How to Add Canadian Usd Account to Paypal
- lachdanan [OP]
- Sr. Member
- May 22, 2012
- 939 posts
- 89 upvotes
- MONTR
Aug 20th, 2020 6:58 am
How to withdraw USD from paypal into a USD account in Canada?
Hi,
My paypal's currency is in USD, and i have some money there i want to withdraw to my RBC USD account. But when I try to do this, paypal automatically wants to send the money in CAD. Is there a way to prevent this? Paypal seems to say contacting their customer service is enough:
https://www.paypal-community.com/t5/Abo ... d-p/827982
But the customer service claims otherwise. They are clueless.
There are other options to instantly withdraw with a fee, but I wasn't able to link my card there. It returns "Something went wrong" when I try to login to paypal's Yodlee thing with my RBC account.
Do I need some kind of Visa debit card? Would this allow me to withdraw my paypal balance without conversion?
Thanks in advance.
- #2
- Buggy166
- Deal Fanatic
-
- Oct 23, 2003
- 8113 posts
- 1657 upvotes
Aug 20th, 2020 8:51 am
short end of it, you cannot. Paypal blocks it from happening so that they can rape you on FX fees. Only way to bypass, is for you to have an account in the States.
- #3
- Frank
- Member
- Aug 2, 2003
- 487 posts
- 68 upvotes
- Toronto
Aug 20th, 2020 9:58 am
Open a Transferwise account - Transfer funds from Paypal to Transferwise then to yourself.
- #4
- lachdanan [OP]
- Sr. Member
- May 22, 2012
- 939 posts
- 89 upvotes
- MONTR
Aug 20th, 2020 10:26 am
Thanks guys, but they seem to give the impression their customer service can do it.
You mean transferring to Transferwise for free? I think there is a fee? Or is it the virtual card thing I read about?
- #5
- Frank
- Member
- Aug 2, 2003
- 487 posts
- 68 upvotes
- Toronto
Aug 20th, 2020 10:36 am
lachdanan wrote: ↑ Thanks guys, but they seem to give the impression their customer service can do it.
You mean transferring to Transferwise for free? I think there is a fee? Or is it the virtual card thing I read about?
Yes it's free. Its USD to USD and local. Your transferwise account will be a US based account with Community Bank.
Look online for the procedures. Make sure you select the proper account ( checking or saving...sorry don't remember exactly which one to check off )
- #6
- Dragynfyre
- Jr. Member
- Aug 8, 2011
- 155 posts
- 185 upvotes
- Vancouver
Aug 20th, 2020 2:40 pm
TransferWise multi currency account is free and accepts USD directly. However, you will have to use them convert to CAD to bring the money back into Canada. They cannot send USD back to Canada without conversion unless you do a wire transfer (which will be pretty expensive per transaction).
If you want to transfer USD back to Canada you need to open a RBC Georgia US account (this is the US side of RBC) and link it to your Canadian RBC USD account. It costs $40 annual fee for this account. They have a promo where the account is free for the first year.
TD also has a similar bank account called the TD Convenience Checking account offered by TD Bank N.A. You can link it to a TD Canada Trust USD account and transfer USD between the accounts for free. The TD Convenience Checking has no monthly fees if you maintain a $100 minimum balance so it's cheaper than RBC
- #7
- lachdanan [OP]
- Sr. Member
- May 22, 2012
- 939 posts
- 89 upvotes
- MONTR
Aug 20th, 2020 3:48 pm
Dragynfyre wrote: ↑ TransferWise multi currency account is free and accepts USD directly. However, you will have to use them convert to CAD to bring the money back into Canada. They cannot send USD back to Canada without conversion unless you do a wire transfer (which will be pretty expensive per transaction).
If you want to transfer USD back to Canada you need to open a RBC Georgia US account (this is the US side of RBC) and link it to your Canadian RBC USD account. It costs $40 annual fee for this account. They have a promo where the account is free for the first year.
TD also has a similar bank account called the TD Convenience Checking account offered by TD Bank N.A. You can link it to a TD Canada Trust USD account and transfer USD between the accounts for free. The TD Convenience Checking has no monthly fees if you maintain a $100 minimum balance so it's cheaper than RBC
TransferWire said it has to send by SWIFT. Is this wire transfer? I was checking some arbitrary amounts like 20k and it showed like 7 USD for their fee, but not sure how much wire transfer cost? Is it percentage or fixed?
I assume I have to visit a branch to open their USA accounts? I only have RBC Canada USD account.
- #8
- Dragynfyre
- Jr. Member
- Aug 8, 2011
- 155 posts
- 185 upvotes
- Vancouver
Aug 20th, 2020 6:47 pm
lachdanan wrote: ↑ TransferWire said it has to send by SWIFT. I was checking some arbitrary amounts like 20k and it showed like 7 USD for their fee, but not sure how much wire transfer cost? Is it percentage or fixed?
I assume I have to visit a branch to open their USA accounts? I only have RBC Canada USD account.
Yes SWIFT is wire transfer. This is a fixed fee. TransferWise charges a fixed fee for outgoing wire transfers. RBC also charges a fixed $17.00 USD incoming wire transfer fee on top of that.
You can apply for the RBC cross-border banking bundle online
http://www.rbcroyalbank.com/dms/cross-b ... -i-or.html
- #9
- lachdanan [OP]
- Sr. Member
- May 22, 2012
- 939 posts
- 89 upvotes
- MONTR
Aug 21st, 2020 6:24 am
Thanks I applied now waiting. I also created TransferWise but I still dont see the deposits in my account from paypal to confirm it.
Wow I just checked, but now paypal does allow me to send USD directly to my canadian account.
- #10
- Dragynfyre
- Jr. Member
- Aug 8, 2011
- 155 posts
- 185 upvotes
- Vancouver
Aug 21st, 2020 11:42 am
lachdanan wrote: ↑Thanks I applied now waiting. I also created TransferWise but I still dont see the deposits in my account from paypal to confirm it.
Wow I just checked, but now paypal does allow me to send USD directly to my canadian account.
Careful. That might result in a double conversion of USD to CAD by PayPal and then a CAD to USD conversion by RBC. Also it will take at least 1 day to see the PayPal deposits
Also you don't want to link the TransferWise account to PayPal. It costs $1.40 to withdraw out of TransferWise into a US account. You want to link the RBC Georgia account. You can basically ignore TransferWise if you're using the RBC cross-border package.
- #11
- lachdanan [OP]
- Sr. Member
- May 22, 2012
- 939 posts
- 89 upvotes
- MONTR
Aug 22nd, 2020 4:03 am
Yes I applied for the RBC US account but yet to see their reply yet.
But there is some strange thing going on. I added my RBC USD account and it didnt confirm the deposits. But I sent $10 USD to it since you dont need to wait for it to be confirmed, and the money showed up as $10 USD in my RBC, so it works.
But today now paypal said automatic deposits are rejected and removed the RBC account.
Otherwise RBC USD account works 100%. I just need to get them to add it back if possible. Because I am not able to link to it again. I used this page:
https://sustainablepersonalfinance.com/ ... orkaround/
- #12
- Dragynfyre
- Jr. Member
- Aug 8, 2011
- 155 posts
- 185 upvotes
- Vancouver
Aug 22nd, 2020 10:10 am
lachdanan wrote: ↑Yes I applied for the RBC US account but yet to see their reply yet.
But there is some strange thing going on. I added my RBC USD account and it didnt confirm the deposits. But I sent $10 USD to it since you dont need to wait for it to be confirmed, and the money showed up as $10 USD in my RBC, so it works.
But today now paypal said automatic deposits are rejected and removed the RBC account.
Otherwise RBC USD account works 100%. I just need to get them to add it back if possible. Because I am not able to link to it again. I used this page:
https://sustainablepersonalfinance.com/ ... orkaround/
PayPal stopped supporting the RBC Canadian USD workaround a while ago. They won't add it back
If you ask.
- #13
- lachdanan [OP]
- Sr. Member
- May 22, 2012
- 939 posts
- 89 upvotes
- MONTR
Aug 23rd, 2020 6:10 am
Dragynfyre wrote: ↑ PayPal stopped supporting the RBC Canadian USD workaround a while ago. They won't add it back
If you ask.
No I called them yesterday, they added it. Because I added it as a US account manually so when I told him my account is correct, he confirmed it. He just asked for the routing number which I provided from the link above I posted. I see it as confirmed in my account.
So I sent USD to it yesterday, it said "Transfer will be delayed", because it needs to be verified in 24h. I will update if it works.
Online chat support is useless but the phone support was painless if you can get to a human.
- #14
- BobSagget
- Deal Expert
- Jan 17, 2009
- 19822 posts
- 29020 upvotes
- ONTARIO
Aug 24th, 2020 3:08 pm
Frank wrote: ↑ Yes it's free. Its USD to USD and local. Your transferwise account will be a US based account with Community Bank.
Look online for the procedures. Make sure you select the proper account ( checking or saving...sorry don't remember exactly which one to check off )
Not OP and not looking to highjack the thread, but I am also new to transferwise and I just came across this thread. I want to make sure I have this right, as I am just trying to send USD funds from my PayPal account to my bank account (CAD) without getting destroyed on conversion/fees.
Is this exactly how to do it?
Sign up for Transferwise and create a USD balance
Link Transferwise to PayPal as a US bank account
Withdraw the USD funds from PayPal to Transferwise (free, no fees)
Withdraw USD funds from Transferwise to CAD bank account using the "send USD" button within the USD balance page and then going to "international" in the send money menu in Transferwise (better rate/fees)
Is that all there is to it?
- #15
- lachdanan [OP]
- Sr. Member
- May 22, 2012
- 939 posts
- 89 upvotes
- MONTR
Aug 24th, 2020 3:48 pm
I confirm I managed to transfer USD out of PayPal into RBC USD Canadian account without any fee nor any currency conversion.
So now I can do this as much as I need.
Just to let people know.
- #16
- Frank
- Member
- Aug 2, 2003
- 487 posts
- 68 upvotes
- Toronto
Aug 25th, 2020 11:31 pm
BobSagget wrote: ↑ Not OP and not looking to highjack the thread, but I am also new to transferwise and I just came across this thread. I want to make sure I have this right, as I am just trying to send USD funds from my PayPal account to my bank account (CAD) without getting destroyed on conversion/fees.
Is this exactly how to do it?
Sign up for Transferwise and create a USD balance
Link Transferwise to PayPal as a US bank account
Withdraw the USD funds from PayPal to Transferwise (free, no fees)
Withdraw USD funds from Transferwise to CAD bank account using the "send USD" button within the USD balance page and then going to "international" in the send money menu in Transferwise (better rate/fees)Is that all there is to it?
You have the process down to a T. Just make sure you label your account correctly as per transferwise instructions upon set up ( chequing or savings )
- #17
- realg123
- Deal Addict
- Feb 22, 2007
- 2133 posts
- 318 upvotes
- Toronto
Aug 26th, 2020 1:04 pm
BobSagget wrote: ↑ Not OP and not looking to highjack the thread, but I am also new to transferwise and I just came across this thread. I want to make sure I have this right, as I am just trying to send USD funds from my PayPal account to my bank account (CAD) without getting destroyed on conversion/fees.
Is this exactly how to do it?
Sign up for Transferwise and create a USD balance
Link Transferwise to PayPal as a US bank account
Withdraw the USD funds from PayPal to Transferwise (free, no fees)
Withdraw USD funds from Transferwise to CAD bank account using the "send USD" button within the USD balance page and then going to "international" in the send money menu in Transferwise (better rate/fees)Is that all there is to it?
Thanks for this. I have to look into this as well
- #18
- BobSagget
- Deal Expert
- Jan 17, 2009
- 19822 posts
- 29020 upvotes
- ONTARIO
Aug 26th, 2020 4:39 pm
Frank wrote: ↑ You have the process down to a T. Just make sure you label your account correctly as per transferwise instructions upon set up ( chequing or savings )
Thanks. Glad to know I am doing it properly.
My first transfer from PayPal was just deposited into my TW account this morning. Only took about 36 hours so not too slow. Worth the wait though for the savings.
Just requested to send the funds now to my bank. Wonder how long it will take.
I like that they also offer Interac for a couple bucks more if you need the money faster.
Wish I had known about Transferwise years ago. All the money I've given to PayPal in fees withdrawing USD->CAD is probably quite high if added all up.
The amount I just sent to TW from PayPal probably ended up literally saving me at least $50 CAD, even with the $7.25 USD fee I had to pay TW.
Edit: that was fast! Sent the funds out of TW to my Tangerine account at around 4:25 pm and it was deposited just now. Just under 6 hours!
- #19
- vermit25
- Sr. Member
- Aug 8, 2010
- 811 posts
- 625 upvotes
- GTA
Aug 31st, 2020 3:22 pm
Can you give me some more info on this as I am trying to do the same.
I created a transferwise account and it seems like it auto sets up a CAD balance and a USD balance.
When I click on the USD balance and then on "Get bank details" it asks me to "Add money to your account"
And then asks "How would you like to pay?", on this screen should I select "wire transfer" and then use the Wire transfer instructions on my PayPal account?
Thanks
BobSagget wrote: ↑ Thanks. Glad to know I am doing it properly.
My first transfer from PayPal was just deposited into my TW account this morning. Only took about 36 hours so not too slow. Worth the wait though for the savings.
Just requested to send the funds now to my bank. Wonder how long it will take.I like that they also offer Interac for a couple bucks more if you need the money faster.
Wish I had known about Transferwise years ago. All the money I've given to PayPal in fees withdrawing USD->CAD is probably quite high if added all up.
The amount I just sent to TW from PayPal probably ended up literally saving me at least $50 CAD, even with the $7.25 USD fee I had to pay TW.Edit: that was fast! Sent the funds out of TW to my Tangerine account at around 4:25 pm and it was deposited just now. Just under 6 hours!
- #20
- BobSagget
- Deal Expert
- Jan 17, 2009
- 19822 posts
- 29020 upvotes
- ONTARIO
Aug 31st, 2020 3:45 pm
vermit25 wrote: ↑ Can you give me some more info on this as I am trying to do the same.
I created a transferwise account and it seems like it auto sets up a CAD balance and a USD balance.
When I click on the USD balance and then on "Get bank details" it asks me to "Add money to your account"
And then asks "How would you like to pay?", on this screen should I select "wire transfer" and then use the Wire transfer instructions on my PayPal account?Thanks
No, don't do that.
Before Transferwise will give you the US banking details necessary to link your PayPal to your Transferwise USD balance account, they require you to deposit at least $20 USD into your Transferwise account and show some sort of proof of ID.
That "how would you like to pay?" is asking how you'd like to deposit the $20 USD into the account. I used my credit card to put $20 USD into my Transferwise account since it's instant (cost me $26.xx CAD). Then I uploaded a picture of my ID. I got an email within minutes of doing this confirming my ID and that was it.
Once that's done, you can click "get bank details" and you'll see the info you will need to link PayPal and Transferwise. In PayPal's case, it's the routing number and account number that is important.
Log into PayPal and link a new bank account. Select link a US bank account and provide the routing and account number for your Transferwise account. That's it.
PayPal will say they will send 2 micro deposits to your Transferwise account in order for you to verify and confirm the bank account on your PayPal account, , but if you don't want to wait and you're sure you didn't put in the wrong routing/account number when linking it to PayPal, you can immediately withdraw funds from PayPal to the Transferwise account, even if it's "unconfirmed" in your PayPal account.
How to Add Canadian Usd Account to Paypal
Source: https://forums.redflagdeals.com/how-withdraw-usd-paypal-into-usd-account-canada-2397404/