New & confused! Plz help!!!!

[Sherri6]

Hi guys I’m new to the community hence the extra long message but I really hope you can help me out. I have always had a personal PayPal account that was very easy to use and I could withdraw and receive my funds in my account maximum in 5 days and minimum in 2 days. I am a Canadian citizen & resident & recently registered my corporation in Canada and hence upgraded to a PayPal business account. I have an export business for sporting goods and most of my clients are based in the USA so they prefer paying via PayPal. I also have a borderless USD account but PayPal still converts the money into CAD first and then reconverts it to USD before placing it in my borderless account which means I have to pay for two conversions; the first is the initial USD to CAD then again CAD to USD in order for it to be transferred to my account successfully. Due to this I am losing major money. Another major issue I am having is the 21 day hold on my funds which I had never faced previously through my personal account. The nature of my business is such that even though my company is based and registered in Canada the products are shipped from the warehouses directly from Asia to the USA and all the funds I receive go into my Canadian business account on which I pay a hefty tax end of the year. I cannot have a 21 day hold on my funds as that affects my shipping, investment and other overheads a lot. I need you advice regarding a few things. A) do you think I should switch back to my PayPal personal account & link it to my canadian business bank account so I do not have trouble end of the year with taxes. B) is there a way I can bypass the 21 day hold as I have a niche market of clients hence I work through my Facebook page and don’t feel the need to sell via a website, amazon or EBay at this point in time. We manufacture and sell customised sporting goods to a limited number of clients so most of our pulicity is through word of mouth hence we work on a trust based system and so far have had no trouble with any of our clients. My final question to you would be how long will PayPal be putting a 21 day hold on my funds before declaring my business as safe and releasing funds like they normally did i.e 5 business days max. Is there any way possible for me to have an American PayPal account even though I live in Canada without having to hire an American partner as 99% of my American clients are comfortable using PayPal so I have no choice but to use PayPal but as I mentioned earlier I do not see the benefit of a business account as I cannot put my money back into my business for 3 weeks now whereas before as soon as I would receive payment in my personal PayPal account I would ship out the goods in a matter of days but with the 21 day hold I am unable to get the goods shipped immediately due to not having access to my funds. Your help and guidance would be greatly valued and appreciated. I look forward to hearing back from you. Sorry for the really long query but I’m very distressed with this new account and having a lot of trouble managing it.

[sharpiemarker]

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@Sherri6 wrote:
Hi guys I’m new to the community hence the extra long message but I really hope you can help me out. I have always had a personal PayPal account that was very easy to use and I could withdraw and receive my funds in my account maximum in 5 days and minimum in 2 days. I am a Canadian citizen & resident & recently registered my corporation in Canada and hence upgraded to a PayPal business account. I have an export business for sporting goods and most of my clients are based in the USA so they prefer paying via PayPal. I also have a borderless USD account but PayPal still converts the money into CAD first and then reconverts it to USD before placing it in my borderless account which means I have to pay for two conversions; the first is the initial USD to CAD then again CAD to USD in order for it to be transferred to my account successfully. Due to this I am losing major money. Another major issue I am having is the 21 day hold on my funds which I had never faced previously through my personal account. The nature of my business is such that even though my company is based and registered in Canada the products are shipped from the warehouses directly from Asia to the USA and all the funds I receive go into my Canadian business account on which I pay a hefty tax end of the year. I cannot have a 21 day hold on my funds as that affects my shipping, investment and other overheads a lot. I need you advice regarding a few things. A) do you think I should switch back to my PayPal personal account & link it to my canadian business bank account so I do not have trouble end of the year with taxes. B) is there a way I can bypass the 21 day hold as I have a niche market of clients hence I work through my Facebook page and don’t feel the need to sell via a website, amazon or EBay at this point in time. We manufacture and sell customised sporting goods to a limited number of clients so most of our pulicity is through word of mouth hence we work on a trust based system and so far have had no trouble with any of our clients. My final question to you would be how long will PayPal be putting a 21 day hold on my funds before declaring my business as safe and releasing funds like they normally did i.e 5 business days max. Is there any way possible for me to have an American PayPal account even though I live in Canada without having to hire an American partner as 99% of my American clients are comfortable using PayPal so I have no choice but to use PayPal but as I mentioned earlier I do not see the benefit of a business account as I cannot put my money back into my business for 3 weeks now whereas before as soon as I would receive payment in my personal PayPal account I would ship out the goods in a matter of days but with the 21 day hold I am unable to get the goods shipped immediately due to not having access to my funds. Your help and guidance would be greatly valued and appreciated. I look forward to hearing back from you. Sorry for the really long query but I’m very distressed with this new account and having a lot of trouble managing it.

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What is this borderless Paypal Account? Never heard of it. I did a google search and this borderless account is not a Paypal Account, yes? It's with an other payment processor?

The currency conversion is something that can't be avoided on PayPal's end as you have now. The primary currency has to be the same on Paypal Account and the borderless account. See if you can change the primary currency of your Canadian account to USD, then withdraw to the USD borderless account.

The 21 day hold can't be avoided either since you upgraded account to business and changed your account activity and selling pattern changed. PayPal don't know how you'll be as a business account. It used to say how long the hold regimen lasts but from what I can recall, they review your account every month to see if you meet the requirements, if you do, they will email you. Could be 3 months to 6 months. We can't that say the system still won't continue to hold your funds for changing back to personal account. Get a small loan to leverage the shipping expense. As for the tax issue, you'll have to consult a tax professional.