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Linking Canadian bank USD savings account to Paypal

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[OP]
Newbie
Jun 18, 2009
76 posts
6 upvotes

Linking Canadian bank USD savings account to Paypal

Hi guys

Can I link my Canadian bank USD savings account in Paypal. I just want to save all those crazy exchange rate and service charges. Thank you in advance
109 replies
Deal Addict
Apr 12, 2005
1425 posts
175 upvotes
laughing_budha wrote:
Aug 18th, 2010 1:10 pm
Hi guys

Can I link my Canadian bank USD savings account in Paypal. I just want to save all those crazy exchange rate and service charges. Thank you in advance
I did it with my RBC USD esavings acct. Do it a search on this site for the how to do info.
Deal Addict
Oct 9, 2005
1803 posts
172 upvotes
a_1_a wrote:
Aug 18th, 2010 1:36 pm
I did it with my RBC USD esavings acct. Do it a search on this site for the how to do info.
But does it send in USD or does it convert to CAD then RBC converts it back to USD? I was told that EFTs done in Canada can only be in CADs, regardless of the sending or receiving account type.
Deal Expert
User avatar
Sep 19, 2004
19947 posts
2973 upvotes
Waterloo
a_1_a wrote:
Aug 18th, 2010 1:36 pm
I did it with my RBC USD esavings acct. Do it a search on this site for the how to do info.
RBC Centura is pretty much a US bank with USD accounts

Unlike USD accounts held at CANADIAN banks = canadian accounts
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Deal Addict
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Sep 22, 2009
2740 posts
199 upvotes
Canadia
What you need is the RBC Bank USA Free Checking account. It's the only real American bank account that can be opened without physically walking into a bank in the United States -- it's based in Florida, and is a genuine American bank account which operates fully in the American system. Yet you can access it online, or from any Royal Bank of Canada branch.

This contrasts with the poor imitations offered by TD, Scotia, CIBC and BMO, which allow you to hold USD but are really just Canadian bank accounts denominated in a foreign currency. Furthermore, these imitation accounts often have monthly fees or minimum balances. RBC Bank USA Free Checking has neither.

Since it is a genuine US bank account you can use it to pay US bills online, make US purchases, link with Paypal.com for USD, link with US based brokerage houses, make free ACH transfers in USD to other American banks, the list goes on.

Some people mistakenly believe Canadians can't get this account. But they can. Many people on RFD have it.
Member
User avatar
May 1, 2005
360 posts
Toronto
I love my RBC US Bank account. When the CDN dollar goes up, I transfer money into it. When I am in the US I use that for my spending needs.

The only hassle with it, is you also need to have a US account at the RBC bank in Canada to transfer money online from your Canadian account to your US account.

So it looks like this to transfer money:

RBC Canadian Dollar Canadian account ->
RBC US Dollar Canadian account ->
RBC Bank (USA) US Dollar account

So a bit of a hassle since you have to do 2 transfer, but way easier once yo are down there. You can also get a US Visa (Great for gas stations in the US that make you put in a US zip code - I have mine tide to a US address) and they even gave me a US Line of credit.


Oh... and to the OP - I linked it up to a US Paypal account that I have had since the time when Paypal was only available in the US.
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Sep 22, 2009
2740 posts
199 upvotes
Canadia
mikep wrote:
Aug 18th, 2010 9:33 pm
I love my RBC US Bank account. When the CDN dollar goes up, I transfer money into it. When I am in the US I use that for my spending needs.

The only hassle with it, is you also need to have a US account at the RBC bank in Canada to transfer money online from your Canadian account to your US account.

So it looks like this to transfer money:

RBC Canadian Dollar Canadian account ->
RBC US Dollar Canadian account ->
RBC Bank (USA) US Dollar account

So a bit of a hassle since you have to do 2 transfer, but way easier once yo are down there. You can also get a US Visa (Great for gas stations in the US that make you put in a US zip code - I have mine tide to a US address) and they even gave me a US Line of credit.


Oh... and to the OP - I linked it up to a US Paypal account that I have had since the time when Paypal was only available in the US.
Actually, this is not quite right. You can make transfers from RBC Canada account (CAD) to RBC Bank (USA) account (USD) or vice versa without any intermediate step, and without any Canadian US dollar account. Perhaps it was different years ago, but these days it is really quite simple, and instantaneous.

But I agree, RBC Bank (USA) is awesome. US Visa available, US line of credit available... I've also found their customer service to be a cut above the Canadian side.
Member
User avatar
May 1, 2005
360 posts
Toronto
I deal with the branch in Port Orange Florida and I must say the customer service is absolutely amazing. They actually won an award recently and the manager got to come up to Toronto for a few days.

Quick story. I needed to do something with them, but was only available on the weekend (they are closed weekends). The bank manager came down to the bank Saturday afternoon and opened the bank for me so I could get my business done while I was down there.

Show me any Canadian bank manager that would do that!

I highly recommend them....
Sr. Member
Aug 30, 2007
833 posts
40 upvotes
Richmond
laughing_budha wrote:
Aug 18th, 2010 1:10 pm
Hi guys

Can I link my Canadian bank USD savings account in Paypal. I just want to save all those crazy exchange rate and service charges. Thank you in advance
you can't do it. tried, failed. called paypal to double check and they said no.
Newbie
Feb 28, 2011
1 posts
2 upvotes
Vancouver
RBC told me no. Paypal told me no. But you can do it. Here's how:

Get a Canadian RBC account that holds USD - e.g a USD account

Login to paypal
Click on "Profile"
Then in the lists at the bottom click "bank accounts"
Click the "Add" button
In the drop down menu for country select "United States" - yes I know you have a CDN account.
For The rest of the form:
Bank Name = Royal Bank of Canada
Routing number = 026004093 (this is the same for everyone with an RBC account)
The routing number is the key. Royal bank will tell you it's 021000021 but that doesn't work. Use 026004093 instead.
Account number: Transit#(five digits)Account#(7 digits)
Note you combine the two e.g. 066241234567
and do not include the institution number e.g. 003 for royal bank. DO NOT INCLUDE this.
reenter the account number same as above.
hit continue then wait for the deposits in your bank account (a few days) and then confirm the amount with paypal.

This probably works with other institutions too but the issues that hold you up are - having the correct US Routing number. Despite 5 calls to 5 different people and a visit to two RBC branches they always gave me the wrong routing number.
Also, do not include your institution number as you would with Canadian transfers.
Sr. Member
Mar 21, 2011
532 posts
77 upvotes
AlphaScore wrote:
Mar 1st, 2011 8:29 pm
RBC told me no. Paypal told me no. But you can do it. Here's how:

Get a Canadian RBC account that holds USD - e.g a USD account

Login to paypal
Click on "Profile"
Then in the lists at the bottom click "bank accounts"
Click the "Add" button
In the drop down menu for country select "United States" - yes I know you have a CDN account.
For The rest of the form:
Bank Name = Royal Bank of Canada
Routing number = 026004093 (this is the same for everyone with an RBC account)
The routing number is the key. Royal bank will tell you it's 021000021 but that doesn't work. Use 026004093 instead.
Account number: Transit#(five digits)Account#(7 digits)
Note you combine the two e.g. 066241234567
and do not include the institution number e.g. 003 for royal bank. DO NOT INCLUDE this.
reenter the account number same as above.
hit continue then wait for the deposits in your bank account (a few days) and then confirm the amount with paypal.

This probably works with other institutions too but the issues that hold you up are - having the correct US Routing number. Despite 5 calls to 5 different people and a visit to two RBC branches they always gave me the wrong routing number.
Also, do not include your institution number as you would with Canadian transfers.
It is sad, but it does not work anymore.
I successfully added my USD RBC account to PayPal, received 2 confirmation payments.

However, PayPal's attempt to take money from that account was refused by RBC.

I immediately contacted RBC via their online messaging system. Got a completely useless answer:
Cheryl Dupuis wrote:After reviewing your entitlements, it does allow you to receive and send eTransfers payments. Interac e-Transfer can only be sent from and received by a Canadian ATM-accessible deposit account.

If this is not what you were referring to, I am sorry. Please give us a call at the below mentioned number and one of my Online Banking representatives will be more than happy to help you over the phone. They are available 24 hours a day and 7 days a week.
Gave them a call, nice guy told me "unfortunately we have a limitation in our system, so only money receiving works, no money withdrawal".

Will take my money back and close my RBC account today.

And yes, not a single person at a RBC branch knows what is Routing Number at all!
Moderator
User avatar
Mar 23, 2004
35777 posts
3087 upvotes
Markham
vadimus wrote:
Nov 24th, 2011 2:14 pm
Gave them a call, nice guy told me "unfortunately we have a limitation in our system, so only money receiving works, no money withdrawal".

umm, that has always been the case actually. You can only send money from paypal to rbc, and not the other way around.
「もし、奇跡を起こせたら……」
Sr. Member
Mar 21, 2011
532 posts
77 upvotes
angel_wing0 wrote:
Nov 29th, 2011 8:12 pm
umm, that has always been the case actually. You can only send money from paypal to rbc, and not the other way around.
Then the entire idea of linking RBC US acc to PayPal is totally useless.

How do you know it? RBC managers got no idea!
Newbie
Jun 19, 2012
1 posts
AURORA
I tried different banks with no luck ... I tried HSBC, Scotiabank and President Choice

I am tired from talking to Paypal and to these banks ... is there any luck with anybody of linking a USD account to Paypal?


I tried different banks with no luck ... I tried HSBC, Scotiabank and President Choice

I am tired from talking to Paypal and to these banks ... is there any luck with anybody of linking a USD account to Paypal?

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