get a voided cheque image from RBC to do that.

  207. RJ,

    The paypal cs reps are giving me conflicting answers. I was using RBC Centura without issue but I can’t add my new RBC Bank Georgia account. I’m presented with the invalid routing number message for code 063216608, but there is no way to pass the error message screen. Should I use the old routing number with the new account number instead? Should I just continue withdrawing funds to my old Centura account? I know that my old cheques will be honoured until the end of May so maybe they will still accept deposits too?

  208. rj – Can you tell us more about the Georgia bank account? Do all of us with the current set up (allowing us to transfer US$ to RBC US account) need to add a Georgia account for RBC? And do you leave the old account? confused, please help!

  209. RBC USA transferred its operations to BRC Georgia on Feb 17. Surely I’m not the only one aware of this….They’ve been sending out packages and and emails for months, along with new Visa cards, bank cards, and cheques.

    So the old Embassy chequing account, as Centura is now called, is staying the same, but the account numbers and routing numbers have changed.

    When you log into Paypal to change the bank account info, when you add the new account, it will give you an error and say the routing code is invalid, and you can’t go to the next screen.
    But if you check your accounts, you’ll see it has in fact changed your existing US acct # to the new one.

    As I said earlier, ABSOLUTELY DO NOT remove your account and try to add a new one after. You will not be allowed to, and you will be out of luck. Just leave the existing account as is, and it will change when you add the new one.

  210. RJ,

    Paypal did automatically update my account numbers. Thanks a lot for the info.

  211. Looks like I just missed out on this great loophole! Darn. I’m wondering if anyone can offer advice for a new PayPal user who is trying to withdraw USD from my PayPal account into an RBC Royal Bank (Canada) USD Savings account (to be converted to CND at my own discretion). I just started this process today and am currently waiting for that account to be verified by PayPal. I gather I’m no longer able to simply switch the country/routing number to make this work.

    I’d really appreciate any advice on the following: Does it make sense for me to open an RBC Bank (USA) USD chequing account, is it that a pointless short term solution as the RBC USA accounts are being migrated to PNC soon? Is it easy/cheap to transfer/convert USD from an RBC USA chequing account to CND in an RBC Canada chequing account? Do I even have the premises right here?

    Many thanks in advance!

  212. I talked to the people involved and it appeared the major change was there was a mandatory $3 a month fee but that was for either a lot of transactions or unlimited. There is no more free account with a minimum monthly balance.

  213. I don’t see why the RBC USA account wouldn’t work, but it looks like one commenter is claiming that it’s not possible for new accounts. All you can do is try though and let us know. I haven’t seen anyone confirm that they’ve tried and failed. Select United States when setting it up in Paypal and fill in the numbers as are shown on your US checks. It is a true US bank account (recently ported over to Georgia from Florida as mentioned in an above comment – the migration is complete I think) so all you can do is get one, set it up in Paypal and try to withdraw money in USD. It may or may not work but you should try it and let us know for sure to confirm one way or the other.

    If it does work, then all you have to do is transfer it over to your RBC USD account in Canada (which is linked to the RBC USA account). You’d be considered a cross-border client and have a true US Debit (with Visa) card linked to your USD account at RBC Canada. Just keep a balance of 700+ USD and there are no fees. I’ve actually went under quite a few times but got the balance back up over 700 within several days and I have not yet seen any fees. They are quite forgiving, unlike other banks I’ve seen. If you drop 1 penny below on the minimum balance in Canadian banks, even for a second, you’ll be charged the monthly fee.

    RBC USA sent me complimentary US checks when operations were switched to Georgia. I’ve had good luck with RBC on both sides of the border. Great for when you go on trips and it eliminates the need for a credit card (in my case at least, because I hate credit cards and only use it as a last resort or for certain online purchases which don’t accept Paypal). Sometimes I use the Visa option on it in Canada as well, and let it exchange the currency automatically (and I can use it for hotels since a lot of them require it, unless you want to leave a cash deposit). Oh, and as a Canadian, this will give you a US credit rating which is a bonus if you ever plan to move to the US and need credit.

    As for your question about the routing number trick, this isn’t necessary for the RBC USA account. The trick is only for withdrawing directly to Canada (and it doesn’t sound like this works anymore). Oh, and as far as easy/cheap – it doesn’t cost anything to withdraw from Paypal to RBC USA. As for exchanging money from US to CA, Paypal’s exchange fee is actually less than all of the Canadian banks so unless you want to withdraw US cash, then you might be better off just converting it from US to CA directly on Paypal to your Canadian currency bank account.

  214. Paypal says they no longer allow new US bank accounts held by Canadian residents to connect to Paypal the way they used to.
    They said if you already have one set up, it will not be affected.

  215. I wonder how Paypal would know where the account holder is situated? You’d think that info wouldn’t be in the public domain.

    And to confirm: no more $700 minimum = no monthly fees. Everybody pays $3 a month no matter what. Sad to hear I might add.

  216. Well, Paypal certainly knows where you live. All that info is required to link to any bank account, and the account routing number tells them where the bank is.

  217. I have updated my RBC Georgia account number and new routing number in Paypal and transferred some funds to to RBC US Account from Paypal. It works, there is no problem at all, does not matter whats your address is in your paypal account.
    Moreover, I have problem on Amazon.com, still the amazon system is not recognizing RBC (G) new routing number; so I am not able to add my RBC (G) account into amazon yet.
    If someone knows how to do this please help us. Thanks.

  218. So, if you don’t have an account already setup with RBC, what would be the best way to do this to deposit US funds into an account? To open a RBC US usd account do you need to do it in the states? Or can it be done in Canada? Any other options?

  219. If you don’t already have a US account set up with RBC in the States, I’m not sure if there are any other options.
    Maybe you can set up an account in person at a US branch, but I don’t anything about whether or not you can, as a Canadian. There are lots of snowbirds who have bank accounts, but I assume it has something to do with residency, even if it’s just for the winter season. I don’t know.

    I do know that the RBC branches are in the southern states, so it wouldn’t be like driving to Plattsburgh or Buffalo.

    This is a Paypal issue, and not a bank issue, so even if another bank had a similar US-Canada thing going, my guess is that Paypal would still disallow setting it up to connect to your PP account.

    I know nothing about Amazon or Google payments, or any of those other systems.

  220. Does anyone read anymore? I’ve already posted this in my last posts.

    “To transfer money from Canada to US, one has to use RBC Royal Bank here in Canada. You then setup a US Savings account. You also have to setup a US Access Account which is a new account you make that is an actual US RBC Bank account. It’s done through RBC in Canada.”

  221. Has anyone tried the RBC Georgia us account? That is the new us account offered by them, but I have yet to see anyone with a new account try to add it and deposit. Please confirm. David, the US us savings account you mentioned is called RBC Georgia. So I am just waiting for someone to say it works before proceeding with opening one.

  222. Hey Mike,
    I’m assuming the RBC Georgia is the name now after the transition they went through last month or so. They sent me new Debit/Visa cards and other materials and my old info is now no longer valid. I don’t have an answer for people that are opening a new account with the new ‘face’ of RBC. Only one way to find out :)

  223. Hi Mike (and all!),

    It still works! Since the new PayPal policy mentioned by RJ above came into effect in February 2012, I have done the following: 1) opened a new PayPal account; 2) added my regular RBC Royal Royal Bank Canadian Chequing Account to PayPal, without problems; 3) attempted to add my RBC Royal Bank US dollar account to PayPayl, but was unable to (PayPal said “bank account invalid”; and 4) opened a new RBC Bank Georgia Embassy Checking Account and successfully added it to my PayPal account. I have successfully (and freely!) transfered US funds from my PayPal account to the RBC Bank Georgia account, to my RBC Royal Bank US funds account which I can now access whenever. Success! So it seems that PayPal did not bar me (a Canadian resident) from registering a wholly-American account to mt PayPal. Hope this works for y’all too!

  224. Kino,

    Do I have to create a new Paypal account? I already have one but was going to open up one of those RBC Bank Georgia Embassy Checking accounts and add that to my Paypal account.

    Can I use the same debit card I have right now for my Canadian and the Embassy US checking account?
    And in what format did you enter in the Embassy Checking Account?

  225. 1) I added my RBC U.S. High Interest eSavings account some time ago with this method and was successfully transfering from Paypal to RBC but stopped using Paypal for a while. Does anyone know if this still works? I still have that bank account registered and i don’t want to lose money by trying to do a transfer.

    2) Since RBC basically just changed their US bank, can we use the same method with a new routing #?

  226. This still works as of April 2012. Last week at RBC, I opened a new CAD savings account and the eSavings US account and added the eSavings account to Paypal using the routing # in the OP. Several business days later, Paypal deposited two amounts into the account and verified the account. So it definitely still works.

  227. Hi Marie, could you kindly clarify, what is the “…routing # in the OP…”?

  228. Hi Maryna, I meant the routing # (026004093) as stated in the original post.

  229. Cross-border direct deposits….

    What bank accounts in Canada work with USD Direct Deposits from the USA? Scotia? TD? RBC?

    The bank account must be denominated in USD, right, to receive a DD from a USA bank in USD?

    And how do I give out my Canada bank account information? We have INSTITUTION #, TRANSIT #, BANK ACCOUNT #. But a USA bank account has only a ROUTING #, and a BANK ACCOUNT #.

  230. Has anyone found out that the USA-Canada direct-deposit trick works with banks other than RBC????

  231. Can anybody please tell me what should be best for my situation so I don’t get charge the steep fees.

    I have settled in US for the past 2 years, and I(still) have an bank account with CIBC(CANADA) in Canadian dollars, what would be the best option to transfer my canadian dollars to USD without getting whacked on the fees ?

    Thanks.

  232. This works perfectly, I tried with RBC and it worked without any isssues. Please follow exactly what it describes.

    Thanks for this useful post!

  233. Sam, what sort of accounts do you have at RBC? I have tried to link Paypal but it isn’t working. I have a Savings account at the local branch and a Georgia Royal Embassy checking for the USD.

    The transit number for the local branch is 07418. That is the number I have put in front of the 9-digit Georgia Royal Embassy account number, and I am using routing number 026004093 as instructed.

    Is anything here wrong?

  234. Hi Kurtis

    I only have US e-savings account which requires no minimum balance, unlimited deposits and one debit per month with Royal Bank of Canada, Toronto branch. This trick is going to work with only Royal Bank, if you follow the steps above then it will work. I was frustrated with other banks and then I found this wonderful post and it worked perfectly!

    Thanks

  235. THANKS to Marie and Sam who confirmed that this does indeed still work. I have had a paypal account for 10 years or so and have been a Royal bank customer for years. Following Marie’s advice I opened a new esavings US$ account at my local (Toronto) Royal. At this point I followed the steps outlined in this article. Paypal then deposited two small amounts within 48 hours to confirm the link to my account. Next I then transferred $1 US from my paypal account to my new esavings US$ account (to be sure that I could get an actual ‘withdrawal’ transfer), and again about 48 hours later that $1 USwas deposited into my US account. With the Royal esavings account there are no fees but I am only allowed 1 free withdrawal monthly from that account. Money however can be transferred through online banking at no charge to any of your other Royal accounts from your esavings. So for example if you had a Royal US$ chequing account you could make any number of transfers via online banking to that account from your US$ esavings….

  236. Me again! I have finally gotten Paypal linked to my RBC Georgia Royal Embassy USD checking account. The trick was to not use any trick at all. Using the account and routing number that are provided by RBC, I had no trouble. The small amounts showed up and the account is now confirmed.

    Now I can transfer freely between this USD account and my local Royal Bank Canada savings account.
    Hope that helps anyone else who are scratching their heads!

  237. Hey everyone,

    Not sure if anyone still checks this page, but I tried linking my US account at my Canadian branch of RBC and IT STILL WORKED!!! I didn’t have to open an account in the US like many have mentioned above. I followed the instructions in the article, and paypal was able to deposit the funds into my Canadian US chequing account.

    Looks like paypal hasn’t closed the loophole, or perhaps some people may be lucky enough to get past it like I was.

    HOORAY!!!

  238. Does anyone know if this is still working?

    I read that it stopped working a few days ago…

  239. I would also like to know if it still works.

  240. Worked fine last month when i used it.

  241. I just tried to add the account today. The RBC US routing number doesn’t seem to work any more. I was only able to add it as a Canadian bank.

  242. Does this still work in 2014?

    Trying to apply for the RBC USD eSavings account but actually there is a software error.

    Just wondering if it’s worth it to go through with everything, only if it still works I guess.

    Can anyone confirm?

  243. When you’re buying in the US you want to use a US based, cash back card. Some offer 2% now. Watch out for the increments of the rewards. Fidelity’s 2% Amex only gives out $50 increments so you need to spend $2500 to get anything. Use VBCE for the best currency conversion. Send Canadian$ to them like a bill payment and they send US$ to your Canadian affiliate in US$ and from there you can instantly transfer it to our US based bank. If you get email notification for new deposits you’ll instantly know when it arrives. It usually takes a couple of days for the currency conversion.

  244. You need an edit button on here for us sloppy typists!
    “transfer it to our US based bank” should be
    “transfer it to your US based bank”.

  245. Yes it still works – I just tried to link my Cdn US Royal Bank account and everything went through fine. I received the two deposits from paypal, confirmed them and now it has been added to my paypal account.

  246. Yes, Using the RBC US routing # of 063216608 and then using the combined transit and account numbers together (in the next field) worked beautifully for me. No conversion fees of any kind. Stayed in USD.

  247. btw, It was a RBC USD High Interest eSavings account

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