FNB PayPal withdrawal.

[rvZA]

Basically trading my funds with a friend of mine lately.

Not sure what happened since they moved to Bidvest but the transfers are really slow. Tried FNB and Standard Bank. Don't even fathom how Absa takes two days.

I transferred to Nedbank at 07:00 this morning. Got the same notice that funds would be in my account at 19:00 tonight. It was not.

I suspect that the funds was paid to their Bidvest account. I think Bidvest will be making a payment to my account tomorrow only. If they make the payment before 16:00 I think I will receive the funds tommorow evening after 00:00, which takes basically 2 business days.

If payment is made after 16:00 tommorow, I will likely receive the funds on Saturday morning, or perhaps even Tuesday morning, which will be 2-5 days.

 

[Pho3nix]

I transferred to Nedbank at 07:00 this morning. Got the same notice that funds would be in my account at 19:00 tonight. It was not.

I suspect that the funds was paid to their Bidvest account. I think Bidvest will be making a payment to my account tomorrow only. If they make the payment before 16:00 I think I will receive the funds tommorow evening after 00:00, which takes basically 2 business days.

If payment is made after 16:00 tommorow, I will likely receive the funds on Saturday morning, or perhaps even Tuesday morning, which will be 2-5 days.

You'll have the funds tomorrow. Most probably my 6pm.
Bidvest really is delayed.

 

[RedViking]

I will maybe at some time talk to bidvest and wise as I move quite a bit of money through them. Maybe they willing to make some adjustments. Or maybe what I think is a lot of money is not really a lot of money. lol!

 

[Pho3nix]

I will maybe at some time talk to bidvest and wise as I move quite a bit of money through them. Maybe they willing to make some adjustments. Or maybe what I think is a lot of money is not really a lot of money. lol!

I've been providing some feedback through the chat option on the app.

Worst bit about all this is I've had to verify myself twice now

 

[Swa]

Paid all my taxes so no issues from SARS. FNB did decide to close the accounts though. Clowns

They sent me a mail saying if I want to keep my ebucks account I need to open a qualifying FNB account. Then after I didn't take that bait they said I need to FICA my FNB accounts if I want to keep them open. It's been 15 bloody years since I had any open accounts with them. I only used them for a bit after that to transfer Paypal funds until I started using my funds instead.

 

[rvZA]

I transferred to Nedbank at 07:00 this morning. Got the same notice that funds would be in my account at 19:00 tonight. It was not.

I suspect that the funds was paid to their Bidvest account. I think Bidvest will be making a payment to my account tomorrow only. If they make the payment before 16:00 I think I will receive the funds tommorow evening after 00:00, which takes basically 2 business days.

If payment is made after 16:00 tommorow, I will likely receive the funds on Saturday morning, or perhaps even Tuesday morning, which will be 2-5 days.

Update:

I see the funds were paid into my account this morning. So, it took less than 24 hours in a work day.

 

[RedViking]

Update:

I see the funds were paid into my account this morning. So, it took less than 24 hours in a work day.

The only time it sucks is if you transfer on Friday, it only arrives on Monday. Robots don't work on weekends.

 

[rvZA]

The only time it sucks is if you transfer on Friday, it only arrives on Monday. Robots don't work on weekends.

True. I have seen with quite a bit of my transfers to the US, weekends are non-functioning at all. Even worse, try transferring from Paypal to Wise over a public holiday and some weekends....

 

[aggressiveGrey]

Nobody here is mentioning tax lol - ive got money in paypal, but too scared to withdraw a couple thousand usd to FNB because i know nothing about SARS. I assume its the same no matter.

 

[RedViking]

Nobody here is mentioning tax lol - ive got money in paypal, but too scared to withdraw a couple thousand usd to FNB because i know nothing about SARS. I assume its the same no matter.

You must withdraw within 30 days, and yes you pay tax. Most probably provisional.

 

[rvZA]

Nobody here is mentioning tax lol - ive got money in paypal, but too scared to withdraw a couple thousand usd to FNB because i know nothing about SARS. I assume its the same no matter.

Some years I withdraw close to a million Rand and others more than a million Rand. I report all these withdrawals on my annual tax.

 

[aggressiveGrey]

You must withdraw within 30 days, and yes you pay tax. Most probably provisional.

what do you mean "within 30 days" ive been accumulating USD in paypal for the past 10 months.

 

[RedViking]

what do you mean "within 30 days" ive been accumulating USD in paypal for the past 10 months.

Thats illegal.

PayPal- Withdrawing funds after 30 days

Hi guys I have a paypal account and I have some funds in my account that are there for 2 months. I haven't gotten down to withdrawing it and today I read somewhere that you cannot withdraw your funds after 30 days. (I had no idea of this- else I obviously would've withdrawn the money)...

mybroadband.co.za

 

[aggressiveGrey]

Thats illegal.

PayPal- Withdrawing funds after 30 days

Hi guys I have a paypal account and I have some funds in my account that are there for 2 months. I haven't gotten down to withdrawing it and today I read somewhere that you cannot withdraw your funds after 30 days. (I had no idea of this- else I obviously would've withdrawn the money)...

mybroadband.co.za

Well ****, i had no idea, now what?

 

[rvZA]

what do you mean "within 30 days" ive been accumulating USD in paypal for the past 10 months.

You have to withdraw funds you receive within 30 days. If the SARB somehow finds out that you have been accumulating funds for months, they can and probably will seize it if you bring it in.

 

[RedViking]

Well ****, i had no idea, now what?

Have you linked an SA account (via FNB) or withdraw to SA before?

 

[rvZA]

Well ****, i had no idea, now what?

Take a chance and transfer it in and see what happens.

Else, spend it on eBay or Bid or Buy.

One last option, find a friend or family member who has a Paypal account. Send the funds to them. Let them make a payment back to you and then bring it to FNB.

 

[aggressiveGrey]

Have you linked an SA account (via FNB) or withdraw to SA before?

Yep linked to FNB and only withdrew 30$ like 2 years ago (not related to the balance now)

 

[RedViking]

Yep linked to FNB and only withdrew 30$ like 2 years ago (not related to the balance now)

Okay, in that case if it was me I would probably just withdraw and stick to the rules. PayPal can close the account if they want to (comply with SARB). I don't think PayPal will close it out of their own, but if they feel like there are issues they might have to do it, also with pressure from FNB. But it's your choice.

I do the same for Wise / Transferwise and don't keep money in there for more than 30 days.

 

[aggressiveGrey]

Okay, in that case if it was me I would probably just withdraw and stick to the rules. PayPal can close the account if they want to (comply with SARB). I don't think PayPal will close it out of their own, but if they feel like there are issues they might have to do it, also with pressure from FNB. But it's your choice.

I do the same for Wise / Transferwise and don't keep money in there for more than 30 days.

The problem i haven't done it yet is, yes i can withdraw it, then what, i dont know how to declare it. or how to let sars know lol.

Likely might have to find an accountant.