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[Reznov]

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 .

 

[Balint098]

Calm down guys. He's merely saying:

you might be committing a crime

Notice the "might" part here.

But then again,

because there are legal and official agencies that are responsable for currency exchange

I'm not aware of any "official" agencies that are responsible for currency exchange, let alone official currency exchange that deals with electronic funds like Paypal.

 

[Reznov]

Calm down guys. He's merely saying:



Notice the "might" part here.

But then again,



I'm not aware of any "official" agencies that are responsible for currency exchange, let alone official currency exchange that deals with electronic funds like Paypal.

i used 'might' because the law isn't the same in all of the countries and there can be exceptions in all around the world, also exchange agencies like Western Union or any local bank are the ones responsable for that

let alone official currency exchange that deals with electronic funds like Paypal.

the crime part here is when you're sending dollars or euro to people and getting your local currency for it instead ,that's what i meant with currency exchnage, it might sounds funny, but it's true

 

[Roysnickz]

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.

Same here. It also very legal to do such transactions in my country. I wonder the country with such strick and archaic policies and regulations. It's not possible in my country.

 

[Rassy011]

Same here. It also very legal to do such transactions in my country. I wonder the country with such strick and archaic policies and regulations. It's not possible in my country.

Yeah, same in my country too well I think the poster has already cleared up what he meant originally in his post, I think that law applies to country of the poster not necessarily the same law in different countries.

 

[a_jerobon]

This is my first time hearing about this. But it makes some sense. I have always exchanged the money I earn and receive through paypal to cash. I have never thought that it could ever be a crime.

 

[Reznov]

Same here. It also very legal to do such transactions in my country. I wonder the country with such strick and archaic policies and regulations. It's not possible in my country.

it's legal as long as you're doing it from your local currency and getting local currency in back, but if the currencies are different, then i believe it's not

 

[microunit]

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.

Guessing these exchange companies are not getting enough customers or profit that's why they turned to this, as for an experience i see some people don't have any means of getting funds from their paypal accounts (especially younger generations who earns money online) so they tend to sell the funds to others in exchange for physical money

 

[SCAMEXPOSER]

it's legal as long as you're doing it from your local currency and getting local currency in back, but if the currencies are different, then i believe it's not

I am a bit confused but let me give you an instance probably that what you meant. If someone from India exchange PayPal fund to INR is legal but if exchange PayPal to Philippine pesos is illegal right?.

 

[Reznov]

Please What's the crime there because from what I know the funds in your paypal account is yours no matter your local currencies... But the one I don't really support is the selling of PayPal accounts

the crime is that you're doing currency exchange without permission, there are usually agencies that are responsable of doing that and has the full permission for it

 

[Reznov]

I am a bit confused but let me give you an instance probably that what you meant. If someone from India exchange PayPal fund to INR is legal but if exchange PayPal to Philippine pesos is illegal right?.

people usually hold their funds in USD by default, so they face no issues when sending or receiving funds from the others, which means you're exchanging USD to INR

 

[Balint098]

I'd say that such exchange is purely based on which country you live in. For example, in my country just about anyone is free to exchange any foreign currency into my national currency, without special business permit or anything like that.

 

[Josemendez]

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 .

I don't think this is applicable in all countries . PayPal is a recognized body , and they don't operate in any country without an agreement between them and the country finance body.

 

[Reznov]

I don't think this is applicable in all countries . PayPal is a recognized body , and they don't operate in any country without an agreement between them and the country finance body.

by using a little bit of sense, you will realize that it's kind of illegal, because if it works like that, a lot of people would start trading for a profit using tourists (although that's happening here too, but there are no strict rules about it)

 

[SCAMEXPOSER]

@dadayli , I will like you to illustrate what you mean by illegal exchange through PayPal fund using currency examples because I don't understand what you mean.

 

[Josemendez]

by using a little bit of sense, you will realize that it's kind of illegal, because if it works like that, a lot of people would start trading for a profit using tourists (although that's happening here too, but there are no strict rules about it)

Profit with PayPal ? I doubt this bro .
Have you forgotten that PayPal has transaction fee when you request for withdrawal from either sites or to your bank ?

 

[Niftyicon]

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 .

Selling PayPal funds here is like normal business people engage in. I have never thought of it as committing crime because it is all over the place. Just a way to get around PayPal restrictions I think.

 

[SCAMEXPOSER]

The OP's expression is not clear to me on the what he termed as illegal in the exchange of paypal fund until he make it clear otherwise I don't see anything illegal in it.

 

[Josemendez]

The OP's expression is not clear to me on the what he termed as illegal in the exchange of paypal fund until he make it clear otherwise I don't see anything illegal in it.

Same here because I know PayPal is legal in most countries , perhaps he meant those people that PayPal are not available in their countries and they are using VPN to withdraw from PayPal.

 

[Reznov]

Profit with PayPal ? I doubt this bro .
Have you forgotten that PayPal has transaction fee when you request for withdrawal from either sites or to your bank ?

i was talking about something else where you can make profit by trading, not in paypal, as i said that some people trade local currency for other currency with tourists

 

[Reznov]

I don't think my country has any agency like that

banks for example do that as well, and there are agencies, you just probably don't know about them because you don't travel outside that much, they exist in airports too