@katlover1952 wrote:
Yes in the rate I used in both case is the rate that they would pay me if buying Us from me. I worked in the FI for over 25 years so learned that one well.
Adyen's Canadian operations are a lot smaller than those of one of the major Canadian chartered banks, so they may not be able to buy and sell currencies at the same rates as the banks are getting, or they just may not be dealing with enough volume to warrant a lower markup. That may change as they take on more clients outside of eBay and get more muscle.
@katlover1952 wrote:
When I initially was required to sign on to Managed Payments in April I was told by the first rep that I could have a US account in my Canadian bank but found out after I opened it from another rep that was not the case so had to close it & reopen a Canadian funds account. Initially with my Paypal I had a US dollar account.
If by "US dollar account" you mean a PayPal account in US dollars, then US dollars were all that PayPal offered in its early years. I'm not sure when Canadian dollar accounts were made available, but PayPal Canada was established in 2006, about three years after you registered on eBay.
It sounds as though you made the transition to Managed Payments around the time that the option was initially offered to have your payouts made to a US dollar account with a Canadian financial institution. My gut instincts say that this development happened faster than originally planned (or took longer to prepare than expected and was hastily introduced) and that eBay customer service reps were scrambling to get up to speed on this. (The fact that we now have no eBay customer service reps based out of Canada really doesn't help things.) There was--and probably still is--a lot of confusion about this, which is somewhat understandable given that I believe eBay's Canadian site is the only one that presently permits sellers to have their payouts in a currency other than their own country's.
@katlover1952 wrote:
So am I to understand now that I could have a US account & they would transfer the US sales into my account as per the amount of the sale less fees (no exchange)? Of course as they will only allow one account(or has this changed as well?) then they would charge exchange on the Canadian sales to transfer to US so may not be any further ahead. Not sure why you could not have a bank account in both currencies. Always seemed to work well with Paypal.
You lost me a bit with your point about having a "bank account in both currencies". Having worked in the financial industry, you'd know that there's no such thing. One can hold PayPal balances in different currencies with the same PayPal account, but it's sort of like having your chequing and savings account separate but with the same bank branch.
Managed Payments is quite different from the PayPal-based system in many ways. One difference is that Managed Payments is not a "holding pen" for funds the way that PayPal is; once your payout is ready it's supposed to "flow" right into your bank account with no need for intervention on your part, unlike with PayPal. This "flow" may be one reason why one can only link a single bank account for payouts to their eBay ID.
My understanding is that Canadians having the ability to link US-based US dollar accounts to their PayPal accounts was a bit of a loophole that was enabled by all the "Snowbird" type services offered by Canadian banks. The loss of this has caused some grief for some eBay sellers selling in US dollars, but what seems to have caused more grief for some longtime eBay sellers is if they registered on eBay.com back in the day. The fact that their registration data is associated with the US site made it difficult from an IT-standpoint to link their Canadian bank account of choice to Managed Payments. There haven't been posts from sellers in this point recently, so it may be all sorted out now. If you're registered on eBay.com, you may have dodged a bullet.
