My 2 methods to cash out your money out of PayPal

[shoeiside]

Here are my 2 methods to cash out of paypal,

The first one has been tested already and it goes as the following...
Go to eBay and purchase gift cards and turn around and sell them on sites such as paxful.com or localbitcoin.com in exchange for bitcoin. Once you have the bitcoin you can sell them.
I hate this method because you easily lose 10% - 15% of your money when you buy gift cards. Then you lose another 5% - 10% when you sell your gift cards. Alternatively you can gain 5% - 10% if you sell your gift cards for above bitcoin market value. You would have to set up offers on paxful.com and hope people buy which could take hours or days to sell everything you have (this way you can actually gain the 5% - 10% you lost initially when you bought the gift cards).

My second method is a method I haven't tried yet...
Basically you would transfer all your funds from all your paypal stealth accounts to one main account that has your bank account attached to it, then you withdraw from that account on the regular basis. I HIGHLY DOUBT THIS IS POSSIBLE. I'm assuming this is a quick way to get all your accounts limited but hey, you never know.

Please leave your replies, this thread could possibly help out a lot of newbies.

And I'm in Canada so PayPal debit cards is certainly not an option. I've had a few people mention this to me.

My guess would be that there are so many credit unions where I can open up bank accounts here in Canada. How many accounts are you legally allowed to own under your name?

And last question, what if one day I had all my accounts linked, now I can't use any of those bank accounts with paypal anymore. This is another one of my concerns. Let's talk about this....

[Ebayorbust]

Basically you would transfer all your funds from all your paypal stealth accounts to one main account that has your bank account attached to it, then you withdraw from that account on the regular basis. I HIGHLY DOUBT THIS IS POSSIBLE. I'm assuming this is a quick way to get all your accounts limited but hey, you never know.

It's not necessarily a quick way to lose all your accounts but it certainly is highly risky.

[shoeiside]

Originally Posted by Ebayorbust

It's not necessarily a quick way to lose all your accounts but it certainly is highly risky.

If it's highly risky I certainly wont do it lol

[sax4]

Groundbreaking.... Best of luck to you!!

[shoeiside]

Originally Posted by sax4

Groundbreaking.... Best of luck to you!!

Thank you!

[slokor]

Both methods have been tried before by many people and both proved faulty.
Buying gift cards in itself is very difficult (practically impossible) to do - let alone in large quantities to the point of cashing out accounts. Also, trying to sell that many gift cards will be such a lengthy and time consuming activity that it will negate the whole point.
And as for your second method - that's the worst thing you could possibly do. Might work in the short run but paypal will catch on very quickly and when that happens all involved accounts will be linked and limited.
You live in Canada so you can get US based bank accounts. Not sure why youre playing around with all these methods instead of doing things the easy and safe way. Would be a different matter if you didn't have access to US based bank accounts - but that is not the case here. Save yourself the time, energy, money and most importantly the aggravation and just cashout to a US based bank account.

[nickopedia]

Both these methods are pretty groudbreaking...
NOT!

They are actually a fast way to get to ban street.

I hate to burst your bubble, but these methods are not sustainable.

[rsot]

Originally Posted by shoeiside

My second method is a method I haven't tried yet...
Basically you would transfer all your funds from all your paypal stealth accounts to one main account that has your bank account attached to it, then you withdraw from that account on the regular basis. I HIGHLY DOUBT THIS IS POSSIBLE. I'm assuming this is a quick way to get all your accounts limited but hey, you never know.

Save time and do NOT do the second method - repeated transfers could cause issues.

Credit unions work well - you can stagger out account creation...

[dallis]

Why, why WHY????

Attach a bank and be done with it.

[newjerseymax]

Set up a shop online and buy from yourself

[phaz0rz]

Originally Posted by newjerseymax

Set up a shop online and buy from yourself

Same thing as the 2nd method OP described. It's an easy link for them to make when an account spends every dollar it ever takes in at the same "shop".

Works, but not in the long run.

Side note - since when can Canadians open US bank accounts easily?

[rsot]

Originally Posted by phaz0rz

Side note - since when can Canadians open US bank accounts easily?

Depends on the bank phaz - big banks are ok with passport e.g. TD, BoA, etc

Small credit unions have actually declined me unless I live in the area being serviced and have a SSN.

[prodigyace]

Sounds risky, I don't think I would want to try it

[nickopedia]

There are only two surefire "methods" to cash-out PayPal.

1. Withdrawal to a bank (safest and most preferred way)
2. Spend it in shops / eBay.

The second method always involves buying something you can resell quickly and easily. That said, gift cards are risky (such as from Paypal Digital Gifts) which can bring attention to your account if bought too frequently. I myself have other types other types of (physical) items that can not only be resold easily, but quickly anywhere in the world. Of course you would need a valid mailing address to receive them safely.

Dealing with digital items can always lead to issues in the long run.

[Play]

My second method is a method I haven't tried yet...
Basically you would transfer all your funds from all your paypal stealth accounts to one main account that has your bank account attached to it, then you withdraw from that account on the regular basis. I HIGHLY DOUBT THIS IS POSSIBLE. I'm assuming this is a quick way to get all your accounts limited but hey, you never know.

This could (long term) link accounts together. Even if you setup a shop, it might dilute the risk a little, but overall its a very risky strategy.

Withdrawing to a bank is the simplest and safest way to go.

Spending the funds, on eBay, outside eBay etc. is also possible, but bear in mind this doesn't always work on new/ premature accounts. You'll get errors when attempting to sending funds.

[eman350]

I'm been doin the 2nd method for over a year now, using 4 accounts sending funds to 1 main paypal with bank, nothing went wrong yet.

[Play]

Originally Posted by eman350

I'm been doin the 2nd method for over a year now, using 4 accounts sending funds to 1 main paypal with bank, nothing went wrong yet.

Issue is when it does go wrong, that's when the rest of the accounts could fall like dominoes.

Otherwise they'll be up and running just fine.

[dealagreeproceed]

Originally Posted by eman350

I'm been doin the 2nd method for over a year now, using 4 accounts sending funds to 1 main paypal with bank, nothing went wrong yet.

TRUST ME...When it eventually back fires its gonna suck badly n make you change your entire game plan

[eman350]

If anything goes bad, I will let you guys know.

[bugmyday]

you can use freelancing websites and hire yourself just find with lowest fees

[rsot]

Originally Posted by bugmyday

you can use freelancing websites and hire yourself just find with lowest fees

Some people have had problems with this - might still work but the fees again...losses...

[triplex]

Originally Posted by nickopedia

Both these methods are pretty groudbreaking...
NOT!

They are actually a fast way to get to ban street.

I hate to burst your bubble, but these methods are not sustainable.

They are also very very expensive method.