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    Bit of Paypal advice please

    My dad has recently started selling on ebay to fund one of his hobbies. He expects to sell a few hundred quids worth of stuff over a period of say 6 months with a view to using the money when it is a sizeable amount.

    I was thinking surely the best way to manage his money would be to withdraw it from Paypal as he goes and invest it to an online ISA due to the tax free interest benefits.

    Does anybody have any experience of this? Is it quite straight forward or does Paypal somehow c*** it up like they do everything else? Also any advice on which ISA to go for would be appreciated. He would need to be able to withdraw the funds after a week or thereabouts once he has notified the bank

    Thanks in advance

    14 Comments

    Is his hobby accumulating ISA's? isn't the cash locked in for a set period of time and thus unavailable with an ISA?

    Original Poster

    danmc

    Is his hobby accumulating ISA's? isn't the cash locked in for a set … Is his hobby accumulating ISA's? isn't the cash locked in for a set period of time and thus unavailable with an ISA?



    No he only wants one ISA, there is a lot of ISA's on the market where you can invest and withdraw as and when you want, you obviously only earn interest on the funds when they are in the ISA

    Banned

    little point in deposting into an isa for a week, may as well just use a normal bank

    Not worth it imo. If it is only a couple of hundred quid worth of stuff, he will get less than £10 in intrest, and it might have a look in operiod, 30 days or more, and a fee for closing early.

    Set up another free basic bank account, use that as his "Pay Pal" bank account, transfer when he gets money in it, eg. £50, £100, £75, from sales, it keeps it all seperate and is the best way to do it.

    It's the way I've done it for years. If the other free bank account is also with the same bank, it also lets him transfer money between accounts should he need to. eg. "burst pipe, skint, transfer £150 from "Pay Pal" bank account in to "normal" bank account. It comes in well handy!!

    sassie

    little point in deposting into an isa for a week, may as well just use a … little point in deposting into an isa for a week, may as well just use a normal bank

    ^^this

    * " lock in period"

    I don't know, you stop drinking coffee and end up NOT being able to type! - " look in operiod" :P

    i wouldn't leave any money in a paypal personally - don't even use payapl makes me sick.

    Hope this helps.

    Banned

    you can only input £5100 per tax year into an isa and most arent easy acess like you want.

    and NEVER leave a balance over £50 in paypal if trading on ebay. They are idiots when you transact regularly (I sold 100+ dvds on ebay a few years back and they froze my account for 6 months cos I couldnt produce original receipts for them!).

    Original Poster

    He's not going to be leaving it in the account for a week, more like 6 months min on an ongoing basis

    Original Poster

    csiman

    you can only input £5100 per tax year into an isa and most arent easy … you can only input £5100 per tax year into an isa and most arent easy acess like you want. and NEVER leave a balance over £50 in paypal if trading on ebay. They are idiots when you transact regularly (I sold 100+ dvds on ebay a few years back and they froze my account for 6 months cos I couldnt produce original receipts for them!).



    This one seems to be easy access and quite straight forward

    nsandi.com/pro…rks

    Pay pal is fine, I have been using it to buy and sell fir many years, I often leave large amounts in there especially at christmas time for shopping, transfers are quite easy take 3 - 5 days normally, also think it has to be a certain amount. Make sure he lists his items properly on ebat to get best price, sunday eve best time to list, also start at price u wont rather than a reserve as it cost less to do, happy selling

    Banned

    jeanmmayo

    Pay pal is fine, I have been using it to buy and sell fir many years, I … Pay pal is fine, I have been using it to buy and sell fir many years, I often leave large amounts in there especially at christmas time for shopping, transfers are quite easy take 3 - 5 days normally, also think it has to be a certain amount. Make sure he lists his items properly on ebat to get best price, sunday eve best time to list, also start at price u wont rather than a reserve as it cost less to do, happy selling


    yep, they are fine until something goes wrong. Madness to leave a high amount in there when it could be earning interest in your linked bank account.

    Your text here
    Edited by: "csiman" 20th Aug 2010
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