Paypal Transfers

[Keebler Elf]

I have some US funds in my Paypal account that I want to transfer to my Canadian bank account. What's the best way to do this while incurring the lowest transfer/currency fees?

I have a BMO account for US funds if that helps.

 

[black booty lover]

I don't think you get dinged when transferring money into your account. I think it's only when you send money to someone else's account.

 

[Chloë.]

I don't think you get dinged when transferring money into your account. I think it's only when you send money to someone else's account.

But is PayPal able to detect that both accounts are from the same owner? I mean regardless of name, more so electronically by IP address or account number.

I'm not sure if they differentiate between the two because they are two separate accounts or if transfer fees accumulate simply based on the transaction. If they are under the same name, maybe PayPal will recognize the similarities?

Technically, he is transferring US currency into a Canadian bank account so I would assume the exchange rate reflecting the amount in present CAD, for that particular date, would take effect.

Then again, I could be wrong. Maybe PayPal has this information listed on their FAQ section.

Is it the same account used to deposit funds into PayPal? I could see them not charging fees if it's already on file.

 

[nobody123]

I transfer USD from my paypal account to a Canadian bank account all the time. No fees, reasonably good exchange rate. Don't have a USD designated Canadian bank account (I transfer to a CAD account), but can't see how that would pose any problems. I say go for it.

 

[black booty lover]

I have a BMO account for US funds if that helps.

I'm pretty sure they're automatically going to convert the money into CAD when you deposit the money into your Canadian account (if that's the account attached to your paypal account)

 

[black booty lover]

But is PayPal able to detect that both accounts are from the same owner? I mean regardless of name, more so electronically by IP address or account number.

.

I'm not sure I understand the question. Your bank account is attached to your paypal account. You can't use paypal without attaching a bank account to it. If you have two separate paypal accounts, one with a u.s bank and one with a Canadian bank, and transfer money from your u.s account to Canadian account, your u.s account is going to incure the transfer cost.

 

[Avatar]

I'm not sure I understand the question. Your bank account is attached to your paypal account. You can't use paypal without attaching a bank account to it.

Wrong. You can send money using Paypal without attaching your bank account. You can use Paypal to make a purchase without opening a Paypal account or revealing your bank account to Paypal. All you need is a credit card.

 

[IRIS]

Go to Paypal click the "withdraw money". You can transfer the money into your registered canadian bank account and the paypal converted the US dollar to CAD automatically. No transfer or other fee. Very simple and easy. It will show on your account within 3 to 8 businessdays.

 

[Chloë.]

Wrong. You can send money using Paypal without attaching your bank account. You can use Paypal to make a purchase without opening a Paypal account or revealing your bank account to Paypal. All you need is a credit card.

This is the reason why I posed my question to the other gentleman.

 

[black booty lover]

Wrong. You can send money using Paypal without attaching your bank account. You can use Paypal to make a purchase without opening a Paypal account or revealing your bank account to Paypal. All you need is a credit card.

Yes you can purchase something without a paypal account, if your on a website that gives the option to pay with paypal. To be honest I kind of forgot about this. You need to click the paypal option, then use the option that says "don't have a paypal account". I'm not sure what the benefit is. Maybe some retailers don't take those credit cards directly so you can go through paypal.

you can send money to someone to, but if they don't have a paypal account, then paypal mails them a check. If they have a paypal account but no bank account attached to the paypal account, you can still receive money but it will stay in the paypal account until you buy something using your paypal account. ( or as mentioned previous, request a check that they snail mail to you)

Bottom line is this, whoever is doing the transferring is going to get nailed. There is no loop hole that somehow allows people to transfer money to themselves where they don't incur the fee.