FNB PayPal withdrawal.

aggressiveGrey said:
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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It's super simple.

You withdraw. When you with draw you will need to say for what service it is. When you do your return you declare it as extra income. This gets added to your total income for the year and then taxed to whatever bracket it falls in.

BUT

Remember if it is businesses related you should have a PayPal Business account. If you withdraw for business reasons and it is a personal account they might close it or ask for you to submit docs etc.

The other option is to declare it as a gift. Don't pay tax on a gift. Technically it should be a gift to withdraw as a gift though.

I guess it also depends on how big the amount is.

But if it is a regular business or services rendered income, you should consider opening a business account. But first check what docs they require and if you have the correct docs.
 
aggressiveGrey said:
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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Kak man! You do not need an accountant. On your tax return you have a section for foreign income. Simply put the total amount you have withdrawn during the tax year in the required field.
 
rvZA said:
Kak man! You do not need an accountant. On your tax return you have a section for foreign income. Simply put the total amount you have withdrawn during the tax year in the required field.
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I dont submit currently besides what the company i work for does, i registered an Efilling account only this morning lol
 
aggressiveGrey said:
I dont submit currently besides what the company i work for does, i registered an Efilling account only this morning lol
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Then you report it on your next filing next year. It is not difficult.
 
just put in the transfer REQ this morning at 1am, realistically how long should it take
 
Nope, I have a refund paid by PayPal, been 7 business days, still waiting. They say it can take up to 30days.
 
aggressiveGrey said:
just put in the transfer REQ this morning at 1am, realistically how long should it take
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Paypal to FNB

Likely during the course of Monday or Tuesday. But, in rare instances could take up to 5 working days.

Paypal to FNB to Another Bank

Likely on Tuesday or Wednesday. But, in rare instances could take up to 5 working days.

Wise to SA Bank

Tonight after midnight or tomorrow morning
 
Pho3nix said:
You'll get it Saturday hopefully or Monday.
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Out of all my transfers the past 4 or so years, FNB is still to pay me my Paypals on a weekend. I suspect he will get the money on Monday or Tuesday.
 
45Female said:
how do I setup a free FNB online account so I can receive money via pay pal?
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FNB do allow you to open an account online, but it could take days or weeks before you hear from them. You will also need to visit a branch after they informed you that the account has been approved and you will need to take all your FICA documents. Best would be just to cut out all the waiting and visit a branch directly. Their systems are not what it used to be. I opened 3 accounts for family members online and we had to do this on all three occassions.

And, when you open an account, be sure to open a cheque account for purposes of Paypal. I have seen many complaints on Legal Talk SA where people open savings accounts and then are unable to link their Paypal accounts. Sometimes savings accounts work, sometimes Paypal rejects them.
 
rvZA said:
FNB do allow you to open an account online, but it could take days or weeks before you hear from them. You will also need to visit a branch after they informed you that the account has been approved and you will need to take all your FICA documents. Best would be just to cut out all the waiting and visit a branch directly. Their systems are not what it used to be. I opened 3 accounts for family members online and we had to do this on all three occassions.

And, when you open an account, be sure to open a cheque account for purposes of Paypal. I have seen many complaints on Legal Talk SA where people open savings accounts and then are unable to link their Paypal accounts. Sometimes savings accounts work, sometimes Paypal rejects them.
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You can withdraw to any ZA bank account...
 
rvZA said:
If you have an FNB account linked to your Paypal profile, else not.
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Should let FNB know that then.
www.fnb.co.za

Paypal

A safer + easier way to pay and get paid. PayPal keeps your information protected by using powerful encryption methods.
www.fnb.co.za
...and withdraw the money to any South African bank account...
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backstreetboy said:
Should let FNB know that then.
www.fnb.co.za

Paypal

A safer + easier way to pay and get paid. PayPal keeps your information protected by using powerful encryption methods.
www.fnb.co.za
Click to expand...

Lol. Have you ever transferred Paypal to any SA bank account?

Firstly, you need to have an FNB account. This is not negotionable. Once you setup Paypal inside your FNB account you do indeed have the option of adding another bank account to which you can withdraw Paypals outside FNB.

So, each time you want to withdraw Paypal, you log into your FNB account, select the bank account you want it paid into, and complete the rest of the withdrawal.

Without an FNB account, you cannot get Paypal in SA paid out.
 
rvZA said:
Lol. Have you ever transferred Paypal to any SA bank account?

Firstly, you need to have an FNB account. This is not negotionable. Once you setup Paypal inside your FNB account you do indeed have the option of adding another bank account to which you can withdraw Paypals outside FNB.

So, each time you want to withdraw Paypal, you log into your FNB account, select the bank account you want it paid into, and complete the rest of the withdrawal.

Without an FNB account, you cannot get Paypal in SA paid out.
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Lol you're the one that mentioned mucking about getting a cheque account, fica docs and going into a branch.
 
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