An MP update on US dollar payout capabilities

[kawartha-ephemera]

An update on US dollar payout capabilities

In late spring, we will expand our payout functionality to allow sellers registered on eBay.ca to choose to receive payouts in US dollars. At that time, sellers will receive more details on how to register or update their current information if they have already registered. Please note that a US dollar denominated chequing account from a Canadian bank will be required to use this functionality https://pages.ebay.ca/seller-centre/news/seller-updates/2021-spring/financials.html.

[femmefan1946]

NOT GOOD ENOUGH!

Putting US dollars into a Canadian bank account just means paying two sets of currency exchange due to American laws about money launderingl

We need the ability to put our US dollar payments into American banks like RBCBank or TDNorth.

[ricarmic]

Hmmm based on how I read this, I wonder if it is an either or, ie we can choose to receive in US$ OR $C.

We need both, because we are receiving both currencies.

Time will tell.....

[kawartha-ephemera]

My interpretation is the account holder would be required to choose one and only one currency for the account, either CAD or USD.
I agree this isn't nearly good enough. Other marketplaces I've registered with in the last few years offer this, you had to choose one currency for the account with no ability to hold a balance.

We need to be able to receive both currencies and hold a balance in both currencies.

[lotzofuniquegoodies]

---

@kawartha-ephemera wrote:

My interpretation is the account holder would be required to choose one and only one currency for the account, either CAD or USD.
I agree this isn't nearly good enough. Other marketplaces I've registered with in the last few years offer this, you had to choose one currency for the account with no ability to hold a balance.

We need to be able to receive both currencies and hold a balance in both currencies.

---

It definitely doesnt sound like "give the people what they want"....Especially when it's been asked and begged for for 3 + years.

-Lotz

[valuestore]

Wondering the same, cant ebay just convert it all into our prefered currency on the backend? rather not have 2 bank accounts in 2 currencies. Really its potentially 4 bank accounts requred,  personal (if sell personal stuff  on side) is one account in cad, one in usd for a total of 2.  . Business is another 2 accounts, one account in cad, one in usd.  Expensive complicated mess.. 

[cutestation2019]

Not if you value to hold other currency. I would rather have the option to hold both USD and CAD. Dont force this on other sellers. 

[musicyouneed]

I agree, I use Key Bank in the US, although I do have a US account in a Cdn bank. I would prefer to put it in my bank in the US, especially if I am going to be stuck with all the fees.

[cutestation2019]

We need both options to hold USD & CAD. not just either or. NOT good enough 

[ayatcg]

Fewer fees, and more options we need both options, not just either-or. 

[femmefan1946]

I don't mind that we cannot carry a balance for mor than a week, although I think it was a stupid decision.

Nor do I understand why eBay won't let sellers use a balance to pay for shopping on eBay, which is even dumber.

But having a Canadian bank account and an American* bank account, would be useful for most Canadian (and Chinese) sellers.

* @valuestore When I say an AMERICAN bank account, I mean an account with an American bank like RBCBank or CitiBank, or TDNorth.

Not a USdollar account in a Canadian bank.

[ricarmic]

I'll end up losing another 2.3%ish on the conversions, using XEtrade I only lose just over .007% (less than 1%) on the conversion from US$ to $C as opposed to the 3% or more it will be with eBay doing it for me.

[valuestore]

I think most of the comments here are from the perspective of personal use vacationing in the usa snowbirds who want to use their money for buying tequila and gas.   For business use I cant see why you would want usa based accounts. 

[femmefan1946]

The Canadian dollar is rising too, making it more expensive to buy from US sellers in Canadian dollars.

The point is that if I am paid in US dollars on eBay Canada, I have to move them as loonies and pay currency exchange.

Okay.

But if I want to then put them in a Canadian USdollar account, I have to pay exchange again.

So I have an American bank account to pay American invoices.

I haven't been to the USA since January 20, 2017, although as of Jan 20, 2021, I have started buying US produce again,  but using eBay payments for tourism seems as valid as any other use. There are a lot of hobby/side hustle sellers here.

[ricarmic]

I described why as a business, it makes sense:

I can get a very much better currency conversion rate for whatever I decide to convert from other conversion options.

I don't lose any conversion on stuff I decide to purchase in US$.

I think this problem is much larger from a business perspective than a personal one, eBay converting it is going to cost me $1000s of dollars a year......

[valuestore]

There is where it gets complicated, people are thinking well save 1% when I fill up on my way to arizona, but realize your conducting business on a usa site, in usd then sending it to us bank on usa soil. You dont want to be doing that... most people here probably small personal stuff,  bob selling a few old personal items out back door sure but for a busness NO  that will get you in hot water. 

[valuestore]

For business Ide rather have eBay handle all taxes and conversions, tax legalities of cross border busniess and trade. I can agree to disagree. I personally dont want to have multiple banks in multiple countries. 

[recped]

---

@femmefan1946 wrote:

NOT GOOD ENOUGH!

Putting US dollars into a Canadian bank account just means paying two sets of currency exchange due to American laws about money launderingl

We need the ability to put our US dollar payments into American banks like RBCBank or TDNorth.

---

I don't understand why "not good enough"......

Please note that a US dollar denominated chequing account from a Canadian bank will be required to use this functionality

eBay says a US dollar denominated account so I don't see where any type of currency exchange would be required. Seems to me it's even better than with PayPal which required an actual US based bank account.

US money laundering laws are completely irrelevant here. Payments are processed by eBay Commerece Canada Ltd and sent to Canadian banks, there is no jurisdiction for the US.

[marnotom!]

---

@kawartha-ephemera wrote:

In late spring, we will expand our payout functionality to allow sellers registered on eBay.ca to choose to receive payouts in US dollars. At that time, sellers will receive more details on how to register or update their current information if they have already registered. Please note that a US dollar denominated chequing account from a Canadian bank will be required to use this functionality

---

I don't read this as necessarily meaning that sellers would be choosing to receive payouts in US dollars exclusively.

[pjcdn2005]

---

@marnotom! wrote:

---

@kawartha-ephemera wrote:

In late spring, we will expand our payout functionality to allow sellers registered on eBay.ca to choose to receive payouts in US dollars. At that time, sellers will receive more details on how to register or update their current information if they have already registered. Please note that a US dollar denominated chequing account from a Canadian bank will be required to use this functionality

---

I don't read this as necessarily meaning that sellers would be choosing to receive payouts in US dollars 

It really isn't really specific enough to know exactly how it will work.  Hopefully it means that if we sell an item on .com and have a US$ account the money will be deposited there and for  our ,ca sales the money will go into our regular $C account.  However,  that would mean allowing 2 bank accounts on one ID and I don't know if they will/can do that.