How to avoid charges transferring USD to Canada

WoodGuy
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Contributor

To reiterate my previous posts in various threads, I hope this one started under this title, will resolve the repetitive comments seen on this board, This is a very simple solution to avoid the Paypal transfer fees and exchange rate when withdrawing your hard earned money to your Canadian account..

 

RBC has a subsidiary in the US... RBCBANKUSA

 

I changed mine over last October as I sell in USD through Paypal via my site as well as eBay, and it has saved me huge dollars. You should also be able to pay for USD items in USD out of that account as well, since it will be the primary. 

 

Go to your local branch and do these steps....

 

1. Open a Canadian RBC USD account here in your branch, so you can transfer from the US.

 

2. Have them set up an account in the US...mine is in Georgia. It was completed in a few hours.

 

3. Then log into Paypal and change your primary bank account to your RBC USD dollar account.. Once you have set up  the Georgia account, they will walk you through the new account process over the phone....easy!

 

I did my first transfer of $645.00 US from Paypal to the US account. Then it showed on my RBC account list as deposited within 2 days, and I transferred it to my RBC USD account here in Ontario...money was there in 2 seconds and saved me $30 in fees ! You can see your USD account balance on your Canadian RBC account page. I also sell through Clickbank with automatic deposits to the US account, and can see weekly what I have been paid. With the US account. you also avoid being charged more for withrawing sums below $150.  

 

If I need the funds in CDN, I transfer to my personal CDN account and save on the conversion. All banks will still charge a conversion more than the daily Bank of Canada rate, as explained by the Paypal mederator, but far less than the Paypal conversion. I leave the balance in USD until our dollar drops and I don't lose anything.

 

WoodGuy

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