FNB PayPal withdrawal.

rvZA

Honorary Master
Joined
Jan 3, 2021
Messages
10,056
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

The Legend
Joined
Jul 31, 2009
Messages
29,522
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

Nord of the South
Joined
Feb 23, 2012
Messages
47,234
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

The Legend
Joined
Jul 31, 2009
Messages
29,522
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

Honorary Master
Joined
May 4, 2012
Messages
30,737
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

Honorary Master
Joined
Jan 3, 2021
Messages
10,056
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

Nord of the South
Joined
Feb 23, 2012
Messages
47,234
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

Honorary Master
Joined
Jan 3, 2021
Messages
10,056
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

Senior Member
Joined
Nov 11, 2013
Messages
524
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

Nord of the South
Joined
Feb 23, 2012
Messages
47,234
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

Honorary Master
Joined
Jan 3, 2021
Messages
10,056
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.
 

RedViking

Nord of the South
Joined
Feb 23, 2012
Messages
47,234
what do you mean "within 30 days" ive been accumulating USD in paypal for the past 10 months.
Thats illegal.

 

aggressiveGrey

Senior Member
Joined
Nov 11, 2013
Messages
524
Thats illegal.


Well ****, i had no idea, now what?
 

rvZA

Honorary Master
Joined
Jan 3, 2021
Messages
10,056
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.
 

rvZA

Honorary Master
Joined
Jan 3, 2021
Messages
10,056
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.
 

RedViking

Nord of the South
Joined
Feb 23, 2012
Messages
47,234
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

Senior Member
Joined
Nov 11, 2013
Messages
524
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.
 
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