What's the cheapest way to get USD from Paypal into a Canadian bank?

I’m trying to find the cheapest way to move USD from my Paypal to my Canadian bank without paying Paypal’s high conversion fees. I’ve linked my Canadian bank account to Paypal before, in case that matters.

I’ve seen some folks mention using a Wise account with US bank details to cash out, but I’ve heard conflicting info that Paypal might have closed this loophole recently.

Has anyone tried the Wise method lately or found a better option? Any ideas would be appreciated!

You can’t do this anymore.

Bela said:
You can’t do this anymore.

Do you mean it was recently blocked or it never worked?

I saw a post saying it used to work:

@Ridley
I tried linking a Tangerine USD account to my Canadian Paypal but couldn’t cash out in USD.

Tal said:
@Ridley
I tried linking a Tangerine USD account to my Canadian Paypal but couldn’t cash out in USD.

I think the issue is you need a bank account that’s physically in the US to make this work. Just having a USD account at a Canadian bank won’t do the trick. That’s probably why Tangerine didn’t work for you.

@Ridley
You won’t be able to do it, and there’s a chance your account could get closed and funds forfeited.

You’ll end up with:

USD → CAD → USD

Double conversion fee, not worth it. Check the terms.

The only way is to have a US Paypal account, which is only possible if you’re a US resident or citizen.