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PayPal Debit Card?

Discussion in 'Business & Tax Advice' started by phatzilla, Feb 19, 2010.

  1. phatzilla

    phatzilla Supreme Member

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    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?
     
  2. fatboy

    fatboy Elite Member

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    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.
     
  3. appleman

    appleman Regular Member

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    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.
     
  4. phatzilla

    phatzilla Supreme Member

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    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.
     
  5. fatboy

    fatboy Elite Member

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    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!
     
  6. homenet

    homenet Power Member

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    Yes I have one, its great if you receive a lot of money in paypal. Yes you can use it at an ATM/cash machine, in the UK i think the charge is around £1.75 per withdrawal.

    There are limits, the most you can put on it in one year is £10,000 (not sure bout US) but from the website it says:

    Is there a withdrawal or spending limit using the PayPal Debit Card?

    The default spending limits for the PayPal Debit Card are:

    Daily spending limit is $3,000.00 USD.

    Daily ATM Limit: $400.00 USD.

    As for tax purposes well its hard too say, after all paypal are a registered financial company and may will provide the inland revenue with information on the bigger accounts, and if your 100% verified with genuine information then obviously they can trace and audit you. Having said that if you were able to signup to paypal with false info and you managed to get 100% verified and get the debit card through a PO box address or something then your golden :)
     
  7. phatzilla

    phatzilla Supreme Member

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    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
     
    Last edited: Feb 19, 2010
  8. raidel21

    raidel21 Regular Member

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    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.
     
  9. bhdan

    bhdan Newbie

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    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.
     
  10. bmac

    bmac BANNED BANNED Premium Member

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    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.