PayPal and exchage rate when transferring to your CAD account

[shop-rc-outlet]

Hi All,
I read some of your comments on losing money when transferring from PP (US funds) to your CAD bank account.

Royal Bank has bought a bank in the US called Centura.
You can open a Centura account through Royal Bank; transfer PP US funds to Centura (US funds). From your Centura account you can transfer the funds to your CAD Royal Bank account. You'll save a lot from the exchange since Royal Banks exchange is waaaayyy better than PayPal. I've been doing this for a while. I don't keep any funds in my PP but instead I have the moneys in my Centura account and I convert to CAD whenever I decide.

I hope that info helps!

zzjey

[futuretech_liquidations]

The RB CENTURA accounts specifically DO NOT allow for PAYPAL and eBaY sales. This is what we were told when we tried to open a US BANK ACCOUNT with RBC.

The application form specifically mentions that PAYPAL transfers are NOT to be done.

WE bank with the RBC and have checked this again with them recently.

Are you setup as a business or as an individual?

Thanks

TIM @ FTL

[alero0]

Tim,
I have a RBC Centura personal account and I do paypal transfers all the time. I've had the account for almost 3 years and was never questioned by them about these transfers. Did you try to open your account as a business? Maybe the application rules changed since I opened my account.

Harvey

[shop-rc-outlet]

Me too, I'm set up with a personal account.
From Centura I transfer the US funds to a personal Canadian US fund account, and from this account I move the money to my business account.

[tip-top.deal]

I tried to open a business Centura account about 1 1/2 years ago. With the name PayPal as the main depositor, my application was refused. Because of my long history and dealings with RBC they filed another application, this time for a personal account and it was accepted and the only transaction I do with them ever since is PayPal in and US transfer out. Another note, nobody ever mentioned: you have to keep a minimum balance of $700 or 800.00 in order to prevent a montly service fee.

[sageleafkids]

I have opened an RBC Centura account in our business name, and in the application stated that it was for transfer of online retail sales from PayPal. Never had a problem. The only thing with the business account is that I can't transfer electronically to my RBC account. I have to send a fax each time I want to transfer money from my RBC Centura business account to my RBC account.

The exchange rate offered by the Royal Bank is only about .5% better than that offered by PayPal. We have the account to take US money out, and then use that US money to pay our RBC US dollar credit card.

No matter who you use to do a currency exchange, you are always going to be paying at least 2% each way, which means at the very least you are losing 4% of your money every time that you take US dollars, (this is usually closer to 5%) turn it into Canadian dollars, and then back to US dollars to make purchases.

I just checked the RBC currency rates right now. If you were to take Canadian dollars, transfer it to US dollars, and back to Canadian dollars, it would cost you 4.1% of your original money. The same transactions with PayPal would cost an additional .4% each way, so approximately 5%.

If you have revenues in US dollars, and you also have other purchases in US dollars, find a way to keep your US dollars for your purchases without converting back to Canadian dollars, and you will be saving yourself at least 4% of your money going to the bank.

Just my thoughts.

Peter

[djmornan]

Instead of withdrawing money from my Paypal account I use my Paypal debit mastercard to make purchases when I am in the US and get 1.5% Cashback.

[bare_bright]

Strange I have A Canadian Paypal a/c and Cad. TD Bank a/c
I also have a TD US a/c but paypal will only let me transfer money to my TD CAD. Bank Account. Whats up with that, I think Paypal just loves to charge the exchange rate. There all Scammers, Just for fun today online I tranfered some Cad to us a/c and got something like 0.47
on a dollar, But when I tranfer US funds to Cad$ the shaved of a swift 7% what ever happened to the 2 or max 3% Can you believe this the banks are scamming a additional 5% no wonder TD's stock keeps climbing lol
have a good day
Tibor

[bare_bright]

sorry wasn't 7% but not far off. here is a copy & paste


Convert From : US DOLLARSCANADIAN DOLLARSUS BORDERLESS PLANPOUND STERLINGAUSTRALIA DOLLARBARBADOS Amount : 500.00


Conversion : 476.20 CAD [exchange rate: 0.9524] 😞



Rates as of Fri Oct 12 18:05:03 EDT 2007

[futuretech_liquidations]

Hey Rockyeb220 - with a name like TIBOR you MUST be Hungarian?

[recped]

Conversion : 476.20 CAD [exchange rate: 0.9524] 😞

Closing Bank of Canada Exchange Rate for Friday 0.9731, difference 0.0207, that is not 7% or even close!
"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915
- answering Trolls is voluntary, my policy is not to participate.

[ddc*stuff]

I now offer my Canadian buyers the same option I used when they sent money orders.. they can pay in CAD or US whichever works out cheaper for them.

I send them a note first explaining that I will be sending a regular invoice through eBay for their purchases US$$ and then on paypal I send one for $$ at par in CAD ... its up to them which one they pay.. if they use CAD we both save money right now..

I just transferred to my bank account for 1055.00 US I got 1000.59 CAD..

I'm also going to look at paying my fees on my credit cards and also shipping fees.. I've been letting it all get deducted from my paypal account..