Does currency matter when withdrawing from PayPal with FNB?

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zll

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I recently began working for overseas clients and received a payment in my PayPal account in pounds. I chose not to convert it to dollars when I accepted the payment, and I received the amount minus PayPal's cut into my PayPal account. However, only the few dollars I have in my PayPal account are currently reflecting on FNB's side (it's only been a few hours).

Do I need to convert my pounds into dollars in order for it to reflect? Or is this just a case of the system being slow and it'll eventually reflect both currencies?
 
Snyper564 said:
Paypay aside don't forget to keep your tax aside on this.
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I know. Going to go to SARs soon to sort switch to whatever system freelancers are under, and find out what I need to do to register a business so I can start claiming back on internet and electricity and whatnot.
 
zolly said:
I know. Going to go to SARs soon to sort switch to whatever system freelancers are under, and find out what I need to do to register a business so I can start claiming back on internet and electricity and whatnot.
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Great, remember you don't need to register a business you can just continue to work in your personal capacity and still be able to claim all the deductions as long as its related to the income you earn no need to register a company for this.

Don't take too long to get it sorted because the 2nd provisional is end of this month.
 
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Snyper564 said:
Great, remember you don't need to register a business you can just continue to work in your personal capacity and still be able to claim all the deductions as long as its related to the income you earn no need to register a company for this.

Don't take too long to get it sorted because the 2nd provisional is end of this month.
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I only started 3 weeks ago, will I need to file it this year?
 
zolly said:
Do I need to convert my pounds into dollars in order for it to reflect? Or is this just a case of the system being slow and it'll eventually reflect both currencies?
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Probably just a limitation on FNB's side. You need to use the "Withdraw from PayPal" feature to actually get the money into SA. When you do this, from PayPal's perspective it's as if you're making a purchase, and you will probably have to use and convert your GBP balance at that point, because FNB's quote will be in USD.

Technically you are obligated to withdraw your funds within 30 days of receipt. Old capital controls legislation - also the reason PayPal in SA is such a kludge.
 
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zolly said:
I only started 3 weeks ago, will I need to file it this year?
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It's likely that SARS will classify you as a provisional taxpayer. Have a look at their site to check what this entails. Also have a look here, plenty of good info:

www.taxtim.com

What is provisional tax? How and when do I pay it?

If you Earn Income aside from a Salary from an Employer, you may Need to Register as a Provisional Taxpayer. TaxTim will Show you What to Do.
www.taxtim.com www.taxtim.com
 
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Tomtomtom said:
Probably just a limitation on FNB's side. You need to use the "Withdraw from PayPal" feature to actually get the money into SA. When you do this, from PayPal's perspective it's as if you're making a purchase, and you will probably have to use and convert your GBP balance at that point, because FNB's quote will be in USD.

Technically you are obligated to withdraw your funds within 30 days of receipt. Old capital controls legislation - also the reason PayPal in SA is such a kludge.
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Yeah, I forgot I had that $15 lying around. I'll pull in my freelance work money asap.
 
Snyper564 said:
Its possible. So just make sure all is good.
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Guess I'll need to find some time to go later this week or early next... will have to see how my work schedule turns out.
 
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