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Author Topic: Paypal steal your cash USD to Can not the same  (Read 13818 times)

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« on: March 19, 2015, 10:31 »
+1
I dont undeerstand why the rate of the canadien vs usd is not the same. I transfert cash 3 week ago and the rate was 1.26 but for paypal the rate is Exchange rate:   
1 U.S. Dollar = 1.2297 Canadian Dollars

I think i will stop using paypal. Just take a look of your rate and let me know is paypal is fair with you


« Reply #1 on: March 19, 2015, 10:47 »
+1
The % difference is too large now. They take a lot of our $$$ But I can't find a way faster than paypal to get paid.

« Reply #2 on: March 19, 2015, 11:01 »
+11
Any cash transfer service will either use a large "spread" between what it buys and sells currencies for or will have a commission charge for making the conversion, or both. So you need to look carefully at the costs if you are going to get the best deal. I don't know if Paypal is more of a rip-off than the other options.

« Reply #3 on: March 19, 2015, 11:48 »
0
I check that and if i go with Paper Cheque i will wait 4 or 6 month. paypal finally take 1%. if i go with paper cheque i pay 2,50$ for a 1000$ usd and with paypal this is something like 10$.

« Reply #4 on: March 19, 2015, 11:53 »
+4
I check that and if i go with Paper Cheque i will wait 4 or 6 month. paypal finally take 1%. if i go with paper cheque i pay 2,50$ for a 1000$ usd and with paypal this is something like 10$.

I've been charged $200 for cashing a paper cheque, believe it or not. The bank said it was because HSBC New York was not a "corresponding bank" with their agent in the US (which I think was Citibank) and the $200 was the fee for Citybank working out how to find HSBC.  Personally, I think it was just a rip-off verging very closely on fraud.

Justanotherphotographer

« Reply #5 on: March 19, 2015, 12:04 »
+3
PP fees are much better than my bank, so I think the "steal" is a bit strong.

« Reply #6 on: March 19, 2015, 12:21 »
-2
The probleme is the paypal fee is not clarify write on the transfert information. This is what i think is a steal.

« Reply #7 on: March 19, 2015, 12:31 »
+3
The official exchange rates are never what you will get unless you are a currency trader. Every financial  institution establishes its rate lower than the official rate. None will advertise the fact. It's simply the cost of doing business.

« Reply #8 on: March 19, 2015, 12:48 »
0
They really steal, but you can reduce the loss by spending in USD whenever you can. I use it often when traveling to pay for accommodation. Even some airlines are accepting paypal now. No fees at all, and I even escape the 6% tax from my country when spending in foreign currency.

Semmick Photo

« Reply #9 on: March 19, 2015, 13:09 »
+6
They really steal, but you can reduce the loss by spending in USD whenever you can. I use it often when traveling to pay for accommodation. Even some airlines are accepting paypal now. No fees at all, and I even escape the 6% tax from my country when spending in foreign currency.


Why call a fee or cost of service stealing?  Do you think every business adding a margin or fee is stealing money?

You can call it greed but they are not stealing.

Semmick Photo

« Reply #10 on: March 19, 2015, 13:14 »
+2
The probleme is the paypal fee is not clarify write on the transfert information. This is what i think is a steal.
check your transactions on paypal the conversion rate is right there.  And all their fees are listed in the terms and conditions

« Reply #11 on: March 19, 2015, 13:36 »
+1
They really steal, but you can reduce the loss by spending in USD whenever you can. I use it often when traveling to pay for accommodation. Even some airlines are accepting paypal now. No fees at all, and I even escape the 6% tax from my country when spending in foreign currency.


Why call a fee or cost of service stealing?  Do you think every business adding a margin or fee is stealing money?

You can call it greed but they are not stealing.

Call it whatever you want, my point is there are ways to pay less fees.

H2O

    This user is banned.
« Reply #12 on: March 19, 2015, 13:57 »
+2
With PayPal they have a Rocket Program to fund, they money has to come from somewhere

« Reply #13 on: March 19, 2015, 14:02 »
0
I try to deal only with U.S. vendors who accept Paypal so I don't get dinged converting from Paypal to Canadian bank and then paying a commission to MasterCard when I buy supplies. 

« Reply #14 on: March 19, 2015, 18:35 »
+4
next time try cashing a cheque. you will see the exchange rate of the bank is no different from paypal,etc...   the exchange rate ,like prime rate,etc keep fluctuating and no one gets the rate that is actually fixed. there is also a disparity between buying and selling, and not even banks give you the stated rate.

« Reply #15 on: March 20, 2015, 10:01 »
+2
I dont undeerstand why the rate of the canadien vs usd is not the same. I transfert cash 3 week ago and the rate was 1.26 but for paypal the rate is Exchange rate:   
1 U.S. Dollar = 1.2297 Canadian Dollars

I think i will stop using paypal. Just take a look of your rate and let me know is paypal is fair with you
Hi!

The solution I found is to open a USD Canadian banking account with RBC (Royal Bank). There are some steps to follow to correctly link the account to paypal afterward:
1- Log into PayPal and click on My Account, then Withdraw followed by Transfer funds to your bank account. In the Withdraw Funds by Electronic Transfer page click on 2- Add Bank Account.
3- In the Add a Bank Account page, select United States as Country and type in Royal Bank of Canada as the Bank Name.
4- Enter the 9-digit routing number exactly as suggested by the graphic. Royal Banks routing number is 026004093.
5-Since the trick is to get the account number correct, ignore the example suggested by the graphic. Instead, enter the five-digit transit number of your account followed by your actual account number. You can also get the exact sequence of numbers (transit number followed by account number) from your monthly statement or online.
6-Re-enter the account number and click Continue. Wait for PayPal to make two small deposits into your bank account and then confirm that you have added the bank account successfully in PayPal by entering how much was deposited.
7- Once confirmed, your US-dollar account will show up in the To field in the Withdraw Funds page and you should be able to transfer funds in US dollars into your USD chequing account.

Using this I get the withdrawal process Faster, with no Fees, and I do the conversion (or not) in my RBC account.

« Reply #16 on: March 20, 2015, 10:10 »
+2
it is not "stealing" maybe, but paypal's exchange rates are pretty bad to be honest..



OM

« Reply #17 on: March 20, 2015, 18:44 »
+1
The probleme is the paypal fee is not clarify write on the transfert information. This is what i think is a steal.
check your transactions on paypal the conversion rate is right there.  And all their fees are listed in the terms and conditions

Yep. They give you the exchange rate first and then ask you to click on a button if you accept and want to transfer. Dollars to Euro's, they take around 3-4% commission. Perhaps their commission is higher for less traded currencies.

« Reply #18 on: March 20, 2015, 22:28 »
0
I dont undeerstand why the rate of the canadien vs usd is not the same. I transfert cash 3 week ago and the rate was 1.26 but for paypal the rate is Exchange rate:   
1 U.S. Dollar = 1.2297 Canadian Dollars

I think i will stop using paypal. Just take a look of your rate and let me know is paypal is fair with you
Hi!

The solution I found is to open a USD Canadian banking account with RBC (Royal Bank). There are some steps to follow to correctly link the account to paypal afterward:
1- Log into PayPal and click on My Account, then Withdraw followed by Transfer funds to your bank account. In the Withdraw Funds by Electronic Transfer page click on 2- Add Bank Account.
3- In the Add a Bank Account page, select United States as Country and type in Royal Bank of Canada as the Bank Name.
4- Enter the 9-digit routing number exactly as suggested by the graphic. Royal Banks routing number is 026004093.
5-Since the trick is to get the account number correct, ignore the example suggested by the graphic. Instead, enter the five-digit transit number of your account followed by your actual account number. You can also get the exact sequence of numbers (transit number followed by account number) from your monthly statement or online.
6-Re-enter the account number and click Continue. Wait for PayPal to make two small deposits into your bank account and then confirm that you have added the bank account successfully in PayPal by entering how much was deposited.
7- Once confirmed, your US-dollar account will show up in the To field in the Withdraw Funds page and you should be able to transfer funds in US dollars into your USD chequing account.

Using this I get the withdrawal process Faster, with no Fees, and I do the conversion (or not) in my RBC account.

I have a USD account at a Canadian bank and I wanted to be able to move USD in both directions without converting the funds. I asked PayPal about linking my Canadian USD bank account to my PayPal USD account and they said it can't be done. That was several months ago. Have things changed? Can you send USD in both directions?

« Reply #19 on: March 21, 2015, 06:42 »
+7
Paypal offers a great service that works almost worldwide. Why should they not earn money with that service?

« Reply #20 on: March 21, 2015, 08:44 »
+1
I have a US account with RBC Bank (USA). The bank is in the US. The bank charges me a 3$/month fee, however. If I had more $ in the account the fee would probably be waived. I had opened this account to avoid conversion fees. I was also told in the past that I couldn't use the Canadian RBC US dollar account because Paypal would pay in the currency of the country the bank was based in (i.e. if you select Canada as the country, your US dollars would get converted to Canadian by Paypal and then the bank would convert them back to US dollars...). At least that was my understanding -I never actually tried it. I also didn't try using the Canadian US dollar bank account and identifying it as a US based account as was reported above. It might be worth a try for easier access to your $.

John

« Reply #21 on: March 21, 2015, 10:47 »
0
I have a US account with RBC Bank (USA). The bank is in the US. The bank charges me a 3$/month fee, however. If I had more $ in the account the fee would probably be waived. I had opened this account to avoid conversion fees. I was also told in the past that I couldn't use the Canadian RBC US dollar account because Paypal would pay in the currency of the country the bank was based in (i.e. if you select Canada as the country, your US dollars would get converted to Canadian by Paypal and then the bank would convert them back to US dollars...). At least that was my understanding -I never actually tried it. I also didn't try using the Canadian US dollar bank account and identifying it as a US based account as was reported above. It might be worth a try for easier access to your $.

John

What you've said here is more in line with what PayPal told me -- i.e. the USD bank account has to be physically located in the US to transfer USD without conversion. I was actually more interested in the possibility of putting USD into the PayPal account than transferring it to my bank account. My earnings from iStock are too pitiful to worry about repatriating them but the PayPal account is useful for buying things online in USD.

« Reply #22 on: March 21, 2015, 11:28 »
0
I dont undeerstand why the rate of the canadien vs usd is not the same. I transfert cash 3 week ago and the rate was 1.26 but for paypal the rate is Exchange rate:   
1 U.S. Dollar = 1.2297 Canadian Dollars

I think i will stop using paypal. Just take a look of your rate and let me know is paypal is fair with you
Hi!

The solution I found is to open a USD Canadian banking account with RBC (Royal Bank). There are some steps to follow to correctly link the account to paypal afterward:
1- Log into PayPal and click on My Account, then Withdraw followed by Transfer funds to your bank account. In the Withdraw Funds by Electronic Transfer page click on 2- Add Bank Account.
3- In the Add a Bank Account page, select United States as Country and type in Royal Bank of Canada as the Bank Name.
4- Enter the 9-digit routing number exactly as suggested by the graphic. Royal Banks routing number is 026004093.
5-Since the trick is to get the account number correct, ignore the example suggested by the graphic. Instead, enter the five-digit transit number of your account followed by your actual account number. You can also get the exact sequence of numbers (transit number followed by account number) from your monthly statement or online.
6-Re-enter the account number and click Continue. Wait for PayPal to make two small deposits into your bank account and then confirm that you have added the bank account successfully in PayPal by entering how much was deposited.
7- Once confirmed, your US-dollar account will show up in the To field in the Withdraw Funds page and you should be able to transfer funds in US dollars into your USD chequing account.

Using this I get the withdrawal process Faster, with no Fees, and I do the conversion (or not) in my RBC account.

I looked into this option - this used to work, but they closed this loophole a few years back.  When did you register your RBC US account with paypal - was it a while ago?

« Reply #23 on: March 21, 2015, 11:44 »
0
Also, I've done my share of research on this - the best option to minimize conversion fees is:
1. Open a US account with your Canadian bank
2. Open a regular savings and a US savings account with Tangerine (former ING direct)
3. Get the stock agency to send you a cheque (not all of them have that option though)
4. Deposit the cheque to the US account with your bank
5. Transer the money from your bank to Tangerine US account
6. Convert US to CAD by moving the money from US savings to CAD savings - their exchange rate used to be 1% better than Paypals (1.5% versus 2.5% on top of the real exchange rate), now it's a bit worse since Scotiabank bought it but their rate is still better than Paypal's
7. Transfer your CAD back to your Canadian bank

1% doesn't seem to be worth all the hassle, but when you exchange 10,000 it a $100. Plus, while the money is sitting on your US account with your bank, you're getting some (really pathetic) interest (paypal has none).

« Reply #24 on: March 21, 2015, 14:11 »
+1
Also, I've done my share of research on this - the best option to minimize conversion fees is:
1. Open a US account with your Canadian bank
2. Open a regular savings and a US savings account with Tangerine (former ING direct)
3. Get the stock agency to send you a cheque (not all of them have that option though)
4. Deposit the cheque to the US account with your bank
5. Transer the money from your bank to Tangerine US account
6. Convert US to CAD by moving the money from US savings to CAD savings - their exchange rate used to be 1% better than Paypals (1.5% versus 2.5% on top of the real exchange rate), now it's a bit worse since Scotiabank bought it but their rate is still better than Paypal's
7. Transfer your CAD back to your Canadian bank

1% doesn't seem to be worth all the hassle, but when you exchange 10,000 it a $100. Plus, while the money is sitting on your US account with your bank, you're getting some (really pathetic) interest (paypal has none).

Unfortunately, at my current rate of return at iStock, the amount of time it would take to earn $10,000 is longer than my expected lifespan. :-(


 

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