Dual Residency

[Caisaki]

Hi, I am maintaining residences for both countries Canada and Philippines. I will be studying in Canada using my permanent resident status for a few years, and would like to be able to access my funds while being there. I am also planning to apply for dual citizenship as I will be frequently traveling to both countries once dual citizenship is approved. I would like to clarify, if I open a personal account in Canada, can I transfer funds between my premier and personal PayPal accounts?

[PayPalDesshinta]

Hello  Caisaki,

Thank you for reaching out our PayPal HeadStart community.

Transfering funds within your own account is not encouraged as making payment to yourself  using a credit card can cause issues if these payments are not marked as Cash Advances.  Many credit card issuers charge higher interest rates or fees for cash advance payments.  PayPal does monitor credit card payments sent to other accounts to ensure that customers are not circumventing the cash advance policies of their card issuer.  Using a card would also involve paying a PayPal fee.

So considering cash advance fees, payment processing fees, cross-border fees and currency conversion fees, it's possible that a direct international bank transfer may still a competitive option for you depending on how you intend to send the money.

Wishing you luck in getting the dual citizenship.

- Desshinta

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