PayPal US members earn a hefty interest on the $$ in their accounts. I am an Indian , so i cannot participate in that. But, I have a few cousins in the USA , so my question is - Can I transfer all my cash to their accounts & let them earn the interest & send the money to me by XOOM or Western Union whenever I need it. Please let me know if it is legally allowed. Thanks Ishan P.S. - This is more related to PayPal , so i posted here , instead of Legal Issues section
I would have though that is most likely illegal, unless you were transferring the money for some kind of legitimate reason, e.g. "payment for something". I live in the U.L. so i'm not too sure in regard to the U.S.
Once again, it looks like having a PayPal account outside of the US is a disadvantage - we don't earn interest in the UK and pay higher fees. My personal view is that you can transfer money to whom you like, as long as it's not for illegal (e.g. money laundering purposes), and then they can send it back to you, as long as you comply with legal requirements in your country (e.g. declaring for tax purposes). Just make sure that the transfer fees don't wipe out your interest and that their PayPal accounts are in good standing - you don't want PayPal to freeze their account with your money in it! Emma
I would say this is perfectly legal, as long as they make the paypal account. If you can trust them, go for it. Otherwise, it is a very bad idea. Also, getting the checks can be daunting. Paypal is horrible about 'losing' checks and delivery dates. I would reccomend your cousins send via bank transfer. Good luck
I wouldn't even know that Paypal is giving interest on the account balance, even though to their US customers only. Looks like our british pounds are at disadvantage here. As for legal issues with what you're up to, I don't see any. All should be fine.
Yeah, there are 2 transfer fees . 1.) Sending money to my cousin's account 2.) He sending it via Western Union or Xoom. I will have to add up & compare those with the interest.
This is the best option you can do if you cannot create paypal account on your country that can send and receive. I'll think you should go for it. I don't think your cousin will rip you off.
Take my suggestion be practical here 1. When you tranfer funds to your cousin in his paypal (if iits personal account then he/she wont pay any fees but if its a premier account he/she has to pay a lot). 2. When He/She send you money using Xoom a. You get less exchange rate than paypal b. You get to pay extra fees c .You can only send up tp $1000 per transaction unlike paypal which allows more for verified members. 3. If you have a LOT of money then do transfer to them to earn interest but if its in a few hundreds or just in early thousands avoid doing it I;m not aware if its legal or not but i think its practically waste of time/money and energy for you. Your the best judge at the end Sandra