Paypal Receiving Limit Advice

mrmr37

Hi everyone!
My first post woo hoo!

I was wondering whether anyone could give me some advice on a Paypal issue. I have recently been clearing out some old things of mine which I dont need/use anymore as I need the money for funding University. They're mainly rare vinyls from my record collection and electrical items and some are worth quite a bit (DJing stuff, games consoles etc).

After selling a few items Paypal limited my account and it took them 4 weeks to restore it!!!! Their investigation concluded that because I am selling electrical items (which they class as high risk) they are going to hold 15% of all money which is depositied into my Paypal account for a 90 day rolling period. Also they said that they are going to limit the amount I can receive into my Paypal account to $7000 per month. Although this is very frustrating as I am a good ebayer with 100% feedback I can kind of understand why they do this as their are unfortunately dishonest people out there.

My question relates to the receiving limit of $7000. Does anyone know how they will convert this into GBP £ i.e. the exchange rate they will use? Also when they say $7000 per month does anyone know exactly what they mean by 'month'? I.e. is it $7000 in July, $7000 in August etc or is it a rolling 30 day month?

I hope this makes sense!

If anyone has come across this before and can advise then I would very much appreciate it as I would like to be able to work out when I am getting close to the limit as they said if I reach it they will limit my account again!

Thanks

Premier_2

Hi mrmr37 and welcome to MSE :hello:

I'm sorry I don't know exactly how they will convert $7000 into GBP, but do you really expect to be receiving in excess of about £4000 - £4500 per month "clearing out some old things" ?

mrmr37

Hi Premier, thanks for replying!

To be honest I dont plan on selling $7000 worth of stuff per month as I'd have nothing left very quickly!!!!!:rotfl:

Its just a short term thing as I obviously only have a finite amount of stuff to get rid off before I go to uni! I dont expect it to drag on past a month or two, depending on how quickly my things sell.

Based on what I've sold already (which comes to about £2000) I've estimated how much I think I'll get for the rest of my stuff and it come to about £3000 so in total I might receive £5000 into my Paypal account.

I just dont want to reach the limit they've imposed as they've said they'll limit my account again!

Thanks