Selling Dollars on paypal

Salmank

Well-Known Member
Joined
Jun 27, 2016
Messages
497
Hi,

So someone sent me $250 on paypal.

If I withdraw, I will lose out because of paypal fees, then FNB fees.

Is it possible to sell these to someone who needs to make an online purchase in US$. They will also lose out on conversion fees.

What is the best way to get these dollars into Rands
 

Jopie Fourie

Expert Member
Joined
Aug 30, 2019
Messages
2,251
Hi,

So someone sent me $250 on paypal.

If I withdraw, I will lose out because of paypal fees, then FNB fees.

Is it possible to sell these to someone who needs to make an online purchase in US$. They will also lose out on conversion fees.

What is the best way to get these dollars into Rands

There is no best ways to get it into Rands. There is only one way and that is through FNB. Any other way may cause you to loose even more money. Buyers will offer you much less than the actual Rand rate in any event. Besides, there will also be a Paypal transaction fee when you transfer this to another person and this will also be on you.
 

Swa

Honorary Master
Joined
May 4, 2012
Messages
30,820
Paypal doesn't charge a fee to transfer between SA citizens. But still nobody is going to take it when they can just use a credit or debit card. So either bite the bullet and pay the 4-5% total in fees or get a Payoneer account and deal with forex controls or spend it.

If it's a regular occurrence where you get thousands per year it may be worthwhile getting a Payoneer debit card account and then just spend it naturally from there.
 

Sensorei

Executive Member
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Sep 15, 2008
Messages
6,280
Buy something on an overseas online store like Gearbest or Banggood that you can sell for a profit in SA.
 

envo

Expert Member
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Jan 14, 2014
Messages
3,263
once you already have it, you dont pay paypal fees, you just pay fnb (too much)

they also pay you less per dollar than what you would buy it for, so best is to spend it on something you wanted to buy and save cash like that
 

MirageF1

Executive Member
Joined
Jun 29, 2018
Messages
7,482
As someone mentioned , use it to purchase an item from an online retailer, like Amazon,Ebay, etc

You can also gift it to someone who has use for it in $...no fees.

I've had a Paypal account since 2002.
 

The_Traveller

Expert Member
Joined
Aug 9, 2008
Messages
3,393
Hi,

So someone sent me $250 on paypal.

If I withdraw, I will lose out because of paypal fees, then FNB fees.

Is it possible to sell these to someone who needs to make an online purchase in US$. They will also lose out on conversion fees.

What is the best way to get these dollars into Rands
I buy PayPal daily, if you're keen, PM me we can work something out.

EDIT: Not anymore from people new members .
 
Last edited:

Arthur

Honorary Master
Joined
Aug 7, 2003
Messages
26,428
As someone mentioned , use it to purchase an item from an online retailer, like Amazon,Ebay, etc

You can also gift it to someone who has use for it in $...no fees.

I've had a Paypal account since 2002.
Amazon doesn't accept PayPal. Best way to get PayPal into Amazon is to buy Amazon vouchers on eBay.
 

Mrcricket

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Joined
Dec 18, 2017
Messages
2,162
Paypal doesn't charge a fee to transfer between SA citizens. But still nobody is going to take it when they can just use a credit or debit card. So either bite the bullet and pay the 4-5% total in fees or get a Payoneer account and deal with forex controls or spend it.

If it's a regular occurrence where you get thousands per year it may be worthwhile getting a Payoneer debit card account and then just spend it naturally from there.

Is the Payoneer card worth it or is it better to just withdraw the money from Payoneer to your account?

Payoneer charges 2% per transaction if I remember correctly. If you are using the debit card, would that not add up to a lot eventually?
 

Swa

Honorary Master
Joined
May 4, 2012
Messages
30,820
Is the Payoneer card worth it or is it better to just withdraw the money from Payoneer to your account?

Payoneer charges 2% per transaction if I remember correctly. If you are using the debit card, would that not add up to a lot eventually?
A card is like $30/year working out to 1% for $3000. You're not going to get much better than 3% unless you go through forex. Even Paypal charges like 2% paying with a local card. It beats it hands down if you're above the tax threshold and you can spend the money instead of transferring it.
 
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