How to avoid Paypal conversion USD/CAD
Thread poster: Noriko Miwa

Noriko Miwa  Identity Verified
Canada
Local time: 10:15
Member (2007)
English to Japanese
Jan 13

Hi,

I get paid mostly in USD and most clients pay me via Paypal.

When I transfer USD funds from Paypal to my bank, Paypal forces me to convert it to CAD at disadvantage rates, in addition to deducting expensive fees.

If I receive only a few hundreds dollars a month, it is ok but when I receive 3000 or 5000 dollars, it makes a big difference.

I have a USD account with TD but I can't link this account to Paypal. I researched on the internet and seems like USD accounts with American banks work. But this information is old.

Does anyone know if this still works? Some people say it works and others say not.

Is there anyway to avoid USD/CAD conversion at Paypal? My clients pay only thru Paypal. I probably pay Paypal a few thousands dollars of fees every year. I want to stop paying it.

Thanks for your advice.

Noriko




[Edited at 2018-01-13 03:14 GMT]

[Edited at 2018-01-13 03:14 GMT]


 

John Fossey  Identity Verified
Canada
Local time: 10:15
Member (2008)
French to English
USD account at TD Bank in the US Jan 13

I have a USD account with TD Bank, their American arm. It is linked to my CAD account in Canada. PayPal works perfectly with both - I can withdraw USD payments to the US-based account and and CAD payments to the CA-based account. You can transfer money between the CAD and USD banks using the US-based TD Visa Debit card. You don't need a US address.

Check out https://www.tdcanadatrust.com/products-services/banking/cross-border-banking/index.jsp


 

Lorraine Dubuc  Identity Verified
Canada
Local time: 10:15
Member (2013)
French to English
+ ...
To avoid high fees Jan 13

I have a US account and can get my payments tranferred into this account and so avoid paying high fees through Paypal. Some clients pay by cheque in USD and I deposit it into the US account and from time to time, I convert it into CAN$ and it costs 7 $ for the entire transaction. It is worthwhile.

[Modifié le 2018-01-13 19:38 GMT]


 

Tina Vonhof
Canada
Local time: 08:15
Member (2006)
Dutch to English
+ ...
By cheque Jan 13

Some agencies, and particularly private clients, agree or offer to pay by cheque, which I can then deposit in the USD account I have at my Canadian Bank. I convert it only when the dollar is low. Otherwise I treat it as 'savings for a rainy day'.

 

Noriko Miwa  Identity Verified
Canada
Local time: 10:15
Member (2007)
English to Japanese
TOPIC STARTER
Thank you for your input. Jan 13

I agree that the best way to receive USD is cheques and I used to do it for many years but my largest client stopped issuing the cheques recently. Now they only pay via PayPal.

I have a Borderless USD account with TD but this account can't be linked to my PayPal account. I will open a USD account with TD in the USA and try again.

Thank you for your tips!


 


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