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Need Info About PayPal Account and Bank Account

by sreeprashanth
10 replies
Hi

I am visiting USA next month and my friend has agreed that he will help me open a bank account.

So I would like to know few things related to which account type i should open and how USA paypal works.

He told me that we can open either a savings bank account or a checking account. He also informed that savings account is limited to only 6 transactions per month, whereas the checking account does not have such limitations.

Can you guys tell me which is better for having a verified USA PayPal business account.

And regarding PayPal, here in India the amount received to my PayPal account will be auto transferred to my account by that evening. Is this the same with a USA PayPal account.

Please help in making the right choice here

Thanks in advance
#account #bank #info #paypal
  • Profile picture of the author Shaolinsteve
    Originally Posted by sreeprashanth View Post

    Hi

    I am visiting USA next month and my friend has agreed that he will help me open a bank account.

    So I would like to know few things related to which account type i should open and how USA paypal works.

    He told me that we can open either a savings bank account or a checking account. He also informed that savings account is limited to only 6 transactions per month, whereas the checking account does not have such limitations.

    Can you guys tell me which is better for having a verified USA PayPal business account.

    And regarding PayPal, here in India the amount received to my PayPal account will be auto transferred to my account by that evening. Is this the same with a USA PayPal account.

    Please help in making the right choice here

    Thanks in advance
    As far as I know you can have a regular / standard account. PayPal will take a refundable deposit, but it's minor, just to verify the account. Depending on if you're making any revenue now, you can always upgrade to a business account if you wish to do so.

    I think the account gets downgraded if you're not putting X amount into the account each month, but that's going to vary from bank to bank.
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    • Profile picture of the author AnniePot
      Before we were able to open any sort of bank account in the USA, we had to obtain valid Social Security numbers. Everything here is linked to your Social Security number and getting one can often be quite a hassle, you have to prove your legality to be here, etc.
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      • Profile picture of the author DWolfe
        Originally Posted by AnniePot View Post

        Before we were able to open any sort of bank account in the USA, we had to obtain valid Social Security numbers
        Here is a link to help you avoid that problem. U.S. Bank Accounts for Non-Citizens | How to easily open your account Bank of America is known for opening accounts to foreign nationals in California and elsewhere ( want to keep politics out of this ).

        I would suggest a checking account in case latter down the road you need to make a lot of withdraws. It is easy to go beyond 6 transactions a month. You should really talk to the bank rep. about your personal needs.

        Your money in the US bank account transferred to your USA Paypal will be the same if not quicker than 24 hours. Best to spend some time reading the US guidelines in a new paypal account. Direct transfers over seas from the US to where you live may take longer.
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      • Profile picture of the author Kay King
        Bank acct requirements vary from bank to bank so that's something you need to check out.

        The terms of Paypal accts in India are due to the INDIA banks - Paypal had to find a way to make their system work within tight restrictions of the bank system in India.

        The problem you will have is you are circumventing Paypal regulations if you claim residence in the US and don't live here - you can't get a social security number as mentioned above - you can't verify a physical address or US phone number (something Paypal might require). If you are able to open an acct - it will always be at risk of funds being frozen for 6 months or so if Paypal finds the info used to open it is false.

        Edit: DWolfe above may have info I don't have - Paypal will still be a problem if you try to claim US residence to open an account. Maybe that is not your intention.
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        • Profile picture of the author sreeprashanth
          Originally Posted by Kay King View Post

          Bank acct requirements vary from bank to bank so that's something you need to check out.

          The terms of Paypal accts in India are due to the INDIA banks - Paypal had to find a way to make their system work within tight restrictions of the bank system in India.

          The problem you will have is you are circumventing Paypal regulations if you claim residence in the US and don't live here - you can't get a social security number as mentioned above - you can't verify a physical address or US phone number (something Paypal might require). If you are able to open an acct - it will always be at risk of funds being frozen for 6 months or so if Paypal finds the info used to open it is false.

          Edit: DWolfe above may have info I don't have - Paypal will still be a problem if you try to claim US residence to open an account. Maybe that is not your intention.
          This question about opening a bank account is to make sure that i should be able to open an paypal account without any problems or getting banned or something else.

          And I already have a verified business PayPal account in INDIA. The thing is few things cannot be done with this account so i am trying to make sure that is it the worth the try. and nothing else
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      • Profile picture of the author sreeprashanth
        Originally Posted by AnniePot View Post

        Before we were able to open any sort of bank account in the USA, we had to obtain valid Social Security numbers. Everything here is linked to your Social Security number and getting one can often be quite a hassle, you have to prove your legality to be here, etc.
        Thanks for the feedback,

        I have talked about these things and about the patriot act with my friend and he told that a bank does not need the SSN, but other documents like passport, etc.,
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        • Profile picture of the author AnniePot
          Well, things must have changed drastically from my family's experiences then. The first two things they asked for were Social Security numbers and our permanent address in the US.

          In fact, we had to postpone the bank account application until we had visited the Social Security office, completed applications and then waited for the official cards, bearing the numbers to arrive in the mail.


          Originally Posted by sreeprashanth View Post

          Thanks for the feedback,

          I have talked about these things and about the patriot act with my friend and he told that a bank does not need the SSN, but other documents like passport, etc.,
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  • Profile picture of the author Alexa Smith
    Banned
    Originally Posted by sreeprashanth View Post

    Please help in making the right choice here
    Having originally opened my own PayPal account from a different country from where I now live, there are two things I can tell you fairly confidently ...

    (i) Trying to fool PayPal about where you actually live (and especially from where you'll be operating the account) is not going to be the right answer (please don't get me wrong: I'm not trying to accuse you of having that specific plan, but I've seen people ask about that here before, so it's worth mentioning in this context!), and ...

    (ii) Your questions about this are going to get far more helpful, better-informed answers if you ask them of PayPal, rather than asking them of Warriors. In the long run, you can't conceal anything from them anyway (and it can be disastrous to try), so the more up-front and direct you are in your dealings with them, right from the outset, the better are your chances there.

    Good luck, and enjoy your trip to the U.S.


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    • Profile picture of the author sreeprashanth
      Originally Posted by Alexa Smith View Post

      Having originally opened my own PayPal account from a different country from where I now live, there are two things I can tell you fairly confidently ...

      (i) Trying to fool PayPal about where you actually live (and especially from where you'll be operating the account) is not going to be the right answer (please don't get me wrong: I'm not trying to accuse you of having that specific plan, but I've seen people ask about that here before, so it's worth mentioning in this context!), and ...

      (ii) Your questions about this are going to get far more helpful, better-informed answers if you ask them of PayPal, rather than asking them of Warriors. In the long run, you can't conceal anything from them anyway (and it can be disastrous to try), so the more up-front and direct you are in your dealings with them, right from the outset, the better are your chances there.

      Good luck, and enjoy your trip to the U.S.


      .
      Thanks for the wish :-)

      For the (i) I am not trying to fool the PayPal here or anyone, that is the reason i am asking the question in the open forum. I just want to make sure that opening the bank account and placing he required deposit in the bank should be worth. I do not have any kind of plan here, it's just straight forward, that is it possible for me to open a "good standing" USA PayPal account and nothing else.

      This should clear any doubts in the minds of my warrior friends :-)
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  • Profile picture of the author eac113
    I would contact pay-pal directly, you are not the 1st person to have this issue I'm sure. They are in business to do business and will give you the correct information on setting up your account properly.
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