FNB PayPal withdrawal.

Snyper564 said:
Should learn how to use crypto will sort out lots of pain
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Problem with that is using it to buy stuff. Still looking for an elegant solution to convert it to cash.
 
Swa said:
Problem with that is using it to buy stuff. Still looking for an elegant solution to convert it to cash.
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accept it in your valr wallet and cash out immediately. easier in one shot then not multiple tax events
 
Snyper564 said:
accept it in your valr wallet and cash out immediately. easier in one shot then not multiple tax events
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Perhaps but then the person still has to do the conversion to crypto and you have to deal with fluctuations.
 
Speedster said:
Fluctuations on usdt are minimal
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In any given day it can move 5% and there's also a delay to match the actual exchange. I also noticed something where bots will actively block your order with wash trading unless you match the highest sell order or lowest buy order. But it's something to look into.
 
Swa said:
In any given day it can move 5% and there's also a delay to match the actual exchange. I also noticed something where bots will actively block your order with wash trading unless you match the highest sell order or lowest buy order. But it's something to look into.
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Fluctuation in USD terms is negligible and USDT/ZAR tracks USD/ZAR really closely.
 
Speedster said:
Fluctuation in USD terms is negligible and USDT/ZAR tracks USD/ZAR really closely.
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Have you actually looked at it? It's not negligible if you're transferring funds but the extra margin usually makes up for that if it's a payment.
 
I'm having another issue though. I opened a Wise account, a personal one, and they seem to indicate I need a business one. Some of the blog articles however indicate you can use a personal one and the business one is just for more features. I'm not sure which it is and if I'll be penalised for using the wrong one. They also want me to pay in like R400 to activate every account which I won't be able to withdraw again quickly.
 
Swa said:
Have you actually looked at it? It's not negligible if you're transferring funds but the extra margin usually makes up for that if it's a payment.
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Here's the last couple of days. Max deviation is like 0.1%. You can go as far back as you want and it's pretty much the same.

Screenshot_20241212_183216_Kraken%20Pro.jpg
 
Swa said:
I'm having another issue though. I opened a Wise account, a personal one, and they seem to indicate I need a business one. Some of the blog articles however indicate you can use a personal one and the business one is just for more features. I'm not sure which it is and if I'll be penalised for using the wrong one. They also want me to pay in like R400 to activate every account which I won't be able to withdraw again quickly.
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That's weird. I didn't have to pay any account fees on wise.

Edit: oh wait, you mean the deposit to open the account? You can withdraw that immediately.
 
Speedster said:
That's weird. I didn't have to pay any account fees on wise.

Edit: oh wait, you mean the deposit to open the account? You can withdraw that immediately.
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I can do so and upset SASSA yes. Not worth it to open a bunch of accounts like that so will have to wait till I actually need it with a lot of money to transfer.
 
Swa said:
I can do so and upset SASSA yes. Not worth it to open a bunch of accounts like that so will have to wait till I actually need it with a lot of money to transfer.
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How is SASSA involved?
 
Swa said:
That's USDT/USD. Try USDT/ZAR and USDC/ZAR.
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As I said, they mirror USD/ZAR closely. As Snyper said - if anything there's a small (1%ish) premium on USDT/ZAR so you get slightly more ZAR out than if you received via USD. Plus you save on any bank conversion/forex and swift fees.
 
Swa said:
I'm having another issue though. I opened a Wise account, a personal one, and they seem to indicate I need a business one. Some of the blog articles however indicate you can use a personal one and the business one is just for more features. I'm not sure which it is and if I'll be penalised for using the wrong one. They also want me to pay in like R400 to activate every account which I won't be able to withdraw again quickly.
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Bump on this. Still trying to figure out if I need a business account.
 
Swa said:
Bump on this. Still trying to figure out if I need a business account.
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I used it last in November 2024, moved $4800 from Paypal to FNB and was charged $252 in fees.
 
neoprema said:
I used it last in November 2024, moved $4800 from Paypal to FNB and was charged $252 in fees.
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Yeah but my question is on the conflicting info on when you need a business account. Also over 5% in fees sounds like a lot.
 
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