PayPal --- add a USD bank account possible??
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10-26-2004 02:14 PM
There's got to be a way around this. My question, then, is what are my possible options of depositing my US balance from PayPal into a USD account? I thought I heard someone say something about transferring it through some middle-man company... but I don't recall all the details.
What do all you other sellers do? Do you deposit Canadian Dollars into your accounts, and take the currency exchange hit too?
PayPal --- add a USD bank account possible??
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11-07-2004 01:17 PM
PayPal --- add a USD bank account possible??
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11-07-2004 06:32 PM
bh542, try reading the posts in the thread. RBC Centura was talked about six or seven times before you asked and were told about RCB Centura.
PayPal --- add a USD bank account possible??
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11-07-2004 07:03 PM
It is set up to allow Cdn investors bank in the US and receive thier US income from investments including dividends and interest and manage it within the TD empire so clsoing it to Cdns makes NO sense at all. They would be eliminating upwards of 90% of their customers.
Just another rumour started by those that dont know or rumours spread by the competition.
Malcolm
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11-08-2004 09:14 AM
PayPal --- add a USD bank account possible??
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11-10-2004 11:38 PM
Thank you everyone.
PayPal --- add a USD bank account possible??
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11-14-2004 01:58 AM
PayPal --- add a USD bank account possible??
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11-14-2004 02:16 AM
So I guess I will have a US and CDN account with them which I can link to my CDN bank account?
How does XE.com make money from providing this free service?
PayPal --- add a USD bank account possible??
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11-14-2004 05:48 AM
Actually, this is posted on the TD Canada Trust Website:
http://www.tdcanadatrust.com/usbanking/index.jsp
It says they are not accepting new accounts from Canadian customers at this time.
PayPal --- add a USD bank account possible??
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11-14-2004 11:53 AM
Malcolm
PayPal --- add a USD bank account possible??
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11-14-2004 01:05 PM
YOu will link the US account where your money located and your Canadian account to XE.com. Then you can transfer from one to the other. XE makes it money on the exchange rate, but it is much better than Paypal.
Rob
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11-15-2004 12:26 PM
PayPal --- add a USD bank account possible??
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11-16-2004 07:48 PM
PayPal --- add a USD bank account possible??
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11-16-2004 07:57 PM
Dont get mixed up between US dollar account and US Bank account. You need a US Bank account which few Cdn banks can offer you.
PC Financial cannot offer you a US Bank account however they are part of the CIBC so you may be able to open something up with one of their US subsidiary banks.
Malcolm
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11-16-2004 08:04 PM
Also I checked an Citizens Bank doesn't have a free US dollar account. And I'm hoping to get a free one (with online access) otherwise it would defeat the purpose of getting the lower exchange rate 😛
PayPal --- add a USD bank account possible??
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11-16-2004 08:53 PM
Years ago, you could open up a US bank account through your Cdn bank and the bank your cheques were drawn on reflected the US operation.
That has since changed and Cdn banks simply offer you a Canadian bank account to deposit your US funds. This is not the same thing at all and while you can write cheques on the US dollar account, many US businesses and bank will NOT accept these as there are considerable clearing delays before the funds are considered "good" adding to the cost of handling.
MOST bankers dont know anything about this as they have not been trained or familiarized in these special services (I am an ex-banker and am very familiar with branch training of staff on a "need to know" basis).
US banks and PayPal and many businesses will look for the 9-digit routing code which means that the cheque is drawn on a US domestic bank.
Most of the Cdn Power Sellers operate US Bank accounts just for that purpose alone so tell your HSBC bank clerk or whomever talked to you to not sway their customers into the wrong bank products when they have NO idea about what they are talking about.
You would end up wasting a couple of months screwing around with PayPal and getting no-where while paying bank fees for an account that would be totally useless to you at the same time all your money would be with PayPal waiting for you to get a proper bank account opened.
You are also paying PayPal $.50 each time you transfer to your Cdn bank account as well as loosing in the exchange rate. I dont know how much you do in US funds per month or how often you transfer but I pay $3.95 per month for my US account which pays me interest to reduce that cost and I do at least 2 transfers per week. So on transfers alone I am saving money.
Malcolm
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11-16-2004 10:41 PM
Anyway, yeah, XE makes their money (on "free" transaction) by charging slightly more to buy money than they bought it for. If the going rate is 6 GACH per 10 DOODOOs, and PayPal will let you trade in 8 GACH to get 10 DOODOOs, maybe XE would charge you 7. Money transferring is all they do, unlike banks who have overhead and all kinds of stuff. So XE still makes a little bit of "profit" off the transaction (in this case 1 GACH over the going rate). That covers all their fees and provides them some income. If you're transferring a fairly good amount of money (a few thousand dollars at a time) then you're usually going to save 5, 10, maybe 20 bucks over what you'd get from PayPal. That adds up.
Also the actual transfer process is kinda cool. Once you log on, and tell them how much you want to exchange and what accounts to do it to and from, you go to a page that shows you the rate up to the current minute. You can watch it and keep refreshing, and actually see it fluctuate. When you're ready, you click TRANSFER and your rate is locked in. I think it's mostly just a gimmick, but it always makes me feel good to get what I think is the best rate at the time. It only moves by a couple dollars or two overall in the short term, I guess.
PayPal --- add a USD bank account possible??
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11-16-2004 11:23 PM
On paypal withdrawals, I think they're finally waiving the 50 cent fee to CDN accounts late in November. Anyway, 50 cents is nothing compared to how much we lose with the ever growing poor exchange rate 😞
PayPal --- add a USD bank account possible??

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11-16-2004 11:46 PM
PayPal --- add a USD bank account possible??
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11-17-2004 01:39 AM
So any suggestions on the banks? ?:|
PayPal --- add a USD bank account possible??
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11-17-2004 03:03 AM
That is what this thread is about. I'd summarize it for you, but I don't have 45 minutes. Please read the thread and you'll have all the info you requested. 🙂
