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whats the easist & most affordable way to keep my corporations

money in another currency. Our...
whats the easist & most affordable way to keep my corporations money in another currency. Our money comes and goes as we get paid and buy more product but I don't want to keep it in USD while its sitting in the account. I am pretty ingnorant of anything related to this so please be specific and let me know if you know a cheap but reliable place to convert it. I also don;t want to make the accounting to difficult for the corp if at all possible?
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Answered in 2 hours by:
5/5/2010
Infolawyer
Infolawyer, Attorney
Category: Business Law
Satisfied Customers: 59,048
Experience: Experienced lawyer
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Hello and thank you for your question.What do you want to accomplish?
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Customer reply replied 7 years ago
I have a feeling the USD could collapse, I'd like to have limited time my funds is actually in USD if possible. I know I get paid through paypal in USD and then transfer to my corporate account but thought maybe there is a way I could convert it to maybe the Chinese yen or whatever it is that they use and when I wire the money there it can stay in there currency when I buy more product from them. Is it costly to convert it and is it possible to do this? Thanks :)
I am going to refer you to my colleagues.
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Customer reply replied 7 years ago
ok, thanks
Law Pro
Law Pro, Attorney
Category: Business Law
Satisfied Customers: 24,870
Experience: 20 years experience in business law - sole proprietor, partnership, and corporations
Verified
YOu can do this through PayPal itself. However, you need to have another company or person in the country you want the monies converted into. Then you just pay them through PayPal itself and it's automatically converted at their conversion rate.

But you have to have that person or company set up a PayPal account so that you can pay them through PayPal. This is the cheapest way to go that I have found.
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Customer reply replied 7 years ago
okay thanks, XXXXX XXXXX do have two accounts with paypal, Can I just send myself money and convert it to something else and have it in my account in whatever currency I want?

If I ever want to conver my money other than paypal, whats the best place to get a good rate

also, any place youd recommend to buy gold?
You have to set up an entirely new PayPal account for that other country. Set them up as a supplier or something. Too, you have to set up a bank account in that country for PayPal and then go through verifying the account with PayPal.

Then send money through your PayPal account to this new PayPal account.

As to the best or a better rate - I just couldn't tell you that. I only know what I do. PayPal has been really fairly reasonable in their exchange charges. I don't know whom I can tell you does better.
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Customer reply replied 7 years ago
last thing, so can I set up a bank account in another country without going there to do it?
on a side note, im going to file personal bankrupcy soon but there are judgments against me and they could freeze my personal accounts. Paypal doesn't have my SSN because I didn;t get a debit card or anything, so is the account probably off the radar? I won;t hold you too it but do you know? Thanks :)
Probably not. We had to personally go there and show identification to set up the account.

Yes, the PayPal account is probably off the radar. However, if asked by the court or through legal pleadings - your suppose to give the information requested or suffer sanctions being levied for failure to do so. Too, not informing the bankruptcy court could and would be considered fraud and termination of the bankruptcy proceeding.
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Customer reply replied 7 years ago
ya, the bankrupcy attorney will know everything, i was just curious if they could freeze the paypal account. The account has my name on it. If a crediter with a jugment goes to paypal can they freeze the account because its in my name or no because there is no SSN ties to it? Thanks again so much I really appreciate it!
No, the creditor would really have no way of knowing about the account unless you told them about it.

There are so many banks - that's it's not possible for the opposing attorney to know or even search for the defendant's bank accounts. That if the defendant doesn't tell them - the reality is - that they really have no way of possibly knowing if you have a bank account at ABC bank right down the street.

That if they do a search for you by your social security number - that won't give a list of banks where you have accounts nor brokerages where you have accounts. The only thing that will come up is potentially is creditors.
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Customer reply replied 7 years ago
but if they do go to paypal they could freeze it? do they have a lot of expense in going to these banks where they might give up?

I would think they would first check at the big ones recently switched to wells fargo but I do have an account at a small bank that my car loan was through, its eagle community maybe I should use that
How would they know of the PayPal account unless you told them - they wouldn't. However, if they did know of the PayPal account - yes, they could freeze it.

They generally will take your deposition or send you interrogatories to get you to state where your accounts are under oath. Only if they absolutely know of an account will they proceed without first taking your depo or send the togs.

Yes, the small banks are best in many situations.
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Customer reply replied 7 years ago
can I ask what the following are:
deposition
togs
Ok. Depositions are a form of discovery in civil cases where they can ask you questions while under oath.

Interrogatories are also a form of discovery in civil cases are written questions that they send to you which you have to respond to under oath as to your answers.

Good luck!!
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Customer reply replied 7 years ago
so these things are in court? or a letter that they send that I'm required to answer?
No, they are done outside of the courtroom - usually at the plaintiffs office for the deposition and a court reporter will be there to take down whatever you say in response to their questions.

The interrogatories will be sent to your residence or address being used for the litigation of the matter.

Here's an example of the interrogatories:

$ 3117a-06 Form of Interrogatories


(Caption)

1. If there are any suits, actions, or legal proceedings of any kind against you pending and undetermined, state the full particulars as to each.

2. Are there any judgments on record against you?

a. What amount and where?

b. Have payments been made on account thereof by you or by any third party for you?

c. By what person?

d. Was satisfaction recorded?

e. If answer to item d. is "No," state why.

3. Are supplementary proceedings on any of these judgments pending against you?

4. Has any judgment creditor's action been commenced against you?

5. Have you any interest in real estate in this state or elsewhere?

a. Are you entitled to any reversion, remainder, or contingent interest in real estate; or is any real property held in trust for you?

b. Do you own any leasehold or have you any interest in any lease of real property?

c. Do you lease any real property?

d. Have you a lien on any interest in or under a lien on real property?

6. Have you any interest under any will or trust?

a. Have you recently received any money or property under any will by inheritance?

b. If answer to item a. is "Yes," state disposition.

7. What property have you in this state, real or personal?

a. Have you made any transfers of same and to whom?

b. State circumstances.

8. Give description and location of any property you have outside the state.

9. Have you any mortgages on real or personal property or other investments, such as stocks, bonds, dividend certificates, interest coupons, certificates of deposit, promissory notes, drafts, or checks?

10. Have you any interest in any pension, patent, copyright, or invention, or in any royalties?

11. Do you own a seat in any stock, commodity, or other commercial exchange?

12. Have you any right or interest or any prospect of pecuniary advantage under any contract or any interest in any suit in the courts of this or any other state, or in the federal courts?

13. Are there any judgments in your favor in any action by or against you, or have any judgments been assigned to you?

14. Have you any insurance on your life?

a. To whom was same made payable?

b. When were the beneficiaries changed?

15. Are you the beneficiary under a policy on the life of any other person?

16. What property did you have at the time when the debt for which this judgment was secured was contracted? Trace the disposition of this property.

17. Where do you live?

a. How long have you lived there?

b. How much do you pay for rent, board, services, etc.?

18. Are you a member of any club?

a. What are the dues?

b. Are they paid?

19. What salary or income have you?

20. Have you any uncollected debts or other money coming to you?

21. What is your occupation?

22. Are you married?

a. Have you a family?

b. How large?

c. How many are dependent on you?

d. With whom do you live?

23. What money have you received within the last sixty days from any source, and what have you done with it?

24. Have you a bank account?

a. When did you make your last deposit?

b. When did you draw your last check?

25. Have you anything in pawn?

26. Do you own or rent the place where you live?

a. Who owns the furniture in it?

b. What does it consist of?

27. Have you made a will?

a. When?

b. State property devised.

28. What money have you spent since the service of this order?

29. Had you at the time of the service of this order any rights, real or personal property, money, debts, claims, mortgages, leases, choses in action, judgments, insurance, watches, jewelry, checks, notes, bills of exchange, bonds, stocks, or certificates; any interest in a contract, patent, copyright, invention or royalties, which you are not now possessed of, or in which you now have no interest, or a lesser interest?

Dated ________, 20___.

(Signature)
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