Can you transfer U.S dollar to your bank account if you are in Canada

[styleclash2]

Hi,

Is it possible to transfer U.S dollar from PayPal to your bank account if you are Canadian ?? I have opened U.S dollar account with my bank, I tried to do this but not yet able to do so.

[2nd-time-around-jewelry]

As far as I know PayPal will not put US dollars in a Canadian bank account even if you have a US account also. They will only convert your US funds to Canadian dollars. I think you have to have a bank account in the US for them to transfer US funds. 

[imbuzzy]

There is a way and it has been discussed in these forums before.

However,  there are always the naysayers who will debate the issue until they are blue in the face.

I suggest you google how to do it.

The information is out there.

Hint: Open a Royal Bank US high interest savings account and use the correct routing number.

[femmefan1946]

You can have a US dollar account in a Canadian bank.

You may have to talk to the business accounts manager, but it is a normal service.

What you can't do is deposit US dollars from Paypal to a Canadian bank without paying foreign exchange.

This is because of a money laundry prevention rule of the US Treasury.

Paypal has to change the US dollars into Canadian dollars (and they charge a fee for that) then the Canadian dollars are changed into US dollars by your bank (and they charge a fee for that).

Elsewhere I had a discussion about RBCBank and TDNorth which are US banks owned by Canadian banks, which will open US dollar accounts for Canadian customers.

From an eBay point of view, unless you are either spending five months of every year at you winter home in the States or have a large enough business to be registered for the GST, it's not worth it.

Cheaper to pay the exchange.

[imbuzzy]

Paypal exchange rates,  albeit reasonable,  is not the cheapest.

I like having choice with whom I exchange currencies.

[valuestore]

The bank has to be physically located in the USA. I know  TD and RBC have subsidiaries.. such as rbc centura, but the issue is they are not intended for business use. 

[femmefan1946]

RBC Centura is the bank we used. They are no longer called that and the ownership has changed somewhat.

BUT we certainly had a commerical account.

That was in fact the only reason for opening it.

The 'snowbird' accounts are a newer thing from my experience.

Although it is a small niche for the bank, it is a fairly wealthy one.

[mcrlmn]

Nope.
Only Canadian dollars coming north.

[imbuzzy]

"Nope.
Only Canadian dollars coming north."

Like I predicted...  there are naysayers!

I dare you to try this silly experiment:

Try to withdraw $5 US into your Canadian bank account.  Paypal won't allow it because they can't be bothered converting and transferring such a silly amount of money.  Minimum I believe is $15 US.

But it works for me (see screen capture included).

In a couple of days I will be able to walk out of my local Canadian branch with a $5 bill in my pocket - one with Abraham Lincoln on it - not Sir Wilfred Laurier!

All with zero fees incurred whatsoever.

[femmefan1946]

There is probably confusion here about US dollar accounts.

The RBCBank accounts I mentioned are US BANK accounts under US law and with HQ in the USA.

Many Canadians have US dollar accounts in Canadian banks. These are not the same. They are CANADIAN accounts held in a foreign currency and subject to foreign exchange when used.

[imbuzzy]

Yes,  some might be confused, but don't count me in with that group.

Op asked if there was a way, and there is a way to do it.

Research and some effort shall show the way.

[pinetreecottage]

Anyone living close enough to the border, to make at least one trip across, should consider opening a US bank acct.  Bank of America has branches everywhere.  Once you have an acct.  Everything can be done on line.  Of course, there are fees, and you will have to declare any interest earned to CRA.  You will get a debit card (mine was a VISA only to make withdrawals). from any bank machine.  I gave mine up, as fees were high.  So,  do the math.  Like the other poster said, it may be cheaper to pay the exchange.  Or, list on .ca.  Problem solved. Cheers.

[imbuzzy]

Yes, I agree with you there regarding an American bank account.

Each person is different so each obviously has to make their own decisions.

I have a Bank of America account and find that it is very useful for when I travel with my RV through the US.  The cost is $4.95 US/month but is definitely worth it in my case so that I am not driving around with thousands of dollars in cash.

It really reduces my fees that credit cards would incur.  It also allows me to purchase items in the US through the internet free of any fees.  Just last night I purchased a $200 item from Wisconsin using my BofA debit card.  No hassles whatsoever.  The site would only allow debit or credit transactions.

Having the option as stated in this thread of having US dollars here in Canada and being able to choose at will a currency exchange service is the key to this topic - especially for those not wanting to cross the border.

[recped]

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@pinetreecottagewrote:

Anyone living close enough to the border, to make at least one trip across, should consider opening a US bank acct.  Bank of America has branches everywhere.  Once you have an acct.  Everything can be done on line.  Of course, there are fees, and you will have to declare any interest earned to CRA.  You will get a debit card (mine was a VISA only to make withdrawals). from any bank machine.  I gave mine up, as fees were high.  So,  do the math.  Like the other poster said, it may be cheaper to pay the exchange.  Or, list on .ca.  Problem solved. Cheers.

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If you go to one of the smaller regional banks or a credit union you can easily get a "no fee" account.

I have an account with M&T (opened over the phone), completely free, cheques, deposits, ATM, debit card etc.)

My account is specifically for 50+ but there are also lots of free accounts if you keep a fairly minimal balance.

Then there are the online banks which also offer no fee accounts.

To open accounts with some of these banks you need to have a US mailing address but it doesn't actually have to be an address where you reside.

[mcrlmn]

A couple of years ago, I when sold in U.S. dollars, I booked a trip to Hawaii.
I thought, 'This I'll work out great with all the U.S. dollars in my PayPal account'.
So, I went to my local Credit Union and opened a $ U.S. account to transfer the funds to.

No such luck... I had to convert to CDN to transfer.
Thankfully the CDN dollar was on an upswing at the time.

I know I could've opened an account in Point Roberts, but couldn't be bothered.
With recent exchange rates and gas prices, another benefit would be gassing up at the same time.

[pinetreecottage]

Yes, about the address.  I had a mailbox at the postoffice in a small bordertown, so the home address I used at the bank, was the street address of the postoffice.  As I didn't get any mail from the bank, they never questioned it, but had there been mail, it would have gone to my po box.  I personally never carried a balance, so there was never any interest accruing.  So not cheating CRA.  When I no longer listed on .com, I didn't need to keep my US acct., and with bank fees ever rising, I closed it.

[pierrelebel]

"Is it possible to transfer U.S dollar from PayPal to your bank account if you are Canadian ??"

Yes.

As indicated by many other posters, living in Canada does not prevent someone from having a bank account at a bank located in the USA allowing transfer of US$ from PayPal to a US based bank account.

In the "good old days" (prior to 9/11) Canadians could easily open bank accounts in the USA using online application.  I did in 2000 with TD-Waterhouse Bank (owned by TD Bank).  TD-Waterhouse Bank did not charge any fee as long as a minimum balance (US$1,000 if my memory serves me well) was held in the account. Many other eBay sellers did the same - online - with RBC.

After 9/11, following the US Patriot Act, such practice was no longer allowed.  Now, Canadians are generally required to open the account in person at the US based bank (there are some exceptions).

Canadian banks offer US dollar denominated accounts (both personal and business).  However, current US laws do not allow PayPal to transfer US dollars to those accounts. The bank must be deemed to be located in the USA.

Considering the fees charged by banks in the USA to maintain an account, it is really not worth it unless you do a very substantial amount of business in US$.

Good Luck

[a52split]

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@pierrelebelwrote:

Considering the fees charged by banks in the USA to maintain an account, it is really not worth it unless you do a very substantial amount of business in US$.

Good Luck

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You have the wrong type of acct.

My bank acct in the USA charges zero fees. Because my US bank is a small regional bank, they don't have their branded ATMs all over the US, so their policy is to pay the fees to allow you to use any ATM of any brand without any cost. When I was in El Salvador, I pulled $100USD out of a machine.  My statement showed only $100 deducted from the account.

If I want to get my US$ while in Canada, I just write myself a check in $USD, then cash it at my CDN bank.  no fees.

[pierrelebel]

Lucky you.  Most US banks do charge monthly fees unless you maintain a minimum balance.

[a52split]

There's no luck involved when you do your own due diligence.