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What is the best bank for a Canadian to use with Paypal?
 

Pretty simple question I suppose.

What is the best bank in Canada to use with Paypal, that easily allows opening multiple accounts for little or no monthly fees? If possible, can be applied online without needing to show up to a local branch in person?

Are there any online "prepaid" banks that will work with Canadian Paypal?

Any suggestions are welcomed. Thank you.

You cant do that. To open an account you still need to go in. [For the most part] In this day and age you have to go in person. They may set it up and get you going, but most of the time they ask you to go in person.

I think Ally.ca you can open online but you need to get a lawyer to sign an ID document

I highly recommend CIBC. You'll have to go in to open the first account, but once you have registered the first account with online banking, you can open up new accounts online, and have access to them literally within seconds. I am up to 6 active accounts with them, and have never had a problem.

I have good success with TD. They told me I could open up as many savings accounts (no fees). I got up to about 20 personal accounts then they said I have to switch to business saving accounts. Just the same as personal account except there's a $1.00 fee on each deposit. RBC works well too. You can open accounts online after your first initial account but they only allow about 5 / year.

Thanks guys


By the way, any feedbacks on BMO?

And @jtaverner76
Do you have any experiences with closing any of those unneeded accounts with TD?

No problems. I simply send my TD bank contact an email to axe the following account #'s and he does it same day.

What is TD anyway?

Toronto dominion

Hmm haven't done much with my remaining TD account - might as well go online and try it out.