FNB PayPal withdrawal.

RedViking said:
It's just a pain as I don't know how much you will lose in Transfer fees from Paypal to Transferwise. Then of course there will be transfer fees from Wise to ZAR bank.
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I do not think you have any fees from Paypal to your US bank account at Wise. I just did a quick test with $80 and Paypal showed my fees as 0.00.
 
Bryn said:
Ha, I just discovered this method for myself on my own steam this month. I had to facepalm when I realised I've never tried to connect my USD Wise balance to my PayPal. The verification payments went through no prob and the process of transferring from PayPal to my FNB account is ridiculously fast! After the initial PayPal transfer they take around 1 business day to arrive in Wise and then only 1 hour to transfer from my ZAR Wise balance to FNB.

Probably going to close my FNB business account now. PayPal was the only reason I had it. Unfortunately Discovery doesn't support international payments, but I can use my Capitec account to just EFT the receipts across to Discovery.
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Wait a second. Convert from USD balance to Zar balance and then withdraw?

I've been sending it from USD balance to my SA Bank Account
 
RedViking said:
Yeah. I switched to Wise about a year or two ago and never looked back. Having only working for international clients it is a breeze.
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I don't use Wise directly with international clients. It had a 0/3 success rate when I tried using it initially and I quickly reverted back to PayPal.

1st: Payment from a Czech client with a Czech bank account bounced to my EU Wise balance. Turned out they send all payments as USD and Wise doesn't convert on the fly.

2nd: Payment from Canadian client to CAD Wise Balance also bounced. Even though they're based in Vancouver, turned out they were paying USD from a US bank account.

3rd: UK payment to my GBP balance bounced. They were paying from their parent company in the EU.

All three were a nasty situation to deal with. Not to mention that as many clients immediately asked if I support PayPal rather and didn't form part of that test group.

So I just use PayPal. Clients prefer it and it gives me no issues.

ngoni615 said:
How about transfer charges and fees? From wise to FNB.
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Costs R90 to send R6,000. I usually send in increments of that size. Clears in one hour.

rvZA said:
I only have one problem transfering from Paypal to my Wise USD account. Each time I do a transfer, Paypal informs me of a delay and something about a verification they need to do. My funds do clear into my Wise account, but only after 2-3 business days.

I have not done many Paypal to Wise transfers, probably 11 the past two months, but on each of them I get the delay.

And, lastly, I would not transfer too much money at one stage or have too much funds in my Wise account at any given time. Search Google for TransferWise account frozen and you will see many thousands of complaints and even news articles about people whose accounts got frozen for no reason. Transferwise then wants to do investigations into where your money comes from. Process takes around 6 months to a year before the money is available again. Most people who complains get their money refunded and accounts closed permanently. Seems the threshold for an investigation into your funds is around US$600-US$1000 when they freeze it.
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This is usually related to legitimately looking suspicious. Wise has a metric ton of shady users and I can't blame them too much for paying close attention to activity. The last thing they want is a reputation for being a haven for criminals.
 
Bryn said:
This is usually related to legitimately looking suspicious. Wise has a metric ton of shady users and I can't blame them too much for paying close attention to activity. The last thing they want is a reputation for being a haven for criminals.
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True, but the risk remains.

I do not generate a lot in Paypal, usually around US$2500 to about US$4000 a month. I would not like to have my account frozen with this amount and then having to wait 6 months to a year before the funds are released again.
 
another FNB-less way to get PayPal money to your ZA bank account fyi (not for everyone, but it works):
- send USD from PayPal to eToro
- buy BTC on eToro
- withdraw BTC to eToro wallet (minimum 0.008 BTC and because the deposit was from PayPal there will be a waiting period before it is allowed)
- send BTC from eToro wallet to Luno wallet (to save on fees you could convert the BTC to LTC first)
- sell BTC for ZAR and withdraw to local bank account
 
rvZA said:
True, but the risk remains.

I do not generate a lot in Paypal, usually around US$2500 to about US$4000 a month. I would not like to have my account frozen with this amount and then having to wait 6 months to a year before the funds are released again.
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There is no approach you can take to avoid that risk though. PayPal can freeze your account, Stripe Atlas can go sideways etc.

NarrowBandFtw said:
another FNB-less way to get PayPal money to your ZA bank account fyi (not for everyone, but it works):
- send USD from PayPal to eToro
- buy BTC on eToro
- withdraw BTC to eToro wallet (minimum 0.008 BTC and because the deposit was from PayPal there will be a waiting period before it is allowed)
- send BTC from eToro wallet to Luno wallet (to save on fees you could convert the BTC to LTC first)
- sell BTC for ZAR and withdraw to local bank account
Click to expand...

This doesn't look great compared to the 1 day turnaround from PayPal -> Wise -> SA, but for more grey area merchants trying to fly under the radar and avoid account suspensions it could be really awesome.
 
Bryn said:
This doesn't look great compared to the 1 day turnaround from PayPal -> Wise -> SA, but for more grey area merchants trying to fly under the radar and avoid account suspensions it could be really awesome.
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yes it is definitely not quick, but it is what I do now after FNB pissed me off for the last time

I'm certainly spiteful enough to jump through all those hoops every time rather than deal with FNB at all
 
Bryn said:
There is no approach you can take to avoid that risk though. PayPal can freeze your account, Stripe Atlas can go sideways etc.
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You are right, it cannot be avoided, but people need to be aware that the risk is there. I just wish it wants to happen faster on my account, at a time when I hopefully do not have too many Dollars inside so that one can get over and done with the process.

Bryn said:
This doesn't look great compared to the 1 day turnaround from PayPal -> Wise -> SA, but for more grey area merchants trying to fly under the radar and avoid account suspensions it could be really awesome.
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Agreed. Much faster to get your money in SA via Wise.
 
NarrowBandFtw said:
another FNB-less way to get PayPal money to your ZA bank account fyi (not for everyone, but it works):
- send USD from PayPal to eToro
- buy BTC on eToro
- withdraw BTC to eToro wallet (minimum 0.008 BTC and because the deposit was from PayPal there will be a waiting period before it is allowed)
- send BTC from eToro wallet to Luno wallet (to save on fees you could convert the BTC to LTC first)
- sell BTC for ZAR and withdraw to local bank account
Click to expand...
no thank you lol damn bro. That is hella complex. I am trying to keep things much simpler.
 
ngoni615 said:
no thank you lol damn bro. That is hella complex. I am trying to keep things much simpler.
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Then go the TransferWise / Wise route. I too like the simplicity getting my funds in my SA bank account without any hassles. But, just be aware of the risks of your Wise account being frozen if bigger amounts are moved through it.
 
rvZA said:
Then go the TransferWise / Wise route. I too like the simplicity getting my funds in my SA bank account without any hassles. But, just be aware of the risks of your Wise account being frozen if bigger amounts are moved through it.
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Bigger amounts like how much?
 
RedViking said:
Don't believe it. Something else going on there and the reason behind the funds or account being frozen.
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Well, I have to believe it and also be ready for this. There are just too many complaints for this to be ignored.

What persuaded me was a news article where a big newspaper abroad decided to investigate due to the large number of complaints they received. Wise confirmed the freezing of accounts. They are forced by anti-money laundering laws to freeze accounts, report them and then wait for the outcome of an investigation by UK authorities. If all clears, the funds will become available again. They also confirmed that investigations do take up to a year and in some cases longer before you will hear from them in regards to your account.

So, the risk is there. If you want to risk moving big amounts of money and can afford to wait a year, then, well, so be it. I stick to smaller amounts with Wise for now.
 
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