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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)
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