Hi all, I'm about to be buying a car from a private seller and because of the cost I have to use my Paypal account to transfer some of the funds to the seller. I will first transfer her £10,000 in person from my bank account. But my daily bank transfer limit is only £10,000, so the rest of the payment will need to be made using an alternative method. She suggested Paypal which I thought I could do in person immediately after doing the £10,000 bank transfer. My question is, is there a payment limit in Paypal too? I've never sent a payment of thousands of pounds so don't know if it's instantaneous or has to go through a review, etc.
- Should I first fund my Paypal account with the amount required, so my bank isn't the funding source for the transaction?
- Do I need to ensure the seller's account is fully varified and has no receiving limit?
- Since there's no Buyer/Seller protection for cars is a 'Friends & Family' transaction operationally the same as a 'Goods' transaction?
- Should I notify Paypal in advance so the transaction doesn't flag anything up in their systems?
Anything else I need to prepare for or ensure the seller has prepared for in advance so there are no surprises?
Thank you in advance.
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