Getting your $ out of Paypal

[wesellanythingcanada]

Does anybody know of a way to get money out of Paypal in US Funds? It always converts to Canadian for me and I'm tired of their crappy rates.

Thanks,

Howard

[ontario_diecast]

The rates are the rates...Sign of the times...I suggest opening a US based Bank account...and transfering the $$ to that account.

[muminlaw]

Apparently it's against the International Monetary Laws for them to deposit money to a bank in any country in anything other than the monetary unit of that country! There's no way to avoid their exchange rates except by opening an actual bank account in the US - a US dollar account in Canada won't do it!

I found that out when a Russian buyer sent us US dollars through Western Union and they had to convert it to Canadian because of the same law.
.

[javax.swing]

How large of an amount are you talking about?

[wesellanythingcanada]

I've heard of a RBC Centura account that Canadians can sign up for. Does anybody know about this?

I'm basically talking about 95% of my sales, so the difference in the exchange rate adds up.

Howard

[onecrazycanuck]

We have been using RBC Centura for a year now and love it. The rates are always better. Once we tranfer money from Paypal it takes us 2-3 days to get it into our own Canadian bank. It does take a little work to set it up however well worth it in the end!!!! www.rbccentura.com

[wesellanythingcanada]

Sounds good. So with a Centura account, I can basically put the $ into there from Paypal and then write a cheque from that account and deposit into a Canadian account?

Not too shabby, but some of the accounts have high monthly fees!

Howard

[betterthanstore]

you don't even need to write a cheque. You can directly transfer US$ from RBC Centura into Royal Bank US$ through the RBC intergrated on-line banking system. I got to love RBC for this. Or, check out www dot xe dot come, they give better exchange than banks. they are great as well.

[alero0]

I also have a RBC Centura account and think it's great. As for monthly fees, if you keep a balance of $750. in the account there are no monthly fees.

Harvey

[ab-sol-canada]

Its great but trying to get it from beginning, what I, understood please correct of I, am wrong....(1) Open account in RBC in Canada in CAN$ then (2) open account in RBC Centura US$ and then integrate both (3)Transfer Funds from Paypal to RBC Centura (4) transfer funds from RBC Centura to RBC Canadian funds ... rite?

[ab-sol-canada]

One more thing ... it should be personal or business account... Thanks

[javax.swing]

It has to be personal. Must must must.

You're on the right track.

(1) Open account in RBC in Canada in CAN$ *AND* US$
(2) Open account in RBC Centura US$ and then integrate both (you can setup your web banking to give you a tab for your Centura account when you log into your Canadian account)
(3) Transfer Funds from Paypal to RBC Centura
(4) Transfer funds from RBC Centura to RBC US funds (done instantly in web banking)
(5) Use xe.com's currency conversion service as noted above to convert to CAD. The bank will take a heftier commission charge.

[funkywatch_com]

I second that. You will save huge amounts of money every month by avoiding Paypal's crazy rates...

You can always make your transfers from $US to $CAD directly through RBC, but the rates are slightly higher with RBC. However, it takes a few days to do it through XETRADE, and RBC is instant...