US bank account in Canadian bank

[popy1231]

Hi..

I have a US account in a Canadian Chartered Bank in Canada . Can Pay Pal transfer funds in US $ to my account .

Thank You..

popy1231

[pierrelebel]

No.

PayPal cannot transfer US dollars into a US dollar denominated bank account held at a Canadian bank.

If you want to keep your money in US$, you can open a bank account at a bank located in the USA.  Then PayPal can transfer funds to that account.  Many Canadian sellers have bank accounts in the USA if their transaction volume warrants it.

I closed mine earlier this year after retiring.

In the "good old days" (prior to 9/11) it was easy to open an account in the US online through TD-Waterhouse Bank (for example).  I did.  However, the rules have changed after 9/11 and TD stopped accepting such online application in 2002 (US Patriot Act forbids it).

[imbuzzy]

It CAN be done.

I opened a US savings account at my local Royal Bank branch here in Hamilton last spring and have linked it with Paypal.  I get my Paypal money deposited into my savings account in US funds, and withdraw the money in US funds as cash once a month.  I then use a local currency exchange service that has much more lucrative rates than Paypal's or the bank's rates.

Google: "royal bank high interest us savings account paypal" to find out information on the process involved. The details are all there.

Bonus:  Paypal  transfers the money to my RBC account much faster than to my other Canadian accounts. 

This is nothing new - has worked for years and still works in 2013.

[pierrelebel]

I verified that information with PayPal this morning and this is the answer I just received by email:

"The balance in your Canadian bank account must be in Canadian Dollars –
Canadian bank accounts in U.S. Dollars aren't supported at this time. "

[reallynicestamps]

imbuzzy:

Check again. You are probably paying exchange for the money to be moved from US to Canadian funds, and once in Canadian funds, exchanged once again for US dollars.

So it can be done.

But it is expensive.

Snowbirds who keep US dollar accounts in US banks at their winter homes can deposit US dollars directly into those accounts. They may also get breaks on the cost of transferring money to their Canadian accounts, if only because so many snowbirds are seniors with all the privileges and arthritis that go with that status.

[buytosellforcash]

Nope, both of you are wrong.  Like I said before, I have my US funds trsnsferred from Paypal to  RBC high interest US savings account here in Canada with no currency conversions performed.  It is fast and efficient.    If I transfer $US 500 from Paypal,  I receive $US500 in my account 2 days later.  I can then walk into any Canadian RBC branch and withdraw $US500 in cash and convert it to Canadian dollars at my own leisure and choice of currency exchange business.

Trust me,  I have been doing it monthly for a while now. Like I previously stated, google it - information on how it is done is easily and readily available.

I am not surprised at Paypal's response to you - the things that they have told me in the past...

[pldsecurity]

Thanks for the information.. I had this problem since I am a new seller in Canada.

[marnotom!]

---

@buytosellforcash wrote:

Nope, both of you are wrong.  Like I said before, I have my US funds trsnsferred from Paypal to  RBC high interest US savings account here in Canada with no currency conversions performed.  It is fast and efficient.    If I transfer $US 500 from Paypal,  I receive $US500 in my account 2 days later.  I can then walk into any Canadian RBC branch and withdraw $US500 in cash and convert it to Canadian dollars at my own leisure and choice of currency exchange business.

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I checked the RBC website and this account is described as an "eSavings" account, which strikes me as a clue that this isn't a usual deposit type account.  This and the fact that you claim that PayPal funds transfers are faster with this account than with your Canadian dollar accounts makes me wonder if this account is technically considered somehow to be on U.S. soil.

[pierrelebel]

"claim that PayPal funds transfers are faster"

For twelve years I have maintained accounts at both Canadian and US banks for the purpose of transferring funds from PayPal. In general terms, funds would be transferred weekly, sometimes twice a week.

Yes, it is faster to transfer US$ to a bank in the USA than Cdn$ to a bank in Canada.... by about 12 hours.

For example, if two withdrawals were initiated before 5:00pm on Monday, the withdrawals would show as "pending" in my PayPal account until Tuesday afternoon at which time they would show "completed". 

The US$ withdrawal: the next morning (Wednesday) I would check my US bank account and the money would be there (about 38 hours after withdrawal)

The Cdn$ withdrawal: the next late afternoon/early evening (Wednesday) I would check my Canadian bank account and the money would be there (about 50 hours after withdrawal)

I used TD Bank (USA) in Maine, and Bank of Montreal in Belleville, ON.

I have done it for twelve years without a hitch.

The key was to withdraw before 5:00pm.

[domsvinyl]

I am surprised, I was sure PAYPAL / EBAY would not allow you to link a Canadian Bank to your US dollar Paypal account (too much of a cash cow for them to give up) ...But I am going to try now, thanks for the info !

[femmefan1946]

Please do so and let us know the outcome.

I can think of two ways that a US dollar account might not attract exchange and bank fees.

a) the account holder is a senior, which could in some circumstances mean over 50, but usually is over 60 or 65. They give us old folks all kinds of breaks.

b) the account (apparently some sort of e-account) is actually with RBC's US subsidiary, Centaura.

The problem is that this is not Paypal's decision to make, since it is legislation run by Homeland Security (as I understand it) and goes back to the 20th century when online casinos were doing a LOT of money laundering for drug rings.

[imbuzzy]

Just remember to use the proper RBC routing number when adding the bank account into Paypal - that is the key.

Use the American routing number(026004093), not the Canadian one (021000021).

[pierrelebel]

femme - RBC sold Centura a few years ago:

http://www.businessweek.com/news/2011-06-17/rbc-said-to-near-sale-of-u-s-bank-unit-to-pnc-financial....

[pierrelebel]

That routing is to RBC New York City Head Office, NY, USA.  It is not for a US dollar denominated account held at a Canadian bank but at a US bank.  I suspect that US bank is used to replace accounts previously held at Centura, previously owned by RBC.

http://check-routing-numbers.com/026004093/

[phantom-vintage-gear]

You my friend are the only one who knows what they are talking about.

And if they dont believe you, let them go about their business, while we enjoy what we are doing 🙂

[wowshades]

That sounds like a canned response.

[reallynicestamps]

Another zombie thread.

[tyler@ebay]

Hey everyone,

Due to the length of time that has passed since this thread began I have locked it from future replies. If this is still an issue that warrants discussion, don't hesitate to begin a new thread!