Too many paypal transactions

Fredwas

I'm a betfair trader and over the period of 6 months, have been generating £2000 per week.

My plan is to withdraw my funds from betfair into Paypal every week and then sunsequently into my bank account. This is to ensure the word Betfair does not appear on my statements since lenders hate to see gambling activity.

My quesion is, would a 2k income from Paypal every week be any better, or could that get me into trouble as well?

Thanks,
Fred

[Deleted User]

Depends.

Your bank my end up blocking or suspending your account with them if they think the money is coming in fraudulent.

Fredwas

Since what I'm doing is not illegal, can I just show them my paypal history to demonstrate my activity is not fraudulent?

Tallaght

What kind of trading do you do on BF ?

Fredwas

I trade on the sports exchange

Tallaght

I would simply print off the paypal account statement every week or month if anyone is curious.

Fredwas

Is it better if I do larger, monthly withdrawals instead of smaller weekly?

Superhoopza

OP PayPal is fine but be careful of you deposit via PayPal but the balance comes from your bank not your PayPal balance because then it will show on your bank as PayPal Betfair.

Emily_Joy

How about PayPal Debit Card?

destroycarthage

Why not just withdraw once a month? Also like someone mentioned PayPal has debit and credit cards now. They're essentially a bank these days. I'd say you could almost keep your money in PP. One thing though, consider saving some of that. Your luck might run out some day.

boo_star

What are you trying to borrow for?

A mortgage lender may be quite suspicious of these withdrawals whereas someone offer a personal loan will typically be much less so.