PayPal system

[K_F]

How does the Paypal system work ?

Can anyone from the planet open an account, where does the account and money reside (I'd imagine the US)
Would this be similar to owning an overseas bank account.
Does it earn interest and where do you pay taxes ?
Pros and Cons....

Thanks
K_F

[dedndave]

i am sure those questions are better answered by going to paypal.com   

as far as i know, anyone in the world can open an account
i suppose there may be countries where it is prohibited by law

not sure where the money is kept - not in my pocket, i can tell you that
PayPal is a subsidiary of EBay
the US headquarters are in San Jose
international headquarters are in Singapore

notes on interest...
http://www.fivecentnickel.com/2006/07/24/earn-interest-on-your-paypal-balance/

personally, i keep the balance low
if my wife were to let it get large (not likely), i would move the money elsewhere
the main reason being you can get interest and FDIC insurance someplace else

[K_F]

i am sure those questions are better answered by going to paypal.com   

The reason why I'm not interested in their sale pitch, but rather from people with PP experience (the things PP will forget to tell you )