Online earnings - business or personal bank account?

[Shigobad20201]

Actually everyone has different reasons as to why they engage into online business. Personally I run both online and offline and sometimes I used the money I got online to support my offline business with.

As an inline and offline earner , I have two seperate account which i uses for both online and offline earning activities mainly because of scammers that are online targeting peoples account .

 

[Caradavac]

Actually, this is a good question, last year I got a PayPal account registered for another person, and all money that I was getting on the internet I transferred to his PayPal account.

 

[Skysaint]

Most if not all my online earnings are actually going into cryptocurrency and that's what I make use of especially for international payments. But for jobs done locally, I would accept payment directly into my personal bank account.

 

[Good-Person]

As an inline and offline earner , I have two seperate account which i uses for both online and offline earning activities mainly because of scammers that are online targeting peoples account .

I think that I will always prefer to save my online income in online payment processors such as PayPal because they could be used almost anywhere in many different countries.

 

[SamsonGamble]

If you're running a more established online business or anticipate significant earnings, having a separate business bank account can offer distinct advantages. It helps with organization, financial reporting, and projecting your business's growth. Additionally, having a dedicated business account can make it easier to track business expenses and simplify tax filing.
When searching for the fastest business bank accounts, it's worth considering online banks and fintech companies. They often offer streamlined processes and digital tools that can help you set up and manage your business banking efficiently.

 

[Pattertwig21]

I think better to set up a business account to separate your personal money with what you earn and use for your business. This way the money don't mix and you can budget and work around the money to see actual profits and not mix it with what you have on your personal accounts. It makes for better management to not mix business and personal accounts, in my opinion.

 

[Good-Person]

I have a personal account where I receive the money, for example paypal. I don't do so many online transactions, I just receive ... I don't see any advantage to upgrade the business plan.

I think that PayPal's business account is for companies that tend to accept payments from customers around the globe. So, if you own a business, then you would need to have one.

 

[Heatman]

All my online earnings are linked to my personal accounts and they are put in directly into that account after conversion.But my government does not put a charge on personal account.

I am either making use of PayPal or cryptocurrency when it comes to getting my online earnings which is exactly where the money stays in unless I have any other need to move it from either of the platform to my bank account and use it for other needs.

 

[Heatman]

It depends on what I choose to do with my online earnings. If it's to push business I'll prefer it in my business account but if otherwise, I'll prefer it in my personal savings account.

Some of my online earnings are actually paid in cryptocurrencies and as a result of that, most of them actually stay in my cryptocurrency wallet unless I have any need to sell part of them to use it for my personal use.

 

[Good-Person]

Some of my online earnings are actually paid in cryptocurrencies and as a result of that, most of them actually stay in my cryptocurrency wallet unless I have any need to sell part of them to use it for my personal use.

Well, if you are paid in cryptocurrencies, then how do you deal with market fluctuations? Cryptocurrencies are volatile. If you store your money in the form of cryptocurrencies then volatility could have an effect on the monetary value of your cryptocurrencies. So, how do you deal with this problem?

 

[Heatman]

Well, if you are paid in cryptocurrencies, then how do you deal with market fluctuations? Cryptocurrencies are volatile. If you store your money in the form of cryptocurrencies then volatility could have an effect on the monetary value of your cryptocurrencies. So, how do you deal with this problem?

The moment I get any of my payment in cryptocurrency which is usually in Litecoin or Bitcoin, I will convert the cryptocurrency into USDT which is a stable coin so it is not going to be affected by the volatile nature of CRYPTOCURRENCY as prices go up and down.

 

[Grant]

I usually use a personal account, but I do have a business account for most of my business related stuff. My personal account I use most of the time though otherwise.

 

[Heatman]

I usually use a personal account, but I do have a business account for most of my business related stuff. My personal account I use most of the time though otherwise.

I have a personal account, a business account and also a fixed deposit account. And also, I have my cryptocurrency account as well, so I make use of any account that suits the business transaction that I want to do at any particular point in time.

 

[Mostee501]

When it comes to online earnings, whether you should use a business or personal bank account depends on several factors, including the nature and scale of your online activities, legal requirements, and your personal preferences.

 

[Heatman]

When it comes to online earnings, whether you should use a business or personal bank account depends on several factors, including the nature and scale of your online activities, legal requirements, and your personal preferences.

The nature of the transaction that you're doing in your online business should actually give you a clue on the best kind of account that you need to use for the transaction because it is going to make it more easier for you to process your payment.

 

[Good-Person]

The moment I get any of my payment in cryptocurrency which is usually in Litecoin or Bitcoin, I will convert the cryptocurrency into USDT which is a stable coin so it is not going to be affected by the volatile nature of CRYPTOCURRENCY as prices go up and down.

People must be careful when it comes to storing the funds using the USDT. This is because such kind of cryptocurrencies are centralised and they could crash at any time. This is what happened to the Terra coin, as Terra USD collapsed despite being a stable coin.

 

[Heatman]

People must be careful when it comes to storing the funds using the USDT. This is because such kind of cryptocurrencies are centralised and they could crash at any time. This is what happened to the Terra coin, as Terra USD collapsed despite being a stable coin.

I believe that USDT is a part of the original USD of America. I don't think we are going to see it suffer any kind of crash as long as dollar as a currency never crash, the stable coin USDT will always remain relevant.

 

[Good-Person]

I believe that USDT is a part of the original USD of America. I don't think we are going to see it suffer any kind of crash as long as dollar as a currency never crash, the stable coin USDT will always remain relevant.

Well, the main problem with Tether is that it is a centralised currency and this still somewhat makes it less secure. I may never consider it to store a lots of money that I cannot afford to lose in the first place. However, what makes it unique is the fact that it is still more popular than other stablecoins and this still makes it a bit more secure as compared to other stablecoins.

 

[Heatman]

Well, the main problem with Tether is that it is a centralised currency and this still somewhat makes it less secure. I may never consider it to store a lots of money that I cannot afford to lose in the first place. However, what makes it unique is the fact that it is still more popular than other stablecoins and this still makes it a bit more secure as compared to other stablecoins.

Yeah, that's very correct. The USDT or Tether will always be the best stable coin because of its affiliation with the US Dollar. The financial power of the US Dollar makes it a good assest. Other stable coin like BNB doesn't get anywhere near USDT.