I'm just wondering if any Canadians here have tried this trick that I use to withdraw U.S. dollars from Paypal into my Royal Bank of Canada U.S. account (located in Canada) in order to keep my money in U.S. dollars? Basically, if you ask Paypal if they can send you your money to a U.S. account, they say it has to be physically located in the states. It's very hard to open a U.S. account located in the states because of money laundering schemes etc. not to mention you have to worry about paying U.S. taxes also. So the next best thing is to just open a U.S. account through a Canadian bank, that's just held in U.S. dollars, but physically located in Canada. The problem is that Paypal says that you can't use it to withdraw money, but there's a little trick that will let you withdraw your money, but not deposit money back into your Paypal account (which I never use anyways). So here's the trick: http://www.canadiancapitalist.com/2007/08/22/transferring-us-dollar-funds-out-of-paypal You need your banks transit number (branch number), your banks routing number, and your account number. It works like a charm! My question is if anyone has tried this trick with Clickbank? Because it asks for the same info as paypal does (ex. account number, routing number) and so it should work the same. Please let me know if you have tried this, or are going to. It's awesome to save up your U.S. dollars and then convert them when the Canadian dollar is low and make a ton of free money!
Yes, but you're missing the point. If you choose U.S. or Canadian, your money is going to get converted into Canadian dollars either way, and if the U.S. dollar is weaker then Canada's you're getting screwed out of money. The idea is to keep all your U.S. money in U.S. until the Canadian dollar is really weak and then convert it. This is where the Paypal trick comes in handy, and I'm wondering if anyone has tried it with Clickbank because I know it works with Paypal.
If Paypal allow you to enter such bank details I expect Clickbank may. Why not just use paypal balance converter rather than your paypal trick? It works the same.
I say it is worthless... Unless you make $20 000+ per month off of Clickbank. The difference is not huge. Also, If you have enough money to pay all your monthly expenses and you get the CB payments on TOP of that all - then it might be useful... You keep your US account, keep saving money and in a few years you've got hundreds of thousands US dollar which, of converted to Canadian will give you more... But do you really know WHEN the Canadian dollar will be so weak? US money has been going down the drain for a while now. Maybe it'll change if there will be new administration (OBAMA '08 ) the end of war in Iraq and so on... otherwise you really can't predict what will happen and how much that US dollar will be worth tomorrow... I am happy with my Canadian account for now.
I believe economists are showing that the Canadian dollar won't go down to it's old 63 cent levels. It's just not going to go down unless China decides it's going on an oil fast, which I don't see happening. I hear the Canadian dollar will stay between 90cents US and parity for years, so there's really not much money to make. Maybe 3% return, but savings accounts pay more than that lol.
This is a very interesting topic becuase I really wanted to direct deposit but I stayed with the checks for this exact same reason. I have US account located in Canada so if this works that would be great.
It's actually rather pointless, here's why: When you do your taxes, the govt takes an overall average conversion rate for the entire year, and you are taxed on that money accordingly. I have all of the above (US account, under a business name, I collect and store in US funds), however even once I convert - a) the currencies are too close atm for any kind of perks - b) the end of the year you'll just pay more taxes based on the overall annual avg. Would advise you double check with your accountant if you have one - currency conversion and buying/selling based on daily rates is only lucrative if you're playing with forex and playing foreign currencies i.e. euro/pound/yen etc. - the us/cdn cross is quite marginal (if you are converting 100K you might get 105K or so these days, and still get taxed on that 5K in a high tax bracket...). Cheers, N.