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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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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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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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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....
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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!
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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.
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That’s not true. I do it all the time with RBC cross border accounts one in Canada and the other in US. No conversion ever. 100 USD from PayPal is sent to my RBC US based account. When it arrives I transfer it to my RBC Canada based account and 100 USD arrives in seconds. No conversion!
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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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