Unable to SELL Lindens

My CC information is active. There is a daily buy balance indicated. The daily allowance for selling shows as Zero.
Of course, when I tried to sell lindens to credit my credit card, I get this error:


We are unable to complete your request

* This transaction would exceed your daily trading limit by US$5.38.
Your daily trading limit is US$0.
* Transaction limit exceeded
* The system encountered an error while processing your order, please try again.

---------

I have a VISA debit card on file (US billing address). Can anyone tell me why I am not allowed to cash out lindens?

Thank you.

i think you must buy some first, in order to get the account activated. just buy one US dollars worth of lindens.

Credit card (or debit card) transactons only work in the other direction. With the exception of something like a merchandise return and credit, you can't deposit money TO the card.

You need to establish a PayPal account.

*bump*

Your LindeX clock doesn't start running until after you've completed a payment transaction with LL.

Keep in mind that it'll take 8 days from the day you buy some L$ before you'll have a trading limit for selling L$ (https://secondlife.com/my/lindex/describe-limits.php).

OK so you're saying Paypal is the ONLY way to cash out Lindens then?? They won't credit the card regardless of the time or anything? Paypal is one of the sleaziest outfits around. I won't deal with them..I guess I'll find another way with a friend's help..sighs...but thank you for the clarification

Well, don't take MY word for it...ask your CC company if someone is allowed to send money to your account. I mean, I use PayPal and LIKE it, so you obviously can't trust me. (I'm truly not being sarcastic here, except in a tongue in cheek way. Do contact your CC people).

The only other way I know of to get money out of SL is to get them to send you a check, and the ridiculously high fees they charge for that don't make it worthwhile unless the amount is very large.

Perhaps I wasn't clear. When one sells lindens, what happens. Is it converted to a USD balance in SL? Then, how does one go about getting that money i.e transferring it to paypal or what have you. It's not information that is easy to find and I've searched.
I would like the step by step explanation.
Thank you very much.

When you sell L$ on Lindex, the money gets credited to your USD balance in SL. Go to the following website URL:

https://secure-web11.secondlife.com/my/account/?lang=en-US

And you will see your current L$ balance and USD Balance.

If you have a non-zero USD balance, you'll also have a link next to the USD balamce labeled "Process Credit". Click that, and it takes you to this page:

https://secure-web19.secondlife.com/my/lindex/process-credit.php

Where you get precisely one viable payment processing option. PayPal.

You can process the cash-out via PayPal. It costs $1 USD taken from the funds to be transferred as a processing fee, and the rest is sent to your PayPal account.

There is also a link for "No PayPal in your country?". That takes you to this page:

http://wiki.secondlife.com/wiki/Linden_Lab_Official:How_can_I_use_my_US_dollar_balance

There you find that is PayPal is *impossible* in your home country, OR if you are trying to cash out $10,000 USD or more at once, LL will arrange for a wire transfer to your bank.

Linden Lab will deduct a $100 USD flat-rate processing fee for a bank wire over $10,000, in addition to any fees charged by your financial institution.

In cases where PayPal does not allow payments to be sent to your location, LL will deduct a 1% fee for wires sent.

Ceera. THANK YOU!

Wow, Ceera...that was well written and informative.

Glad it was helpful. Unfortunately, if you don't choose to use PayPal, LL really doesn't offer you any other viable options, unless you can prove that it's impossible to use PayPal in your country. The number of Residents who seriously could cash out $10,000 USD worth of funds at a crack from SL has got to be less than 1% of all residents. Probably FAR less than that.

You could probably find some non-LL site to sell L$ on, but you run a high risk there of triggering LL's "Risk API" as possible money laundering, and LL can, and will, suspend your account and dock you 150% of whatever you were trying to transfer! Before LL bought out XStreet-SL, you could legally sell L$ there, and they had a wider range of cash-out options. But no more.

You could also probably find some other Player, where both of you trust each other, and send them L$ in exchange for payment via some other method, such as them mailing you a check. But there's no formal method for that, and no assurances one side or the other won't renig on the deal, keeping the payment money AND the L$.

So right now, I don't know any safe, legal ways to regularly sell L$ today, other than via LL and PayPal.

Only one side can renege on a deal like that, Ceera - only one side takes the risk. I did it once for someone I knew well. As soon as I received the L$, I sent her a cheque. The L$ are like real money so I was safe on my side. It was her who took the risk that I'd actually send a cheque after receiving the L$. There was a very small risk for me - that the L$ were above board - but I knew her well enough so it was very small.

I wonder if the "additional payment options" M. Linden referred to in his Blog will help to alleviate this problem.

https://blogs.secondlife.com/community/features/blog/2010/01/03/happy-new-year-looking-backlooking-ahead

Rock

If it is, it'll be an about turn for them. At the beginning of last year, they reduced the ease of getting US$ from them by setting a high amount (US$10,000) for direct delivery and no longer sending any by cheque, regardless of the amount. They came out with some nonsense reason for doing it but what they were after doing was moving it all to PayPal. So I doubt they'll be doing a u-turn, and I think M means us paying them and not the other way round.

Depends on who is required to be the trusting individual.

I can give you L$ in-world, and hope you're actually going to send me a check. There, the risk is entirely mine.

Or I can wait to see and cash the check, and THEN send you the L$, in which case you have to trust that I have that many L$ and will transfer them after your check clears. There, the risk is entirely yours.

I wouldn't do either unless I knew and trusted the other person extremely well, or the amount was small enough it was something I was willing to risk losing.

In addition to stopping payment by check, and increasing the amount needed to do a wire transfer, they also stopped accepting most, if not all, prepaid credit/debit cards.

LL makes it absurdly hard to either give them money or cash out.

That's right - only one side can renege - not both sides.

Can the USD$ balance be applied to premium membership fees or tier payments?

It is always applied to those things if there is a US$ balance. They try to take it from there before trying the method provided (credit card etc.). If the tier is to a private estate (not Linden Lab), it can't be taken from there though.

You can buy US$2.50 worth of linden, the minimum, but you have to deposit US25 to do that and any money deposited into a Lindex account has to be spent in Lindex, no refunds, so you would be better off buying US$ at the lowest price possible, a limit order at 269 linden per dollar would work and you get the linden in 2 or 3 days.
Then you sell the linden you receive at 259 linden per dollar, best rate now and a limit trade.
This should cost you little, less than a dollar, or give you a profit of less than a dollar.