PayPal --- add a USD bank account possible??

tomstone607
Community Member
With the recent uprising of the Canadian dollar, I'm taking a beating on the currency switch over, since I sell in USD. So I opened a US Dollar account today with my bank, added it to my debit card, and away I went. I got home to try and add my new USD account to my PayPal account, this way I can transfer my USD into my US account, and convert it at a much better bank rate. Turns out, you cannot do this on PayPal. I called the PayPal #, and after being on hold for 17 minutes of long distance call, I was told that it was impossible to add a USD account to a Canadian PayPal account.

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?
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PayPal --- add a USD bank account possible??

bh542
Community Member
It has been more than a week since the RBC branch sent my application form to RBC Centura. I haven't got any response from them. Is that unusual?

Thanks for any input.
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PayPal --- add a USD bank account possible??

tomstone607, are you sure it's not because the account is in US dollars from a Canadian bank? At least that's what I understood the problem to be when I tried to add my US dollar ScotiaBank account to my Paypal account a while back. It had the proper 9 digits or whatever but still no luck. After much hassle it turns out it wasn't possible for that reason.

And I wonder if that's what the previous posters meant when they say it must be a US bank account and not just a US dollar account. Can anyone comment?

Are Royal Bank and TD Waterhouse the only places that offer these US bank accounts? What about HSBC?



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PayPal --- add a USD bank account possible??

muminlaw
Community Member
And I wonder if that's what the previous posters meant when they say it must be a US bank account and not just a US dollar account. Can anyone comment?

Yes, that's it exactly. My account is with the Bank of America and I'm quite happy with their service. I pay all of our US expenses through that account (mag. subscriptions, club dues, etc.) and my Paypal deposits are made with no charge. To bring my funds into Canada, I periodically write myself a cheque on the account and deposit it into my US dollar account with my Canadian bank - then I can convert to Canadian dollars at my bank's rate, when I feel it's the right time.

They were very helpful by phone when we set the account up and also when I wanted to add on-line banking capability.

Hope this helps, Glenda

Glenda

Click here to go to my Store
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PayPal --- add a USD bank account possible??

finells
Community Member
Hello,

I have read in this thread that they have discountinued TD Waterhouse US accounts but if you go to this thread it looks alive an well to me.....

http://www.tdcanadatrust.com/usbanking/index.jsp

Frank
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PayPal --- add a USD bank account possible??

muminlaw
Community Member
Hi finells,

If you read the blue right-hand sidebar, it states that they are unable to establish accounts for Canadians right now. We're so used to eBay using that space for advertising that it's easy to ignore it!

Glenda

Glenda

Click here to go to my Store
Message 45 of 84
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PayPal --- add a USD bank account possible??

tomstone607
Community Member
There seems to be some confusion about the difference between US DOLLAR and US BRANCH bank accounts. Here's the HUGE difference, and why this is so impossible for us Canadians! Here's the form on the PayPal Account site for adding bank accounts:

Country: United States
Bank Name:
Account Type: Checking / Savings
Routing Number: Routing Number (9 digits)
Account Number: (3-17 digits)

Country: Canada
Bank Name:
Account Type: Checking / Savings
Bank Transit Number: (5 digits)
Institution Number: (3 digits)
Account Number:

Canadian bank accounts do NOT have routing numbers. Our bank account numbers are typically 7 digits long. A US bank account has 3-17 digit account number, and a routing number. This is why you need a US BANK ACCOUNT, and not just a US DOLLAR balance account. With the US DOLLAR BALANCE account, you get a 7 digit account number and NO ROUTING number.

I didn't know any of this before I posted this message, but know I understand how it works completely. You either have to go across the border and open an account, or use the TD / TD WATERHOUSE option that has been recommended. Other banks may offer it, check for yourselves as I'm sure everyone has different banks that they put their money into. Personally, I'm CIBC.
Message 46 of 84
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PayPal --- add a USD bank account possible??

I tried to sign up for a TD Waterhouse bank account yesterday. Went to a TD branch and they said to call them at 1-888-327-9962. They said they discontinued the service for Canadians 3 weeks ago :_|
Message 47 of 84
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PayPal --- add a USD bank account possible??

CIBC does not have a US bank. I walked into my local CIBC and asked about it yesterday. He said someone else asked about it recently who also inquired about the same thing, using Paypal, and he said unfortunately no. ?:|
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PayPal --- add a USD bank account possible??

tomstone607
Community Member
Yup, thats exactly what's stopping me right now. I know someone who works at TD... so I'm planning on asking them about this dilemma. Damn exchange rate!
Message 49 of 84
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PayPal --- add a USD bank account possible??


Royal Bank has a US affiliate.

Perhaps Glenda can give more info on how she managed to open a non-Canadian-affiliated US-based-bank account.

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PayPal --- add a USD bank account possible??

muminlaw
Community Member
Anne, it was quite a few years back (like maybe 15) but at that time, it was just a matter of applying (by mail and telephone) as a non-resident account. I don't know what the rules are now but at that time, as long as they had our signatures on their cards, which we did by mail, they were quite happy. I just added on-line banking about 4 months ago when they gave me a generic, non-resident SSN for logging in, also by telephone. Most US banks have 800 numbers that work from Canada - just Google the bank of your choice for their website. That Bank of America is www dot bankofamerica dot com and that site should give you the 800 number to get started.

As an aside, we have to fill out a form every couple of years to state that we are not carrying on a business in the US. Bear in mind that we are NOT doing business IN the US - we are doing business WITH the US - I'm sure Malcolm will confirm that there is a big difference.

Good luck -- it's worth the effort!!

Glenda



Glenda

Click here to go to my Store
Message 51 of 84
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PayPal --- add a USD bank account possible??

shoplineca
Community Member
Right Glenda!
I would also suggest that you do whatever you can to get a US bank account set up as I have a gut feeling that it will become increasingly difficult due to security precautions increasing in the US making foreign ownership of an account with a US Bank a rarity in the not-too-distant future.

Malcolm

Message 52 of 84
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PayPal --- add a USD bank account possible??

bh542
Community Member
Applied for RBC Centura US bank account for more that 10 days and no response from them. Anyone knows the estimated time?

Thanks,

Andrew
Message 53 of 84
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PayPal --- add a USD bank account possible??

shoplineca
Community Member
Andrew
I cant answer you on RBC but it took a full two weeks or so to get confirmation that my TD Waterhouse account was set up a couple of years ago.


Malcolm
Message 54 of 84
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PayPal --- add a USD bank account possible??

Someone here mentioned Bank of America I think. I went to their website and sent an email asking about accounts for Canadians and this was their response ...


Dear xxxx xxxx

Thank you for your inquiry dated 11/21/04 regarding open new account.
We apologize for any inconvenience you may have experienced.

In order to apply for an account online, please sign in to Online
Banking and go to the Open an Account tab. Choose the account you wish
to open.

When you apply online, we will ask you to provide information about
yourself and any co-applicants. For a faster application process,
please have the following personal information available when you begin
your application:

- Citizenship status: you must be a U.S. Citizen with a Social
Security number or a permanent resident with a Social Security number
- Current address and previous address if you have lived at your
current address for less than five years
- Driver license number
- Employer information, if applicable
- E-mail address
- Account information of your financial institution, if funding your
account from a non-Bank of America account
- Account information of your credit card or check card, if funding
your account from a credit or check card
- Account numbers of existing Bank of America accounts, if linking your
account to other Bank of America accounts.

If you are adding a co-applicant to your application, please collect the
above information for your co-applicant before beginning the
application.

If we may be of further assistance, please contact us again by e-mail.
Thank you for choosing Bank of America.

Sincerely,

C. Jakins
Bank of America

Did you know? You can pay all your bills in minutes with Online Banking
with free, unlimited Bill Pay. Sign in to Online Banking and click on
the Bill Pay and e-Bills tab to get started paying bills today.



This message is in response to your recent request. If you are not the
addressee please contact us. Any reply to this e-mail will not be
secure; please do not respond with personal or confidential information.
Message 55 of 84
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PayPal --- add a USD bank account possible??

shooger
Community Member
This thread is going in circles. People ask for help, they're told the answer, someone else comments, and then someone new asks the same question. Rinse and repeat!

Bottom line: Only Royal Bank Centura is offering US based accounts to Canadians at this time. TD Waterhouse and Bank of America no longer allow Canadians to bank with them.
Message 56 of 84
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PayPal --- add a USD bank account possible??

muminlaw
Community Member
Josephine, was there an 800 number listed on the website? I'd give them a call and explain that you'd like to open a non-resident account. I don't know what their current policy is - it has undoubtedly changed somewhat since we opened our account 15 or 20 years ago - but I know when I asked, by telephone, to add on-line banking to our account just a few months ago, they gave me a generic SSN number to use.

If necessary, I'd remind them that SOME US banks don't seem to understand that US Dollar cheques from Cdn banks, are usually clearable without charge, through a US bank affiliate. That you need the account to pay for the odd item you buy on eBay and similar expenses and that you'll be depositing a few PayPal payments. I think I'd downplay the Powerseller level of volume and just open a personal checking account.

Hope this works for you! Glenda

Glenda

Click here to go to my Store
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PayPal --- add a USD bank account possible??

muminlaw
Community Member
Sorry shooger, I guess I was posting at the same time you were. Is that right? Will the Bank of America no longer accept new Canadian accounts? I sure hope they don't discontinue existing ones!

Glenda

Glenda

Click here to go to my Store
Message 58 of 84
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PayPal --- add a USD bank account possible??

shoplineca
Community Member
shooger
TD Waterhouse is simply not taing any new applications from Canadians to bank with them in the US operations at this time.

There are hundreds of thousands of Canadians that continue to bank with their US operations and use them daily, myself included.

Glenda
In our good old days, US cheques from Canadian Banks could clear without charge because they were actually drawn on US Banks. Today, with few exceptions the majority of US accounts are simply US Dollar accounts and they are NOT drawn on US banks so there are considerable clearing delays which the US banks transalte into fees to recover the clearing time.

The Canadian banks got wise to the negligible costs of operating US dollar accounts rather than the hassle and expense of having cheques drawn on their affiliates.

Malcolm
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PayPal --- add a USD bank account possible??

bh542
Community Member
Thanks, Malcolm. I'll be waiting for RBC Centura.

Andrew
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