Hi, With paypal now offering bank deposits for Indian accounts, i want to know whether i can safely use vcc to verify my account and withdraw funds into my bank account. Also, once the vcc gets expired, do i have to renew it in order to withdraw more funds or just continue to use it without any problem?
If your bank issues the VCC then it would be fine to use because Paypal can rely on your bank's verification to determine that you are who you claim to be. However if you bought the VCC off someone here in DP then it would most likely be generated from their own accounts and it does not fulfill the very purpose of verification. This is logically wrong and fails to be reliable. Verification is not just going through the moments but actually giving Paypal the assurance that you are who you claim to be and that you are a honest person.
I don´t suggest to verify a PP account by VCC if there is any other chance. But it´s wrong you need to add another VCC if it expired: it´s only for "verification" and if your are verified once you don´t need to do this again. YOu only have to add a new card if you want to do instant payments by (V)CC, otherwise you don´t need to
If you verified your account using a VCC and somehow you got limited, I know you will face a huge problem getting the limitation lifted.
Who gives VCC statements.. Crorepathi who sells VCC does not give them and so who are you to give VCC statements and how do you get them ?
Of course it is legal. It´s not even against PayPals TOS but you will get a problem providing the statement if your account gets limited.
I can get VCCs that provide instant and online statements. You can also add, change and delete the name,address and phone number on the VCC, online.
I have used VCC many times, and still using it. But my sincere advice is NOT to play with PayPal risking your own money. Try to avoid VCC.