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Is this money laundering
matthewhart102
Posts: 7 Forumite
I set up a business on ebay and i use pay-pal to with draw the funds. If you sell stuff on ebay and withdraw the funds using pay-pal will the bank think this is money laudering or is that when you pay cash in and have no explanation as i have open 2 account and they reacher the £2000 limits?
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Comments
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matthewhart102 wrote: »I set up a business on ebay and i use pay-pal to with draw the funds. If you sell stuff on ebay and withdraw the funds using pay-pal will the bank think this is money laudering or is that when you pay cash in and have no explanation as i have open 2 account and they reacher the £2000 limits?
If you sold stuff to other people which were legitimate transactions then withdrawing your money is not money laundering.0 -
It it ok if you use stealth account and the limit on pay-pal is £2000 so each time i have to open a new paypal account0
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matthewhart102 wrote: »I set up a business on ebay and i use pay-pal to with draw the funds. If you sell stuff on ebay and withdraw the funds using pay-pal will the bank think this is money laudering or is that when you pay cash in and have no explanation as i have open 2 account and they reacher the £2000 limits?
Of course if you are doing this regularly you need to consider the tax due on your trading profits. Presumably youhave done that.:DFew people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
Ha ha ha ha ''consider the tax due on trading profits'' ...don't make me laugh.
If OP was legitimate then he would not have needed to open a second paypal account and would have a normal business account for money to go through.
I agree with the poster who said that it is not money laundering but tax evasion is a different matter and I believe HMRC do now troll through EBAy now and contacting sellers.
If they get hold of you make sure your paperwork is in order!0 -
matthewhart102 wrote: »It it ok if you use stealth account and the limit on pay-pal is £2000 so each time i have to open a new paypal account
Can you explain what you mean by a "stealth account"?
To increase your £2K limit, you go through the official Paypal procedure to increase your limit. If you are unable to do that, you have a very serious problem at hand.
Most importantly, under the terms of the PayPal User Agreement you are not allowed multiple Paypal accounts.0 -
A stealth account is a fake account.Can you explain what you mean by a "stealth account"?
http://www.youtube.com/watch?v=Mlt5mgClNIc&feature=relmfu0 -
No wonder the OP asked about money laundering, lol.0
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