Author Topic: How Canadians can get Paypal to pay in US dollars (Read 12981 times)

kingjon · « **on:** October 29, 2009, 11:41 »

For those of you who are Canadian and want to leave your Paypal earnings in US dollars, there is a simple solution. You can open a RBC Bank account (from any RBC branch in Canada). The account is in a US bank so you can request payment in US dollars (instead of paypal converting to Canadian dollars). This is not the same as having a US dollar account in a Canadian bank (I don't believe these work because paypal would recognize the transit numbers as Canadian). I travel to the US often and this is the perfect solution for me. I have a bank card and can access my US dollars at any time. I also opened a Canadian US currency RBC account so I could transfer funds back and forth (through PC banking). The US account is called a Centura account if anyone's interested.

You should be aware that there is a $3.50/month charge on the Centura account if your balance is less than 700$ (this may have changed - you should confirm). I selected the pay per use account in Canada since I don't expect to have many transactions.

Peiling · « **Reply #1 on:** October 30, 2009, 09:27 »

Can foreigners apply for the account? I am wondering if I should apply for a US$ account one day if i go to US and then transfer the money into that account and use that account rather than convert to my currency since the exchange rate is so bad.

kingjon · « **Reply #2 on:** October 30, 2009, 10:33 »

I don't know. You would have to call the bank to find out. I am not American so you can probably apply from other countries also.

good luck

goldenangel · « **Reply #3 on:** October 30, 2009, 13:11 »

Quote from: Peiling on October 30, 2009, 09:27

Can foreigners apply for the account? I am wondering if I should apply for a US$ account one day if i go to US and then transfer the money into that account and use that account rather than convert to my currency since the exchange rate is so bad.

Yes, visitors to the US can open a checking account in a US bank. Many US banks do that, primarily to cater to undocumented immigrants to the country. One doesn't need a social security number to open an account.

Peiling · « **Reply #4 on:** October 31, 2009, 05:39 »

That is cool. I will bear that in mind. Which is a good bank to do that? Are there any charges?

leaf · « **Reply #5 on:** October 31, 2009, 05:54 »

Quote from: kingjon on October 29, 2009, 11:41

For those of you who are Canadian and want to leave your Paypal earnings in US dollars, there is a simple solution. You can open a RBC Bank account (from any RBC branch in Canada). The account is in a US bank so you can request payment in US dollars (instead of paypal converting to Canadian dollars). This is not the same as having a US dollar account in a Canadian bank (I don't believe these work because paypal would recognize the transit numbers as Canadian). I travel to the US often and this is the perfect solution for me. I have a bank card and can access my US dollars at any time. I also opened a Canadian US currency RBC account so I could transfer funds back and forth (through PC banking). The US account is called a Centura account if anyone's interested.

You should be aware that there is a $3.50/month charge on the Centura account if your balance is less than 700$ (this may have changed - you should confirm). I selected the pay per use account in Canada since I don't expect to have many transactions.

thanks for the info.

I opened an account with US funds here in Norway but have not been able to figure out how to get my microstock earnings into it yet. I have tried both paypal and moneybookers but as you say, neither of them will transfer the US funds outside the US. I may just have to open up a Centura account next time I am in Canada.

PeterChigmaroff · « **Reply #6 on:** October 31, 2009, 09:50 »

I'm not sure of the advantages of this. Historically, over the past few years, my loss of income to the devaluation of the US dollar has been one of my biggest setbacks (being Canadian). On a short term basis you can watch the currency fluctuate and pick a time to convert to local currencies but it's just as easy to leave it in PayPal. Eventually I have to spend the stuff so short term games aren't that useful. If you look at it in long terms it's a total loss without much prospect. I'd look into keeping it in Euros.

kingjon · « **Reply #7 on:** October 31, 2009, 13:05 »

I've purchased all the equipment I need (well...almost). I use my microstock earnings now for family vacations (usually in the US). Everyone's needs vary but with paypal forcing the conversion to Canadian dollars, I lost money twice on conversions and paypal charges a pretty penny.

This setup works great for me. If I was going to buy something with the earnings (as I did until about a year ago), then I would leave it in Paypal.

borg · « **Reply #8 on:** October 31, 2009, 15:29 »

My country isn't on support list for withdraw money through Paypal...

Is is possible to open bank account in country where you can make payout (withdraw)...?

But, what to do with address?

P.S.

Canadians, sorry for off topic!

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Author Topic: How Canadians can get Paypal to pay in US dollars (Read 12981 times)

kingjon

Peiling

kingjon

goldenangel

Peiling

leaf

PeterChigmaroff

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