My friend is looking to be able to withdraw a large amount of $2-3k.
They are not a seller, but looking to use Paypal as a savings that
can be "forgotten"about until vacation time.
The problem is that paypal is only allowing them withdraw $300 daily.
They are active with buying. Anyone have an idea on what they can
do to fix it the limit or what might be causing it.
Pretty sure to be able to withdraw, send and receive a larger sum then the limit given you have to provide a bank account, a credit card, S.S., and some other things I can think off the top of my head.
I know you have to have given 4 out of the 5 they require
Exactly. Most of it is to limit money laundering or fraud. Once Paypal can verify who you are, the limits are raised. Case in point - IRS notifications over a certain revenue limit for US guys.
I had to scan over a photo ID maybe? Also providing social security number. Those should do it. I think those came along for me when I ran into the 1099 reporting limits. Maybe I did them earlier on but cannot recall.