Lives about taking chances 8K via Paypal to china?

[nkwatch]

Basiccly I have a new method im working on, now ive order 1 sample of the item from the supplier im currently working with Im looking to order about 70 of this item.

So far this chinese site has about 300 ratings on Store Reviews | ResellerRatings and it ranks 8/10.

How would I safely send him the money?
I have 5K in my savings account and 3 K in paypal balance.

Do I withdraw the balance and then send via echeck or should I report My card stolen and get a new Bank of america card( since my bank of america card is currently linked to another account) and then send him the money?

8k transaction via bank might alarm IRS, which is my concern.
Im a Canadian student living in usa.

Whats the best way to go about this tranasction?
This idea im working on is completely brilliant! ive been working on it for a few months now.

[GreenBean]

I liked the idea of what you where thinking of doing until this little part.

Do I withdraw the balance and then send via echeck or should I report My card stolen and get a new Bank of america card( since my bank of america card is currently linked to another account) and then send him the money?

What are you aiming to do apart from scare me & anyone else reading this?

If the short answr is trying to make sure I do not get scammed a simple YES will suffice

[nkwatch]

I was just wondering, my problem is if I withdraw it I will have to use a debit card to make a $8000 transaction.? Will this be reported to IRS?.

Along with that I will have to call my bank, get a new debit card and then wait a week for it to arrive before I can make the transaction

[FandangoKango]

Banks don't report until 10k has been reached on a transaction, but if your doing something funny then 8k with bank of america they might ask for you to get a police report since 8k for boa is alot of cash. Take it from me with only 2k they closed me out lol. Stupid boa. Oh well.

[nkwatch]

"but if your doing something funny" well im actually buying a unbranded part..
I wouldnt really count that as illegal in any way =/

[GreenBean]

To safely send the funds, to make sure everything is kosher, to make sure you are not doing DUMB things with your bank, see if the company has escrow service.

Feel free to pm me about this.

Well done for being an entrepeneur. But dont stuff your 1st efforts up with the potential of an big financial loss.

The way I'm reading this plan is it ain't tweaked enough yet

[rsot]

Sending money of itself will not raise IRS alarms since money is sent overseas all the time. It`s what you bring in and declare and sell.

That being said, what`s this solid idea/method of yours?

[FandangoKango]

If you do transactions that are 10k and over you do get reported to the irs just to make sure you don't do any crazy funds, but won't make you get in trouble with the irs. if they come to find out in the future you made money with it then yea you will owe money after.

[Axcend]

3k or more reqiures an ID, 5k or more get a note put beside it so if the IRS or government agency is looking for questionable transactions, those show up first. 10k or above is sent to the IRS. this is mainly filed away without a second glance. Don't try to scam your bank. Also the best safest way to do business over seas, especially foo foo is like this: As soon as you spend the money, plan to never have anything returned on it ever. If you plan to go broke, then you will never go broke.

[nkwatch]

Originally Posted by Axcend

3k or more reqiures an ID, 5k or more get a note put beside it so if the IRS or government agency is looking for questionable transactions, those show up first. 10k or above is sent to the IRS. this is mainly filed away without a second glance. Don't try to scam your bank. Also the best safest way to do business over seas, especially foo foo is like this: As soon as you spend the money, plan to never have anything returned on it ever. If you plan to go broke, then you will never go broke.

im slightly confused...
Im doing an online transaction, there is no way they would require id.
I guess as long as I stay under 5K with bank I should be fine.

Since im canadian im in the process to have a Legitimate Verified account in canada.
Have a Canadian bank account and planing to get help from relatives to use there address.

my only issue is I dont want IRS to think im doing business in USA, Im pretty confident im not allowed, thats why going via canada is my best bet!.