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At the top of this thread, CanadianCapitalist says to use routing code … which is probably what I used. Another option that might work is to use the Vancouver Bullion Exchange. They have a bank in the US to which you can wire funds. Once they get them they will mail you a check in CAD. Their conversion rates are very competitive. I had the exact same thing happen to me.
But the first time I tried to transfer money into Paypal from the same RBC account, I got the same message about failed transfer. If you happen to come back to this thread, could you post on how you eventually solved the issue? However, use it at your own risk…. Easily makes a RBC account worth it. So I think this is a gray area. Taska, do you have any evidence whatsoever that this is illegal? If so, please state your evidence.
It is in the US. So if I reading the above comments correctly, if I withdraw funds from PayPal to a Canadian bank account which is in Canadian funds, then on top of the 2. I am assuming this is the primary incentive for one to open a Canadian bank account in US dollars and follow the original instructions. I read earlier that someone opened U. See my post above showing the premium comparision. In your post showing the premium comparison, you mentioned 2. However other postings such as the one by GlennC Jan 26, indicated an additional spread over on top of the 2.
So from this I understand that on top of the 2. If the Canadian Big Banks offer 2. It is a traceable, apples-to-apples comparison. Do the same with xe. Sometimes this works in your favour, sometimes not. Then you can do whatever you want with them exch. The savings could be significant depending how much you want to convert.
I still agree with Frongblender and the Author. For the hassle-free convenience and price of XE. It sounds ridiculous, but I use XE. Can anyone tell me if this method still works? Or if it has caveats? I read a few posts that accounts can get frozen or blocked…. Jennie — Good to hear all worked out. Anyhoo, paypal predictably blacklisted the account after the aborted transaction; I had to fax in the docs to get it resurrected, and now all is good.
I had to state a reason for resurrection on the fax: Hi, even though the last replies are very recent, has paypal changed? I ask this as i just got burned on transferring money from paypal in US to my cdn td bank and searched for ways in future to save. But when i just looked in my paypal acct at the add bank acct section i am not set up in cda i.
I have a secondary quesiton in that i was going to open a US funds acct with td and just noticed in my investing td waterhouse acct that i have a cdn funds and separately a us funds acct. Never realized i have a US as i just put in and withdraw in cdn.
Could this acct be used? The request for a 9-digit number comes once you select your bank in United States Canada is selected as default I think. Worked like a charm and saved me a bundle. First ,i would like to thank you for creating such a helpfull post. Then i try adding with … no problem.. Frogblender — thanks for the tip on resurrecting my blocked account.
So I called PayPal customer service at I told them it was a USD bank account in the US to avoid any stupid comments , and gave the last 4-digits of my account. They proceeded to remove and then re-add the account while I was waiting.
I gave them all the same info as listed above specifically the routing number Moral of the story: How long does it usually take funds to appear in your Canadian account once they transfer from paypal.
I have had several transactions in the past days and still nothing. A money order would have gotten to me quicker. This method is only useful if you are going to keep your funds in USD.
If you need the funds in your CAD account right away, then the two methods are virtually the same. At the consumer level, most banks will charge 2. Ian — First, why would you want to do that? True this is more expensive, but it is certainly convenient. I called PayPal and they claim that it is possible to leave my currency in USD when transferred, but how do I go about punching in my information?
I just wanted to let everyone know that I have followed the instructions above and can confirm it worked perfectly. Thanks everyone so much.
I can also confirm that as of today, November 3, that using as the routing number works. I have no idea if this recipe will work will Scotia USD account. Obviously you need to find the correct routing number in Step 3. Then you have to wait a couple of days to find out if the transfer worked.
No harm in trying, I suppose but I have no idea if it will work. Do keep us posted. I wish there was more info about this. Let me know if you have any more info. I was going to contact them tomorrow. Just brainstorming here, but I believe this is how you would fill out the form for a Scotiabank USD account:.
A lot of good suggestions above. I have used some of the options above but have moved to http: I have also met the management team in person — great guys.
They primarily deal with large corporations. They will also help you transfer funds between accounts at a cheaper rate than the bank. Their wire fees are much lower than the bank as well. Best of all, you talk to intelligent individuals with a single phone call.
They have beat any competitor I have looked at. Just give them a call and get a quote — you can calculate the savings yourself. I will follow up with what happens….
Paypal nuked the pending account that I tried to add so this method does not work for Scotiabank. Perhaps they were assuming I had a Centura account and knew the method that this blog outlined! Does anyone know anything about this? Or will I just have to suck it up and get a Centura account? Let me know if you have any success getting a Centura account.
RBC says they no longer offer centura accounts for this purpose. I just applied for a Centura account had to set up a regular CDN account with them first and I told them why I wanted it. It takes about 10 days for them to review and approve the account.
High Interest eSavings account? If your goal is to keep the funds in USD when they land in your bank account in Canada, you will need a genuine US account Centura is the closest thing to it, next to crossing the border and opening an account at a US bank. Although, a previous poster claims that even Centura may not even support this anymore which was the entire topic of the article.
Using this method with any Canadian-based US currency account will not work though. It just works fine. On the other end, if you have a business account with Paypal and withdrawing funds to the RBC USD account, it can be a problem because Paypal business account will send money through the business name, however your RBC account will be under your personal name.
I spoke with Paypal and they recommended opening another Personal paypal account. They said that I should gift money from my Paypal Business account to Paypal personal account. No fee will be charged.
Your Bank Account should be linked to your personal Paypal account! For what purpose does it work just fine? Did you choose US as country? Please provide more information. Your paypal account will be locked. Keep in mind that Paypal account, if premier or business account must match the name on the RBC account. I got a Centura account but turns out my branch is located in FL so the routing number is Can someone clear this up for me?
All I have to work with are my routing number and digit account number. Sorry for the confusion, kookie. You are talking about a regular USD account not the Centura.
So lets say your transit number is: For RBC Centura account, use the routing numer that you mentioned in the post and then put only the account number. You are correct no transit for RBC Centura. Like you said RBC Centura is good if you want to use the debit in US plus you can get a free credit card no annual fee unlike in Canada.
This will also establish somewhat your American Credit history if you move to US. Thanks for the help, everyone. I got both accounts up and running. Dealing with RBC has been a breeze compared to other financial institutions. So the only difference between the US Personal account and High interest savings is the monthly fee? You only get one transaction a month with the eSavings account.
So stick with the US Personal account if you need two or more transactions a month. Wednesday — PP reflected that the transfer is completed but nothing yet on my bank. Thursday — Money arrived on my USD account.
Transfer is a lot faster than sending to my Canadian bank account. Bjut where did you get the routing code from? Well, i have a solution that works for me now, and its not dependent on RBC selectively implementing their policy. But Harris bank, in Chicago, will open accounts for Canadians without visiting in person. I have transferred my PayPal money into that, then used XE currency converter to move it into my regular Canadian bank account.
Unfortunately, the rate I get with XE is about 1. Banks and PayPal tend to take about 2. It took 2 days for the PayPal transaction two amounts to come in, works without a glitch! You are talking about this feature? I recently have to pay an eBay item, but my PP funds is short by around 20 bucks. Today, I got an email from PP that the withdrawal from my bank failed, and the amount was then charged to my CC being my back-up. It was only now that it dawned on me or was reminded that I can not fund using this USD account.
I was wondering if someone could help me with this?? I will have to open a US bank account but I am keeping my Canadian account open as I will return after one year. Someone mentioned that the easiest and cheapest way to do this is via paypal??
Any thoughts or suggestions? But to Europe, aside from the 2. Transfer will take 5 days I think. These are just what I think and I might be wrong. Just a heads up to others: I guess a smart thing to do would be to leave a balance in USD in your PayPal account for future purchases. What bank account would you guys recommend linking Paypal to? Now all my RBC accounts actually got frozen because of this — after a few years of success.
Basically they are saying you cannot conduct any kind of business within your personal account. When I opened it, i explained what I wanted to do to the teller who opened the account and she said it was all good. I guess I have just met a rude account manager. She basically is forcing me to open a business account if I want to continue what I am doing. After following the instructions that you mentioned, Canadian Capitalist, the PayPal confirmation page told me I successfully added the US account but that:.
When you withdraw funds, a fee will be assessed and the net funds will be converted to at the current exchange rate. Do you know if you get charged with this? I think the fee you are referring to only applies when there is a currency conversion, the avoiding of which is entirely the point of this thread.
Is this method legit or what? Till today, July 15, , the method still works fine. RBC account can only be used to withdraw your money from paypal, not deposit. You can go through the comments to see how to fix if it does happen to you. I got my account set up on Tuesday, and add the bank account in Paypal same day, then I got the deposits on Thursday.
Regarding point 4, does that include the RBC Centura account? Anyone can confirm this? Not sure about point 4, but point 2 is not strictly correct: I believe there is a buddy up there had such an experience. I am totally new to the topic of transferring money between US and Canada and I am absolutely lost of so many comments given by experienced people.
Could someone summarize the best, fast, and cheapest way to transfer UD dollar from an American Bank located in the US, which one? I have a paypal account which I used for buying from e-bay. Thank you for your advice, Mary. Banks tend to take 2. XE currency converter takes about 1. Thanks for the great advice here. I was writing a reply to the post but it turned into an article so I posted in on my blog — http: So USD will give you If you have any questions let me know.
Follow the instructions exactly and you will gwt you American money within a few days! Glad I found this forum!! I discovered a more suitable method for myself after a little bit of experience using both Centura and US Personal. Online banking is of course free which means I can withdraw US funds from Paypal into my Centura account and then transfer from my Centura account to my US savings as much as I like with no fees.
Things to think about for those still using the US personal. I doubt the naming will be an issue. Thank you so much for replying. I realized I am trying to do what you did. Have set it up as you posted earlier. Since it said chequing and not savings, I assumed this only worked with the US personal account. I hope this helps.
The two deposits were seen in the very next day. I have now initiated a transfer of funds and hopefully all should go well. Logan, a quick question. Some people above mentioning RBC threatening to close their account for transferring funds. To be honest I think I only actually used it once. My guess is a small number of large ish transactions would be better than a large number of small transactions, but I could be wrong.
Thank you for your input. I hope David could contrabute and let us all know if possible the actual amounts that led to his RBC account to be in trouble. Just to let you all know that as of 28th March , everything worked out perfectly alright, just as mentioned in the original post.
First of all, a very interesting article and many great responses. Just a note of caution here. Although, this method works at the moment it is not officially approved by Paypal.
I have been tempted to do this and made some calls to them. Their terms of service prohibits Canadians link us bank accounts with a US routing number and vice versa.
By the way I also found this link that I wanted to share: This is why the method that I shared a few posts above is the best, IMO. You can set this up at RBC Canada as long as you have some other kind of account with them. Fazzi, can you point to the PayPal ToS where it says anything like that?
You may withdraw funds by electronically transferring them to your bank account or using your PayPal Debit Card eligible Users only. In addition, we may delay withdrawals of large sums of money while we screen for risk. If you have multiple currencies in your Balance, you will be able to choose from those when you withdraw funds, but the withdrawal will generally take place in your home currency. Unfortunately I did not save that page… like I said I will try to find that reference….
Fazzi — Please let me know when you find it. If you can please point to the ToS. I just initiated this on the paypal side to add the rbc US account and noticed that the instructions here talk about a 12 digits account number, but what the rbcbank online banking web site shows me is an account number with this format: I still tried it with the routing given on top and will see what this gives in the next days.
Any feedback from people in the same situation? I used the routing number provided in this blog post and not the one given by RBC because I thought it was very important to respect that. Sorry for the confusion. I wanted to emphasize in this board that I had to use the routing number provided by RBCUSA and not the one mentionned at the top in the original post.
I now need to test XE. Gee, what a long thread. I do not know why are people here so confused. There is no problem, I just transferred some money and it works fine. Please do not post stupid questions in here before reading what the author wrote. These both work again, just follow the damn instructions to the letter.
Again please do not post lame questions in here, read the instructions, everything works fine. Sorry if I have not your intelligence but I thought that documenting the process could help others… and yes, I could have read better to understand which routing number I had to use. How lame I am…!! Nick, heh you told your bank how your paypal account is used? This shyte keeps getting funnier by the minute. Just open account at different branch if they know you there. Why the heck do you need Centura?
Again read what I wrote before. The only way so far for me to make car payments is through my Wells Fargo account but I recently moved to Canada. Direct wire transfers every month would get quite expensive. Thanks for any insight. Those paypal fees can add up fast especially when dealing with a large amount of money that needs to be exchanged.
Just a note to say that I set this up and it has worked flawlessly to date, from June to August ! I found the following details regarding Scotia Bank. Any help is really appreciated.
Ok I figured out my own question. You then setup a US Savings account. Now you have US dollars in your Canadian Bank. Any questions shoot me a line. Only thing that sucks right now is that the exchange rate is not so favorable. Called from customer service to setup a meeting. I added the accounts using the above instructions Country: United States Bank Name: In order to discourage cash transactions even for capital expenditure, it is proposed to amend the provisions of section 43 of the Act to provide that where an assessee incurs any expenditure for acquisition of any asset in respect which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft or use of electronic clearing system through a bank account, exceeds ten thousand rupees, such expenditure shall be ignored for the purposes of determination of actual cost of such asset.
It is further proposed to amend section 35AD of the Act to provide that any expenditure in respect of which payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account, exceeds ten thousand rupees, no deduction shall be allowed in respect of such expenditure. In section 43 of the Income-tax Act, in clause 1 , with effect from the 1st day of April, ,—.
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