eBay

dreamcoll · ‎09-19-2007

It's official. I just exchanged some US dollars to Canadian & actually lost money. 😞

futuretech_liquidations · ‎09-21-2007

At the end of the you can see just how much cash you have lost because of exchange rates and the SPREAD that PAYPAL tags on to each transfer.

Buy opening our US account over a year ago I/We have saved well over $1000 -- thats money in my pocket and not PAYPAL's.

We purchase all our items from the USA so paying for them using Wire Tranfer is only US$20 compared to the Canadian bank rate of $35 or more. Just doing 5 wire transfer amount adds up to a nice savings at the end of the year.

Maybe not ideal for everyone but for those that do alot of buying and transfer of funds the savings do add up in the end.

TIM @ FTL

TIM @ FTL

tea_past_times · ‎09-21-2007

sageleafdesigns: You better stop exchanging currency before Paypal has ALL your money.

*stealthtech* · ‎09-21-2007

Wow... so I have a few hundred in paypal now, so it looks like im better to leave it there or i will loose money, i even called my bank to see if i withdrawl from paypal to my canadian account in US funds and she said I will still only get 98c per dollar.. thats nuts!

http://pages.ebay.ca/theme/mystoryarchive/sean.html

cgcgraded · ‎09-21-2007

Hi Sean. Please correct me if I am wrong, but that sounds like you will be hit by exchange issues twice(assuming your paypal funds are in US currency). I thought you could only withdraw funds and deposit it into an account in the currency of that country. Thus incurring exchange fees. If you depoit to a US account in Canada, you will be hit twice. Once by paypal and then again by your bank.
I'm looking for a loophole as well, but the only avenue I see is a US bank account.

Andrew

cgcgraded · ‎09-21-2007

depoit=deposit

jakeeangel · ‎09-21-2007

Sean, you cannot withdraw from PayPal to put in a US funds Canadian based bank account. Your bank has no say in the matter. It's PayPal and they won't do it. It's been like this always and has been talked about many times on the boards. You can't do it.

duujogl · ‎09-21-2007

Quote: "Sean, you cannot withdraw from PayPal to put in a US funds Canadian based bank account. Your bank has no say in the matter. It's PayPal and they won't do it."

I've been told by several bankers that PayPal has no say in the matter either - it's International Banking Law! If a European customer sends a Western Union money transfer, which you have to pick up at a Western Union office, you can't take that in US dollars either - it has to be Canadian. This does not apply to cheques deposited in your US dollar account in Canada - only money transfers - which is why many of us transfer our US$ PayPal funds into a US bank, then write a cheque against our US bank accounts to deposit into our US$ accounts in our Cdn banks.

recped · ‎09-22-2007

I've been told by several bankers that PayPal has no say in the matter either

These "bankers" don't have a clue!

"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915
- answering Trolls is voluntary, my policy is not to participate.

iccurrency · ‎09-23-2007

Does anyone know if TD Canada Trust offers the equivalent of RBC's Centrua. In other words I want a TD US$ account in the US?

zarzuella · ‎09-23-2007

Yes, with TD BankNorth based in Maine.
Open the CT/TD webpage, select Foreign Currency Services on the left and follow the links on the right to set up a TDBanknorth account. You can transfer from TDBankNorth to a US dollar account at your local CT/TD or use the TDBN debit card at an ATM to withdraw funds.

Ann

gifts_of_elegance · ‎09-23-2007

When I first started shopping on eBay, the bank gave me $295 USA for my $500 Canadian. When I started selling, it was around the 33% rate. When it dropped to 25%, I was determined not to take out any funds until it went back up. So, for the past 3 years, I have been recycling my USA dollars from my sales into more inventory.
I am not happy that my USA dollar is worth much less now but I am getting a lot more Canadian and over-seas purchasers and since the USA economy is in a slump anyways, that is a plus!
We complain about PayPal over-charging on exchange, but have you ever looked at the rate your credit card company charges? Two months ago Mastercard charged me 10.8%. Now that is a rip-off!

Lets look at the positive side and keep on trucking!

tea_past_times · ‎09-24-2007

Two months ago Mastercard charged me 10.8%. Now that is a rip-off!....

You should try have 3 or 4 different credit cards from 3 or 4 different banks. Put a small balance on all the cards. Shortly you will find that the credit card companies will send you special offers to get you to switch your balance from a competitors card to their card. These offers usually are for a 6 month period of time. Currently I am paying 1.9% with Royal Bank VISA until February 2008, 2.9% with CIBC Visa until March 2008, 5% with Citibank Mastercard until the balance is paid off. I also have access to two lines of credit at 6% each.

If you have only one card, they will stick it to you with interest rates, but if you are able to make your balance dissappear, with the click of a mouse, you would be amazed at how low the interest rates can get.

If you do accept these special offers, be sure to move any balances before the offer term expires. Once you get going at this, you will find that a special 6 month low interest offer arrives in your mail box every week or two.

For the past five years, I have paid an average of 4% on any debt I've carried.

You don't have to get ripped on interest rates, insurance rates or anything. Just get people competiting for your business. The only place this does not work is on Ebay, because there is no one out there who can offer my products the same exposure, so we have to put up with their ripoffs until a competitor is developed. Hopefully the sooner the better eh?