Paypal question

[BradEager]

Hi,

So it is quite a schlep to create an FNB online profile, get the documentation sorted etc, so that I can deposit paypal money into my bank account.

Is it possible/legal to transfer paypal money into PayFast, and then transfer from PayFast into my Absa account?

Thanks.

 

[Thor]

Hi,

So it is quite a schlep to create an FNB online profile, get the documentation sorted etc, so that I can deposit paypal money into my bank account.

Is it possible/legal to transfer paypal money into PayFast, and then transfer from PayFast into my Absa account?

Thanks.

Paypal, Payfast and Absa is going to charge you money. You will lose out.

 

[savage]

It's legal - but not possible.

You can't withdraw from PayPal to PayFast. You can *only* withdraw PayPal to FNB.

 

[Stev0198]

Another possible method would be through bitcoin, but it's quite a hassle if you haven't used it in the past.

Paypal->Bitcoins->Bank Account (Through localbitcoins.com). Quite a few SA sellers who will help

 

[wizardofid]

It's legal - but not possible.

You can't withdraw from PayPal to PayFast. You can *only* withdraw PayPal to FNB.

That is incorrect you can withdraw from paypal using an FNB internet banking profile to any South African bank account.

Besides you want to do it this way, as paypal doesn't use swift for transfers but instead they use a batch process, and is vastly cheaper, which is why you only pay for the initial deposit to a paypal account.The only fees you have to pay(FNB), are 1.5% commission.The buying rate is also lower by 0.20 odd cents.

$500 will cost as little as R117.00 odd.

Going another route via a virtual credit card, is not easy as paypal has blocked providers, and if you ZA registered paypal you can forget it, it's FNB and FNB alone.

I use to transact with skrill, that was a mess, pay for the deposit to the skrill account, pay for the transfer to SA bank account, and then pay the Bank their fees, which is a min of R150.00 bucks. To transfer 20K from skrill to a SA bank account, cost me 1K from what I can remember.

Annoying as setting up the FNB internet banking profile is and the FICA documents, you will be saving massively on fees alone, it is retarded to do it any other method, your fees will be double if not more on any other method.

 

[ScottulusMaximus]

There's no mention of payfast accepting paypal on here:

https://www.payfast.co.za/payment-methods/

So I don't think you can do it.

 

[savage]

That is incorrect you can withdraw from paypal using an FNB internet banking profile to any South African bank account.

Yes sorry - that's what I meant. Fact is, you can *only* get your money through FNB into the country. Yes, FNB then transfers it to any SA bank you wish...

Yes - it's expensive (I spend over R100K pa in PayPal fees -shrugs-), but if the volume is there it's still a good opportunity. I wouldn't hassle if it's only something you're going to use once in a while, or for small change though.

 

[wizardofid]

It's still vastly cheaper then the alternatives, I recover the paypal fees in part from the clients, so pay even less, fee wise.Paypal fees regardless is pretty cheap, considering you don't pay per transaction, after you have received paypal funds.

On $100 the fee is about $5 dollars, hardly bad, considering you pay no further fees on it.

 

[Freese]

That is incorrect you can withdraw from paypal using an FNB internet banking profile to any South African bank account.

Besides you want to do it this way, as paypal doesn't use swift for transfers but instead they use a batch process, and is vastly cheaper, which is why you only pay for the initial deposit to a paypal account.The only fees you have to pay(FNB), are 1.5% commission.The buying rate is also lower by 0.20 odd cents.

$500 will cost as little as R117.00 odd.

Going another route via a virtual credit card, is not easy as paypal has blocked providers, and if you ZA registered paypal you can forget it, it's FNB and FNB alone.

I use to transact with skrill, that was a mess, pay for the deposit to the skrill account, pay for the transfer to SA bank account, and then pay the Bank their fees, which is a min of R150.00 bucks. To transfer 20K from skrill to a SA bank account, cost me 1K from what I can remember.

Annoying as setting up the FNB internet banking profile is and the FICA documents, you will be saving massively on fees alone, it is retarded to do it any other method, your fees will be double if not more on any other method.

I know this thread is a bit old already, but is there anyone who can assist me in setting up the PayPal/FNB thing?

I have managed to link my credit card but it doesn't allow me to transfer to my FNB Online account, it just says there was an error connecting the account.

Any assistance which will allow me to actually accomplish this feat would be greatly appreciated!

 

[Vrotappel]

I know this thread is a bit old already, but is there anyone who can assist me in setting up the PayPal/FNB thing?

I have managed to link my credit card but it doesn't allow me to transfer to my FNB Online account, it just says there was an error connecting the account.

Any assistance which will allow me to actually accomplish this feat would be greatly appreciated!

Have you verified the credit card? Have to first submit the code reflected on your first transaction.