I posted this in a different thread, had no idea there was a sticky for this
. Anyhow, I thought I'd update with current information, in case anyone is interested...
So, I've done some research, and I've come up with some good stuff for us Canadian DVC owners:
RBC has a unique product, that is aimed at Canadian snowbirds. You can open up an RBC Bank US Access bank account right from a Canadian RBC branch. It's a real US bank account, with free cheques, and a Visa debit card, for $2.95/mth. It can be fully linked with an RBC Canadian $ bank account (free), as well as an RBC Canadian USD bank account (also free), with one sign in. This allows you to move money from your US Access account in the US to either account in Canada, instantly and online. You can use the US Access account to set up monthly payments for your DVC Annual dues.
The other unique feature is that these are (reportedly) the only USD bank accounts that can be fully linked to your Canadian Paypal account and will allow you to move USD from Paypal into either your US Access account, or into your Canadian USD account, therefore keeping the money in USD's and not having to incur Paypal's crazy foreign transaction fees. If you're regularly renting out points, this can save quite a bit of money.
So, I have gone ahead and set this all up . Note: I don't bank with RBC. I just walked into my local branch, told them I wanted to open a US dollar savings account (called e-savings) and a US Access account. They knew exactly what I was talking about. Someone was available, and we got everything done in about 45 min's (including chit chat). I also opened a free Canadian $ everyday banking account, to get the debit card and be able to do online banking. The two RBC Canada bank accounts were good to go right away, the US Access application was sent to the U.S. from the bank.
A week later, I received my US Access banking information. I called the number, and a very efficient employee from RBC Bank (USA) talked me through setting up my online banking, subscribing to e-statements, linking this account to my Canadian RBC accounts, ordered my cheques, and my Visa debit account. Easy-peasy.
I have since successfully linked both the US Access account and the USD e-savings account to Paypal, and confirmed that I can send money both ways, with no fees. (There is a trick here, you have to use a very specific routing number for the e-savings account, and it's not the one the bank will give you, this is where the research helped). I have also sent money to both USD accounts using XE.com.
So now, I can pay my mf's monthly, and I can accept point rental payments via paypal without paying a currency conversion transaction fee.