Author Topic: Canadian - Withdraw in Canadian bank (in US) (Read 11418 times)

aetb · « **on:** June 01, 2017, 20:51 »

What I mean is... since I withdraw from Paypal to my Canadian money bank, I have to paid for a conversion fee. If I was able to withdraw in the same canadian bank, but in US money I would paid the BANK fee that are smaller than Paypal fees for converting US to Canadian currency.

Or any better idea for any Canadian people to avoid fees !
At the end of the year, I find I'm giving away LOTS of freaking cash to Paypal... seriously... that's a professional lens every year

any suggestion ?

editing: I've tried to create a US currency account at my bank, but Paypal was not able to make the link to that account... somehow, they love making money.

Fairplay · « **Reply #1 on:** October 16, 2017, 08:12 »

This thread is quite old but it's the most recent about the problem with Paypal's automatic currency conversion.
Today was my first time I found out this greedy policy of PP. When I made a search I found many people complaining about the same for few years. I don't know why this never happened before with my account until today.
As far as I understood there is no way to avoid it. When I withdraw my money they convert them to my local currency on an extremely bad conversion rate. I'm losing a lot of hard earned money!

Unfortunately Payoneer is not very different.
I need other less greedy payment processor.

christiano · « **Reply #2 on:** October 16, 2017, 09:58 »

let the money into your paypal account and use it to buy stuff.

memakephoto · « **Reply #3 on:** October 16, 2017, 11:23 »

Quote from: Fairplay on October 16, 2017, 08:12

This thread is quite old but it's the most recent about the problem with Paypal's automatic currency conversion.
Today was my first time I found out this greedy policy of PP. When I made a search I found many people complaining about the same for few years. I don't know why this never happened before with my account until today.
As far as I understood there is no way to avoid it. When I withdraw my money they convert them to my local currency on an extremely bad conversion rate. I'm losing a lot of hard earned money!
Unfortunately Payoneer is not very different.
I need other less greedy payment processor.

If you don't think the service PayPal provides has any value, don't use them. Most agencies can and will make payments by cheque.

It sounds to me though, like you want PayPal to provide this useful service but get nothing for it. The only fees PayPal charges me for their convenient payment method is in the conversion of funds from US to Canadian. I still get a nice bonus on the exchange rate and PayPal makes a few bucks which is pretty fair really. Makes me wonder who the greedy one is.

increasingdifficulty · « **Reply #4 on:** October 16, 2017, 11:48 »

Quote from: memakephoto on October 16, 2017, 11:23

It sounds to me though, like you want PayPal to provide this useful service but get nothing for it. The only fees PayPal charges me for their convenient payment method is in the conversion of funds from US to Canadian. I still get a nice bonus on the exchange rate and PayPal makes a few bucks which is pretty fair really. Makes me wonder who the greedy one is.

What do you mean bonus?

Anyway, 2.5% of a year's earnings (comfortable living) becomes quite a lot of money just for extra (arbitrary) conversion fees. Not just a few bucks.

It sure is convenient, but anything above 1% is just too much.

Quasarphoto · « **Reply #5 on:** October 16, 2017, 12:05 »

I am Canadian and using PayPal for a decade now to receive and send payments. There is no fee when I withdraw, just the conversion rate. I don't expect nowadays, or ever, from a company to offer free service as I don't give away my photos for free either usually. I find PayPal quite convenient and fast.

increasingdifficulty · « **Reply #6 on:** October 16, 2017, 12:12 »

Quote from: Quasarphoto on October 16, 2017, 12:05

I don't expect nowadays, or ever, from a company to offer free service as I don't give away my photos for free either usually. I find PayPal quite convenient and fast.

I don't expect it to be free, but 2.5-2.8% is excessive. My bank would charge less than 1% for the conversion if I could only receive USD from PayPal. But I can't. This means thousands of dollars in conversion fees.

Clair Voyant · « **Reply #7 on:** October 16, 2017, 12:50 »

Quote from: increasingdifficulty on October 16, 2017, 12:12

Quote from: Quasarphoto on October 16, 2017, 12:05
I don't expect nowadays, or ever, from a company to offer free service as I don't give away my photos for free either usually. I find PayPal quite convenient and fast.

I don't expect it to be free, but 2.5-2.8% is excessive. My bank would charge less than 1% for the conversion if I could only receive USD from PayPal. But I can't. This means thousands of dollars in conversion fees.

Are you in Canada? There is a decent workaround to this, I pay nothing to PayPal.

increasingdifficulty · « **Reply #8 on:** October 16, 2017, 12:55 »

No, not in Canada. But what is the workaround?

Clair Voyant · « **Reply #9 on:** October 16, 2017, 13:00 »

Quote from: increasingdifficulty on October 16, 2017, 12:55

No, not in Canada. But what is the workaround?

I think the workaround can work only if you are from Canada and use Canadian banks. Sorry. The 2.9% forex rate from PayPal is nasty.

Orchidpoet · « **Reply #10 on:** October 16, 2017, 13:40 »

I don't know if Payoneer is better or worse, but Payoneer charges a "cross border" fee no matter where you use it. Its headquarters is in Berlize, the cross border fee applies almost anywhere you use it.

LesHoward · « **Reply #11 on:** October 17, 2017, 10:48 »

Quote from: Clair Voyant on October 16, 2017, 13:00

Quote from: increasingdifficulty on October 16, 2017, 12:55
No, not in Canada. But what is the workaround?

I think the workaround can work only if you are from Canada and use Canadian banks. Sorry. The 2.9% forex rate from PayPal is nasty.

I am in Canada. What is the workaround?

PeterChigmaroff · « **Reply #12 on:** October 17, 2017, 16:50 »

There used to be workaround with a certain type of RBC USD account, where you "could" get USD from PP arrive as USD into that account but believe that is all history now.

Pixart · « **Reply #13 on:** October 17, 2017, 17:22 »

I phoned Paypal and they told me they cannot deposit U.S.$ into a Canadian U.S.$ account. (This wasn't recently though.)

One time, I even went to BMO Branch to pay my BMO U.S.$ credit card with a wad of U.S$ cash in my hands and they wouldn't take it because they would lose on the rate. (Mind baffling isn't it?) I had to deposit it into a CDN$ account and pay conversion fees then pay the fee to convert it back to U.S.$ and yes, I said f*You and made the teller call and cancel the card before I left the bank.

The RBC workaround may have been to a U.S. branch with an arm operating in Canada. I've worked for many businesses that never had these stupid issues (but they also had a U.S. Delaware company registered to do business in the U.S.)

You CAN physically go to the U.S.$ and open up a bank account though. If you lived on a border town it would definitely be worth it.

PeterChigmaroff · « **Reply #14 on:** October 17, 2017, 18:40 »

Quote from: Pixart on October 17, 2017, 17:22

One time, I even went to BMO Branch to pay my BMO U.S.$ credit card with a wad of U.S$ cash in my hands and they wouldn't take it because they would lose on the rate. (Mind baffling isn't it?) I had to deposit it into a CDN$ account and pay conversion fees then pay the fee to convert it back to U.S.$ and yes, I said f*You and made the teller call and cancel the card before I left the bank.

It doesn't matter which major city you go to in the world, the biggest buildings in the best parts of town are usually banking centres.

increasingdifficulty · « **Reply #15 on:** October 18, 2017, 01:53 »

Quote from: Pixart on October 17, 2017, 17:22

You CAN physically go to the U.S.$ and open up a bank account though. If you lived on a border town it would definitely be worth it.

That could result in some tax issues, since you now have income landing in the US.

SpaceStockFootage · « **Reply #16 on:** October 18, 2017, 03:22 »

That's all great getting your USD deposited in a USD account in Canada, and not having any fees as a result... but what if you want to actually spend this money? I'm assuming Canadian ATM's don't dispense USD, and if they did, would most places accept them? And more importantly, would they accept them without charging you a fee? There's always a fee somewhere down the line.

increasingdifficulty · « **Reply #17 on:** October 18, 2017, 03:25 »

Quote from: SpaceStockFootage on October 18, 2017, 03:22

There's always a fee somewhere down the line.

There is. But you have the chance to shop around. 0.8% is a lot better than 2.8% wouldn't you agree? That's a big chunk of cash per year.

SpaceStockFootage · « **Reply #18 on:** October 18, 2017, 03:49 »

This is true!

Pixart · « **Reply #19 on:** October 18, 2017, 09:56 »

I do manage to spend most of my $U.S. Paypal earnings on supplies that I order from the U.S. already. I've also paid Expedia for hotels. I always look for U.S. Vendors that accept Paypal.

What about the sites that work with Payoneer? I haven't heard much talk about them lately (I looked into them a few years back and didn't like their overall rates). Can they put U.S. earnings on a credit card or do they convert it first?

Fairplay · « **Reply #20 on:** October 18, 2017, 17:21 »

Quote from: memakephoto on October 16, 2017, 11:23

Quote from: Fairplay on October 16, 2017, 08:12
This thread is quite old but it's the most recent about the problem with Paypal's automatic currency conversion.
Today was my first time I found out this greedy policy of PP. When I made a search I found many people complaining about the same for few years. I don't know why this never happened before with my account until today.
As far as I understood there is no way to avoid it. When I withdraw my money they convert them to my local currency on an extremely bad conversion rate. I'm losing a lot of hard earned money!
Unfortunately Payoneer is not very different.
I need other less greedy payment processor.

If you don't think the service PayPal provides has any value, don't use them. Most agencies can and will make payments by cheque.

It sounds to me though, like you want PayPal to provide this useful service but get nothing for it. The only fees PayPal charges me for their convenient payment method is in the conversion of funds from US to Canadian. I still get a nice bonus on the exchange rate and PayPal makes a few bucks which is pretty fair really. Makes me wonder who the greedy one is.

So for 10 years Paypal were happy to serve me for $2.50 on every $500 I withdraw and now they decided it's not enough and they should take 7 times more?!
I don't care if you want to give them your money, but I won't give them mine!

PeterChigmaroff · « **Reply #21 on:** October 18, 2017, 23:36 »

Quote from: SpaceStockFootage on October 18, 2017, 03:22

That's all great getting your USD deposited in a USD account in Canada, and not having any fees as a result... but what if you want to actually spend this money? I'm assuming Canadian ATM's don't dispense USD, and if they did, would most places accept them? And more importantly, would they accept them without charging you a fee? There's always a fee somewhere down the line.

Even if all you wanted to do is move the money over to a Canadian account at the same bank, the exchange rate would likely be better.

polar · « **Reply #22 on:** October 19, 2017, 09:29 »

Quote from: SpaceStockFootage on October 18, 2017, 03:22

That's all great getting your USD deposited in a USD account in Canada, and not having any fees as a result... but what if you want to actually spend this money? I'm assuming Canadian ATM's don't dispense USD, and if they did, would most places accept them? And more importantly, would they accept them without charging you a fee? There's always a fee somewhere down the line.

Having a USD cash account at your bank is useful if you also have a USD credit card and want to use PayPal funds to pay it off. That was the reason I wanted to transfer my PayPal funds in USD but I've since cancelled the USD credit card. Now I just leave the money in PayPal and use it for USD online purchases.

But you're right -- no matter what you do, there will be fees.

Pixart · « **Reply #23 on:** October 19, 2017, 11:21 »

One question above, yes you can withdraw $U.S. at certain bank machines. I have an account at PC and I think it's 300 U.S. daily at certain machines. Rate was better at BMO, but not as convenient. But next month PC changes their name and is fully operated by CIBC, a bank I never had great experience with. They say nothing will change but I kinda think the PC No Fees experience will soon disappear.

Quasarphoto · « **Reply #24 on:** October 19, 2017, 18:42 »

Quote from: Pixart on October 19, 2017, 11:21

One question above, yes you can withdraw $U.S. at certain bank machines. I have an account at PC and I think it's 300 U.S. daily at certain machines. Rate was better at BMO, but not as convenient. But next month PC changes their name and is fully operated by CIBC, a bank I never had great experience with. They say nothing will change but I kinda think the PC No Fees experience will soon disappear.

These store ran bankings never lasted too-too long in Canada. I'm even surprised they held up this long. Basically they were always part of CIBC. They say CIBC will run a Simplii Banking no fee acct. and the PC will be transferred there. Next year the will announce that is closing too. The inter-owning Big4 runs the finances if Canada. Everything else is just a shoot-off of those.

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Author Topic: Canadian - Withdraw in Canadian bank (in US) (Read 11418 times)

aetb

Fairplay

christiano

memakephoto

increasingdifficulty

Quasarphoto

increasingdifficulty

Clair Voyant

increasingdifficulty

Clair Voyant

Orchidpoet

LesHoward

PeterChigmaroff

Pixart

PeterChigmaroff

increasingdifficulty

SpaceStockFootage

increasingdifficulty

SpaceStockFootage

Pixart

Fairplay

PeterChigmaroff

polar

Pixart

Quasarphoto

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