Canadian based US Banks For PAYPAL

[hdwrench1]

Hi all,
I am finally going to get off my butt today and open a Canadian based US dollar account for Paypal transfers.
Our business account is with Scotiabank and their US account does not allow electronic "withdrawl" transfers. I have to write a check to transfer US dollars.
My question is this.
What bank is everyone else using??
Thanks
PS I did the currency calculations and for every $1000.00 US we transfer from Paypal to our Canadian dollar account we are losing $35.00 Canadian in Paypal shortages from Paypal.
That Stinks.

Wayne
hdwrench1

[amberwoodottawa]

Wayne
This has been on an earlier thread. There are 2 Canadian banks that you can go through to open op a US Bank account with the 9-digit routing codes you need for PayPal. Other Cdn banks only have US currency accounts not bank accts in the US.

TD/Canada Trust operates TD Waterhouse out of NJ and the other bank, I believe is the Royal Bank. Check back on some earlier threads about our numerous discussions on this topic. Some PSers have driven down to open their accts.

Please note that with TD Waterhouse, it can only be a personal account and they chrarge $3.95 per month. I have had it for a year and am quite happy with it.
Malcolm

[deltone]

Do you live near the border? Or do you go to the US for vacation? I was in Myrtle Beach last March and opened an account at the Bank of America. It's worked out great for me.

[hdwrench1]

Hi Malcolm,
One last question since you use the TD waterhouse account. When you deposit from Paypal into your TD Waterhouse account can you deposit electronically via the net this into your regular business account or do you have to write a check and wait until it clears.
Your advice in invaluable.
Thanks
Wayne

[hdwrench1]

Hi Deltone,
I live about 5 minutes from the border but because we have a retail store its really difficult to get over. I havn't been over since pre 9/11 and don't really want to go over if possible.
Thank though,
Wayne
hdwrench1

[phoebescollectables]

hdwrench1,

You can transfer directly from Paypal to the TD waterhouse account with no 50 cent charge from PayPal. Also, if you open a CDN$ account at TD Canada Trust, you can then transfer from your US$ TDW account to your CDN$ TDCT account. The exchange rates I find are very competitive.

One other added bonus is that if you get those pesky green US$ money orders you can mail them in to the bank to have them deposited into your TDW account.

Michael

[mirakbiz_inc]

Michael

How do you do transfers from your USA account into your Canadian? My branch told me you can't

Are you doing those online?

[mahsauction]

Here is the Royal Bank's US bank:

http://www.centura.com/

[www-labels4less-com]

Here is the deal. For the most part you can NOT transfer U.S. dollars from a Paypal account to a U.S.fund account at a Canadian Bank.

Tdwaterhouse bank www.tdwaterhousebank.com offers Canadians a PERSONAL ONLY chequing account. Too bad its only personal! You can then transfer your paypal money into this account as mentioned earlier it is in New Jersey so all money stays in U.S. dollars and there are no exchange rates etc involved.


To transfer your U.S. money at tdwaterhousebank into your canadian account you can simply write a check however I do the following to get the best exchange rate.


Say I want to transfer $2,500 USD to my Canadian business bank account I have set up at the B.O.M. I write a tdwaterhousebank personal check to my money exchanger (Vancouver Bullion) and then they in turn give me a check made out to my company in Canadian funds. You will always do better on the exchange when you use a currency dealer. Every city has them.Use them.

[amberwoodottawa]

Wayne
Sorry I was doing some in-house wiring today and was off the board for a while.

I didnt read all the answers and may assume your question has been answered but in the event it hasnt, you get a VISA Check cashing card which you can use with a debit machine and take cash out (Canadian) at your banks current exchange rate.

Also you can do a deposit to your business by running it through like a charge card on your company account but then you are paying your bank a c/c transaction charge.

Malcolm

[phoebescollectables]

hdwrench1,

Sorry for the long delay in responding. yes I call the toll free number, speak to an operator and do a transfer. They will ask you some security questions first. I always ask them first what the exchange rate is. If the dollar has been dropping during the day I get them to double check (I think they refresh their screen and then the rate will sometimes improve).

If you have a TDCT US$ account you can also transfer the money there. Because my US$ TDCT account is a basic account I find that I get about a penny better on the exchange rate when I trasfer from TDW to CDN$ TDCT then when I transfer from my US$ TDCT to my CDN$ TDCT.

You can also access your TDW account on the internet to view transactions and see when your Paypal deposit has gone in.

One last thing, it can take a couple of weeks to get the account setup because you have to mail in some forms to them (you can get them from the website) and then they mail you something back that you have to send back to them with a cheque for you initial deposit. I think they require something like $25 or $50.

[mirakbiz_inc]

phoebescollectables

Do you ask them (TDW) to transfer from your TDW US account to your TDCT US account? is your TDCT US account a personal or a business account?

Are the transfers immediate?

[phoebescollectables]

I have transfered to both my TDCT US$ and my TDCT CDN$ accounts. I usually put it into my CDN$ account unless I need the US funds for something. My TDCT US$ account is a personal account as are all of my accounts.

The transfers are not immediate. They usually tell you that the transaction will happen no later than 6:30 PM that day. It usually happens in a couple of hours.

Whenever they do a US to CDN transfer they always tell you that the exchange rate is approximate and subject to change. There has only been one occasion where the CDN$ dropped substantially after I initiated the transfer so my rate did change a bit.