FNB PayPal withdrawal.

RedViking

Nord of the South
Joined
Feb 23, 2012
Messages
43,352
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.
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.
 

rvZA

Executive Member
Joined
Jan 3, 2021
Messages
7,529
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.

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 Simply put the total amount you have withdrawn during the tax year in the required field.
 

aggressiveGrey

Senior Member
Joined
Nov 11, 2013
Messages
521
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 Simply put the total amount you have withdrawn during the tax year in the required field.

I dont submit currently besides what the company i work for does, i registered an Efilling account only this morning lol
 

Drifter

Honorary Master
Joined
Dec 19, 2012
Messages
21,235
Nope, I have a refund paid by PayPal, been 7 business days, still waiting. They say it can take up to 30days.
 

rvZA

Executive Member
Joined
Jan 3, 2021
Messages
7,529
just put in the transfer REQ this morning at 1am, realistically how long should it take

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
 

rvZA

Executive Member
Joined
Jan 3, 2021
Messages
7,529
You'll get it Saturday hopefully or Monday.

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.
 

46Female

Expert Member
Joined
Apr 20, 2021
Messages
1,750
how do I setup a free FNB online account so I can receive money via pay pal?
 

rvZA

Executive Member
Joined
Jan 3, 2021
Messages
7,529
how do I setup a free FNB online account so I can receive money via pay pal?

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.
 

backstreetboy

Honorary Master
Joined
Jun 15, 2011
Messages
29,756
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.
You can withdraw to any ZA bank account...
 

rvZA

Executive Member
Joined
Jan 3, 2021
Messages
7,529
Should let FNB know that then.

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.
 

backstreetboy

Honorary Master
Joined
Jun 15, 2011
Messages
29,756
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.
Lol you're the one that mentioned mucking about getting a cheque account, fica docs and going into a branch.
 
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