[Canada] Converting USD from PayPal to CAD: Wise vs. TD Borderless?
Hi everyone,
I live in Canada and recently started a freelance job with an American company. They pay in USD, but they only use PayPal for payments. I've been exploring other options since PayPal’s currency conversion fee is a steep 4%.
From what I’ve researched, two potential solutions are:
- Opening a Wise account for better conversion rates.
- Using a TD Borderless account (I already bank with TD for my CAD transactions).
Here’s where I’m stuck:
Can I transfer USD from PayPal directly to Wise and then convert it to CAD, or do I need to move it to a TD Borderless account first and then use Wise for conversion? I’ve seen conflicting information online. Some say it’s possible to go straight from PayPal to Wise, while others suggest the TD Borderless detour.
If anyone has experience converting USD from PayPal to CAD, whether using Wise, TD Borderless, or another method, I’d love to hear your advice. Thanks in advance!