I have 2 PayPal accounts - can I send money to myself with a credit card?

2

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  • Richard019
    Richard019 Posts: 460
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    B.E.N wrote: »
    Ignore all the people on about "Money Laundering" - seems to be the latest buzzword combination on here.

    Paypal have been known to freeze accounts for suspicious activity - lots of criticism of the company - just google "Paypal Sucks", but I can't see why it'd be seen as suspicious (in a criminal funds kind of way). The only problem would be if their computers detect it as suspicious and automatically freeze the account.

    It wouldn't matter that you're using different email addresses, as, presumably, the accounts both belong to you, and are named as such. So, they'd "know" anyway.

    If you're worried about it, couldn't you just set up another Paypal account in a friend's name, from another computer?

    OK so he may not get caught, it doesn't stop it being the case if that's what it is.

    For what it's worth I reckon it's more a case of attaining money by deception than laundering, as he's trying to disguise the destination from a lender rather than the source from any relevent body.
  • B.E.N wrote: »
    Ignore all the people on about "Money Laundering" - seems to be the latest buzzword combination on here.

    Paypal have been known to freeze accounts for suspicious activity - lots of criticism of the company - just google "Paypal Sucks", but I can't see why it'd be seen as suspicious (in a criminal funds kind of way). The only problem would be if their computers detect it as suspicious and automatically freeze the account.

    It wouldn't matter that you're using different email addresses, as, presumably, the accounts both belong to you, and are named as such. So, they'd "know" anyway.

    If you're worried about it, couldn't you just set up another Paypal account in a friend's name, from another computer?

    it is easy to give out advise when it isnt you taking the risk.. personally I would rather have piece of mind than worry about being investigated for breaching aml law.

    But hey, wont be my head on the chopping block
    :santa2:
  • I think you might find that in order to accept the funds you will have to pay Paypal fees of around 2.9%. It will be treated as a purchase on the sending card. I don't think it would be classed as money laundering. Paying to get your hands on money you could get for free is hardly going to rank you with the mafia. Wouldn't a slow stooze be more beneficial?
    "A nation of plenty so concerned with gain" - Isley Brothers - Harvest for the World
  • normanmark
    normanmark Posts: 4,156 Forumite
    I think you might find that in order to accept the funds you will have to pay Paypal fees of around 2.9%. It will be treated as a purchase on the sending card. I don't think it would be classed as money laundering. Paying to get your hands on money you could get for free is hardly going to rank you with the mafia. Wouldn't a slow stooze be more beneficial?

    It would be classed as a cash advance. As for money laundering, it certainly would fit into the criteria for it. So i wouldnt be surprised if something gets flagged up from the transaction
  • normanmark wrote: »
    It would be classed as a cash advance. As for money laundering, it certainly would fit into the criteria for it. So i wouldnt be surprised if something gets flagged up from the transaction
    As far as the CC company is concerned you've just bought something via PayPal so I can't see why it would be classed as a cash advance, they wouldn't know it was 'bought' from yourself. Still a bit naughty though and may well end badly.
  • normanmark
    normanmark Posts: 4,156 Forumite
    HeadInSand wrote: »
    As far as the CC company is concerned you've just bought something via PayPal so I can't see why it would be classed as a cash advance, they wouldn't know it was 'bought' from yourself. Still a bit naughty though and may well end badly.

    This is the thing, you're assuming that Paypal processes every transaction as purchases on their site. They don't.
  • jpwjpw
    jpwjpw Posts: 270
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    normanmark wrote: »
    It would be classed as a cash advance. As for money laundering, it certainly would fit into the criteria for it. So i wouldnt be surprised if something gets flagged up from the transaction


    Why do you think that? I've bought loads of stuff using my credit card and PayPal and its been treated as a purchase.
  • samhale
    samhale Posts: 413 Forumite
    jpwjpw wrote: »
    Why do you think that? I've bought loads of stuff using my credit card and PayPal and its been treated as a purchase.

    You can send money and call it a gift/household expense/personal payment owed.
  • normanmark
    normanmark Posts: 4,156 Forumite
    jpwjpw wrote: »
    Why do you think that? I've bought loads of stuff using my credit card and PayPal and its been treated as a purchase.

    I actually put through a gambling transaction using the card, used PayPal as a middle man for that transaction and it was put through rightly as a cash advance. PayPal i think will have a system which will look at the payment and decide from there how the transaction is classed as!
  • I did this once without checking the rules and Paypal rang me up and said I would have the account frozen if I did it again. They were ok with it the first time as I apologised because I didn't know I couldn't do it
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