1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Virtual Money Trasnfer TOS Loop Hole

Discussion in 'Making Money' started by goldencrownz786, Aug 2, 2012.

  1. goldencrownz786

    goldencrownz786 Regular Member

    Joined:
    Feb 6, 2011
    Messages:
    210
    Likes Received:
    21
    Location:
    toronto
    i was wondering if anyone with legal knowledge can help me out with this one. Basically i wanted to know if there is any legal and accpeted way of transfering money between payment processors online, etc. paypal, MB, Lb


    i was informed that this is against the TOS and i wanted to create a long term business based on this, but really need some clarification, so i can trasnfer money between the two staying within the legal limits and boundries.

    I dont want any blackhat advise, i simple need to know if there is any legal way to approach this type of business plan.

    THANKS IN ADVANCE
     
  2. Amsterdammer

    Amsterdammer Power Member

    Joined:
    Aug 9, 2011
    Messages:
    515
    Likes Received:
    563
  3. -ReX-

    -ReX- Power Member

    Joined:
    Apr 26, 2012
    Messages:
    707
    Likes Received:
    274
    Location:
    Manly, Australia
    It is against PayPal's T&Cs so you have to do it under the radar (not making a website)
     
    • Thanks Thanks x 1
  4. First Edition

    First Edition Newbie

    Joined:
    Aug 1, 2012
    Messages:
    33
    Likes Received:
    4
    Occupation:
    MadHatter
    paypal terms do not equal THE LAW. It's going to be hard to get anyone to take paypal for other web money, even though this is frustrating... paypal can be charged back, where liberty reserve can't for example. People are scared to do it. on the liberty reserve site there are a bunch of exchangers. I've tried every way you can think of to figure this out....
     
  5. goldencrownz786

    goldencrownz786 Regular Member

    Joined:
    Feb 6, 2011
    Messages:
    210
    Likes Received:
    21
    Location:
    toronto
    what if the money is sent as a gift
    anyways i just need to get the legal stuff worked out, even if i do this its only for xclusive vips that i know woont charge back. not for noobs with 2 post counts,, you know what i mean?

    if anyone can clarify the legal issuse i would really appreciate
     
  6. zJolt

    zJolt Junior Member

    Joined:
    Jul 29, 2012
    Messages:
    171
    Likes Received:
    25
    It is against PayPal's terms.
     
  7. closedCaption

    closedCaption Regular Member

    Joined:
    Oct 3, 2011
    Messages:
    289
    Likes Received:
    111
    First there are some issues you want to consider.

    First one, depends on your country of business. If you are planning to do it in USA, then your government's organizations can get
    pretty anal about KYC requirements, not to mention that they can block all your assets if they only doubt that you have been
    doing business with unwanted individuals.

    Legally what you can do is the following...all payment processors have some kind of way to withdraw funds. You can always,
    legally, withdraw funds, put it on companies/prepaid credit card, and make a deposit somewhere else.

    OFC, that would make you the most expensive currency exchange out there, but it is a legal way. It could also bring you
    into trouble with taxes etc.

    tl;dr version: yes it is legal to do so, despite TOS, but you have to follow certain legal boundaries set by your country.
     
  8. goldencrownz786

    goldencrownz786 Regular Member

    Joined:
    Feb 6, 2011
    Messages:
    210
    Likes Received:
    21
    Location:
    toronto
    okay thats good, but i wanted to know if i do transfer funds, from my account into a bacnk account and then re-deposit them into the secound money bookers account. would that be okay with the terms and TOS of pp and other companies
     
  9. inumel

    inumel Senior Member

    Joined:
    Sep 3, 2009
    Messages:
    917
    Likes Received:
    523
    Occupation:
    Every and Anything
    Location:
    Earth
    honestly it shouldnt matter because once you withdraw it its fair game what you do with the money.
     
    • Thanks Thanks x 1