Is there anyways to transfer my USD funds to my bank account located in Canada? From all of the conversion fees (about $9 every $200 converted to Canadian dollars) is ... hefty.. especially over all of the fees recieving the funds.... is there an alternative to withdrawing money without needing to convert? Or a cheaper way to convert via paypal?
I would think that as long as there is a currency conversion, there would always be a problem. The only option may be to retain the US$ as US$. I usually just use the Paypal funds to pay for my US$ bills and keep it that way. What I need to convert to my local currency, I just take that as part of the cost of doing business for without which I would not be able to earn that source of income in the first place. The other option is to price your product and services in CAD$ and start a Canadian Dollar through the 'Manage Currency' link. Then set the default currency to Canadian Dollar and bill your customers in that currency. Once you get that done, you will not be subjected to the currency conversion fees as there is no conversion in the first place. Any currency exchanges fees would be bore by your customers instead of you.
Oh very true! I should invoice in Canadian dollars instead, does this mean the client has to pay conversion fees?
I'm having the same problem, but I don't wanna change the currency to CAD$ because I'm having customers paying in US$. I'm planning to open an US account so that I can withdraw the US funds without needing to convert. RBC has a service called "RBC Access USA". It's a US banking account for Canadians. The service includes unlimited instant money transfers between your RBC account in Canada and your account in USA.
Yes, that should be the case. You should be getting exactly as you billed in Canadian Dollars minus the standard fees for receiving payments.
Would withdrawing to a Canadian Bank account although dominated in US$ be first converted to Canadian Dollars and reconverted to US$ again and thereby causing you to incur double exchange fees. You might want to check with Paypal account that.
Thank you, I will talk to my provider about this!! Well true, I just convert it to Canadian dollars then withdraw it... But invoicing in CDN sounds best.
I am not sure how the banks work in Canada but here in Singapore, even if I have a US$ based bank account locally, I cannot deposit US$ to the account without them converting the money to S$ then back to US$ again. In the end, it did not make sense for me but it could just be the perculiar banking regulation here.
With paypal they said I had to convert it I do have a USD account here though but its not physically located in the states..
Withdrawing to a bank account in Canada has to convert the funds to CAD. RBC offers bank account located in the States. I don't think PayPal would ask us to convert the fund to CAD when withdrawing to a bank account located in the States. I haven't tried it yet, but I will go open an account by the end of this month and try it.
Receive a check from PayPal... won't your bank convert it for free? Or at least my bank did when I had a check in YEN. ( Im in the USA )
Yes, Paypal sends checks to some countries and not all. If you deposit a check which is not in your currency, your bank will automatically convert it for you. The only problem is that you have no control over the exchange rates and your bank may tag on several percentage points as fees.
Did you try any service like XOOM. Not sure if they transfer money to Canada. You might check. There is some coupon code available which allows to transfer money for free...