Using PayPal for money moves between the US and Canada has taught me a lot. I discovered that sending money instantly from PayPal to a Canadian bank costs a 1.75% fee, up to 25 CAD. But if I choose standard local transfers, I don’t pay any fee1. Wise is another option I found. They are clear about their fees and offer good exchange rates without hidden charges. This makes them a strong choice for sending money with PayPal to and from the US and Canada1. By comparing fees and options, I can make sure I get the best deal on every transfer.
When I looked into it, I found PayPal’s fees for sending money to Canada are between 3% to 3.35%. Monito’s fees are much lower, under 1.25%2. This big difference shows how important it is to be informed about transfer fees. Also, PayPal’s fast transfers, usually within 24 hours, match well with my need for quick service2.
But it’s not just about fees for me; transfer limits are key too. With PayPal, I can only send up to 5000 CAD per transaction, day, or week, and 15000 CAD per month1. When I need quick access to my money, I go for instant transfers. Even though there’s a 1% fee, it’s worth it for the speed, usually done in 30 minutes3.
Understanding PayPal Money Transfers Between the US and Canada
Transferring money between the US and Canada via PayPal involves a few key steps. First, you need to know about currency conversion. PayPal offers an exchange rate, and you’ll see it on their platform1. You can choose this rate or opt for your card issuer’s rate, which you’ll see on your statement1.
There are two types of international transactions with PayPal. Sending money as a payment for goods or services means the receiver pays a fee. If you send money to a friend, you might be the one who pays, depending on how you do it2. Knowing the fee differences is crucial for money management.
If you use PayPal’s conversion, they add a 4.00% markup on the base exchange rate1. This affects how much the receiver gets. Understanding these fees can help you save on international transfers.
Looking at alternatives like Wise can save you money1. Wise gives you the real exchange rate for turning 1000 USD into CAD, with no surprise fees. They offer a multi-currency account and a useful card for spending. Plus, you can easily track your money during transfers1.
- With PayPal, sending money instantly to a Canadian bank costs a 1.75% fee, up to 25 CAD. But there’s no fee for standard local transfers1.
- PayPal’s limit for transactions is 5000 CAD each time. You can send up to 15000 CAD a month1.
- Comparing apps can save you money. Wise is often cheaper than PayPal. On average, Wise could save you 40 CAD for every 1000 USD you send, compared to PayPal12.
| Service | Fee | Transfer Limit | Currency Conversion Markup |
|---|---|---|---|
| PayPal Personal (Instant) | 1.75% (up to 25 CAD) | 5000 CAD | 4.00% |
| PayPal Merchant (Instant) | 1.50% | 5000 CAD | 4.00% |
| PayPal Local Standard | No fees | 15000 CAD (Monthly) | 4.00% |
| Wise | No hidden fees | No Specific Limit | Mid-market rate |
Knowing how to navigate PayPal fees for US-Canada transfers can lead to smarter financial choices12. Plus, getting tips on PayPal cross-border transfers can make your money management more efficient.
Guide to PayPal Money Transfer US Canada: A Step-by-Step Process
Learning how to send money with PayPal from the US to Canada is easy. Starting is as simple as logging into your account. Once in, you’ll find the ‘Send & Request’ option on the website or ‘Payments’ on the app.
To begin, just type in the recipient’s details like their name or email. Next, choose how much to send and in which currency. You can also add a note to make it feel more personal.
Before you send it, double-check everything to make sure it’s right. It’s important to pick whether you’re sending to a friend or paying for a service, as fees vary. After sending, the recipient gets an email and must have a PayPal account to get the funds.
- Sending money to loved ones via PayPal is free if you use a bank transfer. It’s easy and saves you money4.
- For quick transfers, PayPal’s instant service moves your money in minutes, showing how fast it works4.
- For those sending more, PayPal lets verified users send up to $60,000, depending on the recipient’s account4.
PayPal now lets you move cryptocurrency like Bitcoin for free, though other fees might apply5. This is available to some US users, with plans to expand5.
Having a full Bitlicense shows PayPal is a secure choice for your money5. Yet, not every state has this service, Hawaii being one example5.
After a data breach, security is more important than ever for PayPal users4. Understanding fees is also key, as they change based on how you send money4. Personal card transfers include a 2.90% fee, and international transfers may have up to a 5% fee4.
This guide ensures you can handle US-Canada money transfers on PayPal smoothly. Enjoy hassle-free transactions using this convenient service.
Comparing PayPal Transfer Fees for US-Canada Transactions
Looking into payments between the US and Canada, I quickly learned that fee details matter. With PayPal, the fees for sending money range from 3% to 3.35%2. Yet, by checking out sites like Monito, I discovered that the cost could drop to below 1.25%2. This shows why it’s wise to compare service fees closely.
PayPal adds about a 3.35% currency conversion markup. For Canadian companies or charities, there’s an extra fee plus a 4.4% rate on US funds2. So, I realized looking into other services like Wise could save around CAD 40 per USD 1,000 compared to PayPal2. Wise also offers near mid-market exchange rates and benefits for handling money internationally.
When I think about sending money from Canada to the US, I don’t just consider digital services. Banks also play a role, with wire transfer fees possibly hitting $50. For example, Bank of America asks $45 for such a service6. But alternatives like Wise and Venmo might be more wallet-friendly, especially for smaller sums. However, there are situations where a wire transfer’s speed and reliability from banks could be crucial6.
Source Links
- https://wise.com/ca/blog/paypal-to-bank-account-canada
- https://www.monito.com/en/wiki/paypal-money-transfer-us-canada
- https://www.freshbooks.com/hub/payments/how-to-transfer-money-from-paypal-to-bank
- https://time.com/personal-finance/article/paypal-review/
- https://newsroom.paypal-corp.com/2022-06-07-PayPal-Users-Can-Now-Transfer-Send-and-Receive-Bitcoin-Ethereum-Bitcoin-Cash-and-Litecoin
- https://www.bankrate.com/banking/wire-transfer-fees/
