Questions about paypal

6 replies
Hey guys, I have some questions about PayPal I'm hoping some of you can answer.

How much can you have in your PayPal account? For example if I was given 40,000$ (say through the sale of a site) would any flags be raised?

How much can I withdraw at any one time?

If I'm given a lump as a gift can I withdraw that all at once and not raise any flags - as I wouldn't have the threat of refunds to give ... It should be fine?

Thanks!
#paypal #questions
  • Profile picture of the author funmom91
    It depends on what type of account you have an what limits you have set in place for yourself.
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  • Profile picture of the author pacelattin
    What flags are you worried about raising?

    There are three type of flags I can think of:
    1) IRS: If you are asking how to hide money illegally, don't ask here.
    2) Patriot Law Issues: Similarly, asking for ideas on how to break the law?
    3) PayPal Security.

    Sounds like from the lump sum gift, you are asking about how to defraud the IRS. Bad idea to ask for illegal advice on a forum.

    Originally Posted by jeskola View Post

    Hey guys, I have some questions about PayPal I'm hoping some of you can answer.

    How much can you have in your PayPal account? For example if I was given 40,000$ (say through the sale of a site) would any flags be raised?

    How much can I withdraw at any one time?

    If I'm given a lump as a gift can I withdraw that all at once and not raise any flags - as I wouldn't have the threat of refunds to give ... It should be fine?

    Thanks!
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  • Profile picture of the author Daniel Evans
    I think it really depends upon the trends associated with your account. If $40k is irregular, then there's a possibility since in PayPals eyes, it poses a risk.
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  • Profile picture of the author TopKat22
    I do not know if there are any limits but I do know from experience that large transactions without a history of such things will raise red flags. I have had tens of thousands of dollars on hold with paypal for 3 - 6 months waiting for investigations. I did eventually get the money but I had to wait.

    Paypal is a bank under all the same rules and guidelines as other banks in the US.

    However, if this transaction is legit, I advice you contact paypal ahead of time and tell them what you are expecting and to see if they will need any other information before it happens. This does NOT guarantee it will still not be put on hold but it might help.
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    • Profile picture of the author SteveJohnson
      Originally Posted by TopKat22 View Post

      [...]

      Paypal is a bank under all the same rules and guidelines as other banks in the US.

      [...]
      That is SO WRONG.

      To the OP - why in the world would you want to run $40K through PayPal? You're going to be paying what - $1500 or more in transaction fees? Why can't you do the transaction with certified funds, or at least a check you can bank?
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  • Profile picture of the author jeskola
    Lol... Not trying to defraud anyone, I'm curious as to what will happen if I was to receive a large sum from a 3rd party that was entirely legit.

    It's a premium account, and yes I plan to pay tax on any money I make from my websites.
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