Topic: Paypal (Ebay) - $US Balances- in Canada  (Read 24421 times)
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« on: July 14, 2005, 10:22:33 pm »

This tread is to summarize the good work of cwt902, TheMonetaryMan, M.-A._Roy and coinsplus for showing us two methods of getting your US balances from Paypal without having to exchange it in Canadian dollars.

I must say that the second one that M.-A._Roy offered us might be a work a round Paypal policies and might get your account shut down.
« Last Edit: July 15, 2005, 12:58:06 am by detonate »

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« Reply #1 on: July 14, 2005, 10:23:32 pm »

Here is the solution.....there is RBC Centura in the USA and RBC Royal Bank here in Canada.  The Centura account is a US account and The Royal Bank is the CDN US dollar account.  You can open a Centura account at the Royal Bank here in Canada and do not have to set foot in a bank in the USA.  When you log into your online banking at RBC Royal Bank you can access you RBC Centura account details as well and transfer your balances between the borders.  If you keep a balance of $700 in your Centura account the 3.95 monthly fee is waived.
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« Reply #2 on: July 14, 2005, 10:27:32 pm »

Status report:

Opened a Centura Account this morning, the product offering was called RBC Access USA Service (Centura).
$3.95 monthly fee, waived if you maintain a $700 monthly balance. They also have a premier version of this account which carries a $25 a month fee, waived if you keep $2500 a month on deposit.

The set up went reasonably well but I walked away empty handed. They do the application at the local RBC branch but then they have to fax it offsite to Centura reps in the USA.  Your "package" then arrives in the mail sometime later, included is your new account info and cheques. You cannot get an account # or counter cheques when you go into a local RBC and open the account, all you do is paperwork initially. I guess that is to be expected somewhat given that Centura is a subsiduary of RBC.

The product offering itself appears to be as good as I hoped at this point and when my package arrives I will attempt to initiate the Paypal setup and test withdrawing and depositing to and from the account.

Based on the setup process I would give the advantage to my USA bank in Calais Maine so far.  No fee account & I was in and out of my Bank in the USA in 15 minutes or less (W8 form included) and had my account open with cheques in hand and had deposited money onsite, instantly, and all subsequent electronic paypal deposits/withdrawals have worked flawlessly.

I suspect the RBC product offering will be stronger however the rest of the way, we shall see. No conclusions can be drawn yet.

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« Reply #3 on: July 14, 2005, 10:28:47 pm »


After 16 days of waiting for my RBC package (all I had received was an interac card...actually called an "InterLink" card in the USA) I was tired of waiting so I picked up the phone and called the number on the back of the card this morning.

Now the good news! Apparently my account was setup and active but I just haven't received anything yet to advise me of this. I then enrolled over the phone for web based banking and to my delight when I entered my new password and username over the web my active account was right there!

I then took the 9 digit routing# and 10 digit account # found on the RBC Centura website to Paypal's doorstep immediately, and guess what!? They answered and said come on in!! (select USA not Canada from the main drop down menu on paypal when adding the account).

1st financial testing is underway now sending money to and from the account. I will report back as soon as I confirm you can withdraw from paypal to the RBC account.

I may even close my account in USA (Maine) and use this solution exclusively because it has superior online access to track transactions and funds can be withdrawn at any local RBC branch!

This new RBC Centura product offering could be a "breakthrough" for all Canadian users of Paypal. (no brainer for sellers as it will save you a fortune in currency conversion surcharges imposed by Paypal and useful for buyers too who want a US$ e-check payment option when paying online sellers through paypal for purchases they made).

Troy E. MacDonald
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« Reply #4 on: July 14, 2005, 10:32:15 pm »

Final Report:

I can now confirm that the best solution to Hudson's problem stated at the beginning of this thread is to open a RBC Centura US$ account at his local Royal Bank branch. The alternative is to open a US$ account with a bank on USA soil as I had originally done prior to the RBC Centura product being available.

The RBC Centura account IS accepted by Paypal and it is in every way a true USA US$ account that can be managed through your local Royal Bank.

This will allow you to withdraw your paypal funds into your new RBC account without being hit with the currency conversion surcharges paypal imposes.

The online access provided by RBC Centura is 2nd to none and in fact you can even import other bank accounts from other banks into your RBC Centura web based environment for ease of viewing all your banking relationships at a glance.

The RBC account I can confirm after personally setting up and testing it is working within the Paypal environment, mind you it took 3 weeks to setup (end-to-end).

Was it worth it? Without any question, definitely yes. I can now recommend this for all Canadian Paypal users after having put it through the test on our collective behalf.

CWT, your hypothesis was correct, it worked.

Conclusion: If you reside in Canada and use Paypal you can almost certainly benefit from opening a RBC Centura US$ bank account.

Marc-Andre Roy
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« Reply #5 on: July 14, 2005, 10:36:14 pm »

There IS a way to transfer directly from your Paypal USD balance into a "regular" USD account. No need for an Access USA in that case. If you want more info e-mail me and I will be happy to help you with this.
« Last Edit: June 08, 2008, 09:48:36 pm by Marc-Andre Roy »
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« Reply #6 on: July 14, 2005, 10:37:54 pm »

 This post is a report on my conversation and subsequent investigation of the comments made by M.A Roy of RBC.

1st let me say that both M.A. Roy and I agree that the RBC Centura product offering I previously investigated on the forums behalf is the primary solution and preferred over the next idea which I am going to present which was presented to me by M.A. Roy.

Having said that I wanted to provide you a follow up report on the RBC Centura offering that I have been using for several weeks now. The account is working very well, adding funds to my paypal account and withdrawing from Paypal to my RBC Centura account has worked flawlessly. The undetected (undisclosed by RBC during the sales cycle) drawback (an important one at that) is that you cannot just walk into any RBC branch here in Canada and withdraw from your RBC Centura Account. You will need to write a cheque off your account or wire your funds to their intended end destination. They do provide “in branch” set up of the account initially as I witnessed but all further transactions are done either online or over the phone with RBC Centura Reps in the USA.  I have simply written cheques on my account to work around this lack of local in branch service.  I will also remind you that their online banking offering is very competitive and is complimentary with the account. I have also found their telephone banking to be quite competitive as well.

Now having said that let me present a simple alternative that allegedly (by M.A. Roy) is suitable for those who seek only to withdraw their US$ balances from Paypal into a Canadian based US$ account, yup that is correct. You will cry “wait the Paypal software will not accept a Canada based US$ account"..well with RBC’s help I have learned a secret work around.

It goes like this:

First go into your Paypal account and then click on “Profile”, next then click on “Bank Accounts” under the financial information section. Now on this “Bank Account” screen on your bottom right is an “add” button, click it.  Now on this “add a bank account” screen select USA as the country. On the next screen where it asks you to add a bank account in the USA enter:

Routing Number: 026004093
Account Number: XXXXXXXXXXXX (5 digits transit) + (7 digits account number) – You must already have a traditional US$ Canadian based RBC account for this to work.

Now you will note from the paypal screen check sample they assume your account number is 10 digits, however the software will accept account numbers of varying length.

Apparently RBC and JP Morgan in the USA have a relationship in place via the routing number presented above. This routing number allows the transaction to stay in US$ all the way to your Canadian Based US$ account.  

Now here is the deal, I am told by M.A. Roy that you can withdraw your paypal balance to your RBC account this way but you cannot do the reverse, you cannot add funds to your paypal account under this arrangement. (The Centura offering you can). In fact you shouldn’t even attempt it I am told or Paypal may just close your Paypal account down.

When I interviewed M.A. Roy he informed me that he has personally tested the facts presented to be true, I have not personally tested the information presented.

I will not be pursuing this alternative presented by M.A. Roy because I am happy with the Centura offering and most importantly I am fearful that Paypal will all of a sudden decide they don’t like this work around and shut down every account using it.  I would therefore gently caution professional bankers who post recommendations in the forum to clarify if RBC is advising us or if it is simple person to person counseling. I would be out for blood (and so would you be) if an official representing a bank presented a potentially dubious idea that caused my Paypal account to be closed. That would come at great opportunity cost and financial loss for me.  

I have researched Paypal’s policies and I do not see where they say this arrangement is against their policies but they do say that withdrawing your US$ balances to a Canadian based account isn’t possible, well according to M.A Roy it is, but I won’t be the beta tester for this one as I sense the possibility of potential trouble down the road with it.

That’s all folks and thanks for listening in, I found M.A Roy's idea to be quite interesting and would like to thank him for bringing it forward.

Marc-Andre Roy
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« Reply #7 on: July 14, 2005, 10:40:13 pm »

 Just a little correction; JP Morgan Bank has nothing to do with RBC. Sorry for the confusion. Here is a text that helps you understand:

If the beneficiary's U.S. dollar account is at RBC in Canada, special coding allows SSA to send the benefits in U.S. dollars through RBC's branch in New York, Routing and Transit Number (RTN) 026004093. RBC set up this branch, which does not itself have accounts, to move direct deposit payments to the correct branch and account in Canada. Because this is a U.S. bank, no special prefix is needed.

In the Depositor Account Number field, the coder keys the 5-digit branch number and the 7-digit account number.  

Because this is treated as U.S. direct deposit, Treasury processes any nonreceipt or reclamation actions for these payments. The FO/TSC/PC follows the same procedures as for any U.S. direct deposit nonreceipt, or payment after death. No forms are sent to FRBNY for these actions. These actions by Treasury reduce the workload for SSA. Therefore, this is the preferred method of coding U.S. dollar accounts at RBC.
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« Reply #8 on: July 14, 2005, 10:42:19 pm »

 I would like to mention that I have tried the linking of my "basic" RBC US Dollar Bank Account (not RBC Centura) with the routing number specified, along with the transit number and account number.

To my delight, the link between PayPal and to my RBC US Dollar Bank Account was successful.  PayPal deposited two small deposits ( a total of 46 cents U.S. ).   I then verified the two deposits on the PayPal's bank confirmation, and voila!  It works!!!

I then did a withdrawal of $5 U.S. from my PayPal account to my RBC U.S. Dollar Bank Account and it showed up in about 2-3 business days.  I then did the opposite, and it was also successful.  

Going forward, I am very happy to know that I can cash out my US Dollars rather than be charged the bad foreign exchange rates that PayPal offers.  

Thanks to the other members for providing the helpful information.

  Smile from your heart.  ;D
Marc-Andre Roy
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« Reply #9 on: July 14, 2005, 10:49:37 pm »

I then did a withdrawal of $5 U.S. from my PayPal account to my RBC U.S. Dollar Bank Account and it showed up in about 2-3 business days.  I then did the opposite, and it was also successful.  

By opposite you mean that you did a transfer FROM RBC to Paypal and it works? I didn't knew that... When I tried last year, It got declined and Paypal blocked that bank account...
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« Reply #10 on: June 23, 2006, 05:39:20 pm »

Does anyone know if a Canadian Currency Royal Bank account will also accept ACH transfers?

I have heard of one person trying the same routing number, 026004093, and using a Canadian Currency account instead of a "US Dollar Personal Account"". However, I didn't hear what their final success/unsuccess was after trying it.

I would assume only a Personal US Dollar account would work since it makes the most sense, being in US Currency and being hooked up to a United States bank with that trick routing number 026004093. I just thought I would ask if there might be some way to directly ACH some US funds into a Canadian account.

I know RBC Centura is a good solution but I'm going to be using 2checkout rather than paypal so I'm not worried about Paypal locking the account and what not.
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« Reply #11 on: July 02, 2006, 10:23:08 pm »

I found some routing numbers if anyone wants to try these branches:

As you can see the Royal Bank branch number is correct!

That magic number 026004093..

So possibly, the other magic numbers below will be a solution:

026002532 Bank of Nova Scotia
026002516 Scotia Bank (Try both?)
026003243 Toronto Dominion
026002558 CIBC

I hope someone can be our ginny pig - I'm going to try at least TD and Scotia bank but I don't have a CIBC account. Any volunteers?

I still don't know if the RBC routing number works on Canadian Currency Accounts in Canada or just US currency accounts in Canada. Still lots and lots of confusion on this topic after years of research.
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« Reply #12 on: September 09, 2006, 02:32:37 pm »

did the td one work out for you???
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« Reply #13 on: September 09, 2006, 02:53:14 pm »

Did not work, nor did Bank of Montreal. Scotiabank  (bank of nova scotia) did not work either. I tried them all in several different EFT services, not just paypal but other EFT services too.
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« Reply #14 on: January 17, 2007, 09:43:57 pm »

If any readers of this thread are considering opening one of these bank accounts, you might have trouble if you are a citizen of a country that the USA has embargoed:


Whoops!  It seems that that was a false alarm:
« Last Edit: January 17, 2007, 10:27:05 pm by grandish »

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