PayPal Debit Card?

[phatzilla]

Hey guys who here has a paypal debit card? I would like to know if you're able to withdraw cold hard cash with it and if there are any limits? Also, how easy is it to audit paypal accounts? Because right now a friend of mine is making ~50k a year, but declares 8k on his taxes.......


90% of the 50k comes from paypal and goes into his bank account, which is obviously really risky. Would it be a better idea to just withdraw with a paypal debit card so it doesnt go through his bank?

 

[fatboy]

I use the card to get the money straight out without going through the bank, just due to it taking so long!

I get the money from PP to the card within 24hours (longest wait so far is 18 hours) and then straight out of the ATMs.

 

[appleman]

if your tallking about a lot of money paypal is no way to hide your money...since its in the u.s. and other reasons they can easily see who has been cycling money through paypal.
They do ask for SSN to get verified accounts so they can track you down.
AS for limits:
400 from the atm daily
and 4000 you can swipe daily...could be 3000 but its around there

and money on the card is available directly from your paypal card..there is no wait limit between when you get cash in paypal and when you can use it.

 

[phatzilla]

I use the card to get the money straight out without going through the bank, just due to it taking so long!

I get the money from PP to the card within 24hours (longest wait so far is 18 hours) and then straight out of the ATMs.

Oh, so you have to "load" the card?

I thought the card was just linked to your paypal balance and you can withdraw it anytime.

 

[fatboy]

Yup, you log into the card control panel and then load from your PP to the card. Like I said, 24 hours tops for me.

This is the UK, maybe different stateside!

 

[homenet]

 

[phatzilla]

What are the fee's like, mate?

edit: homenet answered.



10k pounds in a year isn't very much =/


edit2: In NA it looks like its 50k a month. =O

 

[raidel21]

My PP business debit card is connected to my bank account.
No need to load money to PP if you don't have funds.
If you have money in the bank , PP debit uses the bank
funds.

And PP is not a good way to hide money..they report the earnings.

 

[bhdan]

I got sick of always having to wait for my PayPal funds to transfer over to my bank account so I got the debit card. I use it all the time and it's great, pulls right from the PayPal account balance. You can use it as a debit but I think it charges a fee. I just always use it as a credit instead. Much more convenient than having to wait a week to get your money.

 

[bmac]

I use mine just like a bank account. Its great! It does not charge you a fee if you use it like a normal debit card but if you take money out of a atm it will charge the normal $2 or $3.