Finding a good Bank in the good ol' USA

[cottonwoodindustries]

Anyone out there who could recommend a good Bank in the US

One that has low fees, etc.

Paypal did a number on my sister the other day.
I usually transfer my US money into my sister's paypal account because she has a US bank and everything goes well, except this last time, I sent her a $1000 and paypal wanted to charge her $40 for the privilege, she refunded me back the money and I did get it all back.

Paypal says you can sent money free - true, they are now charging the other person as if it was a sale and charging them fees.

My sister upgraded her paypal, and we are wondering if that is where the problem is. She does not sell or buy on the internet.

So I would just like to cut her out of the equation, I have the time off I thought I would just open an account for myself.

Thanks for any help, Loré

[pierrelebel]

" I make USD purchases with my CAD VISA, "

I am confused.

Do you really use a Canadian dollar credit card to pay for US$ purchases? If you do, you end up payying 2.5% conversion fees hiiden in the conversion rate charged by most Canadian credit card issuers (banks).

To aboid conversion, you should use a US dollar denominated credit card, available from all Canadian banks.

[cottonwoodindustries]

you should use a US dollar denominated credit card, available from all Canadian banks.

Best thing I ever did was get a US credit card;-)

[dipmicro]

you should use a US dollar denominated credit card, available from all Canadian banks.

How do you pay USD CC from USD PayPal balance without going through CAD ?

These discussions about having an account in US started because PayPal does not allow USD account in Canadian bank.

[pierrelebel]

"How do you pay USD CC from USD PayPal balance without going through CAD ? "

I have a BMO US dollar denominated MasterCard which I pay every month from my US dollar denominated account, avoiding conversion.

My US$ MasterCard pays my eBay fees (I am billed in US$).

My US dollar denominated BMO account is funded with checks (US spelling), money orders and cash received from buyers and transfers from my US$ account at my bank in the USA (where I withdraw my US$ from PayPal).

All without fees. 🙂

[surplusdealdude]

How do you pay USD CC from USD PayPal balance without going through CAD ?

You set up an account in a US bank. They give you a debit card that acts as a credit card ( most are issued by Visa or Mastercard now) and you can pay companies that require a credit card by using your bank debit card.

If you have a US Paypal account, they will also let you get a debit card ( that looks like a credit card) 60 days after you open the account up. -------------------------------------------------------------------

"To be nobody-but-yourself -- in a world which is doing its best, night and day, to make you everybody else -- means to fight the hardest battle which any human being can ever fight; and never stop fighting." -- e.e. cummings

[dipmicro]

Guys, we are going here in circles. Let's recapitulate:

they talk about opening US bank account ...

Pierre: What is important is to maintain a US$ avoiding the double conversion from US$ to Cdn$ and back into US$.

Pierre offers a reason why to have such account

dipmicro: Exactly. I make USD purchases with my CAD VISA, but CAD come from USD sales. Approx 6% lost in unnecessary exchange rates.

dipmicro agrees and offers the reason why he also should open the US bank account himself

Pierre: I am confused. Do you really use a Canadian dollar credit card to pay for US$ purchases? To aboid conversion, you should use a US dollar denominated credit card, available from all Canadian banks.

dipmicro: How do you pay USD CC from USD PayPal balance without going through CAD ? These discussions about having an account in US started because PayPal does not allow USD account in Canadian bank.

dipmicro is wondering how Pierre transfers USD from PayPal into Canadian USD account

Pierre: I have a BMO US dollar denominated MasterCard which I pay every month from my US dollar denominated account, avoiding conversion. My US$ MasterCard pays my eBay fees (I am billed in US$). My US dollar denominated BMO account is funded with checks (US spelling), money orders and cash received from buyers and transfers from my US$ account at my bank in the USA (where I withdraw my US$ from PayPal).

Pierre explains and it turns out he actually has US banking account

It's all clear. We need US bank accounts and use them for receiving USD from PayPal.

[surplusdealdude]

We need US bank accounts and use them for receiving USD from PayPal

Yup. -------------------------------------------------------------------

"To be nobody-but-yourself -- in a world which is doing its best, night and day, to make you everybody else -- means to fight the hardest battle which any human being can ever fight; and never stop fighting." -- e.e. cummings

[recped]

It's all clear.

Well that's no good! Let's add a little more confusion to the mix.........

dipmicro, seems like you are intent on doing quite a bit of business! You should have a look at xe.com to do your USD/CAD conversions.

It's a bit of a pain to set up but without question you will get the lowest possible premium. Usually runs about .75 of 1% of the actual market rate at the moment of the transaction. You may be able to negotiate similar rates from your bank but only if the amounts are very large whereas with xe the amount of the transfer doesn't matter (well if you are converting 6 figures you it might). Nice thing is you can do it all from your desktop 24/7 which in these days of high volatility can be a good thing.

[dipmicro]

seems like you are intent on doing quite a bit of business

Recped, I am a copycat, there are naturals here, I just observe what they do. Software engineer for 10 years, saved RRSP, bought a house and it was not going anywhere, dead-end job. Sold house, used cash to survive during first two years. RRSP savings are now in the tubes, but I finally can break even without needing stinking corporate paycheck. I bought home in Niagara Falls, walking distance from Rainbow Bridge, end of June I am there. USD account, fast USPS delivery to US customers, lower mortgage payment than my current rent (if you live in GTA, check out housing in Niagara, it will blow your mind) and other nice things I learn on this board will actually help me to do quite a bit of business.

You bet I am serious 🙂

I am not at 6 figures, barely 5 but optimist. Thanks for advice about XE, if I will be transfering only 1/2 of my sales to CAD, saving 2% will be a cool $100 bucks. I will check it out.

[surplusdealdude]

check out housing in Niagara, it will blow your mind

Yeah, I've been looking at relocating to Niagara, too.

Another area that's really good is Wardsville, half-way between London and Chatham.

11,000 sq ft industrial building went for $150,000 last year.:O

Saw a place up near Goderich - 2 buildings, looked to be about 3-4,000 square feet. Retail downstarirs, apartments upstairs - price for the 2 buildings together - $26,000.

There are deals out there if you look around. -------------------------------------------------------------------

"To be nobody-but-yourself -- in a world which is doing its best, night and day, to make you everybody else -- means to fight the hardest battle which any human being can ever fight; and never stop fighting." -- e.e. cummings

[jakeeangel]

Niagara is beautiful. It's always been one of my most favorite places in the world. :-x

But just so you know, you can't cross commercially into the US through Rainbow. You have to use Lewiston or Peace Bridge. Rainbow is only for personal use not commercial. I didn't know if you knew that already but thought it was worth stating.

Congrats on the new place in Niagara. It is absolutely stunning in the winter over there.

[surplusdealdude]

I find Lewiston is the easiest, especially Saturday mornings.

Victoria weekend, they were advertising 1-2 HOUR waits to get across - I just drove down the commercial lane past about 5 MILES of cars, pulled right up and got through in a minute.:-D

I was even thinking there's a business opportunity there, somehow - sell commercial shipments to people with the paperwork and instructions for $40 a pop, maybe one every 20 minutes.

You could clean up.:^O -------------------------------------------------------------------

"To be nobody-but-yourself -- in a world which is doing its best, night and day, to make you everybody else -- means to fight the hardest battle which any human being can ever fight; and never stop fighting." -- e.e. cummings

[jakeeangel]

LOL I'm pretty sure you're only kidding so I won't say anything on that but yes you could clean up!! LOL

Wait until summer comes and you start getting dirty looks or yelled at by people in cars or bikes thinking you're cheating because you're not a 'truck'. sigh... every now and then the truckers look at us like we're idiots because we're in the truck lane in a car. LOL You can't win for losing sometimes. It says trucks but it means commercial. If it said commercial so many people would be so confused it isn't funny!!

One time we were third from the gate and the USCBP guy came charging out of the booth looking right at us. We knew we did nothing wrong but waited to see what was going to happen next anyways. We had the window down & the paperwork ready and pointed at the decal on the window.

He looks at us, smiles and says, oh sorry, not you guys, I know you, but them and points to the folks behind us. Behind us there were some folks on peddle bikes who thought they'd be smart and follow us in the commercial lanes. He told them to head back oh about 10 or 15 cars in the passenger lanes. hehehehe

Make sure you mark down the 1-800 number to call the border as you're driving down & driving home. It's VERY helpful!! We came back on Victoria day and OMG it was 4+ hours to come back home at Lewiston at midnight. Rainbow said 15min, Peace Bridge said 0. We chose Peace Bridge. That was a mistake. It was over an hour wait. THEY LIED!!! LOL ah well. At least it wasn't Lewiston. You couldn't pay me to sit there for that long. It's a two lane highway & even the trucks get caught up in that unless you know the exit that plops you right by the Lewiston Duty Free shop where you're almost on the bridge.

[surplusdealdude]

I know what you mean, jakee.

Last week, one wizard decided that he was going to go to the head of the line - Border patrol made him back up ALL THE WAY. -------------------------------------------------------------------

"To be nobody-but-yourself -- in a world which is doing its best, night and day, to make you everybody else -- means to fight the hardest battle which any human being can ever fight; and never stop fighting." -- e.e. cummings

[surplusdealdude]

Make sure you mark down the 1-800 number to call the border as you're driving down & driving home. It's VERY helpful!!

Well, I'm only over for about 20-30 minutes, usually, so I go in by Lewiston and come out the same way.

Didn't go down this Saturday, though - I figured it would be a zoo on the American side and I didn't have anything critical to send. -------------------------------------------------------------------

"To be nobody-but-yourself -- in a world which is doing its best, night and day, to make you everybody else -- means to fight the hardest battle which any human being can ever fight; and never stop fighting." -- e.e. cummings

[jakeeangel]

I like making a day of it. It makes it more worthwhile. I do my grocery shopping there & buy stuff way cheaper than at home. Couple of weeks ago I picked up Motorola Bluetooth headset for $15 at Target. WooHoo It retails for $40 US. I'm happy. 😄

Oh I wish that guy did it that day. That would have been hysterical. The line up was INSANE!! If he made those guys go to the end they'd have been back over by the Canadian Duty Free, that's how long the lineup was.

I have that footage on my Flip camcorder but haven't edited it yet. Other things keep going to the top of the to do list but it was crazy that day. It took us in the truck lanes a couple of hours to cross. I want to make a video and show folks what we do to get them there packages quicker & cheaper. LOL It was absolutely insane that day. I believe it was a Sunday but can't remember for sure.

[cottonwoodindustries]

Wow, you sure wouldn't get anything for that price out here in the West.

You can't even get a bare lot for that price, let alone anything with any type of building on it

[surplusdealdude]

There have been quite a few good deals around in the past 5 years, even when Waterloo Region was going through their crazy price experience.

Found a 5 story building in a nice small town half hour from Kitchener - $95,000. I just cried when I missed that one. Lovely old stonework on it.

I was looking at a 2400 square foot footprint building , 3 floors ( 7200 sq ft in all, in a small town near Tiverton - $59,000.

And there's a gorgeous red-brick building, used to be an armoury, whole building is made of Red Granite blocks, in Niagara Falls, NY for sale. Less than a mile from the Rainbow Bridge - I wonder what that's going for but I bet it's cheap. The whole area around there is depressed. -------------------------------------------------------------------

"To be nobody-but-yourself -- in a world which is doing its best, night and day, to make you everybody else -- means to fight the hardest battle which any human being can ever fight; and never stop fighting." -- e.e. cummings

[cottonwoodindustries]

Well I went across the line opening an account in the Sterlingsavings bank in Lynden.

Everyone there was great, gave us great service, free chequing, no fees, free on-line banking

paypal was a breeze, hooked up my account with no hitches.

Now I can transfer my US into my US account, write a free cheque into my Canadian US account with no FEES, yahoo!!!

[axe_n_gear_music]

Gotta tell ya....interesting thread, but I have a great friend who is also a Powerseller, and he and his helpers spend so much time driving around and crossing the border to ship to his US customers, and the headaches, and the vehicle wear and tear and gas......and his US bank account that he gets better rates on and.......well, honestly, he says he is at least 250 dollars a month ahead.

Are you kidding me? I drink more (probably spill more) than that a month, and the headaches and BS and wasted time and energy, in my opinion are definately not worth it. And to consider relocating your family closer to the border to make shipping for eBay easier? Yeah, you really got me there too.

To each their own, I guess, and that's what makes each of us so unique.
Back to my martini now!!

Cheers,
AXE B-)