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.
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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.
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
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!
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?
do exactly as it says. There are other videos on the topic. Try those for help.
Once the US dollars are in my RBC US savings account, what is the best way to have it converted to Canadian funds? Should I also have a Canadian RBC bank account set up to transfer the funds into?
It depends on the bank. At TD you can ask to get direct access to their TDFX system to get their best rates. RBC may have a similar service. They usually provide access if you have many transactions that need to be converted regularly.