Personal Finance

Transfer USD$ from Paypal to bank account

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  • Sep 14th, 2020 12:27 pm
[OP]
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Apr 27, 2015
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Transfer USD$ from Paypal to bank account

I have USD$ funds in my PayPal account... Is anybody knows if I can transfer USD$ from Paypal to CIBC USD$ account ?
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18 replies
Newbie
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Dec 11, 2018
3 posts
I only know of the RBC USD high interest savings account that allows you to transfer USD paypal to USD bank account. When I tried with other banks it would either convert to CAD or not allow the transfer at all.
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Jr. Member
Nov 30, 2011
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gibor365365 wrote: I have USD$ funds in my PayPal account... Is anybody knows if I can transfer USD$ from Paypal to CIBC USD$ account ?
If you can't do it I came across Transferwise in a Google search. You can transfer your PayPal USD to them then transfer to your account. Also, they convert to CAD at near the actual exchange rate, PayPal rips you off by a wide margin. Though I haven't actually tried them, you need to open up an account in USD (or whatever base currency you choose, I think they have 50) but we'll worth it if you're having to convert to CAD frequently.
Sr. Member
Feb 4, 2019
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BC
Bzzzzt wrote: If you can't do it I came across Transferwise in a Google search. You can transfer your PayPal USD to them then transfer to your account. Also, they convert to CAD at near the actual exchange rate, PayPal rips you off by a wide margin. Though I haven't actually tried them, you need to open up an account in USD (or whatever base currency you choose, I think they have 50) but we'll worth it if you're having to convert to CAD frequently.
The Transferwise solution works but Transferwise charges a fee each time you withdraw any funds.

If you regularly receive USD into Paypal, consider opening a cross-border account in the US (e.g. through TD). You can link a US-domiciled account to a Canadian Paypal account and transfer out your USD without any fees.
[OP]
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Apr 27, 2015
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NGwilton wrote: I only know of the RBC USD high interest savings account that allows you to transfer USD paypal to USD bank account. When I tried with other banks it would either convert to CAD or not allow the transfer at all.
I heard about it about 10 years ago :) .... and still it didn't work for everyone.... Just was thinking that PayPal implemented any enhancement.... but looks like - NOTHING!
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Sr. Member
Jul 16, 2019
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rhw123 wrote: The Transferwise solution works but Transferwise charges a fee each time you withdraw any funds.

If you regularly receive USD into Paypal, consider opening a cross-border account in the US (e.g. through TD). You can link a US-domiciled account to a Canadian Paypal account and transfer out your USD without any fees.
Then how do you convert this money into CAD at a rate that's better than what Transferwise offers?
Sr. Member
Feb 4, 2019
807 posts
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someweirdo wrote: Then how do you convert this money into CAD at a rate that's better than what Transferwise offers?
The easiest and most cost-effective way I've found is to spend it in Canada using TD Cash Visa from TD US. It's a US credit card available to Canadians (no need to be a TD CT customer), has no annual fee, no FX fee, and gives 1-3% cashback. This way you get a rate that is effectively better than mid-market.
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Nov 10, 2006
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rhw123 wrote: The Transferwise solution works but Transferwise charges a fee each time you withdraw any funds.

If you regularly receive USD into Paypal, consider opening a cross-border account in the US (e.g. through TD). You can link a US-domiciled account to a Canadian Paypal account and transfer out your USD without any fees.
Although I have never tried to transfer funds from a US Paypal, I do have a TransferWise account with a debit card. If it is possible to do a transfer funded by Paypal through Transferwise, I suggest doing a "transfer" as opposed to "add funds". As stated above, withdrawing from TransferWise involves fees (I have a debit card so I could spend the funds instead), so it is better to do a transfer directly funded by the USD Paypal to the Canadian account of choice (coverted to CAD). If you first add the funds to your TransferWise account, then they charge you every time you want to transfer your balance or withdraw it.
rhw123 wrote: The easiest and most cost-effective way I've found is to spend it in Canada using TD Cash Visa from TD US. It's a US credit card available to Canadians (no need to be a TD CT customer), has no annual fee, no FX fee, and gives 1-3% cashback. This way you get a rate that is effectively better than mid-market.
How can we apply for this credit card? Can we do it online from Canada or do we need to go to a branch? Do we have to have an account to go with it?
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Feb 4, 2019
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Thrasher wrote: I do have a TransferWise account with a debit card.
Must be a European or US account? Debit card not available on Canadian accounts.
Thrasher wrote: How can we apply for this credit card? Can we do it online from Canada or do we need to go to a branch? Do we have to have an account to go with it?
It's by fax, oddly enough. No account required to apply but you need a US bank account to be able to pay off your statements. There is a thread over in the credit card forum that explains step by step how to get the card:

td-cash-visa-td-bank-n-2201330/
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Sep 21, 2007
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Not to sound noisy.. How much is in there? If you buy stuff a lot you might as well just keep it in there.
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Nov 10, 2006
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rhw123 wrote: Must be a European or US account? Debit card not available on Canadian accounts.


It's by fax, oddly enough. No account required to apply but you need a US bank account to be able to pay off your statements. There is a thread over in the credit card forum that explains step by step how to get the card:

td-cash-visa-td-bank-n-2201330/
Yes, I have a European account. The debit card is very handy. I don't understand why TransferWise does not send debit cards to Canadian Account holders.
Sr. Member
Feb 4, 2019
807 posts
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Thrasher wrote: Yes, I have a European account. The debit card is very handy. I don't understand why TransferWise does not send debit cards to Canadian Account holders.
There are probably regulatory hoops to jump through before they can issue cards to Canadians. Same for providing account details for the CAD balance.

My Transferwise address is registered on my Canadian address but I have Revolut registered on my EU address, even better FX rate than Transferwise and no fee to transfer money out.
Newbie
Sep 8, 2019
3 posts
1 upvote
PayPal is an absolute rip-off. They charge the highest FX and transfer fees out of any payment platforms available today. You should probably switch away from PayPal when you get a chance.

CurrencyFair is quite good - very fast-growing fintech and you save more than 3% in fees of your total transferred amount when compared to PayPal.
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Dec 20, 2004
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As soon as the Bank routing number is a canadian routing number, Paypal will automatically convert the money to $CDN. So you get nailed multiple times in commissions if you try to transfer $USD from your paypal account to a $USD account in most Canadian institutions. Example, when you try to send $USD from paypal to your $USD at local Canadian bank, Paypal will convert it to $CDN first, obviously at a crappy rate, taking their cut. Then when the money goes to get deposited into your $USD account, your bank will convert it to $USD, taking their cut also. That's nuts.

Solved that problem.
Last time I was in Miami, Florida, I stopped into the TD Bank of America (which was just down the street) and opened an account. It's obviously a $USD account, and comes with a Visa Debit card, which is very handy for purchasing $USD stuff, directly from my account.
When I got back Canada, I went to my local CDN TD bank, and opened a $USD account (if I remember correctly I think it was no fees as long as you maintain a $200 balance). Told them I had an account @ TD Bank of America, so they looked it up, and added a link internally in their system to tie it to my profile. They are 2 separate accounts, but in their system, they know they both belong to me. So now, what I do, is transfer $USD out of paypal account, into my TD America account first (costs me $0). Then I keep an amount in that account for some online purchases I do with my VISA/Debit card (like purchasing from amazon.com - when I drop ship gifts to my nephews). For the rest of the amount, I simply call in to their EasyLine telephone serivce (open 24/7), and I ask to transfer $xxxx from my TD America account, to my TD Canada $USD account. The transfer is done, usually within a day and no fees. Then I just walk into my local branch and withdraw it in $USD. PS: most branches will request a 24hr advance notice for any amount above USD$500 or $1000, I don't recall.

For the past 7 or 8 years, they've been saying that you'd have the option to do the transfer using their EasyWeb online banking portal, but that still is not available :( Doesn't bother me much, since I only do that transfer once or twice a year, costs nothing, and is painless. At least now they have added a simple option to be able to at least see the balance of your TD USA account on the main Easyweb Canada page. And since they are open 24/7, it is pretty surprising and convenient.

You don't need to go to Florida to get this. There are quite a few branches of TD Bank of America in the tri-state area. Obviously, bring some proper ID if you plan to do this.

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