How to discreetly transfer funds from Paypal to a savings account

[Pollock]

Hello everyone, in the last 5 years I have earned some money working online which I have never declared to the tax authority of my country (in EU).
We are not talking about large sums, the total is around €55k in 5 years that I received on my PayPal account. I've invested half of it in crypto over the years, the other half is still sitting in my PayPal account.

Now I would like to transfer this amount from PayPal to a savings account in my country. To do this, can you tell me which method attracts the least attention from the automatic system that checks for tax authority violations? A bank transfer directly from my PayPal account or transfer to a credit card linked to my bank account and then transfer the amount to my savings account?

Am I worrying too much?

 

[happyjohn]

You stand no chance. Better declare your income there. They will punish you as hell, rape you and let you slip away with a BIG ZERO from your savings.

PayPal is the worst you can have money to stick. They may already know about the money just waiting to collect more information about you before they hook.

 

[Marzio]

Am I worrying too much?

So do you think materializing 50K on a bank's saving account will not raise any questions about source of funds from the bank?

If you want to avoid any problems transfer less than 10K in your bank account and use the remaining to either buy more crypto or buy for flights, hotel stays, vacations and so on.

 

[Pollock]

So do you think materializing 50K on a bank's saving account will not raise any questions about source of funds from the bank?

If you want to avoid any problems transfer less than 10K in your bank account and use the remaining to either buy more crypto or buy for flights, hotel stays, vacations and so on.

You didn't read the post properly, I said I want to transfer half of 55k (actually less than half).

 

[Marzio]

You didn't read the post properly

True, i'm still recovering from the weekend's hangover nonetheless what i said still holds true.

Transfer less than 10K to avoid any questions/problems.

 

[happyjohn]

You play with fire! Just saying it!

 

[diatessaron]

Buy crypto through P2P transactions. Gamble that crypto by buying a random shitcoin on Solana, if you're lucky, you 100x that, if not the money is lost and you have to pay no taxes, but this bit is complicated, some countries will still want the taxes.

 

[Marshal]

Transfer less than 10K to avoid any questions/problems.

Good advice. I would just add divide it into 3-4 payments and transfer to your own current account to appear like your salary/wages. If the total amount is around €25k it should take you about 3 months to cash it out. This is an average salary for a good IT specialist in the EU.

 

[Simon4466]

Good advice. I would just add divide it into 3-4 payments and transfer to your own current account to appear like your salary/wages. If the total amount is around €25k it should take you about 3 months to cash it out. This is an average salary for a good IT specialist in the EU.

Yes and the bank definitely will not ask any questions about you suddenly receiving such an enormous salary, paid out through PayPal or another third party (even more sketchy), which will suddenly stop after a few months (why would you ever quit such a salary after a few months, meaning that you are out of your probation period). Lol.

 

[Marshal]

Yes and the bank definitely will not ask any questions about you suddenly receiving such an enormous salary, paid out through PayPal or another third party (even more sketchy), which will suddenly stop after a few months (why would you ever quit such a salary after a few months, meaning that you are out of your probation period). Lol.

7-8k per month is enormous salary? Where do you live? As to be paid through PayPal, banks usually don't ask about payments coming from PayPal (under 10k per month). With regard to why one have decided to quit their job, or to switch their salary to another bank, is not bank's business.

 

[Simon4466]

For an EU bank that most likely is. That is more than what like 99% of the average European earns I am pretty sure, LOL. Can't imagine such a blatent scheme (several <10k transactions in a short time) is not going to raise any questions.
Anyways will be fun to see what happens, you do you.

P.S. It is not just about the money but the jump in income. If OP earns 10k a month already it will not raise many questions. If he suddenly goes from 2 or 3 k to 8k for 6 months that will likely raise some (especially if he keeps his day job).

 

[Pollock]

For an EU bank that most likely is. That is more than what like 99% of the average European earns I am pretty sure, LOL. Can't imagine such a blatent scheme (several <10k transactions in a short time) is not going to raise any questions.
Anyways will be fun to see what happens, you do you.

P.S. It is not just about the money but the jump in income. If OP earns 10k a month already it will not raise many questions. If he suddenly goes from 2 or 3 k to 8k for 6 months that will likely raise some (especially if he keeps his day job).

I can use 2-3 bank accounts, it's not a problem. I'm more afraid that the tax authority will detect these movements automatically.

 

[daniels27]

I never had any questions with sums above 100k.

 

[JohnLocke]

For an EU bank that most likely is. That is more than what like 99% of the average European earns I am pretty sure, LOL. Can't imagine such a blatent scheme (several <10k transactions in a short time) is not going to raise any questions.
Anyways will be fun to see what happens, you do you.

P.S. It is not just about the money but the jump in income. If OP earns 10k a month already it will not raise many questions. If he suddenly goes from 2 or 3 k to 8k for 6 months that will likely raise some (especially if he keeps his day job).

It's totally true, if you're just a regular person making an average salary and suddenly big chunks of money start showing up in your account, that's gonna raise some eyebrows unless you've got a job contract and have paid taxes and other dues on it before it hits your account.

 

[Sean Restling]

Why did you leave €55K as a balance in your PayPal account instead of withdrawing them slowly/regularly?

 

[Marshal]

I really don't understand why everyone makes such a fuss about 25k. To OP - if you are from EU country and are really worried about your local tax authority, just travel to Ireland open a few local bank accounts and cash out in EUR right there. You can open current accounts in some Irish banks online, all you need is a smartphone, local Irish address (to receive your bank card) mobile number and your EU ID. No proof of address needed, just your EU passport. And no need to supply Tax ID (TIN) like in other countries (ex Germany). After you cash out your money from PayPal you can close all accounts and that's it. Just bear in mind that accommodation in Dublin is not cheap at the moment.

Some people on here are paranoid. And reading that 99% of Europeans earn less than 7k a month just made my day haha. Go on LOL

 

[Pollock]

I really don't understand why everyone makes such a fuss about 25k. To OP - if you are from EU country and are really worried about your local tax authority, just travel to Ireland open a few local bank accounts and cash out in EUR right there. You can open current accounts in some Irish banks online, all you need is a smartphone, local Irish address (to receive your bank card) mobile number and your EU ID. No proof of address needed, just your EU passport. And no need to supply Tax ID (TIN) like in other countries (ex Germany). After you cash out your money from PayPal you can close all accounts and that's it. Just bear in mind that accommodation in Dublin is not cheap at the moment.

Some people on here are paranoid. And reading that 99% of Europeans earn less than 7k a month just made my day haha. Go on LOL

I know, some users here are more scared than me.

The amount is even less than 25k and some users act as if I want to move hundreds of thousands.

I think I will withdraw sums like 2-3k over the next few months to bank accounts that I already have (or directly to my credit cards).

 

[Sean Restling]

I'm also under the impression that providing your TIN ties you directly to your tax duties in your own country, while "simply" verifying your ID and address seems a tiny bit safer/discreet. But this theory is debatable.

no need to supply Tax ID (TIN) like in other countries (ex Germany).

 

[Belfort]

7-8k per month is enormous salary?

I'm sorry, but you are delusional.