Getting paid via PayPal

zulucat

zulucat

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Need some advice.

For the past few months I’ve been doing some side work for a company based in the USA and they are paying me in USD via PayPal every 2 weeks. They had no option to pay me via my bank account so I accepted PayPal payments. I’ve accumulated a healthy sum. I don’t have an FNB account. I bank with the green bank and it doesn’t look like they have a way of “withdrawing” from PayPal.

I’ve thought about selling my dollars for ZAR to someone local but figured that might get me into trouble regarding foreign currency trading without being registered and all that.

What is the cheapest way of getting the money to my green bank. I also need to consider the tax implications but will get someone to help me with that. Don’t wanna owe SARS sheit!

Edit
I have an American Express Credit Card if that is helpful in any way.
 
You can withdraw from PayPal via fnb without having an account there.

Good luck not paying tax on your income though.
 
Just register on FNB and withdraw Rands from there.

Not worth the hassle with SARS if you use other methods.
 
You can withdraw to any bank, look at the link shared above.

Else use Wise; would appreciate it if you’d use my referral code :)

Or Carb and sell in Rands. You’ll need to send a bit first as a trust exercise but I used this method if I needed the funds sooner than 2-3 days which the other options take.
 
Wise is the cheapest option by far. Gives you a virtual US bank account which you can link to PayPal for free withdrawal. Then from there they can convert to ZAR and SWIFT to any SA account with better forex rates than you'll get from the bank.

Then in future give your US customer your Wise US bank account number and they can transfer direct and cut out PayPal and its ludicrous fees as well.

As for tax you are automatically a provisional taxpayer so your next payment is due end Feb. You might want to get a tax accountant to help make use of the available deductions.
 
Last edited:
Tomtomtom said:
Wise is the cheapest option by far. Gives you a virtual US bank account which you can link to PayPal for free withdrawal. Then from there they can convert to ZAR and SWIFT to any SA account with better forex rates than you'll get from the bank.

Then in future give your US customer your Wise US bank account number and they can transfer direct and cut out PayPal and its ludicrous fees as well.

As for tax you are automatically a provisional taxpayer so your next payment is due end Feb. You might want to get a tax accountant to help make use of the available deductions.
Click to expand...
Spot on the tax point
 
Thank you so much for all the assistance. Was really stressing about this. Looks like I will go the FNB route.
 
Tomtomtom said:
Wise is the cheapest option by far. Gives you a virtual US bank account which you can link to PayPal for free withdrawal. Then from there they can convert to ZAR and SWIFT to any SA account with better forex rates than you'll get from the bank.

Then in future give your US customer your Wise US bank account number and they can transfer direct and cut out PayPal and its ludicrous fees as well.

As for tax you are automatically a provisional taxpayer so your next payment is due end Feb. You might want to get a tax accountant to help make use of the available deductions.
Click to expand...
 
Pho3nix said:
You can withdraw to any bank, look at the link shared above.

Else use Wise; would appreciate it if you’d use my referral code :)

Or Carb and sell in Rands. You’ll need to send a bit first as a trust exercise but I used this method if I needed the funds sooner than 2-3 days which the other options take.
Click to expand...
Please share your Wise referral code.
 
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