Michaelwdaw

New Member
Joined
Dec 20, 2017
Messages
1
Hi everyone,
This is my first post.

I would like to start an e-commerce shop that charges dollars.
My payment gateway will be paypal.

I understand that I have to withdraw my funds from the paypal account every 30 days, however I bank with FNB, which has co-operated with paypal recently.

Question 1
Must I depost the funds into my fnb account every 30 days even though FNB and paypal are connected?

Question 2
Is there anything I should know about for charging different currencies on an ecommerce store using paypal in south africa? Any taxes or fees for charging a different currency?

Your answers will be much appreciated.
 

Adrianax

Banned
Joined
May 3, 2017
Messages
2,336
Question 1
Must I depost the funds into my fnb account every 30 days even though FNB and paypal are connected?

No, you do not have to deposit any funds into your FNB account. You will just be charged your normal monthly account fees as per normal. FNB do take a transaction fee each time you withdraw your funds from Paypal to FNB. There is no monthly charges for this.

Question 2
Is there anything I should know about for charging different currencies on an ecommerce store using paypal in south africa? Any taxes or fees for charging a different currency?

No, there are no additional taxes or fees for offering services or goods in Dollars. You will need to report your income generated to SARS at the end of the year though. Each time you withdraw from Paypal, the bank automatically reports the transaction to SARS. So, you will not get away with not reporting it for too long.
 

Sinbad

Honorary Master
Joined
Jun 5, 2006
Messages
78,957
You must declare to SARB/withdraw to an SA account within 30 days of receiving funds.
 

Sinbad

Honorary Master
Joined
Jun 5, 2006
Messages
78,957
No, you do not have to deposit any funds into your FNB account. You will just be charged your normal monthly account fees as per normal. FNB do take a transaction fee each time you withdraw your funds from Paypal to FNB. There is no monthly charges for this.



No, there are no additional taxes or fees for offering services or goods in Dollars. You will need to report your income generated to SARS at the end of the year though. Each time you withdraw from Paypal, the bank automatically reports the transaction to SARS. So, you will not get away with not reporting it for too long.
SARB not Sars #justsaying
 

tRoN

Executive Member
Joined
Mar 13, 2007
Messages
6,624
What’s dollas? A new type of cryptocurrency?
 

klasvaakie

Senior Member
Joined
Oct 26, 2008
Messages
625
Hi there.

I would strongly suggest to stay away from paypal. I also take various payments from international clients each year. Paypal is just far too expensive.

When accepting a payment, paypal takes their cut from the payment. Then, you need to transfer the money from paypal to your FNB bank account. The money gets converted into ZAR. The bank takes their cut from this as well.

Then, FNB also takes a cut from the entire payment. With all the fees, you can expect to easily pay 8%.

The best way is to use a company called PayFast. They have exactly the same functionality as Paypal, their fees are half of what you end up paying at paypal and they are local. I'm not sure if they can take payment in USD...but in the end, that 8% comes right out of your profit margin, and in this economy, every bloody cent counts.
 

SauRoNZA

Honorary Master
Joined
Jul 6, 2010
Messages
44,779
The best way is to use a company called PayFast. They have exactly the same functionality as Paypal, their fees are half of what you end up paying at paypal and they are local. I'm not sure if they can take payment in USD...but in the end, that 8% comes right out of your profit margin, and in this economy, every bloody cent counts.

So you are recommending an alternative without even knowing if it works.

Well it doesn't, so the recommendation is useless.

Banking and foreign exchange is expensive. As that goes PayPal is your better bet for smaller amounts, alternatives become viable for much larger amounts.
 

Adrianax

Banned
Joined
May 3, 2017
Messages
2,336
Hi there.

I would strongly suggest to stay away from paypal. I also take various payments from international clients each year. Paypal is just far too expensive.

When accepting a payment, paypal takes their cut from the payment. Then, you need to transfer the money from paypal to your FNB bank account. The money gets converted into ZAR. The bank takes their cut from this as well.

Then, FNB also takes a cut from the entire payment. With all the fees, you can expect to easily pay 8%.

The best way is to use a company called PayFast. They have exactly the same functionality as Paypal, their fees are half of what you end up paying at paypal and they are local. I'm not sure if they can take payment in USD...but in the end, that 8% comes right out of your profit margin, and in this economy, every bloody cent counts.

Paypal rules the world. Without it, you are dead in the water. Increase your prices if need be to make up for the commissions. There is no way I will ever leave Paypal. It has grown my business abroad 10,000X.
 

6501165163081

New Member
Joined
Aug 14, 2019
Messages
1
Hi I bought crptocurrency and back then invested 250 usd, now I have some financial obligation hence want to cashave my money which is now R7500 usd. I'm told that I must have 200usd in my account to change from dollars to ZaR 5he in a few hours my money will be transferred . Is it true. My fundsincere is Gemt.co.uk, stored in safecurrencuy wallet.
 

thehuman

Expert Member
Joined
Nov 2, 2004
Messages
4,133
Hi I bought crptocurrency and back then invested 250 usd, now I have some financial obligation hence want to cashave my money which is now R7500 usd. I'm told that I must have 200usd in my account to change from dollars to ZaR 5he in a few hours my money will be transferred . Is it true. My fundsincere is Gemt.co.uk, stored in safecurrencuy wallet.
Nice id number lol
 
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