Transferring US Dollar Funds from your PayPal to your Canadian based USD account

Notes taken from http://www.canadiancapitalist.com/2007/08/22/transferring-us-dollar-funds-out-of-paypal (August 22nd, 2007)
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I use PayPal to receive payment from sponsors on this website and small coding projects for clients. Almost all the payments are received in US dollars but transferring funds into your Canadian-based US dollar account from PayPal is not easy. Exchanging US funds into Canadian dollars in PayPal is not ideal because PayPal charges a steep currency conversion fee of 2.5%. If you have a RBC US Dollar account, here’s how you can transfer US dollar funds from your PayPal account into your chequing account (it took me a few iterations to get it right):

  1. Log into PayPal: My AccountAdd Bank Account.
  2. In the Add a Bank Account page: select “United States” as Country and type in “Royal Bank of Canada” as the Bank Name.
  3. Enter the 9-digit routing number exactly as suggested by the graphic. Royal Bank’s routing number is “026004093″.
  4. 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.
  5. Re-enter the account number and click Continue.
  6. 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.

I am not sure if this method would work for US dollar accounts held at other financial institutions. If you’ve successfully transferred US dollar funds to and from PayPal, I would love to hear from you.”

Notes from the post’s comments:

“The RBC Centura account is essentially a US account, at a US bank (although it’s affiliated with RBC). The Centura account is a US account, while the US Personal account from RBC is just a Canadian account in US funds. With the Centura account, you can make bill payments to US institutions, but you won’t be able to do that with the Personal account.” (Aug 24, 2007)

“I had no problems depositing to Paypal or transferring from Paypal to my TD Banknorth account. I wasn’t aware that TD was no longer offering TD Banknorth accounts. Although I don’t see why one couldn’t open an account with TD Banknorth anyway.” (Aug 27, 2007)

“TD has stopped offering “true” US accounts (aka Banknorth), so all you get is USD account, held in canadian TD Bank. RBC Centura is true US account yes, and I believe you can get one from HSBC as well.” (Aug 25, 2007)

“I tried to connect my paypal with My TD Canada Trust US collar account fist, my US dollar accout is BORDERLESS PLAN, I aksed the TD bank clerk to confirm for me that I can connect my paypal to the US dollar account,the clerk say YES, after then, I tried many times, it doesn’t work, no small amout deposit. So I open a US dollar account from RBC, it does work, and very efficiently. Just follow the blog instruction, I am so excited, I save almost $300 every month.” (Jun 4, 2008)

“This method would work only for withdrawals and not for deposits into your PayPal account.” (Sep 16, 2007)

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