- Joined
- Nov 30, 2015
- Messages
- 74
Rep Bank
$380
$380
User Power: 124%
Hello,
I am currently in the pickle of trying to decide whether I should withdraw my USD from Paypal and store my money in my local currency (AUD - Australian Dollar) here in a local bank, since Paypal is forcing me to convert it if I withdraw to an Australian bank. The benefits of doing this is allowing me to have the money stored in a secure, local Bank, with all the bells and whistles like a debit card to go with it, basically complete control to the money.
But then the question of currency comes in.
Or my other option is to try and preserve the USD, I'd have to go through a method like sending the money to Payoneer, then to skrill or a service that will allow me to transfer to a secondary bank account of mine in Australia that i'll open in USD (foreign currency). It's a big effort, especially since my daily sales are in the 5 figures per day, so thats a lot of money to transfer around a lot.
The option Paypal does give me is to withdraw the USD if I have a US Based account (here is where I get jealous of all of you in the US). This will require a trip to Hawaii to open an account up, but I am reading some laws about using a personal US bank (easy to open up) for company use is a big no no, and I will have to register as a LLC in the US, and open a company Bank account - which then implies the 39% company tax that is in the USA (which I do not want to do, as It's only 27.5% here in AUS).
What do you recommend I do?
Should I make my life easier and just withdraw the USD at the end of every week into my AUD account (simple and straight forward) however I will have to just ignore all the losses from Paypals poor currency conversion rates. Or is the USD really that special that I should do whatever I can to preserve the RAW USD?
All help is highly appreciated!
(To give some quick background on myself, I don't really spend much money here in Australia because I am a bit of an 'international body' - I like to jump from country to country as I am still young, heading more into the travelling entrepreneur kind of person. I don't so much so feel I could commit to being in 1 place for a long period anymore (getting exhausted in Australia)
I am currently in the pickle of trying to decide whether I should withdraw my USD from Paypal and store my money in my local currency (AUD - Australian Dollar) here in a local bank, since Paypal is forcing me to convert it if I withdraw to an Australian bank. The benefits of doing this is allowing me to have the money stored in a secure, local Bank, with all the bells and whistles like a debit card to go with it, basically complete control to the money.
But then the question of currency comes in.
Or my other option is to try and preserve the USD, I'd have to go through a method like sending the money to Payoneer, then to skrill or a service that will allow me to transfer to a secondary bank account of mine in Australia that i'll open in USD (foreign currency). It's a big effort, especially since my daily sales are in the 5 figures per day, so thats a lot of money to transfer around a lot.
The option Paypal does give me is to withdraw the USD if I have a US Based account (here is where I get jealous of all of you in the US). This will require a trip to Hawaii to open an account up, but I am reading some laws about using a personal US bank (easy to open up) for company use is a big no no, and I will have to register as a LLC in the US, and open a company Bank account - which then implies the 39% company tax that is in the USA (which I do not want to do, as It's only 27.5% here in AUS).
What do you recommend I do?
Should I make my life easier and just withdraw the USD at the end of every week into my AUD account (simple and straight forward) however I will have to just ignore all the losses from Paypals poor currency conversion rates. Or is the USD really that special that I should do whatever I can to preserve the RAW USD?
All help is highly appreciated!
(To give some quick background on myself, I don't really spend much money here in Australia because I am a bit of an 'international body' - I like to jump from country to country as I am still young, heading more into the travelling entrepreneur kind of person. I don't so much so feel I could commit to being in 1 place for a long period anymore (getting exhausted in Australia)
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
