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).
FBAR and PAYPAL
Moderator: Mark T Serbinski CA CPA
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- Posts: 145
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- Location: Seattle, WA
PayPal
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?
Re: PayPal
[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.
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.
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- Posts: 145
- Joined: Thu Mar 24, 2005 6:17 pm
- Location: Seattle, WA
PayPal
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?
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.
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.