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?

[lassheather]

You can create a US$ account in the US through Canadian RBC.  I have one. Ask your branch how to do it..

[agamat]

Hi,

This is the solution to your problem: https://www.rbcbank.com/ if you have a regular bank account with RBC in Canada and click on GET A BUNDLE.

You can also do it here:  https://www.rbcroyalbank.com/usbanking/ 

I did it in December 2023 and it worked perfectly. All my USD from Paypal got into my USD RBC bank account in canada in USD without any converting or losing money for fees because of the special offer $0 for the first year ( $39.50 USD/year thereafter for the RBC Bank U.S. Direct Checking account with eStatements and U.S. Visa Signature Black credit card.)

So, I'll just close the new account within the year. Then, I will wait until my Paypal account gets lots of USD again  and I will apply for this type of the account again in about 2-3 years. 

Here is what I did, step by step:

• I already have a RBC account in Canada in CAD and in USD, so if you don't, you need to open these accounts with them first. 
• I applied the US bank account in USA through this site https://www.rbcbank.com/ .
• I got accepted for the account and no annual fee U.S Credit Card (the special offer is for 2 - both are free) , so I got a new USD account  in USA and with it, the 9-digit routing number which is the most important thing in order to link your account to pay pal usd account.
• I linked my  USD RBC account in Canada to my new RBC USD account in USA.  (here are the instructions from them how to do it:

" To get started transferring money from your Canadian to U.S. accounts online, you’ll need to link your U.S. and Canadian RBC online banking profiles. It’s quick and easy:

•  

1. Sign-in to RBC Bank (U.S.) Online Banking  (https://www.rbcbank.com/
2. Go to Profile & Preferences
3. Click Link My U.S. and Canadian Online Banking Accounts and follow the simple on-screen instructions."

       But, this didn't work for me on the website because I didn't receive my new account number through email, so  I had to call them to get it: 

                                              [Removed. Phone #s not permitted]pan>

When they accounts were linked:

• I signed in to my PayPal USD and clicked on:  WALLET - LINK A BANK ACCOUNT- RBC ROYAL BANK - LINK YOUR BANK ANOTHER WAY 

   - go to the bottom of the page ( !!! this is the KEY, so of course, this part is well hidden by Pay Pal at the bottom of the page) - click on LINK A  U.S. BANK INSTEAD !!!) - write your 9-digit routing number for your new USD account in USD and your account number - click on AGREE AND LINK.

                                                                            Don't click on the option: Link a Canadian bank !!!!

• Paypal will make 2 very small deposits to your new USD account that you'll need to confirm. (It takes time! 5 days for me) , Then follow their instructions: Note the exact amounts we deposited. They'll be listed as deposits from PayPal. Log in to your PayPal account and click Confirm Bank Account - Enter the amounts we deposited.
• When Paypal account is linked to your new USD account, send the USD to it, it will take about 2-3 days (or you can pay some fees for faster transfer)
• Send the USD from the new USD account in USA to your regular USD account in Canada.  No fees, no conversion. USD to USD.

VOILÀ!

I looked for the solution for a long time and nothing was ever clear enough, so I'm trying to be very precise to help others. Hope it helps!

Good luck!

[strikernr]

A paypal rep just told me that I can't link a US bank account in my Canadian paypal account. Even thou I see the option of linking a US bank account based in U.S. using routing number and account number, she said it won't work. The system will remove the account later. I'm getting conflicting answers.

I'm about to open a US bank account in BMO Harris, a subsidiary of BMO in the US. I need to know for sure if this will work?

[ocgltd]

There seem to be lots of people posting advice, who have no idea what actually works.  Please update the forum with the result of your attempt!  I was about to open a TD account (at the US bank, not just a USD account) to do the same.

I'll wait to hear back from you if it actually worked.  Thanks

[laurenc6]

I'm also about to open a US based TD account to try to solve this issue, so would greatly appreciate someone from PayPal to confirm wether this will work. Thank you!

[bobbmob]

I just had a transaction cancelled. I was trying to send USD from my linked TD Canada Based USD account. Now the account is not linked anymore and my PayPal balance is now in negative. So that evidently didn’t work. The funds never left my bank account.

[ocgltd]

Is it a Canadian TD account in US funds?  Or a TD US Account in US funds?

The discussion so far is about opening an account with the US affiliated TD (so a real US account in USD).

[DBelley]

It is definitely not the best solution, but I've managed to find people in the US, friends of friend.

I send them US money on Paypal, they withdraw it in their US bank account and they send me a check by mail.  I have to pay small fees for transfer and mail, but its still a way to keep the money in US avoiding exchange rate.

[Matthew514]

I’m following and have had this issue for several years now. In order to keep the cash in US funds and avoid the horrible fx rates my only solution was to use TD cross border banking (this opens a US TD Bank account with my Canadian credentials). I then transfer from TD Bank (in the U.S.) to my USD TD CANADA account (no fees for this and you can do up to 5k online or 100k with no questions). It’s a bit annoying and not as clean as a straight transfer but it keeps our cash in the right currency and gives us complete control over when to sell the US funds.

[Val001]

So this actually worked for you. I did this as well a few years ago. It did not work even with the routing number. Maybe I will try again.I also pay all my fees for my business in USD to US companies that do not take paypal.