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Old 01-20-2010, 02:33 PM   #1
Michel
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PayPal & USD



I'm trying to set up my USD bank of montreal account to my paypal so I can add/withdraw funds; is this possible?

I found online that some people have been able to do it by setting up an account as US and entering a routing number (that is fixed depending on what bank.) This particularily worked for RBC accounts. Anyone done this with BMO? If so, what is the routing number for BMO.

thanks!
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Old 01-20-2010, 02:39 PM   #2
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Hmm.. Never heard of this. I'm with BMO too and just use the credit card to do the currency conversions. I stay away from bank transfer payments as you aren't protected at all if your transaction gets ****ed. At least with a CC funding source you can dispute the charge should you need to file a claim. Not so with an instant bank transfer via paypal...
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Old 01-20-2010, 02:45 PM   #3
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but you also get ripped off on the exchange rate with your credit card no?
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Old 01-20-2010, 02:53 PM   #4
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Yup, you're correct. But it's not much though.
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Old 01-20-2010, 03:04 PM   #5
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^true, but on large purchases it'll make a difference... the only reason I'm saying this is because I get a prefered rate as a bmo employee so I get halfway between the bid/ask for CAD/USD exchange, and im looking at making a few large purchases from the US so I was thinking if I could just link my USD account to paypal I can further benefit from the exchange rate now.
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Old 01-20-2010, 03:29 PM   #6
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Yes, you should be able to do this. The only reason you might have trouble is if your bank routing number identifies you as a canadian bank. But i'd try, just make sure the last digit on your account corresponds with your USD currency account.
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Old 01-20-2010, 07:00 PM   #7
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I was just trying to do this exact thing myself.

I set up a USD BMO account and funded it. I then attempted to set up paypal to this account, no dice. I then successfully set my paypal account to my CAD BMO account.

Following this I called Paypal and they told me that if I wanted to transfer USD to a US company the money must be converted. They told me that I could send the USD in my USD account, but it would first be converted into CAD and back again to USD.

When setting paypal to a credit card, the credit card company should not charge you for conversion because paypal does. Paypal charges the equivalent amount of CAD and does the conversion themself
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Old 01-21-2010, 11:14 AM   #8
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Originally Posted by DAM View Post
Paypal charges the equivalent amount of CAD and does the conversion themself
This is how they make a lot of their money, I remember a few years that was a lawsuit against them because of this.
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Old 01-21-2010, 04:07 PM   #9
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The conversion rate did not seem excessive to me, maybe they lowered it since
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