PayPal - 30-day withdrawal window

[DrJohnZoidberg]

Hey all,

I've been accepting some small donations for a open source project I'm doing and received some donations already but I'm unsure how the law works where I must withdrawal the funds within 30 days of receiving it.

What if that money already gets removed from the account by other transactions that come off my PayPal account? What then? I already have it linked to my FNB account but obviously I can't withdraw what's not there.

Can anyone shed some light on this?

 

[kissingmybbgoodbye]

I just spent it, the amounts are so small, that if I have to get it to FNB, I probably have to pay them after all deductions and currency conversions.

 

[DrJohnZoidberg]

I just spent it, the amounts are so small, that if I have to get it to FNB, I probably have to pay them after all deductions and currency conversions.

That's what I was thinking, as it's not big amounts either but saves my wallet by it not having to come off my credit card. The fees also seem ludicrous when dealing with an already small amount.

Just don't want my accounts to be frozen or anything.

 

[riscbroker]

The rules state that you must withdraw funds within 30 days of them hitting your PayPal account.

You are also not permitted to use proceeds of goods sold/services rendered to finance purchases directly from your PayPal account - you must first withdraw the funds, within the 30 day limit, then load up your Paypal account again and make your purchases....

It's probably really easy for the SA authorities to audit your PayPal account but I've never heard of the rules being enforced. There is a link on the FNB site in the forex/PayPal section that lists all these rules.

 

[DrJohnZoidberg]

The rules state that you must withdraw funds within 30 days of them hitting your PayPal account.

You are also not permitted to use proceeds of goods sold/services rendered to finance purchases directly from your PayPal account - you must first withdraw the funds, within the 30 day limit, then load up your Paypal account again and make your purchases....

It's probably really easy for the SA authorities to audit your PayPal account but I've never heard ofthe rules being enforced. There is a link on the FNB site in the forex/PayPal section that lists all these rules.

That's the thing, I didn't think it would come off my PayPal balance if the law stipulates it should be removed first. Was under the impression it will still debit off my credit card.

And it's not like I purposefully used the money, I have recurring payments coming off my PayPal account which happened to come off the same time the money came in. Seems like a stupid system if it allows this.

 

[riscbroker]

That's the thing, I didn't think it would come off my PayPal balance if the law stipulates it should be removed first. Was under the impression it will still debit off my credit card.

And it's not like I purposefully used the money, I have recurring payments coming off my PayPal account which happened to come off the same time the money came in. Seems like a stupid system if it allows this.

Yes, it's a bit limited, I don't think PayPal was designed to cater for our forex regulations. You'd need something like a separate 'suspense' account within your main account in order to comply to the letter.

 

[DrJohnZoidberg]

Yes, it's a bit limited, I don't think PayPal was designed to cater for our forex regulations. You'd need something like a separate 'suspense' account within your main account in order to comply to the letter.

Thanks for the insights, I'll see if I cannot separate the funds somehow going forward.

 

[DrJohnZoidberg]

Made my first withdrawal from PayPal to FNB now. Will see how it goes - withdrawal fees are actually not as bad as I thought they'd be.