Workaround for Indian Paypal Accounts

Hi !!

This is a quest to find a suitable workaround for Indian paypal accounts which will soon have major restrictions placed on them beginning 1st March.

One of the threads I visited spoke of opening a US Bank account and a US paypal account to accept payments larger than USD 500 and then keep transferring the payments at regular intervals to your Indian Paypal account keeping the transaction value below 500 USD.

The monies that you do not want to include under the taxmans scanner should continue to lie in this US paypal account or be transfered to the US bank account that you have opened.

I have just begun google for something on these lines and will appreciate any and everyones comments and suggestions . Also the precautions that need to be taken while indulging in such an exercise will come in handy.

Lets brainstorm and I am sure we BHW members can come up with something really quick. We have 30 days approximately to implement this workaround.

I came across this website which is offering a US bank account for 40 USD.
http://www.bank-usa-account.com/

Looking forward to a debate/comments/views on this thread.

Cheers and keep smiling.

Well Having US bank account and US paypal is a bit difficult to begin with for Indians...

Cheerios

but why in usa ???

why not in UK ?

From what I can figure out at the moment is that it is not very tough to get a US Bank account. There are three possible ways to do so.
1. Use a friends address for papers to be delivered which would be forwarded to you. You will need to fill the same up and send them back to the bank. Once the account is opened the debit card which will be sent to your friend address is forwarded to you again and you can withdraw your monies from any mastercard/visa atm the world over.
2. Pay an agency 30 to 50 dollars to do the same.
3. Subscribe to a mail forwarding agency for 2 months and follow the same procedure in point no. 1 if you dont have a friend or relative in the USA.

The US taxman will not require any additional verification documents upto a transactio limit of 20,000 USD a year. When you are approaching that figure open another account

More suggestions are welcome.

Cheers

Why only in USA, not in germany or in UK?

tokokipiani said:

Why only in USA, not in germany or in UK?

Click to expand...

its a very old story dude.