I have a Canadian PayPal account. When a US account pays US dollars into my Canadian account, will the currency automatically convert to Canadian Dollars? Is there a fee for this? Also, for adult PayPal accounts "When you pay for things with PayPal, the money will come from these accounts if your PayPal balance is not enough to cover the purchase." Is this the same for Student PayPal accounts, or is there no such thing for Student PP accounts as only parents can deposit money in to their kids' accounts and their kids can't charge a purchase to their parents' bank account?
No, it wouldnt covert the money automatically, you need to convert them manually. There is no fee for the conversion but the conversion rate is kinda low
So for example if someone deposited $5 US into my account. It would become $5 CA in my account? Or $5 US? I am confused. If I paid for something, would I be able to pay simultaneously from both CA and US funds on my PayPal account?
No you would receive it as $5 USD in your PayPal. Then if you go to pay for something, it will use whatever funds you have in your balance (I believe including USD funds). If you notice that USD is not included when you go to buy something, then log into PayPal normally and use the "currency conversion" tool that will convert you USD funds to CAD, then you can proceed with payment.
try to use https://www.xoom.com/canada for sending and receiving money.You will get good exchange rates when compared to paypal.