FBAR and PAYPAL

[Mach7]

Ok...i have PayPal account that is linked to my Canadian saving account . The saving account was was reported on my FBARs.

I need clarification if the actual Paypal account. Does this have to be listed as well on the FBAR.....?

I use it only for ebay purchase, and essentially it is a 'tool' or 'extension' of an already listed account (cdn savings).

If this Paypal has to be listed...then should I not be listing my credit card as well???

My credit card (one) is held at the same Canadian bank (RBC visa).

[nelsona]

The rule on accounts is if you ever have a positive balance (ie, it owes you), then you should list it.

[worryfreeinvestor]

This post is a little off topic, but if you have a PayPal account you may be able to advise. I've read elsewhere than an effective way to transfer C$ from Canada into US$ in the US is via PayPal. But I don't quite see it. Can I just set up a Canadian PayPal /c and a US PayPal a/c and transfer money? It looks to me like the US receiver has to be a merchant, which incurs monthly charges from PayPal. Any comment?

[Amerinuck]

[quote="worryfreeinvestor"]This post is a little off topic, but if you have a PayPal account you may be able to advise. I've read elsewhere than an effective way to transfer C$ from Canada into US$ in the US is via PayPal. But I don't quite see it. Can I just set up a Canadian PayPal /c and a US PayPal a/c and transfer money? [b]It looks to me like the US receiver has to be a merchant, which incurs monthly charges from PayPal. Any comment?[/b][/quote]

Not sure if this is what you're looking for, but, I live in Canada and have a C$ paypal account. I have sent money to people living in the US who I know are [i]not[/i] paypal merchants, so, I don't see why you could not do the same.

[worryfreeinvestor]

Thaks, Amerinuck, I was a little bass ackwards because I was looking at PayPal US. I went to PyaPal Canada and it looks like if I have an account at PayPal Canada I can txr money to friends and family in the US but it incurs a fee (on top of the forex trade) of about 1.02% that has no cap. I.e. a $1,000 transfer costs $10.18 and a$10,000 transfer costs $101.72. So, it doesn't look like it makes more sense than using banks directly. Comments?

[Amerinuck]

My transactions are much smaller than that, but, the % looks about right.

If I were sending amounts as large as you posted, I would probably look into a site that offered a flat fee vs. a % and see if I could get a better deal (whether or not that exists, I don't know, but, I'm tight with my money so I would check lol). But, for the small amount of money my usual transactions cost, I am quite happy with them.