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Taking out USD from Paypal (Canada)


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The only account that works for taking out USD from PayPal to a Canadian bank account in USD is the USD RBC U.S. High Interest eSaving. Other accounts don't seem to work even if the

I was actually looking into this myself today. The only way I could find is to open a us funds account in your Canadian bank. I found a good article here.  http://sustainablepersonalfinance.com/paypal

Have you done this?  copied from website.   When filling out your bank details, make sure you change the dropdown from Canada to United States.  Bank name is “Royal Bank of Canada“. Acc

I was actually looking into this myself today. The only way I could find is to open a us funds account in your Canadian bank. I found a good article here. 

http://sustainablepersonalfinance.com/paypal-currency-exchange-usd-to-cad-workaround/ 

The link I gave has an updated step 11 and an explanation why transit + account number may be insufficient.

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Finding a bank without US fees is going to be difficult, and as you (seapotato) live near the border, it might be easier to open a US account and create a new paypal account.

The Canadian route for example; TD charges you $4.95US per month unless you have a $3,000US balance.  HOWEVER, they also offer a basic account where you pay $1.25 per transaction so that might be worth trying.  I have to go to a TD later this week so I will ask someone.

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The link I gave has an updated step 11 and an explanation why transit + account number may be insufficient.

I have a paypal account that is linked to rbc USD e-savings right now. I believe I followed the steps from the website as well. USD transfers from my paypal simply shows up as a misc. payment and takes 4-5 days.

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I have a paypal account that is linked to rbc USD e-savings right now. I believe I followed the steps from the website as well. USD transfers from my paypal simply shows up as a misc. payment and takes 4-5 days.

I am not sure what bank you use but I know td  has a no fee account and rbc might. Do you need a us address to open an account in the US? 

do you guys have a minimum balance for it to have no fee?

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do you guys have a minimum balance for it to have no fee?

According to the bank's websites:

 

TD - Premium Business - $4.95/mth unless you have 3k
TD - Personal US - no fees, but $1.25 a transaction

RBC - eSavings - no fee, 1 debit per month, $3 per transaction after, free transfers to RBC accounts that you have.

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I forgot, I already have a US RBC account... I just set it up using the steps outlined above. I used the transit + branch + account number for my account number and now I just have to wait for the "small deposits" to show up and confirm.

Doh! Should have done that a while ago, though I recently switched all my eBay sales to CDN dollars as the exchange rate was fluctuating too much for my liking.

Will let you all know if it works!

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The two most common methods is RBC and TD with cross border banking.  I have used TD for awhile now without issue.

On the US side you open a TD Convenience account but keep in mind, you need to keep $100 US to avoid the fee.

On the Canadian Side you can have either the Borderless account or US dollar daily interest chequing account.  The borderless makes sense if you can keep $3k in the account or make many transactions.  There is a $4.95 fee for that account without the minimum.  The dollar daily interest account has no fee, however, has a $1.25 transaction charge.

Transferring money from US to CDN is fairly simple, however, it does require a phone call.

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Thanks for all the info guys. I had read about those accounts as ). I might try and open up the RBC one since there are no fees. I don't really buy too much online in the US (no car, so can't pick up at point Roberts!) so don't really want to keep a balance in the account.

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I forgot, I already have a US RBC account... I just set it up using the steps outlined above. I used the transit + branch + account number for my account number and now I just have to wait for the "small deposits" to show up and confirm.

Doh! Should have done that a while ago, though I recently switched all my eBay sales to CDN dollars as the exchange rate was fluctuating too much for my liking.

Will let you all know if it works!

PayPal notified me last night that the small deposits were rejected - invalid bank account. I had used the suggestion of including the branch number so now I am trying without the branch number as part of the account number.

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Bummer. Hope your second try works!

So my second try worked. I was able to confirm the account and I just transferred over some US funds without it telling me about the conversion rate. I will verify in a day or two that the amount transferred was not adjusted in any way!

What I did:

  1. I already had a USD RBC U.S. High Interest eSavings
  2. Added a new paypal account as per the above instructions.
    • I used TRANSIT-ACCTNUMBER and not TRANSIT-BRANCH-ACCTNUMBER
  3. Waited for the small deposits to appear.
  4. Confirmed.
  5. Transferred US cash from PayPal to my bank account.

Now I wait.... I feel kind of dumb for not finding or thinking of this earlier. I lost out on hundreds of dollars over the years I bet. Oh well, lesson learned and we move on!


 

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So you signed up for a new paypal account? Can't use existing one?

Oops, I see why you thought that. No I didn't create a new PayPal account! I added a new "bank account" to my PayPal "wallet" in my existing PayPal account!

:)

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I think there are some banks you can add an US account, would I be able to add another bank and link it to paypal? Or is it limited to only one bank?

Go to Bellingham and opened up a bank account at Bank of America, then you are set. No fee chequeing account for canadians. 

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