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Large balance - never withdrawn
 

Hi, I have a fully verified PP account of about 6 years. I have now reached five figures balance from selling things, and I want to withdraw some of it. Can anyone advise if a) Halifax is safe to withdraw to currently for stealth and b) what amount I should try first?

It is a personal account and have verified fully at least 2 years ago. Is there anything else I should check? My surname is one letter different to my PayPal surname.

Thanks...

Re: Large balance - never withdrawn
 

Halifax is fine to withdraw to, just make sure you don't try to withdraw it all at once.

Having 5 figures sum in PayPal is very very risky though

Re: Large balance - never withdrawn
 

Definitely don't try and withdraw it all at once. It's hard to say what a safe amount would be if you have never withdrawn before. You dont want to raise any flags when withdrawing with a balance like that.

Withdraw smaller amounts at first them work you way up is my opinion.

Re: Large balance - never withdrawn
 

Broken out in cold sweats just thinking about this situation.

Proceed with caution.

You cannot be too careful here.

Re: Large balance - never withdrawn
 

Welcome to the forums - all the best as you master stealth :thumb:

Re: Large balance - never withdrawn
 

Thanks. Can I just confirm if Halifax is okay with a few others as I've seen so many posts here saying it "might not be" etc.

Also I was wondering about this approach: If I upgrade my PP account to a business one, they ask for the business name. Could I choose sole trader and call the business as my misspelled name to match my PayPal name, and then withdraw it?

Example: My actual name is John Smith but this PayPal account is registered to John Smit, ie 1 character missing off the end of my surnam.

Re: Large balance - never withdrawn
 

I've not had a problem with Halifax. I remember someone having a problem but it turned out he's opened a child's account in his kid's name (I ask you!). Same banking group as Lloyds and TSB but nowhere near as many problems.

Yeah sole trader in stealth name is how I do it.

Re: Large balance - never withdrawn
 

Lloyds and TSB are known to have issues with mismatched names
Halifax, some say they have issues.

I would go with something like Barclays or Natwest just to be extra safe, there's no harm, their all pretty much the same thing anyway.

What have you been doing with your money to date, spending or letting it sit there?

Your in a little conundrum here. Are all details genuine?

Re: Large balance - never withdrawn
 

Almost genuine - surname one letter different

Re: Large balance - never withdrawn
 

If it is genuine (I can't see any direct mention of this on the OPs part), then I would attach bank, withdraw around £50, it will definitely hit a 72 hour review, just hope it goes through smooth.

Do a few more low value withdrawals around £100 for a few weeks, and basically build that withdrawal amount up to around £500.

I would eventually then withdraw £500 per day until you withdraw all your money.

Your biggest issue would be if they ask for docs, not what bank to use or whether to upgrade to business or not. If they do, you need to think whether or not to send original docs. That depends if your originals have previously been used. But I wouldn't really go down the route of stealth docs as it may lock the funds forever. But thats one to think about.

Re: Large balance - never withdrawn
 

From the horse's mouth, as it were.....

Advice offered by Play in previous post to this is excellent.

Good luck OP.