posted on December 22, 2000 07:43:17 AM new
I live on the Canadian border and am in Canada 2 or 3 times a week.
I have three Canadian bank accounts, one for myself, one each for a niece and nephew. The fact is Canadian banks offer low (or no) minimum balance, smaller fees and pay much higher interest than US banks. Also, Canadian banks will not report to the IRS if account balances are below [I believe it's] $10,000. They do deduct 10% of the interest earned as a "non-resident tax".
However, this is whats AMAZING:
When opening the accounts for my niece and nephew (one at Bank of Montreal, the other at Bank of Nova Scotia) I did so WITHOUT ID. When the officer filled out the new account forms he asked for valid ID. I explained that these were infants and had none. In both cases the accounts were opened without a lick of ID from me, I only signed the signature card. I am the holder of the accounts and have sucessfully withdrawn from both accounts this week for Christmas. Seems like another can of worms is about to be opened for Paypal on 1/7/2001.
BTW, my bank (Canada Trust) just this past month or so, now requires valid ID simply to make a withdrawl. Signs at each teller explain the new policy saying the bank has been victim to numerous frauds. I guess so!
posted on December 22, 2000 09:05:04 AM new
Don't get your knickers in a knot. International Paypal isn't tied into the person's Bank account. Debits and credits are done through your credit card--and at the moment only Visa
