How to avoid loosing money in conversion of currency from US$ through Paypal?

Notes taken from post http://answers.google.com/answers/threadview?id=447098 (Google Answer, 17 Feb 2006)
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You can have PayPal deposit US$ in a USaccount to avoid their exchange fees by using one of the options below(both use RBC (Royal Bank) in Canada but it may be possible to useoption one with your current bank, it would be worth a try.

OPTION ONE:
You can use a regular Canadian based US$ RCB account with PayPal, itis just a matter of knowing how to type in your account and transitnumber. I don’t know if this would work with other banks, you couldtry it before switching to RBC. When you set up your PayPal account,choose U.S. and when it asks for your account number put your transitnumber (5 digits) and account number (7 digits), so that your accountnumber shows up as a 12 digit number [more details in my last link].

OPTION TWO:
You should be able to open an actual US account with the CanadianRoyal Bank. It is called the RBC Centura and is an actual U.S. bankbased in North Carolina so you will have a U.S. bank account for yourPayPal deposits. Using online banking, you will be able to transfermoney between your Canadian and U.S. accounts.

RBC Access USA is available in two comprehensive, convenient,hassle-free packages, each with its own advantages. Simply review thechart found below and choose the one that is right for you based onyour unique needs.”

To find out more about RBC Access USA, ask a personal banker at anyRBC Royal Bank branch or call 1-800-ROYAL� 5-3 (1-800-769-2553).http://www.rbcroyalbank.com/RBC:Q-Z@8Y71A8cAAGE4-@0/usbanking/access-usa-details.html

U.S. Banking for Canadianshttp://www.rbcroyalbank.com/RBC:Q-Z@8Y71A8cAAGE4-@0/usbanking/index.html

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