eBay

samaritanseller · ‎05-08-2021

I am registered on .ca but sell exclusively on .com in USD. I would like to keep this set up and not disturb my business in any way. From what I am reading about Managed Payments, this should be possible. My current set up is to get paid in USD which goes to my Paypal account in USD, then transfer USD to my Transferwise USD Checking Account and from there transfer to my personal Canadian bank account. This set up has been working well for me and I would like to keep it like this if that's at all an option. Is it?

If I am forced to move to managed payments I would like it to be smooth and painless, but so far I am running into a lot of issues and potential problems if I were to be forced to be moved over.

When signing up for Managed Payments it allows me to choose which currency I would like to receive payments in. I want to continue to receive USD payments of course.

When I go to sign up for managed payments it is asking me for the following information:

Financial Institution Number

Transit Number

Account Number

By going into the details of my Transferwise Checking Account I am able to get the Financial Institution Number and Transit Number. However, my account number for my Transferwise Checking Account is 16 digits. When entering account number in the eBay Managed Payments sign up it is requesting a 12 digit number instead. How do I enter my 16 digit account number when ebay sign up page is only allowing 12 digits?

recped · ‎05-08-2021

Funds from Managed Payments can ONLY be sent to a BANK account located in Canada (Transferwise is neither) and it must be a chequing accounts not a savings account.

You need to open a US Dollar bank account from a Canadian financial institution (Bank or Credit Union). Most of thre banks/cu's offer US Dollar chequing account with low or no fees (because these accounts pay virtually no interest).

Once the funds are in your USD bank account you can do whatever you want with it (transfer to Transferwise, PayPal etc.)

"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915
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Anonymous · ‎06-01-2021

I have this same issue. It is very unfortunate!

plantiques11 · ‎06-04-2021

I am in the exact same situation than samaritainseller above, I'm a Canadian seller who prefers to get paid in USD as 95% of my market & sales are in USA. And I hate to lose 3-6% commission on exchange rates (USD-CAD), either from Ebay, Paypal or even our banks! At the end of the year that's lots of hard-earned money that I prefer to keep in my accounts.

And one more trick: you can sit on your USD$ balance and convert when you feel the rate is good, as it fluctuates a lot. I put personal targets, example if it comes up at 1.25 in 3 weeks I drop it all!
I have USD accounts in two Canadian banks for years. In the past I used Knightsbridge for transfers. You have to call them to get each transaction done. Good guys, they gave me pretty good rates, the free option took about 3-4 days from the time the USD left the US account to see it back in my CAD account.

I find that Transferwise (now Wise) is more reliable for me, 100% online access and pretty quick. Like recped said above, from there you can get your USD converted in CAD using your USD bank accoutns, very close to the real exchange rate.

I guess we must live with Ebay decision and try to adapt.

dazzlingcoins_com · ‎07-29-2021

MANAGED PAYMENT NIGHTMARE!!

I am trying to setup my ebay.com since June 15th. I got to one point when I was done and got my funds. But ithas glitch again. Selling 8 years on this account I am upset to loose all my regulars. Yes I did open USD account in CIBC with no problem. (even thought I have Bank of America bacause of Amazon ). Is there any higher up than team leader to complint and get my money???