Paypal limits
May 10, 2008 by moneypenny
Filed under Finance
If the account is to be used for higher volume transactions, then an identity check which is in two parts, must take place.
My own personal paypal account was made secure as mentioned previously, by the addition of my credit-card details ( which somewhat defeats the purpose of having a pp account). Nevertheless, this done, it is now not sufficient to secure the account.
The identity check requires the filling in of a form on-line, requiring physical address, birthdate, company name, and vat/ tax no. All details, that many will be unhappy to hand over, due to identity theft on the net and management of this sensitive data by Pal pal. ( who of course promise not to share it with anyone).
Then one feels that should be sufficient, but no there’s something else, after being told this will suffice, another window comes up saying that there’s one final step. The final step being, you need to upload or fax through your drivers license, ID card or other photographic proof, such as a passport.
Well, I don’t know about you, but this always makes me nervous. How will my data be treated? Banks have had data breaches, so I’m almost certain Paypal could have the same sooner or later.
There isn’t much choice out there, Paypal has the Euro market pretty much sewn up.
Any other suggestions will be welcome, leave a comment for the benefit of our readers.
Can some e currency veteran comment on this? Are the requirements the same for e bullion and similar payment co’s.
Lets discuss this digital moneyworlders!
Yours in money,
Moneypenny
You should also note that ebay has made an agreement with Revenue Canada to provide all details regarding Canadians who sell more than $1000/month (ie: power sellers), but the method of disclosure was not reported.
So, contrary to previous terms of using Paypal, this does violate it’s own terms, but I haven’t reviewed this in a few months.
Dear Jay.
Thank you for your comment. It is always valuable to hear from those who have experienced the downside of using these on-line payments systems like paypal and others.
I now cant recieve payments that are pending until I send in my ID. I’m very reluctant to do this since I have no faith that my data will be stored correctly. Particularly since I was pfished yesterday, by some scam artist posing as moneybookers. ( see my latest post)
Any thoughts on this? I don’t want to link my credit card or have to give them exhaustive details.