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graysonac · ‎08-10-2005

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? 😞

rd1000 · ‎08-14-2005

Paypal is 1.5% cashback, which you pretty much lose due to an excessive exchange rate premium.

catalystpaintball · ‎08-14-2005

We have an RBC US Centura account, RBC US dollar account, a RBC Canadian checking account and a RBC US Visa card. All our suppliers are in the US, so we just us our US Visa card to pay for all the stuff we sell.

At the end of each month we transfer everything out of our Paypal account into our Centura account and then into our US dollar account. We write a check from this in US dollars to pay for our US Visa bill and the rest goes into our Canadian checking account. All done online with a few clicks of the mouse. Can't get any easier then that.

Steve

eserafini · ‎08-19-2005

Hi Steve,
RE: "At the end of each month we transfer everything out of our Paypal account into our Centura account and then into our US dollar account. We write a check from this in US dollars to pay for our US Visa bill and the rest goes into our Canadian checking account. All done online with a few clicks of the mouse. Can't get any easier then that."

Is the following what you mean: At the end of each month we transfer everything out of our Paypal account into our Centura account (in the USA) and then into our US dollar account (RBC Canadian or what?). We write a check from this in US dollars (from account in the US or US$ funds in RBC in Canada) to pay for our US Visa (RBC VISA US$) bill and the rest goes into our (Canadian funds ?) checking account.

I deal with CIBC. I transfer from PayPal to TD_W account then write myself a check that I either deposit into my CIBC US$ account OR pay my CIBC US$ Visa with. It this the same or have you a better way to do it faster online?

Elaine
TimelessClassicElegance

catalystpaintball · ‎08-20-2005

It might have been a little hard to follow, but that's the idea. Actually I have the US Visa attached to my RBC online account now, so it's even faster. Once the money hit's by Centura account I can have my US Visa paid and the rest into my Canadian checking in a few sec's.

Steve

elegance_classique · ‎08-22-2005

"Once the money hit's by Centura account I can have my US Visa paid."

Any delays or it is posted the same day it's paid to your US$ Visa?

I get delays with CIBC 😞

Elaine
EleganceClassique

phoebescollectables · ‎08-22-2005

I was lucky enough to get a TD Waterhouse account when they were available. I transfer to my TD US$ account. I have a US$ TD Visa that gets paid by automatic withdrawl from my TD US$ account on the due date.

elegance_classique · ‎08-22-2005

Excellent idea 🙂

Elaine
EleganceClassique

catalystpaintball · ‎08-23-2005

No delays, it goes from the Centura account to the Visa account as soon as I make the transfer online. It's all linked together on the one page when you sign into the online banking.

Steve

marcopoloca · ‎08-25-2005

What about using a paypal check to pay for your US suppliers?
Do paypal allow us to transfer the money (US$) into a US $ visa/master card? Then using the balance in the card to pay off US suppliers?

javax.swing · ‎08-26-2005

PayPal never lets you transfer to a credit card.

And PayPal eChecks aren't paper cheques.

Point = you need a US bank account if you want US funds. That's it.

javax.swing · ‎08-26-2005

Plus, I'm surprised your suppliers take credit cards without a surcharge that makes it worth your while to not use one in the first place.

graysonac · ‎08-26-2005

Bloody heck this is a PITA. I've been emailing a bunch of banks, and almost none of them do non-resident accounts. The ones that I've heard from so far require you to come in to open the account. Yeesh.

So, looks like I'll be getting a ride into Blaine (just across the border, thankfully), and opening an account there.

marcopoloca · ‎08-26-2005

Well, some suppliers don't charge 3% extra as they also sell to end user and has enough volume to warrant for a lower fee.
Now what about using a paypal debit/credit card (in us$) to pay for the US suppliers, and then use your US balance to pay for this debit/credit card?

50.gunit · ‎09-07-2005

Has anybody found a good bank in the US to go with? I'd be very interested.

Thanks

50.gunit · ‎09-07-2005

By the way, what does Centura consider as "business purposes"?

If money was transferred in from Paypal and left around for a week or two and deposited/withdrawn, would that be fine?

graysonac · ‎09-07-2005

I've been looking and looking, and have yet to find a US bank that will take a non-resident account without actually seeing you in person. I've spent hours on the phone, tried emailing all over the place.. nadda.

Going to open a personal account at my local RBC branch, and then try to open a Centura account using their website. Hopefully they won't have records that show I just tried to open one for business purposes 😛

cherietales · ‎09-19-2005

Like another powerseller who wrote in, I have an RBC Centura account, and RBC U.S. funds account, an RBC Canadian account, an RBC U.S. Visa and an RBC Canadian Visa. All transfers can be done on line, and it's super easy. My account manager at my local RBC branch set it all up for me.

I do pay some of my suppliers through a wire transfer from my RBC Centura account. There is a $15.00 charge, but you get your merchandise much more quickly.

Cherie.