Any idea on how to withdraw US$ from Paypal

[bestbranddeals]

How do you withdraw US$ in Canada from Paypal. I have been trying to do this for a while and with exchange I am losing money. I deal in US$ and get US4 so would like to withdraw in US$ but as we all know what paypal says about that.

[recped]

The only way is to open a bank account physically located in the USA.

[bestbranddeals]

yes thats what I have been thinking about but when I need cash I would have to travel south to get the money ?

Another option could be to get cheques for that account but the Canadian banks hold cheques for 15 days atleast before they release the cash. Talk about information age.

[cottonwoodindustries]

I have been fortunate, I have a US account in the Bank of Montreal, I have a sister that lives in the US.

So I set up a paypal account for my sister, and I transfer my US money to her paypal account for free.

I then transfer the money into her bank account for free, my sister sent me a few signed cheques with my name filled in.

I then fill in the amount and deposit directly into my US account for free.

This system works great and was so easy to set up. It takes a couple days and there is no holds on my funds.


Loré

[dipmicro]

I am also tired of exchange rate when purchasing in USD going through CAD then back to USD when Wester-Union it to the supplier.

So I called CIBC where my current accounts are. They offer USD account but in Canada branch. From these forums I called RBC and seems that best option is to open RBC Centura account (in USA) and RBC USD account (in Canada). USD can be transfered almost instantly between these two accounts.

Pretty much same scenario as cottonwoodindustries above but does not involve sister living in US and you will not need to write yourself a check since you can do free electronic transfer from RBC Centura to RBC.

[coxengines]

Canadian banks hold cheques for 15 days

That is not true.

We have accounts at RBC, BNS, BOM, and CIBC. None place a hold on cheques - and some are for 5-digit amounts. It all boils down to your relationship with your bank.

Dipmicro has good advice.

Bernie

[recped]

So I set up a paypal account for my sister, and I transfer my US money to her paypal account for free.
That will work for $500/month at which point your Sister would need to upgrade to a non-free PayPal account.

If you're only dealing with $500 then there's little reason to go through the extra effort.

You would be better off just adding your Sister's bank account to YOUR PayPal account. If not here regular account then one she could open just for your use. Of course if you ever cross the border to visit you could just open your own account.

It's now fairly difficult but it can be possible to open a US account without doing it in person.

[bestbranddeals]

dipmicro, That sounds like a good option. I have lost so much over the years converting US to CDN and then back just to get the money in the account.

xenalook, I have a US$ account with CIBC and whenever I deposit US$ cheque the teller tells me that there would be 15 days hold on it and it really clears after 15 days or so.

[coxengines]

the teller tells me that there would be 15 days hold

You seriously need to talk to your bank.

Our 18-year old opened a free CIBC junior account last year and they don't put holds on his cheques either. Mind you, his is a CAD account but he does deposit the odd US$ cheque he gets from his eBay sales onto that account.

Personally, I have USD accounts at RBC, BNS and a minuscule credit union and there has never been a hold with RBC and BNS. On the other hand, small town, they know where to find me 🙂

The credit union tried it with the first cheque but reversed tack when I called for the manager and asked him how he expected to attract business customers when his bank worries about a local businessman not being good for a hundred bucks US

Just get the bank manager involved as the tellers have no authority, except to strictly follow policy.

Bernie

[cottonwoodindustries]

So I set up a paypal account for my sister, and I transfer my US money to her paypal account for free.

That will work for $500/month at which point your Sister would need to upgrade to a non-free PayPal account.


I transfer 4 digit amounts without any problems, and I do it several times a month.

And that is all we use that account for nothing else. So I do not know where you got $500 limit from?

[futuretech_liquidations]

The only real good solution is to cross the border and open an account with the nearest US bank to you.

Then all you have to do is periodically cross-over and withdraw your US money and carry it across the border with you (just make sure it is under $10K).

Most US banks will also issue you an ATM/CREDITCARD however if you use the card in Canada then you will be hit with coversion rates and ATM/CC charges by both the US bank and the Canadian bank.

No real way to totally circumvent paying exchange rates.

Cheers,

TIM @ FTL

[ricarmic]

Another option is to open a US account in the US at a US bank. Also open a US$ account in a Canadian bank. Deposit PAYPAL into the US bank/Account. Write US$ cheques to yourself from the US account and deposit in the Canadian US$ account. Now you have the US$ in your Canadian US$ account.

PS My experience is that the US banks won't give you cards etc unless you can provide a permanent US address. I have to do all my stuff with my US bank via their 1-800 number.

[ampurtle]

All banks are liable for refused cheques up to 6 months after the date of issue. Just because they say there is or isn't a 'hold', doesn't mean that the cheque actually cleared at the issuing institution. The term 'hold' only applies to the central clearing house, which means absolutely nothing.

In other words, if a US bank goes bust, as many do every year, you're screwed because the cheque will pass the clearing house but be honoured by the issuing institution. A business in Parsons Kansas could file chapter 11 or 7 before the cheque took the slow ride on the monthy truck (the clearing house only forwards the physical cheque to the issuing institution every month or 14 days)

There are numerous scams going on based solely on this mostly unknown delay of getting the physical cheque back to the issuing institution. It's very similar to credit card fraud, but you have more time and more possiblities of getting away with a bundle.

The payee of course is screwed....

regards amp

[ampurtle]

The obvious solution is to list in CAD and then the buyer sees the big discount on the local currency displayed.

It works very well and the customer base is happy, but of course the bottom feeding scum bags won't ge able to screw over their customers for shipping charges.

Then again, every time I see a bottom sucking scum bag screwing over the buyer, I either report it or demasnd proper shipping charges for purchases. I had a Canadian scum sucker try and charge 47.oo shipping for a 13.oo cost, plus 37.oo for insurance.

The seller immediatley decided it would be better to get a new customer rahter and screw over another one who would never go back.

regards amp

[ampurtle]

For those that insist they must list in USD, my data says otherwise, sales increased when I stopped listing in USD.

What is the point of listing in USD anymore anyway, there's a total lack of confidence going on in the US and sales are slim (great deals though ). It really only makes sense if you want to hide your agenda. (objects in mirror appear further away)

regards amp

[coxengines]

It really only makes sense if you want to hide your agenda.

Ampurtle,

Have you been enjoying the good stuff (the one that looks like tea but is actually smoked)?

Bernie

[ampurtle]

Looks like tea ? Are you cutting your dope with tobacco to screw over those customers too ?

regards amp

[palms_and_pdas]

Setup a US bank account at you bank if they offers that service and attach the account info to paypal or go to the United States and setup a US bank account.

Fitz