Quick paypal withdrawal

[Grubby]

The subject line says it all. Is the 5 to 7 day wait via fnb forex the only option ?

 

[NeonNinja]

Quickest I know. Always takes 5 business days in my case.

Or transfer to someone you know (PayPal). And they give you Bitcoin. Transfer the Bitcoin (Luno) to bank account. Same day.

 

[Grubby]

Eish. Thanks

 

[mercurial]

Quite ridiculous that the other banks are not doing this yet.

 

[RedViking]

Quite ridiculous that the other banks are not doing this yet.

I think it is more a case that the other banks are not allowed to. The government wants to keep tight control on the money that comes in and goes out of the country and they chose FNB as the middle man.

 

[mercurial]

I think it is more a case that the other banks are not allowed to. The government wants to keep tight control on the money that comes in and goes out of the country and they chose FNB as the middle man.

Interesting.

 

[Grubby]

Its even more ridiculous having to wait so long for it to be transferred

 

[riscbroker]

The subject line says it all. Is the 5 to 7 day wait via fnb forex the only option ?

I've heard there are some Paypal dollar buyers on Carbonite.

Or PM The_Traveller.

 

[Grubby]

I've heard there are some Paypal dollar buyers on Carbonite.

Or PM The_Traveller.

Interesting. I will give it a look

 

[Adrianax]

Yep, there is a 5-7 working day waiting period on funds to clear. More often than not, it takes 5 days. In the US it clears immediately to your bank account, but South Africa is still around 2 billion years behind the US. That being said, the Reserve Bank gave this mandate only to FNB and will not allow other banks to do this.

 

[wizardofid]

Yep, there is a 5-7 working day waiting period on funds to clear. More often than not, it takes 5 days. In the US it clears immediately to your bank account, but South Africa is still around 2 billion years behind the US. That being said, the Reserve Bank gave this mandate only to FNB and will not allow other banks to do this.

No you need to get your facts straight man
So yeah it takes 5 days but you only end up paying 1.5% in total and nothing else. Paypal does it in other countries as well, so it's not about the country being 2 billion years behind, in fact if you read here your ignorance will be excused

https://www.paypal-community.com/t5...-PayPal-Frequently-Asked-Questions/m-p/292428

 

[airborne]

No you need to get your facts straight man
So yeah it takes 5 days but you only end up paying 1.5% in total and nothing else. Paypal does it in other countries as well, so it's not about the country being 2 billion years behind, in fact if you read here your ignorance will be excused

https://www.paypal-community.com/t5...-PayPal-Frequently-Asked-Questions/m-p/292428

Is the 1.5% the Fnb fee?
What is the total percentage cost to withdraw PayPal to fnb, doesn't PayPal charge 3% per withdrawal and the Fnb another fee?

 

[Dave]

No you need to get your facts straight man
So yeah it takes 5 days but you only end up paying 1.5% in total and nothing else. Paypal does it in other countries as well, so it's not about the country being 2 billion years behind, in fact if you read here your ignorance will be excused

https://www.paypal-community.com/t5...-PayPal-Frequently-Asked-Questions/m-p/292428

Paypal to a UK bank account is instant and there is no charge to do it, Paypal don’t charge to withdraw money to the bank account.

 

[Adrianax]

Is the 1.5% the Fnb fee?
What is the total percentage cost to withdraw PayPal to fnb, doesn't PayPal charge 3% per withdrawal and the Fnb another fee?

Let me show you an example. I just recently transferred US$609.34.

Paypal did not charge me any fees - and never have before when transferring to FNB. (I am only charged fees when paying or receiving funds).



In Rands, FNB offered me R8268.68. Their fee on this amount was R124.03. So, FNB basically takes only around 1.5% of your transfer.

 

[Adrianax]

No you need to get your facts straight man
So yeah it takes 5 days but you only end up paying 1.5% in total and nothing else. Paypal does it in other countries as well, so it's not about the country being 2 billion years behind, in fact if you read here your ignorance will be excused

https://www.paypal-community.com/t5...-PayPal-Frequently-Asked-Questions/m-p/292428

Huh?! Never said it cost more than 1.5%.

I know in the US, UK, most countries in Europe and elsewhere, Paypal withdrawals to bank accounts are instant with no waiting times. Only a small number of countries have waiting periods.

 

[wizardofid]

Is the 1.5% the Fnb fee?
What is the total percentage cost to withdraw PayPal to fnb, doesn't PayPal charge 3% per withdrawal and the Fnb another fee?

Paypal only charge when you receive money from other paypal users. Only applicable withdrawal fee is from FNB which 1.5%, transferring from FNB to paypal also entails a 1.5% fee FNB charge, and no further fees from paypal...

 

[wizardofid]

Huh?! Never said it cost more than 1.5%.

I know in the US, UK, most countries in Europe and elsewhere, Paypal withdrawals to bank accounts are instant with no waiting times. Only a small number of countries have waiting periods.

and as pointed paypal uses batch send method which takes time, so no it's got nothing to do with SA banks but paypal....

 

[Adrianax]

Paypal only charge when you receive money from other paypal users. Only applicable withdrawal fee is from FNB which 1.5%, transferring from FNB to paypal also entails a 1.5% fee FNB charge, and no further fees from paypal...

Agreed.

The only 'hidden' fee is SARS, which you will need to declare, as FNB does so without you knowing it.

 

[Adrianax]

and as pointed paypal uses batch send method which takes time, so no it's got nothing to do with SA banks but paypal....

For those in the US and UK and elsewhere who are eligible for immediate transfers to bank accounts, batch payments has nothing to do with it. They get payment immediately cleared into their accounts and there are no waiting times - whatever Paypal's agreements are with those banks.

 

[RedViking]

Paypal takes a transaction fee for goods & services received.

Goods and services – Purchase payments: There's no fee to use PayPal to purchase goods or services. However, if you receive money for goods or services, the fee for each transaction is 2.9% plus $0.30 USD of the amount you receive.

FNB also take a cut on top of that, 1.5% including VAT. And there is the usually lower exchange rate.