Many people may not be aware, that in a bid to control tax avoidance and do due dilligence for money laundering, Pay pal imposed a limit of E 2,500 annually, that can be received or sent through an account, from 2008.
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 also now also 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, 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 Im 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
