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Bank Funded Paypal
CheffoJeffo:
--- Quote from: cholin on May 13, 2005, 05:45:31 pm ---US dollar account located in Canada I assume.
--- Quote ---BTW: Its a US account, located in Canada...
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It is possible to have a US-domiciled account accessed through a branch of a Canadian bank (assuming the bank also operates in the US). More common, however, is a Canadian-domiciled account maintained in US dollars.
One looks like a US bank to Paypal and the other looks like a Canadian bank. This may make a difference in terms of fees.
Cheers.
cholin:
Nope its Canadian then because the bank only operates in Canada.
CheffoJeffo:
--- Quote from: cholin on May 13, 2005, 05:55:43 pm ---Also, after some reading, I found out it says that since Im in Canada, I need to withdraw Canadian funds...which is retarted! I converted my money to US to avoid these kind of problems! (Plus I got a special rate :D)
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Makes sense to me ... o/w they would get in trouble with banking regulations.
Also, movement in exchange rates has been favouring us (Canadians) lately ... I don't know why you always complain about them.
EDIT: I should have explained that, compared to shipping, duty and taxes, the spread on converting currencies is rather small, unless you are spending lots of money.
Cheers.
cholin:
Yeah but I get staff rate which adds a bit of cash to it. So this means, I have to use my other account to take money out, then convert to US, then send it out...ugh :( Oh well, now I have 15 bucks in a US account in case someone only takes cheques. Okay, now, taking Canadian money from a Canadian account, charges? When I check out the fees, it says 50 cents, but when I sign in, it says it's free...
gprime:
I'm Canadian, and I use PayPal a *lot* (so much, that they recently put my CC on hold because they thought someone stole it and went on a spending spree).
Here's what it says in PayPal for me:
Withdraw
Transfer funds to your bank account
Banks in Canada
5-7 Business Days Free for $150.00 CAD or more, $0.50 CAD for $149.99 CAD or less
Banks in the U.S.
3-4 Business Day Free for banks in the U.S.
Add Funds
Transfer Funds From a Bank Account in the United States
3-4 Business Days Free!
Transfer Funds From a Bank Account in Canada
6-8 Business Days Free!
And that thing about the U.S. dollar accounts from a Canadian bank, that's a pain isn't it? I opened a U.S. dollar account exactly for the reasons you said, and then I realised PayPal wouldn't let me use that account.. ugh..