FNB/Paypal rules

[roguemat]

So I have my paypal account linked with my FNB account and I can withdraw money. Now I was just reading the guide and it says this:

• Funds received into a PayPal account may not
be used for other PayPal payments
• All PayPal balances must be withdrawn to you
FNB account within 30 days of receipt of funds

https://www.online.fnb.co.za/mammoth/staticPdfs/PayPalPDFUserGuideURL0.pdf

OK, so are these actually enforced? If I have money in my PayPal account for more that 30 days will it magically disappear?
And I have made a bunch of external payments from my paypal account (since linking to FNB), and it worked fine.
Have I just been lucky?

Thanks.

 

[zll]

The impression I get is that FNB doesn't actually know if you have money, or how much you have, in your paypal account (although I may be wrong about this). Basically they want you to declare everything you get for the taxman. So for example:

You receive a payment. You withdraw it (gets declared to the taxman). You then top up your paypal (FNB takes a cut and the taxman knows where it's going). Then you spend it.

I don't think there's anything stopping you from just receiving funds and spending them, except for the fact that according to FNB's rules it's illegal.

 

[mrafiq1]

Hi,

Yes, unfortunately works like they have mentioned. Only relates to paypal funds that have been received from other paypal users and not funds that were loaded to your paypal account via you credi/debit card. I had received a payment from someone and was unable to utilise the funds until I had withdrawn it and then reloaded it via my credit card. Also, it costs money to withdraw and reload, but this is an exchange control regulation by the South African Reserve Bank and you will also need to provide them with a reason you had received the payment.

Unfortunatley in this country it is always the consumer that gets raw deal.

 

[noxibox]

Paypal don't enforce these.

 

[DominionZA]

I get cash in my PayPal account regularly. I have never ever transferred any of it to my FNB account as I often pay for stuff via PayPal so no point.
Never had an issue.

 

[splinter_watsup]

I was happily using my USD I had been sent until I got a similar email.

So you sent $50 to your paypal account and can spend it "as Paypal credit" on any website that support paypal,but according to the mail this is illegal. So Now I just withdrawal all the cash to my FNB account.

I would love to spend it but dont want to be hoodwinking anyone.

 

[Boxy]

Can someone, or two, or three, please explain what a Topup is and why anyone would ever need one if they are only shopping on the Internet with a Credit Card.

Also, if i Topup, what currency will it be in?

 

[Raevinn]

A while ago I had a bit of cash in my account and one day it disappeared. Checked my bank account and they seemed to transfer it straight into my Standard Bank account through the "Cheque Card" mastercard that I used to originally register my paypal account. I then got a follow up emails stating what was mentioned in the OP.

Recently I received a bit of $ again that has been sitting there for over a month now. I have been making payments with it and everything, heard nothing so far. I think more people are using paypal now which makes it harder for FNB or whoever is in charge to manage everything. As long as my money doesn't disappear I'm happy.

 

[splinter_watsup]

Can someone, or two, or three, please explain what a Topup is and why anyone would ever need one if they are only shopping on the Internet with a Credit Card.

Also, if i Topup, what currency will it be in?

There are 2 reasons you would do this.

1.You do not have a Credit card you can use online,only a savings account for example. So you load money into your paypal account and then you can use paypal to buy online.

2.You put ZAR to USD into your paypal account when the USD exchange is low(Like R6.90) Then when it goes back up to R8.30 like it is now you save tons of money buying in USD.

These are the only 2 reasons people would topup their Paypal accounts I would guess.

 

[Boxy]

There are 2 reasons you would do this.

2.You put ZAR to USD into your paypal account when the USD exchange is low(Like R6.90) Then when it goes back up to R8.30 like it is now you save tons of money buying in USD.

These are the only 2 reasons people would topup their Paypal accounts I would guess.

splinter_watsup, 2 is a bad gues, just in case you really "dont want to be hoodwinking anyone."
*ROLTFLMFAO*

Did you know that trading in the Rand without a firm and underlying transaction, (which sometimes is referred to as pure speculation) is illegal! Forex is legal, because there is an underlying transaction, while pure speculation is absolutely forbidden!