Paperwork

[wasp]

Afternoon chaps,

I have just had a colleague try to wire me some money for trading on his behalf for a short while through paypal.

Stupid of me I know, but thought it would be a nice swift, easy transaction and happy days. Oh no, paypal earmark new accounts with anything more than 3p wired through them within the first week as 'money laundering'. Then put a nice limitation on it and sit on your account for 3 months whilst claiming interest of course.

Anyhow, hindsight being what it is, this is my situation....

Now, I told them what it is was, and how I got the funds and they requested some forms pertaining to my trader status which I'd never heard of and think must be an American thing.

So.... In the UK, to be a trader, do you need paperwork (*) and if not, how on earth do you think you'd go about getting legal paperwork to say that 'you don't need paperwork!'... I think paypal are making this **** up as they go along knowing full well I cant come up with such documents but what can you do!

I'm just registered as a sole trader and pay my taxes every year. I was only doing a mate a favour! Damn you paypal!


*
Thank you for your response. In your response, you state you are a
private foreign currency trader. If you can provide us with legal
documentation stating that as a private trader you do not have to
register with anyone, we will review the limitation. Also, if you can
provide us with further information stating that you are exempt from
these rules, please submit that as well.


1. copy of business license/and or registration
2. Copy of banking license
3. Explanation of disbursement
4. Evidence of your AML policies and procedures including your CIP program.

 

[ian]

Afternoon chaps,

I have just had a colleague try to wire me some money for trading on his behalf for a short while through paypal.

Stupid of me I know, but thought it would be a nice swift, easy transaction and happy days. Oh no, paypal earmark new accounts with anything more than 3p wired through them within the first week as 'money laundering'. Then put a nice limitation on it and sit on your account for 3 months whilst claiming interest of course.

Anyhow, hindsight being what it is, this is my situation....

Now, I told them what it is was, and how I got the funds and they requested some forms pertaining to my trader status which I'd never heard of and think must be an American thing.

So.... In the UK, to be a trader, do you need paperwork (*) and if not, how on earth do you think you'd go about getting legal paperwork to say that 'you don't need paperwork!'... I think paypal are making this **** up as they go along knowing full well I cant come up with such documents but what can you do!

I'm just registered as a sole trader and pay my taxes every year. I was only doing a mate a favour! Damn you paypal!


*
Thank you for your response. In your response, you state you are a
private foreign currency trader. If you can provide us with legal
documentation stating that as a private trader you do not have to
register with anyone, we will review the limitation. Also, if you can
provide us with further information stating that you are exempt from
these rules, please submit that as well.


1. copy of business license/and or registration
2. Copy of banking license
3. Explanation of disbursement
4. Evidence of your AML policies and procedures including your CIP program.

I would imagine a letter from a Chartered Acountant stating your status would be sufficient and perhaps a letter from the broker confirming your status as well. I would also tell the guy who sent the money to paypal to ask for its return - immediately!

 

[wasp]

I would imagine a letter from a Chartered Acountant stating your status would be sufficient and perhaps a letter from the broker confirming your status as well. I would also tell the guy who sent the money to paypal to ask for its return - immediately!

Cheers Ian, that sounds, hopefully, simple enough, thankfully in the UK again soon so can sort it. As for getting the money back out! Ha! No chance! Those sly buggers at paypal freeze your account, nothing in, out, returned or reversed for 180 days or until proven I don't hail from the middle east nor have a hatred of Bush! Which, all things considered probably only leaves his mum in which case I'm really buggered.

 

[ian]

Do you have somebody in paypal that you can call, a real person?

 

[wasp]

Again, not a chance in hell!

I wish I'd done my homework on the company prior but the more i learn the worse it gets. On the website you will only get one phone number. Call it and they tell you nothing. The only way you can contact them is through their 'forms' which, of course, only allows you to say cetain things and ask pre dertermined questions. No way is there a chance to speak to a human who will actually listen or god forbid, help!

No email addresses, no phone numbers, no contacts and all forms are answered with standard auto reply until they are ready to contact you!

 

[ian]

Well, if they are telling you that proof of status is required then get the proof as soon as possible and give it to them so they cant argue.

 

[wasp]

Will do as soon as I get back to old Blighty... Just checking to see whether I should have had my 'anti money laundering paperwork' in place before I started trading after all!! All these things you have to think of and remember! Isn't the setting of the MACD, stochastic, CCI and RSI enough to cope with already!!!

 

[Directional]

I had my Paypal account frozen for a couple of grand a few years ago too. be very wary of doing any serious size through paypal.

read http://paypalsucks.com/ and take a look round, particularly in the forums there is some very helpful information about getting your cash back from them.

 

[Splitlink]

I had my Paypal account frozen for a couple of grand a few years ago too. be very wary of doing any serious size through paypal.

read http://paypalsucks.com/ and take a look round, particularly in the forums there is some very helpful information about getting your cash back from them.

I had to pay a Sierra Chart subscription several years ago and elected to pay through a bank because of the bad name that Paypal had. The attraction of Paypal is, of course, the cheapness of the transaction. I've often wondered about these shops that transfer money and are mainly used by immigrants wanting to send their money home. That could be an economical possibility. Has anyone tried this? I sent my daughter money by Western Union a few years ago. It's instantaneous but very expensive. OK if it is an emergency, one off, operation but not to be done on a regular basis.

Split

 

[wasp]

I had my Paypal account frozen for a couple of grand a few years ago too. be very wary of doing any serious size through paypal.

read http://paypalsucks.com/ and take a look round, particularly in the forums there is some very helpful information about getting your cash back from them.

Did you get it sorted Arb? How long did it take? This is really pissing me off now and I can't believe how little I can do about it either.

Had a look through that site over the weekend and the more I read the more I regret it and think it may be a long time before I see my money.

I had to pay a Sierra Chart subscription several years ago and elected to pay through a bank because of the bad name that Paypal had. The attraction of Paypal is, of course, the cheapness of the transaction. I've often wondered about these shops that transfer money and are mainly used by immigrants wanting to send their money home. That could be an economical possibility. Has anyone tried this? I sent my daughter money by Western Union a few years ago. It's instantaneous but very expensive. OK if it is an emergency, one off, operation but not to be done on a regular basis.

Split

I use Western union occasionally but as you say, its expensive although swift. Good fo the occasional transaction but I think there is limit on how much you can do? Not sure, not looked for a while.

wasp

 

[Crap Buddist]

worth checking this maybe...

Afternoon chaps,

I have just had a colleague try to wire me some money for trading on his behalf for a short while through paypal.

Stupid of me I know, but thought it would be a nice swift, easy transaction and happy days. Oh no, paypal earmark new accounts with anything more than 3p wired through them within the first week as 'money laundering'. Then put a nice limitation on it and sit on your account for 3 months whilst claiming interest of course.

Anyhow, hindsight being what it is, this is my situation....

Now, I told them what it is was, and how I got the funds and they requested some forms pertaining to my trader status which I'd never heard of and think must be an American thing.

So.... In the UK, to be a trader, do you need paperwork (*) and if not, how on earth do you think you'd go about getting legal paperwork to say that 'you don't need paperwork!'... I think paypal are making this **** up as they go along knowing full well I cant come up with such documents but what can you do!

I'm just registered as a sole trader and pay my taxes every year. I was only doing a mate a favour! Damn you paypal!


*
Thank you for your response. In your response, you state you are a
private foreign currency trader. If you can provide us with legal
documentation stating that as a private trader you do not have to
register with anyone, we will review the limitation. Also, if you can
provide us with further information stating that you are exempt from
these rules, please submit that as well.


1. copy of business license/and or registration
2. Copy of banking license
3. Explanation of disbursement
4. Evidence of your AML policies and procedures including your CIP program.

have a look at obtaining a Power of Attorney document sorted , might be the quickest route , might help you prove/authorize your intentions to manage your mates money without being regulated..


A power of attorney is the formal authority under which a person gives authority to another to act on their behalf. A General Power of Attorney is a legal document which authorises one or more people to handle another person's financial affairs (including property, shares, money etc.), either generally or in relation to specific items.

Usually, General Powers of Attorney are created in order to deal with financial matters and are for a set period of time. For example, a person may be going away or unable to act for a particular reason, and they may wish someone else to have the authority to act on their behalf during this time.

To give a power of attorney, the person must be able to understand the nature and effect of the act that they are doing. For this reason a person needs to be over 18 years of age in order to give a power of attorney.

http://www.legaldocumentsdirect.co.uk/product_info.php?cPath=1_25&products_id=35