Sending and receiving large amounts through PayPal

[Abcxyz77]

I 've heard that I shouldn't use Paypal to sending and receiving large amounts of money. They said that Paypal only suitable with small transactions below 1,000 usd and Paypal will limit or hold 50% of my money if i send or receive more than 10,000usd/month. Is it true? I have Paypal account for 2 years and it is verified. Specially I intended to use Paypal to deposit and withdraw money to Oanda Singapore, may up to 50,000 usd/month. So is it safe? I only send and recieve money from Oanda. Should i use Paypal to receive large amount of money?

[ladavis71]

I was wondering the same thing too have you found out.

[brkrjrlr]

a gallery in Germany owes me several thousand dollars and wants to remit  through paypal. Will this be a problem

[DPCreations]

@brkrjrlr

I don't think there is any way to know for sure in advance.  Users do not know PayPal security and risk model analyses which take place for each transfer.  PayPal will analyse each transcation to make sure it conforms their there security and risk parameter as well as government money regualtions.

You would probably get more help by going to your local bank to enquire about international money transfers and what procedure they follow.  As your bank what would be the best method to make an international transfer from Germany.  Bank to bank would be a much better route than using PayPal.

[lancelotme]

I agree,for large sum of money,bank wiretransfer is better.

your wiretransfer fee in USA would be 35-55,recipient would pay a fee as well,sometimes they may ask you to pick up their fee.

so ask in advance,say you wire them 10,000,after their bank or banks take the fee,they get 9915,they would whine and whine and refuse to ship the goods and then youhave to wire them the difference and another 45 for outgoing wire and pick up their incoming wire fee.

[lancelotme]

Besides wiretransfee fee,if you are wiring foreign currency,you will be dealing with  a bid and ask price,most large banks offer online do it yourself wiretransfer where you get to see the current spot price and decide .

wiretransfer $$ is not refundable,there is no dispute or chargeback or buyer /seller protection.

[sharpiemarker]

Wire transfer.

[niknah0]

The maximum per transaction is $10k.

If you hold more than $1k in your bank account they may ask you for your identity.  And your account will be put on hold until you send this info to them and they process it.  Your ID is used for anti-money laundering purposes.

I considered using something other than PayPal to do the currency transfer too, if that is your purpose.  Tell me if you find a good solution.

OANDA charges 2.8% if you deposit via PayPal.  1.8% if you have a US account.

http://fxtrade.oanda.com/help/how-to-deposit-funds/

[Abcxyz77]

thanks for your answer, but my concern is not about money laundering. I only use Paypal for send and recive money from Oanda. I just wonder if there is any any hidden rule that limit the amount of money one person can tranfer per a period of time. Also CEO of Oanda, Mr.Edmond Eger III was a fomer executive of Paypal. I guess that is the reason why it choose Paypal to tranfer money ;))

[lancelotme]

Big money changes hands on Ebay,buyers and sellers  conduct  5 figures transaction.

or even 6 figures,search professional precious metal dealers who sell gold bars and gold coins on Ebay,

From what I understand ,you need to contact Paypal to get approval for $10,000  payments and if anything more,it is a case by case basis.

Instead of asking this forum,get it from the horse's mouth.

Your finance situation can change,they may do an updated check on your credit history etc.