Move USD from PayPal to USD account in Canada

[ocgltd]

I have a large USD balance in my PayPal account, and I want to transfer it to my USD bank account, in Canada.  I don't want to move the money from USD -> CAD -> USD as I will incur significant exchange fees.

I've tried several times to add my Canadian USD account to PayPal but it refuses (says Canadian accounts must contain CAD).  I tried to add this as a US bank account but that didn't work either.

Help - how do I get my money out without all the exchange fees?

[ColNas]

Thank you Jon. I’ve contacted my bank and will be opening a US based account. Luckily my bank TD operates in both countries so I will then be able to move the USD back over to my Canada based US account. Cheers.

[AmyLe82]

I tried to call TD, they have no idea what I am talking about. I told them I need Canada based US account, is that correct?

[Temp20230525GH]

I'm curious how are you able to open a usd account in US?? I'm with Td and that's not offered.

[lassheather]

You can create a US$ account in the US through Canadian RBC.  I have one. Ask your branch how to do it..

[agamat]

Hi,

This is the solution to your problem: https://www.rbcbank.com/ if you have a regular bank account with RBC in Canada and click on GET A BUNDLE.

You can also do it here:  https://www.rbcroyalbank.com/usbanking/ 

I did it in December 2023 and it worked perfectly. All my USD from Paypal got into my USD RBC bank account in canada in USD without any converting or losing money for fees because of the special offer $0 for the first year ( $39.50 USD/year thereafter for the RBC Bank U.S. Direct Checking account with eStatements and U.S. Visa Signature Black credit card.)

So, I'll just close the new account within the year. Then, I will wait until my Paypal account gets lots of USD again  and I will apply for this type of the account again in about 2-3 years. 

Here is what I did, step by step:

• I already have a RBC account in Canada in CAD and in USD, so if you don't, you need to open these accounts with them first. 
• I applied the US bank account in USA through this site https://www.rbcbank.com/ .
• I got accepted for the account and no annual fee U.S Credit Card (the special offer is for 2 - both are free) , so I got a new USD account  in USA and with it, the 9-digit routing number which is the most important thing in order to link your account to pay pal usd account.
• I linked my  USD RBC account in Canada to my new RBC USD account in USA.  (here are the instructions from them how to do it:

" To get started transferring money from your Canadian to U.S. accounts online, you’ll need to link your U.S. and Canadian RBC online banking profiles. It’s quick and easy:

•  

1. Sign-in to RBC Bank (U.S.) Online Banking  (https://www.rbcbank.com/
2. Go to Profile & Preferences
3. Click Link My U.S. and Canadian Online Banking Accounts and follow the simple on-screen instructions."

       But, this didn't work for me on the website because I didn't receive my new account number through email, so  I had to call them to get it: 

                                              [Removed. Phone #s not permitted]pan>

When they accounts were linked:

• I signed in to my PayPal USD and clicked on:  WALLET - LINK A BANK ACCOUNT- RBC ROYAL BANK - LINK YOUR BANK ANOTHER WAY 

   - go to the bottom of the page ( !!! this is the KEY, so of course, this part is well hidden by Pay Pal at the bottom of the page) - click on LINK A  U.S. BANK INSTEAD !!!) - write your 9-digit routing number for your new USD account in USD and your account number - click on AGREE AND LINK.

                                                                            Don't click on the option: Link a Canadian bank !!!!

• Paypal will make 2 very small deposits to your new USD account that you'll need to confirm. (It takes time! 5 days for me) , Then follow their instructions: Note the exact amounts we deposited. They'll be listed as deposits from PayPal. Log in to your PayPal account and click Confirm Bank Account - Enter the amounts we deposited.
• When Paypal account is linked to your new USD account, send the USD to it, it will take about 2-3 days (or you can pay some fees for faster transfer)
• Send the USD from the new USD account in USA to your regular USD account in Canada.  No fees, no conversion. USD to USD.

VOILÀ!

I looked for the solution for a long time and nothing was ever clear enough, so I'm trying to be very precise to help others. Hope it helps!

Good luck!

[MasFuhSo]

This is powerful info...!! it works.

I just did it waiting now for PP to deposit the two small amts to get the account rolling.

Something was a little different than the process outlined in finding the text to click to link the USD account insted but not so different to result in failure.

Thank You Agamat..!!

[agamat]

You’re welcome! Glad I could help! 🙂 paypal has probably changed something to make it more difficult to find, as usual… Take care!

[MasFuhSo]

LMAO... within a few mins of linking my RBC USD acc I get this from PayPal:

Confirm your US taxpayer status to avoid backup withholding

US tax laws have changed, but we’ll help you keep getting paid easily

The US Internal Revenue Service requires us to send you US tax form 1099-K when you receive $600 USD or more for goods and services each year.

Because of a change to US tax laws, you’ll need to confirm your US taxpayer status, too.

What happens if you don't confirm your US taxpayer status

When you reach $600 USD, your payments will go on hold. You can confirm your US taxpayer status by adding your US tax ID or certifying your non-US tax residency status.

If you don't confirm your US taxpayer status within 60 days, we’ll start sending 24% of your payments to the US Internal Revenue Service for backup withholding.

Learn more about how this tax ID hold may affect you.

Or, log in to PayPal and confirm your US taxpayer status to avoid a hold and 24% backup withholding when you’re paid.

[agamat]

Wow! They must have changed it this year! I didn’t get anything like that in 2023. Too bad! That was the only way and now, it’s gone…. I guess I should remove my solution that no longer works.. strange that I haven’t got the same text as you for my already set up account. 

[agamat]

I don’t know about Td, but it works for me with cross border RBC accounts. One in us and one in Canada.