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?

[bernk]

@Matthew514 can you confirm that this does indeed work, today? I tried this with an RBC Bank (US) account and was unable to link the account to my Canadian PayPal account. I don't remember the exact error that I got, but it wasn't informative at all. It just wouldn't let me do it. And to be 100% clear, I'm talking about a USD account at an RBC Bank in the US.

Edit: It seems like something has either changed or what I experienced last time I tried was a bug. I just tried and was in fact able to add my US based RBC Bank USD account. Waiting to receive the confirmation deposits now. Fingers crossed!

[Matthew514]

Yes..it works perfectly for me. I did a transfer about a week ago.

I setup my TD Bank (US bank) details on PayPal a few years ago and now have the option to withdraw to either my TD Bank account (based in the U.S.) or to my TD Canada Trust account. The TD Bank is USD personal account and the TD Canada Trust is a CAD business account.

[PepperMill]

It all depends on whether your PayPal account is a business account or personal account, and what type of US dollar USA bank account it's going into. I used to be able to transfer US dollars from my PayPal account into a personal US dollar account, but then I was told that was not allowed and had to either open a business US dollar account in the US and use that, or figure out another way. I didn't open the US dollar business account in the US because I think it was about $85 USD per month to have a business account there, through RBC, and I didn't want to spend that kind of money.

[Matthew514]

My setup is not inline with your posting.

My PayPal account is a business account and my US based USD account at TD Bank is a personal account. I have never had an issue sending U.S. funds to this account.

[Gasore]

@Matthew514  Just wondering is your PayPal based in Canada? And if you don't mind sharing what's a US based account. Would a TD cross border account qualify as such. I am definitely unable to link my PayPal with to my USD TD domiciled in Canada. 

Appreciate any info you can share!

Cheers! 

[Matthew514]

@Gasore 

My PayPal is Canadian based (i've had contact with a Canada sales rep for example) and we accept and save both USD and CAD.

I withdraw my CAD my TD Can. Tr. Bus. account...that's not the issue.

I withdraw my USD balance to my TD Bank (U.S. based) personal account which was setup through TD cross border. This account is a basic U.S. bank based personal checking account.

The payment settings were done a good 5+ years ago.

I just tried the setup again and here is what i saw (without testing or completing a new setup):

Follow the instructions to link a new bank account, select a bank (any bank, i.e. TD Canada Trust...they are all Canadian). On the next page where you would setup the Canadian account, scroll down and select the option that says "Link your bank another way." An option is displayed to link a U.S. bank account with the routing and account number.

Good luck!

[Gasore]

Much appreciated. It worked! 

[Matthew514]

@bernk 

I am using a cross border account with TD Bank (U.S. based bank). I believe our PayPal account is Canadian based (the last time i spoke with a rep they were specific to Canada). The payment settings were done a good 5 years ago (give or take).

When you follow the instructions to link a bank account, select a bank (any bank...they are all Canadian). Select the option that says "Link you bank another way" (towards the bottom). An option is displayed to link a U.S. bank account with the routing and account number,

[mroebot]

I think you've got a good solution (as long you have access to an American who will help you out) @DBelley  

After speaking to a PayPal representative on the phone she confirmed that despite having a Canadian USD (currency) bank account a conversion take place as the funds will transfer in to the USD account in CAD then be converted to USD: so 2x the conversion!

The long and short of it is - if you're a Canadian, your Paypal account is Canadian and therefore ANY funds transferred out of it will be in CAD, never USD. No tricks, no ways around it.

There is a lot of misleading, misinformation out there about this.

[agamat]

It’s been 6 months and mine with RBC US based account has not been removed. I used it 2 weeks ago and everything works fine. 100 usd from PayPal to US based RBC account then, from that account to USD RBC account in Canada. I posted a detailed solution that worked for me. Check it out !