Paypal charging exorbitant fee's to transfer to Canadian bank accounts under the guise 'free'

[productaxi]

Paypal is stealing from us under the guise of 'free.'

Not only do I have a U.S. dollar account where I should be able to send my U.S. dollars, but they insist on doing a conversion with absolutely no other options into a CDN dollar account.

On an $800 USD transfer, im losing $22 to 'free' bank deposit withdrawal fee's, due to under inflated exchange rates.  Check the current exchange rates, and compare it to PayPal's for the proof.

It's bad enough the fee's charged for accepting PayPal in the first place, but this is absurd, all under the guise of free.  For an international payment company, you'd think they would allow you to at least keep the currency's if I have the corresponding accounts.

Cost of doing business or cost of getting screwed?

[1049susanm]

Thanks, worth looking into! Manitoba Canada.

[1049susanm]

Wonder if Credit Unions would offer better deal?

[1049susanm]

Wonder if Credit Unions would offer a better deal?

[pierrelebel]

No.

[gifts_of_elegance]

Leave the money in your PayPal account and use your PayPal debit card on your vacation.  We have been doing that for years, in USA, Mexico and most of the European countries.  Never had any problems.

[pjcdn2005]

I believe they stopped issuing new Paypal debit cards to Canadians a few years ago. If you already one, you were grandfathered in.

[ca.boruc]

Wow, i thought i was the ONLY one with this issue.

These guys are absolutely HORRIBLE... They charge 2.7 % to process payment but the rate they give is off by 6 % (79.6 for 1 cad at the time, and they gave me 75.3 cents.  THATS JUST INSANE plus the 2.5 % fee or whatever it is.)

We do about 45k in payments monthly (ebay, Amazon and wholesalers in the Usa) and now add 8.5 % just for freaking Fee's

Were you able to find another method ? Im assuming need to open a USA account in the states as there is probably no other options but that. 

[pierrelebel]

This is an old thread started in 2013.

You should start a new one.

And, if you do $45,000 monthly, you should get a very substantial discount from PayPal.  I know I did prior to my retirement.

"now add 8.5 % just for freaking Fee's"  That percentage is obviously incorrect.