Web Hosting Talk : Other Forums : Web Hosting Lounge : Pay Pal for bussines

[sasha]

Every month me and my major client spend a few hundered dollars on wire fees when I am getting paid. And additionaly since 9/11 banks introduced September 11 tax, so any wires they come to me here in Canada from US get taxed additional $15. To sum it up up, to send 8 wires from US to Canada costs $440. I find this way to high to spend on bank fees every month.

I am considering using paypal's personal account to do this transfers from now on. The cost to do the transfer would be 0. And finaly getting to the question. I would like to withdraw funds from paypal to my business checking account. This account has company name on it and not my name. The question is if this transfer going to work? ANd additional question is, is there any other good solutions for moving money from US to Canada, and not paying large fees.

[Coach]

There is a monthly limit on how much you can transfer per month with a personal PayPal account until you verify your account and you will not be able to accept credit card payments unless you get a business account, but even if you got a professional one, it would be much lower fees than what you are paying now.

From their site.

If you receive a payment from a user in another country, an additional cross border fee will be charged. The cross border fee is an additional 1% for U.S. Dollar payments and 0.5% for Canadian Dollar, Euro, Pound Sterling, and Yen payments. This cross border fee is currently waived for Canadian sellers receiving payments from U.S. buyers.

Fees for Canadian banks.

Bank Location Currency Withdrawal Fee Return Fee
Canada Canadian Dollar $0.50 CAD $30.00 CAD

However, as you see, "cross border fee is currently waived for Canadian sellers receiving payments from U.S. buyers".

Read this for more information.

http://www.paypal.com/cgi-bin/webscr...yments-outside

[sasha]

Yes, I already read all that, and everything else on and around paypal site. This "cross border fee" is probably the same thing they call "September 11 tax" in Bank of America, and I could live with that. My only problem is an account name. It seems like only way to find out is to try and see what happens. In the worst case I can get charged $30 for failed transaction.

<EDIT>

Solved. Just heard back from bank, they ALIASED bussiness account with my name, so this should work now. Hope it helps someone else.

[kohashi]

i never heard of this september 11 tax, sounds like BS to me. Could someone enlighten me on the subject?

[sasha]

Originally posted by kohashi
i never heard of this september 11 tax, sounds like BS to me. Could someone enlighten me on the subject?

Shortly after september 11 events, i noticed discrepancy between amounts that are payed to US bank, and the amounts that appear on my canadian account. I contacted my bank and they did some research and they got the answer from Bank Of America (intermediatery bank for my bank) that it is new fee for cross border transfers called September 11 tax. That is all I know. I was not able to get any paper confirmation of fees deducted.

[Rich2k]

I don't get any of that in the UK.

Whatever I receive, I get... and now paypal don't charge for wire transfers either in the UK.

[VH-Robert]

Originally posted by sasha
Shortly after september 11 events, i noticed discrepancy between amounts that are payed to US bank, and the amounts that appear on my canadian account. I contacted my bank and they did some research and they got the answer from Bank Of America (intermediatery bank for my bank) that it is new fee for cross border transfers called September 11 tax. That is all I know. I was not able to get any paper confirmation of fees deducted.

Your bank is Bank of America and you're in Canada and your paying the Sept. 11 Tax? Even though it's the same system just in a different country? What a rip.

[sasha]

Originally posted by LegacyCX
Your bank is Bank of America and you're in Canada and your paying the Sept. 11 Tax? Even though it's the same system just in a different country? What a rip.

Bank of America is my bank's intermidiary(?sp) bank. They are middleman in all wires between US banks and my canadian bank.