Paypal to Bank, Legal ?

If I transfer $$$ from my PayPal to someone who meets me over the internet, & he in turn sends me some funds to my bank accounts, is this legal ? I am confused because this involves foreign currency.

 

Why don't you just withdraw the funds directly to your bank account? It would be a lot safer.

 

U r from?

U can always use XOOM to move ur funds from PP to ur bank account.

 

Well, Money Exchanges without a License is not considered permitted by Paypal, I think it is probably because I believe they do not want you to get burnt and come crying back to Paypal especially if it is someone you do not know personally. Money can do funny things to people.

What is stopping that 'friend' from taking your money and not giving you anything in return ?

 

it must be legal as you can do whatever you want with your money (except destory it..that is illegal, in the UK anyway as it contains the queens face), however dont be surprised if you get check out by CIFAS or whoever the equivelant is in the countries involved (money laundering departments of banks)

 

http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/ua/use/index_frame-outside&ed=moneytrans

 

it is legal, to transfer funds frpm paypal----xoom----your account

 

Xoom.com is most definitely a licensed money exchanger.

 

Well, yeah - of course it's legal - it's your PayPal funds.
Whether it's sensible is a different matter.

 

Well it is legal in my country and we don't have much problem. Even I depostie that money Goverment banks.

 

Yes, absolutely you can legally send paypal to anybody on internet.Even better if you know the person you sending all your paypal to If has some sort of 10+ regular transaction or more, if he has regular trader/auction feedback on a trader forum or has Positive 99.9 Feedback in the online auction account since 2002. Paypal verified does not matter because sometimes they have Un-Verified Paypal setting for safety/security/personal/budget reason.The foreign currency conversion is the easy part, the Trust is the hard part. Check back around these forums next 3 or so years, Happy trading.

 

yes if you have trust in the person go ahead. Just for safety purposes try to create some invoices ( maybe like charge for services ). and send it to that person who will deposit on your behalf.

 

use VMI card, withdraw through ATM and deposit in bank. whole process costs u only $8 fee

 

And if anything happens to your PayPal money, you breached their TOS and they wont help you in any case...

 

A lot of countries do not support this as I just got rather depressed thinking I fially found a great money processor (much better than Moneybookers (slooooow withdrawals) when a message said this when trying to set up direct deposit to UK bank.