PayPal Debit Card?

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phatzilla

Supreme Member

Apr 9, 2009

1,428

1,086

• Feb 19, 2010

• #1

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

Elite Member

Aug 13, 2008

1,615

3,262

• Feb 19, 2010

• #2

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

Regular Member

Oct 30, 2009

358

97

• Feb 19, 2010

• #3

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.

 

P

phatzilla

Supreme Member

Apr 9, 2009

1,428

1,086

• Feb 19, 2010
• Thread Starter Thread Starter

• #4

fatboy said:

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.

Click to expand...

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

Elite Member

Aug 13, 2008

1,615

3,262

• Feb 19, 2010

• #5

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

Senior Member

Jan 5, 2009

982

504

• Feb 19, 2010

• #6

 

P

phatzilla

Supreme Member

Apr 9, 2009

1,428

1,086

• Feb 19, 2010
• Thread Starter Thread Starter

• #7

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

raidel21

Regular Member

May 17, 2009

400

326

• Feb 19, 2010

• #8

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.

 

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bhdan

Newbie

Jun 4, 2009

35

44

• Feb 19, 2010

• #9

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

BANNED

Dec 26, 2006

411

166

• Feb 19, 2010

• #10

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.