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Move USD from PayPal to USD account in Canada

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ocgltd
Contributor
Posted on

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?

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Move USD from PayPal to USD account in Canada

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sharpiemarker
Esteemed Advisor

@ocgltd 

 

Not possible. PayPal always convert to local currency when withdrawing. And it doesn't work even if you have a USD Canadian bank account. It will convert to CAD then back to USD when it reaches your USD account like you said so don't bother.

 

It is to your advantage to receive in CAD the value you want. IF you receive USD, keep USD in your Currency balance and spend it as USD. It's obvious PayPal is not the arena to try and game and gain on currencies.


Kudos & Solved are greatly appreciated. 🙂

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Move USD from PayPal to USD account in Canada

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sharpiemarker
Esteemed Advisor

@ocgltd 

 

Not possible. PayPal always convert to local currency when withdrawing. And it doesn't work even if you have a USD Canadian bank account. It will convert to CAD then back to USD when it reaches your USD account like you said so don't bother.

 

It is to your advantage to receive in CAD the value you want. IF you receive USD, keep USD in your Currency balance and spend it as USD. It's obvious PayPal is not the arena to try and game and gain on currencies.


Kudos & Solved are greatly appreciated. 🙂

Move USD from PayPal to USD account in Canada

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ocgltd
Contributor

Why is it to my advantage to convert it to CDN?  My business operates completely in USD, so may payables to suppliers are in USD.  (And few of them accept PayPal).  So my balance in USD is slowly growing with no way to remove it or use  (without exchange fees in and out of CDN).

 

I tried to open a bank account in the USA but without a US Social Security Number and business registered in that particular state I can't.  Wow....

Move USD from PayPal to USD account in Canada

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nrgcustomcables
Contributor

Two options:

1. Ask one of more of your suppliers to open a PayPal account - it's free and to their advantage

2. Get a US credit card through your bank (most banks offer one), and link it to your PayPal account.  Use that card for purchases from your suppliers, and use your PayPal balance to pay off the card.

 

Cheers!

Move USD from PayPal to USD account in Canada

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ColNas
Contributor
I have just run into the same problem. I opened a Money Pool to give my wedding guests an easier way to send gift funds. These were to be used for our upcoming honey moon. When I checked our balance I was surprised to see that it was in USD. I don’t recall ever being asked about currency, and I set the account up here in Canada... Anyways I thought this would be fine as we need USD for the honeymoon anyway. Until I tried to link my USD bank account. I find it ridiculous that Canadian banks have such a hard time working with USD. The accounting gymnastics required to move CND money into a registered USD stock trading account *within the same institution* are something to behold... Anyways I’m really annoyed that I can’t simply withdraw my USD and spend it as intended without paying 2X exchange fees. I’ll look into the credit card idea another user mentioned below, but I feel that this whole thing is absurd.

Move USD from PayPal to USD account in Canada

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ocgltd
Contributor

The recommendation about opening a USD bank account does NOT work.

 

PayPal will convert it to CDN upon send, and then if it goes into a USD account your bank will charge you another conversion fee.  So 2x fee

 

PayPal will send any money to Canadian residents in CAD, regardless of what type of account you have, where the bank is, etc.

 

And, PayPal's exchange rate is approx 2% worse that commercial bank rates.   So you would like lose 2% exch fee + 2% exch fee +2% bad exch rate.

 

This is pretty terrible, and PayPal knows it.

Move USD from PayPal to USD account in Canada

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PayPal_JonK
Moderator

Hello @ocgltd, @ColNas,

 

Welcome to our Community Forums! Transferring USD out of Canadian PayPal accounts can certainly be a bit confusing. I'll be happy to help out here.

 

You can transfer USD out of a Canadian PayPal account, you just have to make sure it's being transferred to a US bank account. You have the ability to add both Canadian and US bank accounts to your PayPal account.

 

Canadian bank accounts are added with an account, institution, and transit numbers. When withdrawing funds to a Canadian bank, the funds will be sent out as CAD, even if they are available as USD in your PayPal account. 

 

US bank accounts are added with an account and 9-digit routing number. When withdrawing funds to a US bank, the funds will be sent out as USD. 

 

I hope that clears it up!

 

 - Jon K


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Move USD from PayPal to USD account in Canada

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ColNas
Contributor
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.

Move USD from PayPal to USD account in Canada

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AmyLe82
Contributor
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?

Move USD from PayPal to USD account in Canada

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Lola88664
Member
I'm curious how are you able to open a usd account in US?? I'm with Td and that's not offered.

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