Does anybody know which account in the UK PayPal uses to ringfence our money so it's kept safe?

tonycottee
Contributor
Contributor

As per title - Does anybody know which account in the UK PayPal uses to ringfence our money so it's kept safe? I've had a look through the help articles but couldn't find anything.

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Grimreepr
Frequent Contributor
Frequent Contributor

Need a bit more information so someone can reply to you with the exact info.

 

Ring fencing = setting aside a certain percentage of the funds within the account that can not be touched. This percentage may be set into other accounts or funds that are not accessible to the account. In effect hiding the funds from such events as bankruptcy, lawsuits ETC.  This is the standard definition of Ring Fencing, but is this what you are asking about or is your definition different.

 

As far as I know, PayPal doesn't offer ring fencing in that definition.  You can cash out to your bank account at any time you wish as long as it is linked.  But setting aside a reserved amount that is untouchable is not (to my understanding) a service that PayPal offers.

 

PayPal is bound by international laws to any and all countries it does business in.  So I would imagine that any question submitted by a verified legal representative of any country would be complied with.

 

This is just a guess, but I would ask PayPal support directly as they could advise you 100% better.  I googled PayPal and Ring Fence and got nothing.  I did get several pages on how to hide finances in different places that were untraceable, or at least very hard to trace. 

 

PayPal.com click "help" scroll down to "contact Us" and submit your question there.

 

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tonycottee
Contributor
Contributor

Thanks for taking the time to reply. 

 

In the UK, PayPal is regulated by the Financial Conduct Authority. As part of this regulation, PayPal needs to ringfence customer's money into a separate account, away from their own working capital. So, if anything should happen to PayPal, they can't use their customer's money and it should be kept relatively safe. For example, Wise ringfences money into a separate account with Barclays.

 

Most digital accounts, at least in the UK, tell you which accounts they use. It just seems that PayPal doesn't.

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