Banks make you jump through hoops when you set it up and it's not every 1.7k. It's teh first time you hit 1.7k and then they have to check the same documents your bank needs. Banks take just as long sorting it out. The difference is they do it before they give you access. If you know you are going to break 1700 I'm sure paypal will let you do it in advanced.
Paypal and a lot of transactions
- Thread starter Tony Williams
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Banks make you jump through hoops when you set it up and it's not every 1.7k. It's teh first time you hit 1.7k and then they have to check the same documents your bank needs. Banks take just as long sorting it out. The difference is they do it before they give you access. If you know you are going to break 1700 I'm sure paypal will let you do it in advanced.
They certainly do not, i've had thousands in and out and i've not had any problem as long as i've had my account/s, and there was no problem when I opened the account either - showed them my student card (as it was a student account) and provisional driving licence, and I had money in it straight away.
That's not even the biggest problem with Paypal anyway. The "checks" are a minor annoyance compared to their customer service regardihg scamming.
Me neither, when they froze my account, i'd had about £6k go through it beforehand over about 4 years... I never had a problem with £1700,
With a bank of course you wont have a problem as you do all the checks beforehand, paypal doesn't. Usually with banks you have to show ID, proof of address, 3 months of payslips so on and so forth and usually takes a few weeks to get the account sorted.
Just with paypal most people don't need to do these checks as they don't have enough money flowing through their account. So they do it when you hit the limits.
It's a known fact Paypal operate with large sums on money on high interest accounts because they secure funds by randomly freezing accounts "for review". They were investigated once by FSA for operating with something to the tune of 30mln USD which they shouldn't technically have had with ability to operate with (as in - they shouldn't touch someone else's money). They then tried tried to become a bank to be able to operate with customers money which was impossible in US or UK due to stringent regulations. So they promptly moved to Luxemburg to become bank and keep doing what they're doing with your funds.
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What about AlertPay as an alternative?
Soldato
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The £1700 is an annual limit not a total limit so you could have £6k go through it in four years without hitting it.
For me, I log into Paypal and am presented with the account summary page. On the same line that says Paypal Balance there is a link which says view limits.
Following this takes me to a page which, unsurprisingly, shows what annual limit I currently have and how much of that is remaining. There is a button there which is called Lift Limits which takes me to another page giving information on what you need to do in order to lift the limits.
So what would happen if you threatened legal action?
Yeah they have started doing that on high value items or items which are commonly scammed eg mobiles, memory cards, game consoles etc.
The solution of course as everybody know is to refund the buyer 1p and that frees your money so you can withdraw it. I know you shouldn't need to do this but just for future reference.
Nothing, i would have thought. They would have worked it into some "revised T+Cs".
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Right okay, guys this morning I did a thing with a bank card and Paypal.
Paypal are charging my card with £1, when I check my statement there is a 4 digit code, I put that code into Paypal and it'll verify my card and refund the £1 into my Paypal.
Would I still have trouble with bringing in £1.7k?
Paypal are charging my card with £1, when I check my statement there is a 4 digit code, I put that code into Paypal and it'll verify my card and refund the £1 into my Paypal.
Would I still have trouble with bringing in £1.7k?
Soldato
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Isn't that the normal way of confirming a card with them ... don't see how that will make any difference ....
See my last posting further up this thread on what Paypal page to navigate to to see your limit and what you need to do to raise it.
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Somebody mentioned looking for 'view limits' is this related to the £1.7k at all? I cannot find view limits on my overview/my account page.
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Yes it is because the £1.7k is the limit which you are viewing!
I log in to Paypal and are taken to a page titled My Account. In the middle of the screen there is a box called PayPal balance and following that line of text across to the right shows two links in a smaller font, one called View Limits and one called Currency Converter.
I would post a screen shot but I'm at work and am limited with what/where I can upload and/or access.
Hell, log onto PayPal and go to Help. In the Verification section of the main help page there is a link called "Sending, Receiving and Withdrawal limits". Click on that and it gives you some more help options the first of which is step by step instructions on finding out what your limits are.
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Soldato
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Getting verified and confirming your address lifts the initial limits at account creation. The extra steps are needed to lift the £1700/annum limit.
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Okay - thanks.
Is Google Checkout okay for person to person transactions? If not I have an AlertPay account (unverified ATM) can I still receive money into a bank anyway (like Paypal)? Also what is the different between a bank wire and a bank transfer?
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