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Thread: Bonaire Paypal Account Possible?

  1. #1
    tholland is offline Bonaire Lover Bonaire Talker
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    Default Bonaire Paypal Account Possible?

    Does anybody know if it is possible to have a Paypal account in Bonaire (in US dollars) which could be used to receive payments from the USA?

    thanks !

    Anthony

  2. #2
    randl's Avatar
    randl is offline Bonaire Lover SUPPORTING MEMBER - Bonaire Talker
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    You can't link PayPal to a Bonaire bank...last I checked.

  3. #3
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    If you want to use Paypal on Bonaire you need a bank account in the USA. Paypal doesn't link to any of the local banks. If you are considering this (and i am not saying you are) to avoid US taxes please see a trained professional. If you have a bank account on Bonaire, or in any foreign country with more than $10,000 the FATCA Law requires that you report it to the US government. The penalties for having a foreign bank account and not reporting it can be a fine of up to $50,000 and that is just for starters.

    Also, since Bonaire is now part of Holland, you can be sure that the Dutch and US tax authorities are sharing client information.
    Bob Bartikoski
    Owner RE/MAX Paradise Homes
    www.bonairehomes.com

  4. #4
    randl's Avatar
    randl is offline Bonaire Lover SUPPORTING MEMBER - Bonaire Talker
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    As far as I know, the only electronic way to move funds between a US and a Bonaire bank is by wire transfer. Anyone know another way?

  5. #5
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    Quote Originally Posted by randl View Post
    As far as I know, the only electronic way to move funds between a US and a Bonaire bank is by wire transfer. Anyone know another way?
    We were able to pay for our apartment rental this time by check. So, there must be some bank on Bonaire that will take a check drawn on a US bank account. There was a $2.50 fee. A lot cheaper than the wire transfer charges . . .

  6. #6
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    The Bonaire banks do accept US checks, but nearly all Bonaire businesses don't. Local businesses on Bonaire don't even accept LOCAL checks in most instances. Almost all transactions on Bonaire are via on line banking or PIN (debit) card.

    If you deposit a US check in a Bonaire bank, the funds are not available for two or three weeks to the party who accepts the check. There is also the risk to the person who accepts it, that if the check bounces they get nothing. I don't think many people/businesses on Bonaire will accept payment by check unless they know you, or have a credit card number as a back up. If the other party knows you, a check saves money for everyone since the fees are less than for a wire transfer or credit card.

    That said, writing a check and depositing it in your Bonaire bank account is a good way for anyone to transfer funds from THEIR account in the US to THEIR account on Bonaire. The cost is only $2.50 and the funds are available in two or three weeks.

    You should also note that the check needs to be made out to the EXACT name of the recipient and that name needs to match their ID. As an example, my mother wrote a check to me and my bank wouldn't let me deposit it, since it was made out to "Bob" instead of "Robert".

    The banks on Bonaire are actively trying to eliminate the use of local bank checks on Bonaire, and so they charge businesses $1.00 PER check when they are printed. This is mainly due to some amount of check fraud, over-drafted checks and the use of checks made out to "cash" to avoid local income taxes and sales tax. Plus, PIN (debit) cards are accepted nearly everywhere now, except maybe at some really small businesses or snacks.
    Bob Bartikoski
    Owner RE/MAX Paradise Homes
    www.bonairehomes.com

  7. #7
    kob's Avatar
    kob is offline Bonaire Lover SUPPORTING MEMBER - Bonaire Talker
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    I have been moving funds from my US bank to my Bonaire bank (MCB) for a couple years easily & at very low cost. I just write a check to myself from my US bank and deposit it in my MCB account. Takes a few days to clear, but the fees are negligible (maybe $1.50?) compared to wire transfer fees.

    I wrote a personal check from my US bank to a friend here on Bonaire for $70,000 ... he deposited it into his MCB account and had use of the money in less than 10 days.

    This has worked very well for me at virtually no cost.
    KOB
    PADI CD-159014
    KOBScuba.com
    Lighthouse Beach Resort #32

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