Ebay.com Canadian US Bank
He then set up a US Bank account and immediately began to receive his Ebay.com US $
Anyone know how or who this was?
Yes I know I should be using Ebay.ca. I am now but still have $ tied up with no payouts to various RBC and CIBC Canadian accounts.
7 comments
itolduandso
·3 months agoThe ugly truth:
TD Bank non-cash exchange rate (Converting dollars on USD account to CAD) has an awful 3.5% margin from the mid-market rate.
Ebay charges 3% for conversion from USD to CAD.
Comparison:
Paypal charges 4% for conversion.
Wise charges fraction of that but there is no way to get money from TD bank USD to Wise USD (so can't convert to CAD in Wise and then move to a CAD account in a Canadian bank.
Payoneer used to be cheaper, but not even evailable as an option for Canadian sellers and they also charge 3% now plus account fees.
The only way to avoid the exchange rates is to move money from TD USD using Swift transfer to a brokerage (TD charges 50 CAD fee per transaction), then buy EFTs or something whatever, doesn't matter, and sell them right away.
So you how much you get charged exchange fee if you sell to a US buyer and your Ebay account is in CAD. Do they just charge the 1% international sale fee or do they also charge the Exchange rate 3% same as they charge if my balance was in USD and bank account was in CAD.
I must have paid thousands of dollars fees to TD bank for the exchange rate markups over the years, it's brutal, unless I keep the USD but I have no use, I don't go to the US much , not in the last couple of years.
itolduandso
·3 months agoYou don't need any motorcycle chap to tell you. Plenty posts here if you search the right words. Go with TD Bank US account (I don't know how it is called but it is a CURRENT account not savings account). It's more expensive though.
Other way is to use Wise.com, their accounts work too.
But warning - if you are are a bigger seller - you will likely get you booted out of Wise, if not told to open a business account with them, which is also works but it's not free.
TD bank it's also non-business account, but they are apparently reasomably flexible before forcing you into a TD business account, expensive for US located accounts.
There are other options but these are the most frequently used without having to go to US to open an account there.
marnotom!
·3 months agoTD Bank is a US-based bank and will not work for Managed Payments if you’re an eBay seller registered in Canada. An account such as TD Canada Trust’s US Dollar Daily Interest Chequing might be along the lines of what Managed Payments requires.
Wise.com, like TD Bank, is not a Canadian-based financial institution and my understanding is that it will not work with the Canadian version of Managed Payments for that reason.
Having said that, if your eBay account is already set up with payouts in Canadian dollars, there doesn’t seem to be a way you can change the currency later on. In fact, a thread from last week seems to suggest that the US dollar payout option for Canadian sellers may have been quietly and awkwardly disabled.
europa24fps
OP3 months agoThese are payments from both Ebay.com AND Ebay.ca
If I ever receive these payments I will then close the Ebay.com account.
I do have a US bank account, RBC US Georgia NA.
But I can’t find a way enter the details because Ebay.com is asking for a US address.
Thanks for the help
marnotom!
·3 months agoIs this a Canadian dollar chequing account?
If you're a Canadian-registered seller, you can't use a US-based bank with Managed Payments. RBC Bank (Georgia) is a US-based bank, not a Canadian one. You're trying to fit a square peg into a round hole.
itolduandso
·3 months agoYou need to change the address you have on your Ebay.com account to Canadian address. Then it should allow you to connect to TD Canadian USD-Account with Canadian address because then it will show you the bank details for Canadian banks.
itolduandso
·3 months agoYou are right , my fault, I use Wise for Etsy and Posh US. Of course, I wasn't able to add Wise US account to ebay other. I don't know why I mentioned that, that was a wrong advise.
What I meant with TD of course is the US dollar account in Canada. That's what I use. I got US Ebay paid in US dollars and goes to TD bank account. The only thing is the account is not like a standard checking account so they don't have a debit card for bank machine and of course I can't get the money out of there easily (USD to USD transfers not available). Unfortunately TD bank doesn't have a US Dollar bank machine either (Scotia bank has one in Toronto, but Scotia bank doesn't offer US checking account as TD does..)