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Can we use 2CO just for withdrawing money from Paypal ?

Discussion in 'Business & Tax Advice' started by balsagoth007, Aug 27, 2012.

  1. balsagoth007

    balsagoth007 Elite Member

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    I heard some people use 2co to withdraw money from Paypal by creating a product in 2co and then paying for it using Paypal. After that the money can be withdrawn using any method that 2co is providing including wire.
    Is that really possible? and there will be no verification from them since you will be paying every time from the same Paypal/name ?
    Thanks for any response.
     
    • Thanks Thanks x 1
  2. balsagoth007

    balsagoth007 Elite Member

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    Bump :)
     
  3. robertelo

    robertelo Newbie

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    Hi brother,
    Why don't you just withdraw the funds directly from PAYPAL to your bank by wire transfer.
     
  4. balsagoth007

    balsagoth007 Elite Member

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    It can be withdrawn to US bank accounts only.
     
  5. extreme90

    extreme90 Jr. VIP Jr. VIP

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    Personally i dont see anything wrong if you do that, specially they dont have any thing in their policies regarding your question so i think you can do it!
     
  6. ozzke

    ozzke Regular Member

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    This is very interesting for me too, can anyone actually confirm this? Someone who tried?
    @balsagoth007 I never even thought about something like this, thanks for getting me to think outside the box
     
  7. Leith

    Leith Jr. Executive VIP Jr. VIP Premium Member

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    Tried this before and it works, but it's even better and safer if you withdraw it to a friends 2CO account.

    But it does work.
     
  8. dannyvriens

    dannyvriens Registered Member

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    Uhmm this sounds realy great.
    Let's see if we can use this in the future.

    For now i can't give you much help because the idea I got by reading your post has been told by Leith
     
  9. bryanon

    bryanon Executive VIP Premium Member

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    This is a terrible suggestion unless you're dealing with very small amounts.

    Not only do 2CO manually review every application/product and reject any that seem even slightly dodgy or don't comply with their T&Cs, they have fantastic fraud check procedures in place so doing more than one purchase from your own account will almost definitely result in your account being terminated and funds refunded to the account where they originated from.

    So once again, horrible, horrible suggestion.

    Get a bank account or a CC that you can withdraw to instead.
     
  10. extreme90

    extreme90 Jr. VIP Jr. VIP

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    Actually what's wrong in withdrawing the funds into your paypal account? I dont see anything done being wrong, it's your money, use it the way you want..
     
  11. bryanon

    bryanon Executive VIP Premium Member

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    He's not talking about withdrawing funds into your PayPal account. He's talking about setting up a 2CO account and "selling" his product to himself to then get the money out from PayPal through his 2CO account. This can be categorised as money laundering as 2CO is used as an intermediary for the cash, rather than a as a product sales platform.
     
  12. balsagoth007

    balsagoth007 Elite Member

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    Yes this is what i am talking about. Another member confirmed by pm that it's working. There's a risk involved since the amounts to be withdrawn are superior to 5k each month but i don't know how they make that working!
     
  13. lolhippl

    lolhippl Newbie

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    nothing wrong with it. Do it ull be fine :)
     
  14. waitingnow

    waitingnow Newbie

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    let us know your result
     
  15. Zoolu

    Zoolu Newbie

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    Just set up a recurring payments using Paypal. They just set this up not so long ago to be used with their system.