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Use This Trick to Save Lots of Cash When Transferring US Dollars from PayPal to a Canadian Bank Account

PayPal_To_Canadian_Bank_01

Connect PayPal to a Canadian Bank Account the Right Way and save lots of $$$

If you get paid in US funds through a PayPal account and want to transfer them to you Canadian bank account you have two options:
Option 1: Transfer your US funds to a regular bank account in Canadian dollars: PayPal will take an outrageous 2.5% commission on the exchange rate. For small amounts it not be an big issue but when you move large amounts 2.5% can amount to thousands of dollars lost really fast.
Option 2: Transfer your US funds to a US dollar Canadian bank account: this is the ideal option because you will get way better exchange rates from your bank than from PayPal.

But there is a problem with the second option.
For some reason, it is almost impossible to connect PayPal to US dollar Canadian bank account.
Unless, you open an US dollar bank account with the Royal Bank of Canada.

But how do you do connect PayPal to your new RBC US bank account?
Well, watch this quick video to learn how to do it and start saving some coin!

I hope this helps!
Cheers 😉

PS: you can watch more Grumo tutorials HERE.


Related:
Transferring US Funds out of PayPal
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  • Anonymous

    BUT grrrumo, doesn’t paypal snatches their commission right when money is deposited for you in paypal? I have seen that happening to me.

    Good stuff Miguel

    • Yes they do. But then they take at least another 2.5% when they transfer from USD to CAD. So is is better to transfer your USDs to a USD Account and THEN get them exchanged to CAD at a better exchange rate.

      • Anonymous

        Oh man for real? I haven’t gotten a significant amount to have the need to transfer to my bank yet. I usually reuse it as needed from paypal for whatever services / products i require.

        That is a whooping amount indeed then. outrageous!

  • Royal Bank has just told me the routing number is now: 021000021

  • Sam

    I want to thank you very much for this useful post, it worked perfectly!
    guys, please follow exactly what this video describes. Do not use 021000021 which someone said that now it is changed, it is still same as this video states.
    Again many thanks

  • This video is very good and fun to watch. I kept trying to add the US account to paypal with TD Canada Trust but never worked (5 times at least with paypal’s help too). It’s so stupid that only RBC can work with this and not other banks. I don’t really want to open an account with RBC just for this so I’m hoping there is still another way.

    • I know it is very frustrating. I had to open a new account with RBC to be able to do this. I hope TD makes it work soon!

  • Prosser Pete

    This works! Pay attention to EVERY detail. There was a delay from paypal depositing the two amounts to link the account vs.a Canadian account which I had mistakenly signed up for at the RBC. Make sure you get the American funds version.

    • Thanks for confirming this procedure still works!

    • Didn’t work for me 🙁 Paypal sent the deposits but I think RBC blocked it. What routing number did you use? Did you use the same as the video?

      • Prosser Pete

        do exactly as it says. There are other videos on the topic. Try those for help.