I have some money (US funds) in my Paypal account, and apparently I can only receive that money through electronic transfer to my bank account, which is CIBC. Does CIBC by default support electronic transfers from Paypal? I reside in Canada, obviously.

Thanks,

I don't see why you would have a problem with that. I withdraw $$ from my Paypal account into my TD Canada Trust account on a regular basis. Just go into your Paypal account and enter your banking info. Make sure that you match all the bank account info very carefully. As well, be sure you clearly specify the name registered to the bank account. If there are any errors, you are in for a delay.

Once set up, you can withdraw whenever you want (there is a fee for every withdrawl, so don't do it too often). It normally takes about 4 business days before I see a withdrawal end up in my bank account.

Good luck.

Vito

Thanks Vito. My main concern is CIBC, which doesn't seem as high tech as some of the other banks like Royal or TD.

CIBC seems pretty much one of the big banks so I'm pretty sure you'd have no problems. They have online banking (https://www.pcbanking.cibc.com/english/servlet/SignOn ) as well as all the other services offered by the other majors, so it should be OK. To be safe, though, just give your local branch a call tomorrow and I'm sure they will confirm that it's OK.

Vito

Yup, I'd put money on the fact that you can transfer $$ from Paypal to CIBC.

They're already involved in handling email-based funds transfer:

http://www.pcbanking.cibc.com/english/demo/TestDrive.jsp

Vito

Thanks Vito for all the help. If there's someone who has a CIBC account and uses Paypal as well, a final confirmation would be appreciated as well.

Wow, what a shocker. While I was sitting here doing my work, I called the CIBC HelpLine. Was on hold for 15 minutes - who cares, it was on speakerphone (and toll free).

The guy didn't even know what Paypal was. He had to go and ask one of his supervisors. Answer: CIBC does not currently handle Paypal transfers... :eek: :eek:

I'm glad I didn't place that bet... :(

Vito

It works fine, I use CIBC and thats where my money from paypal goes. Its just a direct deposit, I don't see why you thought CIBC would have been different then any other bank.

That's what I would've thought. But the "supervisor" on the phone said no.

Hmmf. Some supervisor, huh??

Vito

Wow that is a shocker indeed Vito. See, I told you CIBC isn't exactly high tech :) Maybe I'll still call tomorrow to confirm, but so far it's not going good. Damn.

Edit- Opps just read the other response as well. LOL so much confusion. Guess I'll just call tomorrow and clear things up for good.

Supervisor doesn't mean smart :) If they have never heard of it then obviously it won't work :D

Originally posted by easybyte
Wow that is a shocker indeed Vito. See, I told you CIBC isn't exactly high tech :) Maybe I'll still call tomorrow to confirm, but so far it's not going good. Damn.

Easybyte, I just said it works fine. Just add the your bank account information to your PayPal account, make the transfer, in 5 business days you will see your money. Done and Done.

Well, as Spingen said, he uses Paypal with his CIBC account and all is good. So likely I just got a guy on the phone with room-temperature IQ.

Looks like you're in luck!

Vito

CIBC may not be the most high tech, but they're the only bank whom I could get direct deposit from 2checkout.com to work with!!!

Originally posted by Mekhu
CIBC may not be the most high tech, but they're the only bank whom I could get direct deposit from 2checkout.com to work with!!!

how were you able to do this?? AFAIK they're not capable of doing that yet.... tell me the secret! :D

If you have a checking account or even savings, add it to paypal and withdraw your cash. Its just a simple wire transfer. I do it all the time with TD.

It'll even convert your USD funds to CAD.

I don't even think they know what paypal is. Just ask them if you can wire money to your account from another bank.

Originally posted by dhabets
how were you able to do this?? AFAIK they're not capable of doing that yet.... tell me the secret! :D

I don't see what the problems are with any of these people using cibc, td, royal, scotia or other canadian banks. You just have to call and get their routing number. 2-5 minute phone call is all thats required/

Originally posted by Spingen
I don't see what the problems are with any of these people using cibc, td, royal, scotia or other canadian banks. You just have to call and get their routing number. 2-5 minute phone call is all thats required/

I spoke with their international department and last time I tried (december) I was told they (CIBC) weren't setup yet for direct deposits from the US.

Wire transfers: yes
Direct deposit: no.

If you're with CIBC, please do give me that # :)

Originally posted by Spingen
I don't see what the problems are with any of these people using cibc, td, royal, scotia or other canadian banks. You just have to call and get their routing number. 2-5 minute phone call is all thats required/

Just wanted to say that paypal can make deposits, but that's 'cos they have a Canadian presence....

Another question- does Paypal support dispensing of payment through check for Canadian members? I could have sworn I saw this option advertised on their homepage before...

On a related note, I am currently shopping around for a Canadian bank that does USD accounts which work on the US system (i.e. cheques with a routing number rather than a transit number and institution number in the MICR encoding).

The reason is that PayPal refuses to do a direct deposit to a Canadian bank for an account in USD. This can become quite costly if you have to go and pay your suppliers in USD.

(note: "doesn't seem to" or "seems to" is used because few employees seem to have any idea what I'm talking about when I say I want the cheques (or EFT) to clear on the US system)

CIBC doesn't seem to, Scotia doesn't seem to, VanCity doesn't seem to, Bank of Montreal seems to (very rude on phone, not interested!), Royal Bank seems to (one free transaction, one transaction free for every direct deposit, 0.50 thereafter), TD seems to ($4/month), HSBC seems to (unsure).

Based on the research I've done, I'm leaning to Royal Bank... there future acceptance of CertaPay and their ties with Moneris (if I need to use them in the future) are also pluses.

I'd love to hear from others that have tried this. I'd be happy to stick with VanCity, they are great, but they don't seem to offer a setup like this, and it would be rather costly for me to constantly switch between currencies.

I'm sure most Canadian banks will. (Keep in mind most don't seem to know what paypal is.) But as long as you have your checking information then you can have your funds deposited to any canadian bank.

Least that what the paypal information indicates.

I use CIBC sometimes from paypal, so I know it works. Also works with President's Choice if it matters :)

As to CIBC not being high tech; they originaly were the first bank in canada to promote paypal as a internet payment method for acepting credit cards online. Also CIBC has banks allover north america, newyork being one of their major locations.

I also use paypal with my Presidents choice bank account (which is managed by CIBC) and direct transfers in my account work fine. Although it took a while for somone to give me a correct routing number. If your using CIBC as your bank I would suggest moving over to the "Presidents choice" or "Bizsmart" no fee banking.

Interblaze, routing number as in it works as a US account? Or did you mean transit number & institution number?

Yes, in Canada it's transit number not routing number...

Vito

:( I'm meeting with RBC tommorrow to try and get an account setup in us funds which can also have deposits done as a us account (using a routing number). Other places that seem to offer it are BMO, HSBC & TD. I hope it works out :). I guess I can walk down the street to the next bank if the person just didn't know what they were talking about...

(I'm trying to avoid PayPal converting my funds to CAD).

ddent, please post the results of your meeting. I'm interested. Right now, even though I have a Canadian $ account and a US $ account at TD Canada Trust, I still am forced to deposit Paypal funds into my Canadian account in Canadian funds. I would much rather prefer to deposit into my US account and transfer when I see a favorable exchange rate.

Let us know, OK?

Vito

Will do :)

If you have a Canadian bank account in US dollar funds, will paypal activate your account without you ALSO adding a credit card?

I do not have (or want) a credit card, and have a US dollar account at TD Canada Trust.

(I tried to write to paypal about the issue, but my site isn't set up yet so I used a free email account... I'm still very upset that they bounced my support request just because I used a hotmail address.)

Originally posted by vito
That's what I would've thought. But the "supervisor" on the phone said no.

Hmmf. Some supervisor, huh??

Vito


Just a quick note. I called a company I had a domain registered with once to have it unlocked so I could transfer it. They told me they didn't have control over the domain. I then faxed them the receipt regarding the sale of this domain, and they said " Oh, well your receipt must be wrong because we don't show it in our computers "....supervisors are not always right. They are just there to SOUND like they are right!

Originally posted by ddent
Will do :)
What were the results of your bank meeting? Vito must've forgotten to follow up on this. :D

You're right, tandem. I forgot. :eek:
And yes, I would be interested in the results of the meeting.

Care to share, ddent?

Vito

Absoloutely. Inconclusive at the *moment*, but very very promising. I have manged to get $100 US in to my US account at Royal, and haven't paid any fees to do so. There are a few details I need to work out. More to details to follow when I have more certainty.

Geez, well that makes me very very confused. Earlier today I spoke with the International Department at Paypal. They unequivocally said that currently the only account to which they can deposit is my Canadian currency account in Canada. They said that the problem is that although my other account is drawn on US currency, it is physically located in Canada. If I had an account in a bank located in the US, it would not be a problem.

The only thing that might make sense is that perhaps Royal Bank has actual physical presence in the US?

I'm sooooooooooo confused... :confused:

Vito

It works with correspondent banks.

However, that said, they *should* be able to do IDD to *any* Canadian US dollar account, they just don't want to I guess so they can make $ off currency conversion.

As I say, more details to come soon :).

Any details yet? :)

OK, I've finally gotten around to posting some information. See 'My PayPal USD->CAD currency conversion avoidance quest' in the 'Running a Web Hosting Biz' forum.

Regards,

Daniel Dent

lol, what a premature post that was on my part ;) My aunt works in the CIBC and told me countless times that they could do this... I closed all accounts, opened all my CIBC and then learned they couldn't.

I just said screw it and now get my checks each month.

Originally posted by Mekhu
lol, what a premature post that was on my part ;) My aunt works in the CIBC and told me countless times that they could do this... I closed all accounts, opened all my CIBC and then learned they couldn't.

I just said screw it and now get my checks each month.


That's really strange as I transfer $$ from PayPal to a CIBC account on almost a daily basis. Below is the receipt I get from Paypal. Takes about 3-4 days before the $$ is actually in your account. Never set up anything wth my bank..just added my bank account info onto my PayPal account.

--------------

Withdraw Funds to a Bank Account (ID #78B076138M72xxxxx)

Name:
Bank Account

US Dollar Amount:
-$120.00
PayPal transaction fee:
-$0.55
Net U.S. Dollars:
-$119.45
Exchange Rate:
X 1.51040
Total :
C $180.41

Date:
March 4, 2003
Time:
9:23:47
Status:
Completed


Funding Source:
Canadian Imperial Bank of Commerce Checking (Canada) XXXXXX1618

If you have a Canadian US-dollar account, do you still need a credit card in order to open a paypal account?

Thanks.

Originally posted by DStar
If you have a Canadian US-dollar account, do you still need a credit card in order to open a paypal account?

Thanks.

I use my CC with Paypal to handle any overages, but I'm not sure if one is required. I'm sure you'll find out if you fill out their signup form.

Although I've never had a problem with PayPal, it seems that others have so you may want to do a search here.

No, you can't find out from the signup form.

For another business, I tried to add a Canadian bank account, and three months later after several tech support calls, was still unsure of why my account hadn't been activated yet. (At the time I signed up, they said on the front page "just add a credit card or bank account" - yeah right.)

For US accounts, they say you can add a bank account to be activated, but must add a credit card to be verified.

No information on US-dollar Canadian accounts. I don't want to sign up and go through another three months of hassle just to find out I've given my bank information out for nothing.

I've written to them and have had no response, so was hoping someone had experience of it.

Their customer service is obviously not that great, but what are the alternatives that are easy for customers to use and don't require me to have a credit card? *Shrug*

(I'd need at least $2000 US in collateral for a credit card, and that money would be better off going into my business if I had it. ;) )

Can anyone post what the proper transit number is for CIBC when accepting money from Paypal?

I "think" I read here that it may be a different transit number than what would normally be used.

Thanks.

Well the TRANSIT number is the BRANCH #. So, it all depends on what branch you're with.

The institution # for CIBC is the same, but branch/transit # is different.

I realize this thread died quite awhile ago, but I had a related question.

I live in Canada and have an account with BMO. I also have a paypal account. To date, I can't figure out how to add my BMO bank account to my paypal account. The Transit/Institution numbers I have from BMO don't match the same format as the ones needed by the add bank account form in Paypal.

Anyone have any ideas? Perhaps I'm missing out on something obvious.

You should have no problem adding BMO to your paypal account, it worked fine for me while I was with them :)

Well, that's good news. Hopefully I'll be able to get mine working as well.


I should add I have a savings, not a checking account.

Paypal asks for:
A 5 digit bank transit number
A three digit institution number
and a 1-12 digit account number.

My bank statements provide me with a four digit transit number and a seven digit, hyphen seperated account number. (####-###)

Regarding your question on BMO, I'm going to attempt to answer, but my feeling is your best bet might be to call them for the information. I have one savings account linked to my PP account with no issue. Or better yet, ask your bank for a few cheques, just tell them you would like them for direct deposit purposes -- they will usually give you a few. Yes, you CAN get cheques on a savings account.

If you do get ahold of some, here's what you would be looking for:

On most standard cheques, there is 3 blocks of numbers. ie:

001: 12345::123:123456

The first block is the cheque number. In my example, it would be cheque #01. The Transit Number would be 12345. The next block, 123, is the "Institution Number". For example, PC Financial's Institution Number is 326. The Final string is your account number.

Hope I've been some help.