Withdrawing money from paypal to Canadian bank account
I have about $200 USD on my account and I'm thinking about withdrawing that to my Vancity bank account.
I have all the info but I'm not too sure what they mean by this:
Please make sure your bank account information has been entered correctly, then click Add Bank Account.
Remember, Canadian bank accounts must be denominated in Canadian Dollars. If your home country bank account is not denominated in your home country's currency, attempts to withdraw funds into your bank account will fail and you will be charged a $30.00 CAD return fee.
If your bank account information is not accurate and you attempt to make a withdrawal from your PayPal account, the withdrawal will fail. The money will then be returned to your PayPal account and you will be charged a $30.00 CAD return fee.
I understand that if I type the info wrong, they will charge me 30 bucks, but what do they mean by "Canadian bank accounts must be denominated in Canadian Dollars."?
If anyone has done this before, please help me out.
Well you could have a bank account where you have Euros or USD on your account and Paypal can not transfer to such accounts. They can only transfer to your account if the money in your bank account is all in Canadian Dollars. If your bank account was in Euros or Dollars it wouldn't work. If you get a report from your bank telling you how much money you got it must say that you have XX canadian Dollars. Not xx Euros or XX Dollars... The currency of your bank account must be Canadian Dollars. That`s what they mean.
I hope you know what I mean. Don't know how to explain it...
Just make sure you have the right bank info entered when you set up your bank account. And be sure the name in your PP account matches that of the bank account. Once you do, when you withdraw $$ from PP, it will always display the converted Cdn amount before you transfer it.
Piece of cake. I withdraw funds a couple of times a week.
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I've been transferring money in and out of my Canadian bank for over a year now. Basically, you'll probably notice that in Canada you CAN setup USD and Euro accounts and PayPal will just be incompatible with those as mentioned above. I added my bank account, and I did confirm. But you can't be verified without having a credit card.
Beeing verified does not only make you look more serious but also the limits are removed. Usually there is a limit of 1000 Dollar or something...I don't know... and you can not transfer more than that from your Paypal account to your bank account so if you are going to get more than that limit you must get verified.