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Is it safe to transfer $425 from PayPal to bank (16-year old)?

Discussion in 'Making Money' started by TwoOneThree, Apr 9, 2017.

  1. TwoOneThree

    TwoOneThree Regular Member

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    Hello BHW

    I've made about $425+ a month ago with Fiverr. A large part of this money is now on my unverified dad's PayPal account, but he doesn't want to withdraw the money (he thinks it isn't legit). So, can't I just create a PayPal account with my real information (name etc.) and add a bankaccount, transfer the money over to my PayPal and withdraw it? I'll just fake my age. Is there a chance of PayPal finding out I'm underage and taking all my money? Also, isn't it suspicious if I transfer $425 from my dad's account to mine after I created my PayPal?

    Lastly, I'll be starting a new journey soon (I'll report on that in My Journey Discussions), which involves AdSense. AdSense only does bank transfers as a payout method, so can I just use my real information except age to get paid out?

    All of these age restrictions are stopping me from making more money........

    Thanks in advance!
     
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  2. cyrusv

    cyrusv Jr. VIP Jr. VIP

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    Kudos to you! How about reinvesting your $425 currently so when you are of legal age, you already have existing infrastructure in place to earn you money?

    Just a thought.
     
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  3. hippo123

    hippo123 Jr. VIP Jr. VIP

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    Just ask your dad to use the paypal account whenever he is buying things online... And he reimburses you back the cash physically.
     
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  4. MisterF

    MisterF Jr. VIP Jr. VIP

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    You can transfer to family / friends free if in the same currency.
    Then withdraw to the bank account attached to the P/P account, best if the account is verified though.
     
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  5. TwoOneThree

    TwoOneThree Regular Member

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    Good idea, I'll definitely reinvest the money, I just don't want to wait two years before I can do business.

    Tried, not working........

    I'll try this, but is there a chance of PP restricting my account? Otherwise I'll lose all my money..... Or do they restrict from a certain amount of $$$?
     
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  6. MisterF

    MisterF Jr. VIP Jr. VIP

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    Best way is to transfer say $10 to see if it works fine.
     
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  7. drewp123

    drewp123 Junior Member

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    What country are you in? If you're in the US you may simply form your own company and create a bank account for it. My guess, though, is you would probably prefer to avoid taxes so this may not be the best route at the moment.
     
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  8. TwoOneThree

    TwoOneThree Regular Member

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    Thanks, will try that!

    I'm in the Netherlands, since I'm underage I don't have to pay taxes until I earn over about $2200 in one year. So that's nice :)
     
  9. MisterF

    MisterF Jr. VIP Jr. VIP

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    @ZlatanTheGod might be able to give you some advice.
     
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  10. TwoOneThree

    TwoOneThree Regular Member

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    Is he Dutch too by any chance? :D
     
  11. hendrikkk

    hendrikkk Jr. VIP Jr. VIP

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    In the Netherlands it is easy. Go to kvk make a company. Then "invest" the money in your company and after some time just send it to your bank account saying it is your salary.
     
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  12. TwoOneThree

    TwoOneThree Regular Member

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    This is also a good idea, I'll consider this or just withdrawing it to my bank.
     
  13. HoNeYBiRD

    HoNeYBiRD Jr. VIP Jr. VIP

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    The issue is that your dad's PayPal account is unverified and the new one would be too, possibly you would even link the new one to the old one by creation. More than likely right in the moment when you try to send the money, both account will be limited, even if you do the sending in multiple, smaller installments, because of the repetitive nature, which would trigger the alarms at PayPal. Plus i'm pretty sure that you can't withdraw money out of a PayPal without having it verified first, the withdrawing attempt will trigger a verification. There are only so many things, what you can do with an unverified account.

    Your best bet is to have your dad's account verified and prove him that it's legit money, so it can be withdrawn to a bank account of his. It can't be that hard, you just need to show him your Fiverr account or am i missing something here? :)
     
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  14. nassim2x

    nassim2x Newbie

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    Just a question how you earn money on fiver bcs i'm a designer (t-shirt..) ? Any help ..
     
  15. TwoOneThree

    TwoOneThree Regular Member

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    Thanks for your answer! Can't I really withdraw money if I don't verify my ID? I had the idea of just verifying my bank account and than withdrawing the money. Also, if my dad withdraws it he'll need to pay about 45% tax on it, so I'll lose half of the money! That's why I want to withdraw it, because I don't have to pay any taxes over this sum.
     
  16. chugcore

    chugcore Registered Member

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    I think holding the money and waiting would probably best too. You're still young and although clothes and shit entice you, the smart choice would be to probably keep that $400 for your other ventures. When I was about 15 I had my own blog raking in $500 monthly and I was getting about $100 from Fiverr too. I was stupid and bought some shitty designer clothing which I now regret because I don't even wear it anymore.
     
  17. W9go

    W9go Jr. VIP Jr. VIP Premium Member

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    if you don't need it let it there and pay services and stuff you need for the internet or use it and buy some stuff you want ...
     
  18. Hiobot

    Hiobot Registered Member

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    Wow! What type of blog were you running then?
     
  19. hendrikkk

    hendrikkk Jr. VIP Jr. VIP

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    how does he have to pay 45% taxes
     
  20. Hiobot

    Hiobot Registered Member

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    Young dude saveup your money. When it's big, you'll get better ideas on what to use it for.