How to avoid Poor Paypal Exchange rates when transfering money?

[Ekliptix]

I have some American money tied up in Paypal. If I transfer it into my Canadian bank account I'll lose a couple hundred dollars from Paypal's US-->CAN exhange rate compared to the rate at my bank.
I opened up a US$ bank account through my Canadian bank but I don't think it will work because the # of characters on my US$ bank account code are less that of a bank account code actually created in the US.

Anyone had this problem or found a solution?

[legendboy]

hmm i'm pretty sure you can add as many bank accounts to your paypal as you like, i think you can add your usd canadian account and just transfer the money and pay the small fee, then transfer the money out of your us bank account and take advantage of your banks exchange rate. i would just call paypal and confirm

[project240]

Originally posted by legendboy
hmm i'm pretty sure you can add as many bank accounts to your paypal as you like, i think you can add your usd canadian account and just transfer the money and pay the small fee, then transfer the money out of your us bank account and take advantage of your banks exchange rate. i would just call paypal and confirm

I don't think this is correct. I'm pretty sure that Canadians can only have a Canadian funds bank account attached to their account.

You must have a good few thousand dollars in there if you think you'll lose a couple hundred.

[legendboy]

i don't think so, when you open your paypal account you have to choose if you want a primary canadian or usd currency account but thats it, you should be able to add any bank account you like to your paypal

like i said, a phone call will clear any questions

[asuth077]

I know for a fact that at least businesses can have both American and Canadian currency bank accounts opened from Canada becuase my parents have them and then they wait for the best exchange rates to switch money from one to the other.

But yes, like everyone else said...call

[roopi]

You can actually go to Royal Bank and open a USD account through Royal Bank U.S. You'll get a seperate bank card sent to you from Royal Bank U.S.

Once you have this setup you are able to transfer money into that account. Now to get the money out of there what I do is just transfer the money into my Royal Bank Canada USD account.

I just leave it in USD there but you could then just convert it at the bank rate.

[E36M3]

Get them to send you a USD cheque and deposit it into your USD account.

[Ekliptix]

I doubt Paypal will send me a cheque upon request.
I can associate many bank accounts with Paypal for sure.

I called Paypal a year ago about this and they said that I have to have a bank account originated in the US to avoid their currency exchange from US dollars.

roopi, that sounds like it might work. Like I mentioned I have a US$ canadian bank account but Paypal will only export my money in US dollars if it's into a bank account with the # of digits associated with a true US bank account (ex: 10 digits for US and 8 digits for in Canada).

[Xtrema]

Originally posted by Ekliptix
I called Paypal a year ago about this and they said that I have to have a bank account originated in the US to avoid their currency exchange from US dollars.

roopi, that sounds like it might work. Like I mentioned I have a US$ canadian bank account but Paypal will only export my money in US dollars if it's into a bank account with the # of digits associated with a true US bank account (ex: 10 digits for US and 8 digits for in Canada).

That is the truth. If you don't want to get hit, sell in $CDN.

I also attempted the same thing and paypal won't do it. And at the rip off rate they are charging, I don't expect them to change that rule any time soon.

That's why I usually leave it in the Paypal account in case I have to buy something with it. They way, I won't get screw on conversion charges.

[Mckenzie]

I had the same problaem too so I figured I would be smart and open up a US bank account at TD. So I get all excited about doing a transfer and then I read the fine print on the paypal website saying that funds transferred to a Canadian Bank must be in CDN dollars.

So unless there is someway around that, it wont work.

[roopi]

Originally posted by Ekliptix

roopi, that sounds like it might work. Like I mentioned I have a US$ canadian bank account but Paypal will only export my money in US dollars if it's into a bank account with the # of digits associated with a true US bank account (ex: 10 digits for US and 8 digits for in Canada).

It will work. I've done it.

[Vypros]

Hey graham if you want to you could get the paypal debit card to spend your money. if not, i could meet you somewhere with internet access, you could forward the funds to my account and i can withdraw from my account at the proper exchange rate for you.

[E36M3]

Originally posted by Ekliptix
I doubt Paypal will send me a cheque upon request.

Maybe try it.. I do it all the time. Click on Withdraw.

Options Processing Time Cost
Transfer funds to your bank account
3-4 Business Days Free!
Request a check from PayPal 1-2 Weeks $1.50 USD

Shop with a PayPal debit card
Instant
(once you get a card) Get cashback!
Get cash out of an ATM
Instant $1.00 USD

Shop online with a PayPal virtual card
Instant Free!

Buy from over 42,000 PayPal Shops
Instant Free!

[Ekliptix]

E36M3, I don't seem to have many of those options you mentioned: