How do I sell my Crypto holdings outside of Paypal UK ?

Temp20221121A
Contributor
Contributor

Lets say I have two regional Paypal accounts, one in the UK and one in another Country. Can I transfer the balance of the Crypto currency held in one, to the other without incurring some sort of taxation ?

 

So for example, Lets assume I buy 1 BTC in paypal UK, can I either offload that to a private wallet, and then upload to another exchange as 1 BTC or do I have to pay a fee to export the 1 BTC amount and pay subsequent taxes etc, within the whereever I export that amount to ?

 

I simply want to be able to take 1 BTC (or another crypto) and move elsewhere legitimately, without being seen as a money launderer. It's my original investment, hasnt increased in value, is from my own source of income. I simply want to find a better way of transferring cash internationally other than letting the banks take huge cuts from it for doing nothing.

 

Login to Me Too
2 REPLIES 2

sharpiemarker
Esteemed Advisor
Esteemed Advisor

@Temp20221121A 

 

Not possible. You know good and well the tax man, fee making entities won’t let that happen. If it did, it won’t last long anyway.

 

Right now, PayPal’s Crypto services are only available in US and UK. You’ll need a US tax ID number to get a US PayPal account or experience performance problems.


And besides, PayPal Crypto UK only has ability to buy, hold, and sell crypto currently. It hasn’t graduated to sending crypto for Goods and Services, p2p, to external wallets yet.


Kudos & Solved are greatly appreciated. 🙂
Login to Me Too

Temp20221121A
Contributor
Contributor

No, you are completely wrong on all accounts. I paid Tax on all monies held already, the insinuation that I have not done so is, rather, insulting... 

Paypal must surely have it's own Compliance department and as such be able to detect money laundering. However, there is a distinction between money laundering and avoiding being fleeced when transferring legit monies from one Country to another, the so-called "middle-men" do nothing, yet take what they like without justification within the international money transfers system.  Newcomers such as WISE take significant chunks of your monies without explaining why, just a fixed rate %.... so they too fall into this gripe complaint... BitCoin in theory allows you to transfer monies from A to B without a middle-man... which was the reason why I asked the question, though clearly, now from what you say, not when you hold it with PayPal.

 

 

 

Login to Me Too

Haven't Found your Answer?

It happens. Hit the "Login to Ask the community" button to create a question for the PayPal community.