Paypal account

SaiyanZ

SaiyanZ

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I want to create a Paypal account to receive cash from overseas. I think only FNB offers this? Anybody here have a Paypal account and are there any complications with withdrawing cash from the account? Currently banking with ABSA.
 
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Works with any as far as I'm aware. Phone the bank and they should be able to tell you.

I think there is less paper-work for getting paid via a cheque card, rather than a credit card, but I may be mistaken. Phone ABSA, I'm sure they'll sort you out.
 
ABSA only has Western Union. Did some googling. Apparently transfering from Paypal to Western Union is not possible. Just about everyone I want to receive cash from has Paypal. So I'll definitely need to set up an FNB account. The FNB cheque accounts require your monthly salary to be deposited into them. That's a no go as I'm already with ABSA.

So I'm going to go with an FNB savings account. No monthly fees if the balance is over R2000. Was just wondering if anyone else here has a Paypal account and are happy with the FNB service. No complications, etc?
 
I have a paypal account. I just use my credit card details to make payments. I have never made a withdrawal, so I have no idea how that works.
 
Ok, just realized I already had a Paypal account from a few years back. Verified my account with my credit card (ABSA).

Looks like I will be able to withdraw cash if I set up an FNB savings account: http://www.earnmoneyonline.co.za/317/fnb-and-paypal-team-up-to-offer-paypal-in-south-africa/


The only thing I'm concerned about now is the forced 30 day withdrawal period. What if I have $2000 balance on Paypal before linking my FNB account? Will I be able to withdraw the $2000?
 
I've seen the letter sent out by Paypal, but from what I've witnessed they're merely telling you what they've been told you're supposed to do.

I'm guessing this 30 day limit relates to the regulation on exporters repatriating their income. Does it even apply if nothing, including services, was exported?
 
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Got the email below from Paypal. Does anyone here know what will happen if I have cash in my Paypal account but only create an FNB account several months later to withdraw the cash? Will my cash in my Paypal account be forfeit? I'm expecting a payment tomorrow into my Paypal account but only plan on signing up with FNB in December.

Dear xxxxx

Thank you for receiving your online payments with PayPal.

Now that you are using PayPal to receive payments, we want to be sure you're aware of the following important South African exchange control regulations:

1. Funds you receive via PayPal can't be sent to other PayPal users.

2. You need to withdraw the received funds from your PayPal balance to a South African bank account within 30 days of receiving these funds.

In order to help you quickly and easily withdraw funds from your PayPal account, we have partnered with First National Bank (FNB). Together, we created the Top Up and Withdraw service with PayPal. To register for this service, follow these 4 steps:

1. If you don't already have one, open a FNB account by visiting the online FNB Product Shop or the FNB Branch nearest you.

2. Once you have a FNB account, register for FNB Online Banking.

3. Log in to your Online Banking profile and register for the Top Up and Withdraw service with PayPal.

4. Link your verified PayPal account to your FNB Online Banking profile using the 'PayPal services' link on the 'accounts' tab.

Once you have registered, you can transfer funds (U.S. dollars) from your PayPal account to your qualifying FNB account in rands. Please note that FNB charges a small fee for each Withdrawal.

For more information regarding this service and how to register your PayPal account, go to: https://www.fnb.co.za/online-banking/pay-pal.html

You can also call FNB at 0861 PAYPAL (729725), or send an email to [email protected].

Regards,
PayPal
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No, Paypal are just telling you what they've been told you're supposed to do.
 
SaiyanZ said:
Got the email below from Paypal. Does anyone here know what will happen if I have cash in my Paypal account but only create an FNB account several months later to withdraw the cash? Will my cash in my Paypal account be forfeit? I'm expecting a payment tomorrow into my Paypal account but only plan on signing up with FNB in December.
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Well think about it, if you've received money in your paypal account prior to having the ability to withdraw it into a local bank account, who's fault is that? FNB is the only bank that even offers this, so in the past you were basically "stuck" with the money in your paypal account. The 30 day thing is a warning and i suppose the least they can do to prevent people playing the currency-market (i.e buying dollars, leaving it in the paypal account and then converting it back when the rand weakens). I can only assume they are not going to bother enforcing the 30 day rule with small amounts , only very large amounts being moved around.

Also keep in mind, FNB takes a pretty big cut on the money you move from and to paypal. This is now after the currency conversion (USD->Rand) , they also take a % of the money being transferred.
 
diabolus said:
Well think about it, if you've received money in your paypal account prior to having the ability to withdraw it into a local bank account, who's fault is that? FNB is the only bank that even offers this, so in the past you were basically "stuck" with the money in your paypal account. The 30 day thing is a warning and i suppose the least they can do to prevent people playing the currency-market (i.e buying dollars, leaving it in the paypal account and then converting it back when the rand weakens). I can only assume they are not going to bother enforcing the 30 day rule with small amounts , only very large amounts being moved around.

Also keep in mind, FNB takes a pretty big cut on the money you move from and to paypal. This is now after the currency conversion (USD->Rand) , they also take a % of the money being transferred.
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I don't mind following the 30 day rule once the FNB account is set up. Just wondering what happens in the meantime until I create and link an FNB account. Don't want to be in a situation where the funds can't be withdrawn due it sitting longer than 30 days in my Paypal account.
 
Ok, so I ended up creating an FNB account and linking it to my PayPal account. The whole process was pretty quick and easy.

On Friday I decided to do my first withdrawal from PayPal to FNB. This went smoothly as well and I was left with an amount shown as pending in the PayPal accounts section on my FNB profile.

Today, there is no sign of any PayPal service on my FNB account. No links to PayPal or their services or any sign that PayPal even exists. I just sent a query to FNB asking them wtf is going on. Anyone had any strange stuff like this happen with FNB and PayPal?


Edit: Don't know what happened, but my PayPal services is back on my FNB profile. Logged in a few times earlier and it was gone. Strange.
 
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Dude, SWIFT payments are cheaper than Paypal payments for large amounts. FNB charge a flat rate of R125 for receiving international payments and their exchange rate is reasonable.
 
KaMoS said:
Dude, SWIFT payments are cheaper than Paypal payments for large amounts. FNB charge a flat rate of R125 for receiving international payments and their exchange rate is reasonable.
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I'm only receiving random small amounts. So it is still cheap. Cost me about R15 to withdraw R1k from PayPal. Not so bad.
 
I do freelance work and receive payment via Paypal. It is by far the easiest method of dealing with overseas ad hoc payments. Payment takes 6 working days to clear so just be aware of that, but setting it up and doing a withdrawal is a piece of cake.
 
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