International Payment from Canadian bank Account in US Funds to US bank account

[nlhunter]

I have a Canadian bank account that holds US funds. I want to wire transfer some funds from there to a US bank account. Can I do that? It looks like I can only transfer Cad funds internationally. Is that correct?

[Whac-A-Mole]

do you have a Canadian Paypal account?

[nlhunter]

Yes, I do.

[Whac-A-Mole]

Your Canadian Paypal account can link both Canadian and US bank account.

you can move your US dollar in your Candian bank account to Your Paypal account and then move it to US bank account/

But,the local currency of your Canadian Paypal account is Canadian loonies,when you move your US dollars from your Canaidan bank account to your Paypal account,would Paypal does a conversion and charge 3% fee to convert it to loonies.

then when you take those loonies and move to your US bank account, Paypal will charge you 3% conversion to convert to US dollars.

it depends on how your Canadian bank transfer fund to your Canadian paypal account,does it go thru central bank ,if so,does the central bank only work with Canadian currency?

if you dont know,try a small amount and see how it work.

what is wrong with writing a check drawn on your Canadian bank and deposit in your US bank,there maybe a fee but how much?

[nlhunter]

Hi there,

I think I have confused you. I have a US DOLLAR account held at my CAD bank. I would like to transfer US dollars from my US account held in my CAD bank to my daughter's College US bank account in a US bank in the USA. I don't want anything to transfer in CAD funds or convert from CAD funds into USD funds and then, deposit.

[Whac-A-Mole]

so you want to send US$ from your US$ CAD account to your daughter US$ ACCOUNT with a US Bank.

 so you log into your Canadian Paypal account and make the transfer -but what I am trying to tell you is that your Canadian Paypal account local currency is in Canadian dollars,when you ask Paypal to take US$ from your Canadian bank account and send it to a US bank account ,how is Paypal going to accomplish this?

this would be cross border transaction,from a Canadian bank to a US bank.

If you were to go to your Canadian bank to accomplish this ,it would be intl wire transfer,and you pay intl wire transfer fee.

Why dont you try a small amount and see what happens,if there is 3% conversion,it will show on your screen before you finalise the transaction.

also will PAYPAL withhold the payment for review,since it would be a large amount?

Paypal customer service is very poor and the staff is very ignorant with intl transactions, I would just write a check drawn on your Canadian bank and let your daughter 's bank try to collect it.

Or you can call your US bank and ask what is the protocol if you try to deposit a Canadian bank check in US $.

[Whac-A-Mole]

Several years ago,I have an account with Citibank of HK in HK dollars.

Citibank has closed all the branches in TX except one.

So I went to Chase bank where I have an account and ask if they can do something for me,I will write a check drawn on Citibank of HK (in HK dollars) payable to myself and deposit in my Chase account.

They did,it takes longer and it cost me some fee.like US $35 and the exchange rate they used is quite reasonable  .

Assuming you are now in US,you can do the same,go to your bank and ask them ,since it is in US $,you may pay a fee for their effort but no currency exchange fee.