Hi, I have got paypal account since past 3 years. It was inactive till now but now as i have started Freelancing , now it is very active. For the monetory purpose it is business account and unverified till now (waiting for my cc) Shall I degrade account from business account to premier account??/ After the account gets verified, i am willing to withdraw the funds on my personal name. will there be any problems? Or Shall i have to open a company bank account for the same. please help. regards, aakash
Typically both the Premier and the Business account are identical, the only difference really is that with the Business Account, your business name appears as account holder and with the Premier Account, your personal name appears. Of course, at the same time, the Business Account only allows you to withdrawl to your account with your business name and the premier to your personal name. You shouldn't have any problems with the change from business to premier account, the choice is really yours. Of course, if you are however dealing with businesses, a business account might be better. But since you are dealing with freelanching work, the premier should do just fine.
I was thinking to start a business first. but the legal formalities will take its time for registering company and creating current account in bank and stuff. so meanwhile i would like to have payments recieved in individual name. how many days does it normally take for account transfer. I have applied for the same at paypal. Thanks
Yup, the Premier would suit you fine. As for funds transfer, I guess it may vary from country to country. In my case, typically it is 6 to 7 days.