PayPal- Withdrawing funds after 30 days

R

raziwazzi

Member
Joined
Sep 6, 2016
Messages
16
Hi guys

I have a paypal account and I have some funds in my account that are there for 2 months.

I haven't gotten down to withdrawing it and today I read somewhere that you cannot withdraw your funds after 30 days. (I had no idea of this- else I obviously would've withdrawn the money)

Is there a solution to this? Has anyone managed to withdraw money that has been in your paypal account for longer than 30 days? Or will I just lose all the funds?

All advise welcome!
 
RedViking

RedViking

Nord of the South
Joined
Feb 23, 2012
Messages
47,086
Is you PayPal account linked to FNB so you can withdraw?
 
RedViking

RedViking

Nord of the South
Joined
Feb 23, 2012
Messages
47,086
The 30 days has to do with the SARB exchange policies:


https://www.fnb.co.za/downloads/PAYPAL-quick-guide-FNB.pdf:

Does this comply with SARB
exchange controls?
• Yes, the FNB PayPal service is compliant
• Funds received into a PayPal account may not be used for other
PayPal payments
• All PayPal balances must be withdrawn to your South African
bank account within 30 days of receipt of funds
• All FNB PayPal Top Up and Withdrawal transactions are reported
to the South African Reserve Bank
• Each Top Up and Withdrawal transaction will require a separate
Balance of Payment (BOP) code
• Supporting documents must be available on request from the
South African Reserve Bank
Click to expand...


https://www.fnb.co.za/downloads/online-banking-documentation/FNB-PayPal-TermsandConditions.pdf:

2.1. In terms of the aforementioned Exchange Control requirements, specifically the legal requirements of Exchange Control Regulation 6, all users availing of the
Service are inter alia, obligated to ensure that funds held in a PayPal wallet/account are repatriated to South Africa through the Withdraw function within 30
days from date of Top-Up or from the date that the funds were received from another PayPal user, whichever is applicable.
12.1.1. In other words, funds may not be retained in a PayPal wallet/account for longer than 30 days.
Click to expand...
 
RedViking

RedViking

Nord of the South
Joined
Feb 23, 2012
Messages
47,086
raziwazzi said:
I'm aware of all of this, which is why I posted the question....
Click to expand...
So withdraw and see what happens? Does your FNB account pick up the amount in your PayPal account and make it available to transfer?
 
S

savage

Expert Member
Joined
Aug 11, 2003
Messages
2,922
raziwazzi said:
Hi guys

I have a paypal account and I have some funds in my account that are there for 2 months.

I haven't gotten down to withdrawing it and today I read somewhere that you cannot withdraw your funds after 30 days. (I had no idea of this- else I obviously would've withdrawn the money)

Is there a solution to this? Has anyone managed to withdraw money that has been in your paypal account for longer than 30 days? Or will I just lose all the funds?

All advise welcome!
Click to expand...

Never had an issue with the 30-day thing before. Been doing it (withdrawing over 30-days) for years without a problem.
 
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