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Question about PayPal, Transferring Money and USA Bank Accounts...

OzzieMan

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Hey guys,

This might go a bit long so please bear with me

I live in Bahrain and I run a few ecommerce stores where my customers pay via Paypal.. so the money gets collected in my Paypal account. The problem is I am not able to transfer large amounts of money from Paypal directly to my Bahrain based bank account.

I mean I CAN transfer from my Paypal account to my bank account but banks in Bahrain have a silly limitation... they allow you to only transfer $500 per transaction. I have a couple thousand dollars in my Paypal account which means I'd have to split it into several transactions. Which is a lot of hassle.

I'm just looking for a way to transfer the money lump sum in one go.

That's when i thought of western union. Actually paypal has a service called Xoom that does just that - it lets your send money anywhere via exchanges such as western union and travelex. So you simply link your paypal account with Xoom and then send money anywhere (including yourself) and get it in cash via WU or similar exchanges. The only caveat is that... Xoom is not available in Bahrain
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Its actually not available in many countries.

So that rules out Xoom.

Which leaves me with not too many options.

Yes, I have tried using Wise.com to create a US bank account. But Paypal doesn't accept that anymore. They say you can't connect any virtual bank account.

Someone recommended me to use an app called "Passbook" powered by Remitly. I tried creating an account on Passbook but my application was rejected.

Ultimately, I can pay these US company formation services to setup a LLC company + USA bank account for me and theoretically I should then be able to link it with my Paypal account. From that point onwards, I'll simply transfer all the funds I have in my Paypal account to this USA bank account, link it with Wise.com and then use Wise to transfer to my Bahrain based bank account. My question here is: What about taxes? Will any tax be deducted on the money that I transfer to my USA bank account? Any yearly taxes? We don't have taxes here in Bahrain so i'm a total stranger to this topic.

I'm willing to pay anyone for consultation on these topics if you're an expert with this and can help me out.

Thanks for reading!
 
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inputchip

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Sounds like the easiest solution is to just transfer out of PayPal in $500 increments. If it's only a few thousand dollars it doesn't seem like that much of a hassle. I would stop using Paypal and use a different payment service like Stripe or something similar that works in your country. Stripe will pay out to virtual bank accounts in USD through Wise, but not sure if Stripe is available in your area.
 

Itizn

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Idk bout taxes but most countries have a few of their own domestic virtual payment apps. Find one that links up with PayPal (there will be at least one).
 

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