Alternatives to RBC Centura accounts for accepting US$ from Paypal?

[graysonac]

Well, I just recently tried to open an RBC Centura account, as that was suggested as a good method of transfering funds from PP to a bank account, and getting a reasonable exchange rate. Unfortunately, Centura denied my account - apparently the account is only for personal use, and if it's used for business purposes, it'll be closed.

Currently, if I just did a transfer to my Canadian bank account, it would cost me about $150 in the difference between PP's exchange rate and the actual exchange rate! 😞

So.. doh? What other viable alternatives are out there? 😞

[betterthanstore]

why do you want to open a RBC centura under business name? Is your paypal under business name? If so, open a paypal account under your personal name, transfer the funds over to this account, then transfer it to RBC Centura. This is your only choice, unless you can actually go over to US and find a bank that takes canadian resident. Someone mentioned this before. read some old threads.

[javax.swing]

Don't tell them it's for a business. 🙂

[graysonac]

I found one of the older threads (wish I'd found that one instead of the one I found previously! :)), and I'll try my luck with one of the other US banks. Sounds like going through XE.com might be the better route anyways.

Unfortunately, I suspect I've hosed myself with RBC. The account I set up there was a business account, so I'm pretty doubtful that I could go in, set up a personal account, then try to set up a Centura account, and have it go through 😉

[myjames007]

just drive south and open an account....

[graysonac]

Unfortunately, at the moment that's not an option.

I tried "Washington Mutual" earlier, and they don't do non-resident accounts 😞

[recped]

There are a number of US banks that will open non-resident accounts. It is especially easy if it is a standard personal account which is really all you need for simply moving money from PayPal.

Try banks in border areas as in Google "online banking +buffalo", there is one extra form (IRS) that you need to fill out and you might need to teach them how to input your correct address (My mail was being sent to "country code CA" which in their system prints as China when mailing).

I have an account for old geezers, no service charges for standard transactions, full online banking, ATM & Visa check card. The process of PayPal to US Bank to xe.com to CA Bank is simple enough but it is a three stage process with at least a few days between each step probably 7 - 10 days in total.

It did take some time and hand holding to get mine set up but after that, well it's just a simple bank account. I find the interface at xe.com to be pretty lame but they have a very human feel to the customer service which I like (being an old geezer!)

Ben
"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915

[graysonac]

*nods* I've sent off a bunch of emails to Washington banks (Since I'm in Vancouver, I figure it's easiest to stay close to home)

If anyone knows of a bank that does non-resident accounts for sure, I'd appreciate sharing 😛

[rd1000]

I have two accounts. One is at "Key" bank the other is at 'North Counry Savings". I have on-line access at NCS but I couldn't get it at Key.

I don't think they will open it without seeing you though. They are facing increasingly tougher restrictions. Once it is set up though, if you get online access, you can just transfer your money in with paypal and out with XE. I have even mailed US money orders to them for deposit when I couldn't wait until my next trip.

Rob

[graysonac]

"I don't think they will open it without seeing you though. They are facing increasingly tougher restrictions"

Yeah, that's my major concern. One of the bank websites I visited even had a blurb about 'federal protections against terrorism and money laundering' or somesuch.

[recped]

Did you try this one

http://www.regal-bank.com/banking.htm

'federal protections against terrorism and money laundering'


I think that means they ask you on the application if you will be sending or receiving international wire transfers in excess of $5,000 per week (or maybe it was per month).

Ben
"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915

[graysonac]

That wasn't one of the ones I had tried so far, but I'll send 'em an email and see what they say. Thanks for the suggestion 🙂

[myjames007]

graysonac: why not try bank of america,

[onecrazycanuck]

We use Centura all the time it is great and was real easy to set-up. Make up a business name if need be.

Good Luck!

[graysonac]

onecrazycanuck, I think ya need to reread the thread. Having a business name was the problem 😛

[wberthin]

I have had an account at Wells Fargo for some years. I went to Seattle originally when I opened it.

I recenly opened an RBC Centura account too. I did not use the words ebay or PayPal when I opened the account. I just said it would be convenient when I travel, which I suppose it will be 🙂

[palamine]

Hi, just as a side I work for RBC so if you have any specific questions about banking, please ask.

I do not understand all the hubbub about how to get your money from Pay Pal. Doesn't everyone have a Pay Pal debit/credit card? We couldn't live without it. It works as a debit card at bank machines both in Canada and the US as well as a "credit" card in stores everywhere. The rate isn't great but there is a 3% cashback feature.

As well as being convenient, you can "hide" your eBay income from the nasty tax man.

[javax.swing]

It's not how to get your money from it. It's how to get your money from it in USD without converting to CAD.

[zarzuella]

3% Cashback??? 1.5% on mine.

[palamine]

Hi there,

Me again. Sorry for the confusion about how to get the money out of Pay Pal without losing out on the exchange rate. If you live near the border you can use a US bank machine to withdraw in US dollars.