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❕NEWS Selling paypal funds for real cash might be illegal

dadayli

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Basically, by selling paypal funds (that are in USD by default) for cash that's in your local currency, you might be committing a crime, because there are legal and official agencies that are responsable for currency exchange, so be careful and avoid doing that .
 

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I never know of that. Thought your PayPal money in your PayPal account in completely your so you are free to sell it without commiting a crime.
 

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I don't see any crime in selling your PayPal funds for cash, if I run an online business and use PayPal as my payment processor so does PayPal expect that I use all my business profit to buy goods online and not exchange for cash?
 

dadayli

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I don't see any crime in selling your PayPal funds for cash, if I run an online business and use PayPal as my payment processor so does PayPal expect that I use all my business profit to buy goods online and not exchange for cash?
as i said, you're doing currency exchange that you're not allowed to do, there are official agencies that are allowed to do this job and you can't do it as an individual
 

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I don't see any crime in selling your PayPal funds for cash, if I run an online business and use PayPal as my payment processor so does PayPal expect that I use all my business profit to buy goods online and not exchange for cash?
Just imagine! You run your online businesses and got some money, you thereafter, used PayPal payment gateway to get you money and you are stopped from converting same money to your local currency for your usage, why?
 

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Isn't that has always been the case? But then each and every country's laws are different. So what can be considered illegal in one country might no considered be in another.
 

anisbouanaka

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hahha you are doing what I am doing now
I am selling Euro Paysera for cash in my local currency and of course, it isn't legal but we don't have another choice to get Euro or dollars because BANK can't sell for us that currency.

that's called Black market
 

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Illegal or not doubt Paypal will take action against people who do that since the money deal is not that big and it's simply not feasible for them to hunt down people across 7 continents.
 

dadayli

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hahha you are doing what I am doing now
I am selling Euro Paysera for cash in my local currency and of course, it isn't legal but we don't have another choice to get Euro or dollars because BANK can't sell for us that currency.

that's called Black market
Exactly, as long as nobody knows about it, then you are safe since there are no strict rules about it, but if you get scammed, you better dont tell the cops because you are doing illegal thingd

Illegal or not doubt Paypal will take action against people who do that since the money deal is not that big and it's simply not feasible for them to hunt down people across 7 continents.
Paypal cant actually know if you sent money for payment/service or sent it to exchange it for real cash, that's why it's not a popular thing

I have not seen any official publication about that. But it is really nice to know about that and will definitely put it into consideration.
As i said before, it's not paypal related but it's more local bank related, as paypal cant really know that you are exchanging paypal funds for real cash
 

anisbouanaka

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Illegal or not doubt Paypal will take action against people who do that since the money deal is not that big and it's simply not feasible for them to hunt down people across 7 continents.
maybe because you're from Europe you don't understand this point
here bro in Algeria or in Maroco we don't have any way to get Euro or dollars so we are using this method of exchange
 

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maybe because you're from Europe you don't understand this point
here bro in Algeria or in Maroco we don't have any way to get Euro or dollars so we are using this method of exchange

I know there are limitation there in African countries, and all I'm saying that Paypal don't care since the amount of money exchanged maybe is not that big. Also, I'm also from a poor third-world country Indonesia lol.
 

anisbouanaka

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I know there are limitation there in African countries, and all I'm saying that Paypal don't care since the amount of money exchanged maybe is not that big. Also, I'm also from a poor third-world country Indonesia lol.
Haha no, Indonesia is a really develop country than us.
Yeah Paypal doesn't care because we are only send to each other 20-200$ so no problem.
All the problems is from our bank, they don't sell us any cent of dollar
 

dadayli

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wow thanks for this vital information... i never knew this was illegal. I never tries it but i do hear people talking about it on net and they say it is not illegal
by using law as a refference, i believe that the same should apply on all of the countries, but you can still ask some people understand about law & rights, there might be some exception in your country
 

dadayli

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ok i will ask around but i doubt it if anybody will know about it because you are not allowed to recieve money on paypal in my country, you can only send
well, if you can only send, then there is a difficulty in receiving funds which means you can't buy funds even if you want, so you aren't really concerned :(
 

Rassy011

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as i said, you're doing currency exchange that you're not allowed to do, there are official agencies that are allowed to do this job and you can't do it as an individual
Well maybe in your country it's illegal to do currency exchange aside of the official agencies, but it's not illegal in my country to exchange legit cash aside from using official agencies.
 

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Just imagine! You run your online businesses and got some money, you thereafter, used PayPal payment gateway to get you money and you are stopped from converting same money to your local currency for your usage, why?
You are very correct, I don't even understand why there will be such a law like that in the first place, it's very wrong for people to be denied exchanging their hard earned money for cash.
 

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I think there is no issue ,most people find it hard to withdraw their Paypal fund to their normal currency , due to country restrictions but decides to sell it and convert to normal currency
 

berberguy

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I think there is no issue ,most people find it hard to withdraw their Paypal fund to their normal currency , due to country restrictions but decides to sell it and convert to normal currency
Exactly I don't even see where the illegal part is !
It's my money and I can exchange it or do whatever I want with it
Plus even if it's " illegal " it does not mean that it's justified
I mean 100 years ago slavery was legal !
50 years ago it was illegal to be a homosexual and it was illegal for a woman to vote !
 

Wisdom01

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Exactly I don't even see where the illegal part is !
It's my money and I can exchange it or do whatever I want with it
Plus even if it's " illegal " it does not mean that it's justified
I mean 100 years ago slavery was legal !
50 years ago it was illegal to be a homosexual and it was illegal for a woman to vote !
There is nothing illegal there, thats if the site you are doing the exchange are collecting some private data of users that is not suppose to be revealed or leaked
 
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