It won't work!
The account must be LOCATED in the USA.
The account must be LOCATED in the USA.
A US dollar denominated account at BMO is great (I have one). It will help you deposit checks and money orders denominated in US dollars and pay your US dollar denominated credit card (if you have one - I do to pay my fees at eBay).
However, as explained by the PayPal rep and recped it cannot be used to withdraw US$ from your PayPal account.
When you withdraw US$ from your PayPal account, it clearly states:
"Remember, bank accounts in the United States must be denominated in U.S. Dollars. If your home country bank account is not denominated in your home country's currency, attempts to withdraw funds into your bank account will fail."
If you establish a bank account at a US bank, you can then write checks to yourself from that account and deposit them to your BMO US$ account prior to converting to Cdn$ if and when needed. .
However, as explained by the PayPal rep and recped it cannot be used to withdraw US$ from your PayPal account.
When you withdraw US$ from your PayPal account, it clearly states:
"Remember, bank accounts in the United States must be denominated in U.S. Dollars. If your home country bank account is not denominated in your home country's currency, attempts to withdraw funds into your bank account will fail."
If you establish a bank account at a US bank, you can then write checks to yourself from that account and deposit them to your BMO US$ account prior to converting to Cdn$ if and when needed. .
"While some vendors may experience US buyer reluctance to buy in CAD, I have no such issue. "
When listing on eBay.ca, eBay advises at time of selecting listing currency (US$ or Cdn$):
"Listings in US$ will attract more interest from US buyers and on average are 15% more likely to sell." .
When listing on eBay.ca, eBay advises at time of selecting listing currency (US$ or Cdn$):
"Listings in US$ will attract more interest from US buyers and on average are 15% more likely to sell." .
"Just cannot escape the cost of converting US to CDN $."
???
Since most sales on eBay take place in US$, sellers have the option to convert into Canadian dollars or use those US$ to pay for their US$ expenses (such as eBay fees for example) or US$ inventory purchases (if applicable) without wasting 2.6% conversion fee to PayPal or 2.0% to 2.4% at a commercial bank.
"All of this movement of money, US dollar accounts in US or Canada will become redundant."
???
I will maintain my US$ account in the USA as it is beneficial for me to do so. While it may not apply to you, many sellers benefit from maintaining accounts in US$.
For example, every month I pay my eBay fees (generally around US$1,000 a month) with my US dollar denominated credit card. That is how I avoid paying a conversion spread on the fees. Those savings add up to over $300 a year, not to mention I get airmiles on my eBay fees and an extra 30 days to pay them! I pay my US$ credit card with US$ transferred from PayPal (or received from buyers by way of cheques/checks or money order or cash).
Many sellers here run a real business where eBay is only part of the overall marketing effort. Customers outside eBay will continue to pay by means convenient to them - away from eBay's paranoia and greed. .
???
Since most sales on eBay take place in US$, sellers have the option to convert into Canadian dollars or use those US$ to pay for their US$ expenses (such as eBay fees for example) or US$ inventory purchases (if applicable) without wasting 2.6% conversion fee to PayPal or 2.0% to 2.4% at a commercial bank.
"All of this movement of money, US dollar accounts in US or Canada will become redundant."
???
I will maintain my US$ account in the USA as it is beneficial for me to do so. While it may not apply to you, many sellers benefit from maintaining accounts in US$.
For example, every month I pay my eBay fees (generally around US$1,000 a month) with my US dollar denominated credit card. That is how I avoid paying a conversion spread on the fees. Those savings add up to over $300 a year, not to mention I get airmiles on my eBay fees and an extra 30 days to pay them! I pay my US$ credit card with US$ transferred from PayPal (or received from buyers by way of cheques/checks or money order or cash).
Many sellers here run a real business where eBay is only part of the overall marketing effort. Customers outside eBay will continue to pay by means convenient to them - away from eBay's paranoia and greed. .
Sure you can, just get in the car and drive down to Sumas, walk into any bank and open an account.
You could have a US based account before lunch tomorrow.
Then check https://www.xe.com/fx/ for currency conversion services.
You could have a US based account before lunch tomorrow.
Then check https://www.xe.com/fx/ for currency conversion services.
http://forums.ebay.ca/thread.jspa?threadID=500035500&start=0
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