Personal Finance

Getting USD out of Paypal without paying their FX fees

  • Last Updated:
  • Nov 24th, 2013 9:45 pm
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[OP]
Deal Addict
Oct 21, 2012
1398 posts
482 upvotes
Toronto

Getting USD out of Paypal without paying their FX fees

Anyone know a way to get USD from paypal into canadian funds without paying paypals crappy FX conversion fees?
37 replies
[OP]
Deal Addict
Oct 21, 2012
1398 posts
482 upvotes
Toronto
If I did that I guess I would have to withdraw or move cash as USD and then use DLR or norbers gambit to convert to canadian. It would be great if I could move it onto my amazon.ca chase card and they converted it to canadian with no fees.

Any other thoughts?
Deal Expert
Mar 25, 2005
21312 posts
2131 upvotes
joey1234 wrote:
Oct 16th, 2013 11:47 am
If I did that I guess I would have to withdraw or move cash as USD and then use DLR or norbers gambit to convert to canadian. It would be great if I could move it onto my amazon.ca chase card and they converted it to canadian with no fees.

Any other thoughts?
ETF it from TD US to TD Can using TD's me-to-me wire or XE's transfer, depending on the amount.
[OP]
Deal Addict
Oct 21, 2012
1398 posts
482 upvotes
Toronto
I am going to try and see if TD borderless account works with paypal.
Deal Expert
Mar 25, 2005
21312 posts
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joey1234 wrote:
Oct 16th, 2013 12:31 pm
I am going to try and see if TD borderless account works with paypal.
Check the mega thread. It was confirmed a while ago it did since the account is issued by a US branch/store.
Member
Mar 15, 2009
310 posts
109 upvotes
Toronto
"TD Borderless" and "TD Cross Border" are different.

Borderless is a Canadian based USD bank account (which can not be linked to Paypal).
http://www.tdcanadatrust.com/products-s ... erless.jsp

Cross Border is a USA based checking account that you can open over the phone from Canada (or by visiting a branch in the US) and "link" to your Canadian based TDCT accounts and you can wire back and forth for free. It can be linked to PayPal since it's a real US account.
http://www.tdcanadatrust.com/products-s ... /index.jsp

If you just want to use TD to convert the currency, you'd want both the Borderless account and the Cross Border. Wire $ from TD US acct to TDC borderless and then use the borderless preferred rate to convert to your TD CAD account. Either that or use XE to get a better rate and you wouldn't need the Borderless account, they'd take the USD out of your TD US account and deposit CAD to your CAD TDCT account..
[OP]
Deal Addict
Oct 21, 2012
1398 posts
482 upvotes
Toronto
michaelcfa wrote:
Oct 16th, 2013 12:53 pm
"TD Borderless" and "TD Cross Border" are different.

Borderless is a Canadian based USD bank account (which can not be linked to Paypal).
http://www.tdcanadatrust.com/products-s ... erless.jsp

Cross Border is a USA based checking account that you can open over the phone from Canada (or by visiting a branch in the US) and "link" to your Canadian based TDCT accounts and you can wire back and forth for free. It can be linked to PayPal since it's a real US account.
http://www.tdcanadatrust.com/products-s ... /index.jsp

If you just want to use TD to convert the currency, you'd want both the Borderless account and the Cross Border. Wire $ from TD US acct to TDC borderless and then use the borderless preferred rate to convert to your TD CAD account. Either that or use XE to get a better rate and you wouldn't need the Borderless account, they'd take the USD out of your TD US account and deposit CAD to your CAD TDCT account..
This is just a one time large transfer so I don't really know if it is worth making a cross border account for it.
Member
Mar 15, 2009
310 posts
109 upvotes
Toronto
Just get one of the RBC USD accounts then. USD eSavings is free and you get one monthly debit free, you'd just have to pay $3 if you want to take out the cash from a teller. For a one time transfer using XE for example, you wouldn't pay any fees to RBC. Account is free so may as well keep it open for future similar transactions.
http://www.rbcroyalbank.com/products/de ... vings.html

This account and the RBC U.S. Personal Account ($2/mo for 6 debit transactions) are the only Canadian-based USD accounts that can be linked to Paypal to withdraw your USD without it being converted by Paypal.
http://www.rbcroyalbank.com/products/de ... count.html
[OP]
Deal Addict
Oct 21, 2012
1398 posts
482 upvotes
Toronto
michaelcfa wrote:
Oct 16th, 2013 12:53 pm
"TD Borderless" and "TD Cross Border" are different.

Borderless is a Canadian based USD bank account (which can not be linked to Paypal).
http://www.tdcanadatrust.com/products-s ... erless.jsp

Cross Border is a USA based checking account that you can open over the phone from Canada (or by visiting a branch in the US) and "link" to your Canadian based TDCT accounts and you can wire back and forth for free. It can be linked to PayPal since it's a real US account.
http://www.tdcanadatrust.com/products-s ... /index.jsp

If you just want to use TD to convert the currency, you'd want both the Borderless account and the Cross Border. Wire $ from TD US acct to TDC borderless and then use the borderless preferred rate to convert to your TD CAD account. Either that or use XE to get a better rate and you wouldn't need the Borderless account, they'd take the USD out of your TD US account and deposit CAD to your CAD TDCT account..
I called TD cross border account number and they are saying if I wire money from US dollaras to canadian I only pay the currency exchange and there is no conversion fee. I find this very hard to believe. Anyone have experience with TD cross border?
Member
Mar 15, 2009
310 posts
109 upvotes
Toronto
There's no separate "conversion fee" added however you will be paying their terrible currency exchange rate. If you're gonna do it that way you're erasing most or all of what you'd be saving by not converting it at Paypal's rate. If it's a large amount of money definitely use XE.

For example as of right now if you let TD Cross Border wire $10,000 USD to your TDCT CAD account, you'd receive C$10,059 (C$10,177 if you wire to Borderless acct first to take advantage of slightly better exchange rate).

With XE taking U$10,000 from your TD Cross Border account and exchange it and EFT it into your CAD TDCT account you would receive C$10,332. You're saving 2.7% using XE over TD.
Deal Expert
Mar 25, 2005
21312 posts
2131 upvotes
joey1234 wrote:
Oct 16th, 2013 3:34 pm
I called TD cross border account number and they are saying if I wire money from US dollaras to canadian I only pay the currency exchange and there is no conversion fee. I find this very hard to believe. Anyone have experience with TD cross border?
Built into the spread. Its pretty terrible.
[OP]
Deal Addict
Oct 21, 2012
1398 posts
482 upvotes
Toronto
Yes I guess I used the wrong terminology as the conversion fee is not transparent and is hidden within the currency exchange.
I will need to look into XE as I have always used my brokerage account at Scotia iTrade to convert canadian to us.

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