Paypal new rules

[kevinswan007]

When did this become a thing??

As a South African PayPal user who receives payments, you need to know about some important South African exchange control regulations:​

1.​ The funds you receive via PayPal cannot be sent to other PayPal users or used to fund purchases.​ 2.​ You must withdraw your received funds from your PayPal account to a South African bank account within 30 days of receiving the funds.​

To help you to comply with these regulations and to make it easier for you to withdraw funds from your PayPal account to your South African bank account, we have partnered with First National Bank (FNB) and created the FNB Withdraw Service with PayPal.​

 

[derp90]

I just got this email too. What will happen if I don’t withdraw and I use the balance to purchase something? Will SARS arrest me?

 

[NarrowBandFtw]

that bit has been communicated for a while now, has never been enforced though i.e. you are told what you should do / not do, but nothing prevents you from doing something different

 

[Snyper564]

Yeah this is a SARB thing (not SARS) has always been like this. Just remember SARB has the power to freeze bank accounts etc