US/CDN Bank Accounts with paypal

[bwalton]

Looking for a little clarity on US $ / CDN $ accounts with paypal

How I use to do it: I had a RBC CDN dollar account setup and a RBC US dollar account setup on their US located bank (if memory serves it was a branch in Florida) so sales in CDN $ went to the RBC bank in Canada in Canadian Dollars, US $ sales went to the RBC bank in the US in US Dollars and I could transfer money between the two with no problem.

Now I still have the RBC CDN $ account but again if memory serves RBC sold that bank and it moved to another and about that time I stopped selling on ebay and the US $ account is cancelled or inactive or deactivated etc.

I went on RBS's website and they still offer a US $ account but is this based on a US bank or is it just like opening a BMO account in US $  ?

Is it even possible to do this anymore or does it all get converted to CDN because paypal wants their conversion fee's ?

Or can you just setup a US $ account at say BMO at a BMO bank in Canada and just decide which account you want the money in paypal to go to ie CDN $ to CDN $ account, US $ to US $ account ?

Thanks

Bill

[ypdc_dennis]

The Canadian banking system uses a different method for transferring funds than what the US banks use.

For a US dollar bank account to get US$ from paypal it must be ACH (American Clearing House) enabled. Most Canadian US$ bank accounts are not set up for that. And those that are, often have monthly fees that wipe out the savings.

So you are going to have to ask your bank (and hope someone knowledgeable is available to answer the ACH question). In addition paypal has to play by the financial restrictions that the USA government has been putting in place, so just having a ACH-enabled US$ account might not be enough anymore.

If you still have your old bank account information, you could check to see if paypal allows you to set it up as a bank account (you don't have to use it, just check to see if paypal permits it).

-..-

[tobyshitzu]

There is a work around with royal only by changing the routing number from a can us$ account as described here  http://travelblogbreakthrough.com/canadian-paypal-users-transfer-usd-bank/

[femmefan1946 · Accepted solution]

I was talking with my TD investment counsellor last week and she told me that TDNorth, their US bank, is still accepting Canadian customers.

If RBC is no help, you might try there.

Because she deals with clients who have international (mostly Hong Kong) investments, I am willing to accept that she is aware of the difference between an account with a Canadian bank in US dollars and a US bank that accepts Canadian customers.

[bwalton]

This seems like it was before, I will see about setting up a new US$ RBC account and fellow the steps

Thanks