- Canadian PayPal Users - How to Transfer from PayPal to Canadian USD account
Canadian PayPal Users - How to Transfer from PayPal to Canadian USD account
So, what's the solution?
The solution to avoid PayPal's crazy exchange rate is to set up a USD account at a Canadian bank institution.
But NOT ANY Canadian bank, it has to be Royal Bank of Canada!
The thing is that unlike other Canadian banks, RBC has a routing number for its New York branch (and routing numbers are the ones US banks use).
All other Canadian banks use transit numbers, and even if you open a US account at another bank institution, PayPal will still recognize it as a Canadian bank and will convert your USD to CAD.
That is why it has to be RBC and nothing else.
So far, this is the only bank that works just fine with PayPal.
In the following pages, I will provide a practical step-by-step guide with screenshots on everything you need to know.
NEXT: Opening a USD account at RBC