Comments on: Transferring US Dollar Funds out of PayPal http://www.canadiancapitalist.com/transferring-us-dollar-funds-out-of-paypal/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Yannick http://www.canadiancapitalist.com/transferring-us-dollar-funds-out-of-paypal/#comment-1392124 Yannick Thu, 12 Jan 2012 14:58:10 +0000 http://www.canadiancapitalist.com/2007/08/22/transferring-us-dollar-funds-out-of-paypal#comment-1392124 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. 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.

]]> By: Atom http://www.canadiancapitalist.com/transferring-us-dollar-funds-out-of-paypal/#comment-1234048 Atom Mon, 12 Dec 2011 02:32:51 +0000 http://www.canadiancapitalist.com/2007/08/22/transferring-us-dollar-funds-out-of-paypal#comment-1234048 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. 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.

]]> By: Nerd http://www.canadiancapitalist.com/transferring-us-dollar-funds-out-of-paypal/#comment-1232635 Nerd Sun, 11 Dec 2011 15:09:10 +0000 http://www.canadiancapitalist.com/2007/08/22/transferring-us-dollar-funds-out-of-paypal#comment-1232635 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 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

]]> By: Nerd http://www.canadiancapitalist.com/transferring-us-dollar-funds-out-of-paypal/#comment-1232591 Nerd Sun, 11 Dec 2011 14:55:46 +0000 http://www.canadiancapitalist.com/2007/08/22/transferring-us-dollar-funds-out-of-paypal#comment-1232591 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. 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.

]]> By: Atom http://www.canadiancapitalist.com/transferring-us-dollar-funds-out-of-paypal/#comment-1224660 Atom Fri, 09 Dec 2011 18:09:52 +0000 http://www.canadiancapitalist.com/2007/08/22/transferring-us-dollar-funds-out-of-paypal#comment-1224660 > 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. > 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.

]]> By: bApTizE http://www.canadiancapitalist.com/transferring-us-dollar-funds-out-of-paypal/#comment-1224111 bApTizE Fri, 09 Dec 2011 15:46:03 +0000 http://www.canadiancapitalist.com/2007/08/22/transferring-us-dollar-funds-out-of-paypal#comment-1224111 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, 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,

]]> By: Atom http://www.canadiancapitalist.com/transferring-us-dollar-funds-out-of-paypal/#comment-1179434 Atom Wed, 30 Nov 2011 20:38:39 +0000 http://www.canadiancapitalist.com/2007/08/22/transferring-us-dollar-funds-out-of-paypal#comment-1179434 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 $700 US in the account to avoid monthly fees. Get a no-fee RBC CC from the same bank and fund it with your bank account but probably you're free to get any CC in the US and fund it with your account. You can move funds between your RBC Canadian accounts and US accounts seemlessly as well. Use XE.com to change money unless you've found better rates somewhere. If so, post here! I was wrong. RBC never prints cheques for US$ 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!

]]> By: Atom http://www.canadiancapitalist.com/transferring-us-dollar-funds-out-of-paypal/#comment-1123155 Atom Fri, 18 Nov 2011 02:49:41 +0000 http://www.canadiancapitalist.com/2007/08/22/transferring-us-dollar-funds-out-of-paypal#comment-1123155 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. 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.

]]> By: Atom http://www.canadiancapitalist.com/transferring-us-dollar-funds-out-of-paypal/#comment-1122807 Atom Fri, 18 Nov 2011 01:11:39 +0000 http://www.canadiancapitalist.com/2007/08/22/transferring-us-dollar-funds-out-of-paypal#comment-1122807 Should have reminded newbies that you can transfer funds free between your accounts. Should have reminded newbies that you can transfer funds free between your accounts.

]]> By: Atom http://www.canadiancapitalist.com/transferring-us-dollar-funds-out-of-paypal/#comment-1122715 Atom Fri, 18 Nov 2011 00:39:43 +0000 http://www.canadiancapitalist.com/2007/08/22/transferring-us-dollar-funds-out-of-paypal#comment-1122715 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. 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.

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