Do you have a PayPal account?

[purple face]

not ≠ now
That is an interesting development, I wonder how they managed to get a cross border transaction like that to reflect instantly without any extra fees?

Why do you think it always took 3 days to clear? I asked on FNB Facebook group in the messages the person I asked said its on their website here is a screenshot of it.

Well this is great news as I use it all the time. Recently I had to wait as some money was Pending and that took forever to clear but that was because their bank was a problem not FNB

 

[airborne]

Why do you think it always took 3 days to clear? I asked on FNB Facebook group in the messages the person I asked said its on their website here is a screenshot of it.

Well this is great news as I use it all the time. Recently I had to wait as some money was Pending and that took forever to clear but that was because their bank was a problem not FNB

View attachment 1827182

TF, think and read!!
Paypal is an international US bank, 3 days is normal processing time for clearing international incoming transactions to an South Africa bank but I'm assuming FNB and Paypal have entered into some kind of currency/funds swap arrangement where they can clear most transactions instantly as they don't need to move the funds per transaction, rather bulk once a day/week or whatever they have agreed upon.

 

[purple face]

TF, think and read!!
Paypal is an international US bank, 3 days is normal processing time for clearing international incoming transactions to an South Africa bank but I'm assuming FNB and Paypal have entered into some kind of currency/funds swap arrangement where they can clear most transactions instantly as they don't need to move the funds per transaction, rather bulk once a day/week or whatever they have agreed upon.

I actually couldn't believe the money was instant I wonder if it's instant even on weekends and public holidays? As it doesn't say

 

[biena]

TF, think and read!!
Paypal is an international US bank, 3 days is normal processing time for clearing international incoming transactions to an South Africa bank but I'm assuming FNB and Paypal have entered into some kind of currency/funds swap arrangement where they can clear most transactions instantly as they don't need to move the funds per transaction, rather bulk once a day/week or whatever they have agreed upon.

From their own website. https://www.paypal.com/us/digital-wallet/how-paypal-works

PayPal is not a bank, does not take deposits and is not FDIC insured.

 

[airborne]

From their own website. https://www.paypal.com/us/digital-wallet/how-paypal-works

Whatever it is the point is moving money from a foreign entity directly into a South African bank account typically takes a day or few unless you pay a premium for instant clearance.

 

[Pho3nix]

Why do you think it always took 3 days to clear? I asked on FNB Facebook group in the messages the person I asked said its on their website here is a screenshot of it.

Well this is great news as I use it all the time. Recently I had to wait as some money was Pending and that took forever to clear but that was because their bank was a problem not FNB

View attachment 1827182

Guess my Wise usage will slow down significantly

 

[purple face]

Guess my Wise usage will slow down significantly

How long does Wise take to clear into your bank account?

 

[Pho3nix]

How long does Wise take to clear into your bank account?

Take 1-2 days and was a bit cheaper than PayPal + FNB. If FNB is immediate I can absorb the additional cost