Told that if I want to withdraw from Paypal, I have no option but to open an FNB current account

Cafwen

New Member
Joined
Jan 11, 2013
Messages
3
Hey everyone - I used to be with FNB way back in the day. I then ditched them and moved to Capitec.
I work as a freelancer on Upwork, and I'm trying to withdraw funds from Paypal to my Capitec account.
Normally, one would just create an online banking profile with FNB and then use that to withdraw USD to your local bank account, whoever you bank with.
However, because I used to have an online banking profile with FNB, I can't sign up for a 'new' profile, and here's the kicker - I can't reset my existing username and password because you have to use your FNB card/pin number to do so.
I went into one of their branches, and was informed the only way forward would be to open a new current account with FNB.

To me, it looks like FNB has found a sneaky way of forcing old clients to come back to them. Surely this can't be legal? Keen to hear if anyone else has had the same issue or has any advice. The person at the branch said lots of people were having issues getting their funds out of Paypal if they didn't bank with FNB.
 

Louis72

Expert Member
Joined
Jun 15, 2010
Messages
1,550
Paypal is horrible so makes sense why they partner with something equally horrible.

The agreement is probably exclusive for a period. Hence why nobody else can offer PayPal support.
 

Goolabjumbo

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Joined
Aug 19, 2019
Messages
16
Another option can be to convert your PayPal funds to crypto or Bitcoin and then cash that localy on an exchange (VALR or Luno). I may be misinformed but last i read that PayPal supports Bitcoin may be a schlep to get it functioning intialy but when sorted then you have the freedom to use your funds as you want.
 

46Female

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Apr 20, 2021
Messages
1,631
I have the the FNB APP how can I access the forex PayPal page to withdraw my Paypal money like I do on the website?

what are the steps that I take?
thanks
 

NeonNinja

Neon Resident
Joined
Nov 22, 2009
Messages
23,463
I have the the FNB APP how can I access the forex PayPal page to withdraw my Paypal money like I do on the website?

what are the steps that I take?
thanks
It's through the website and NOT the app. I do regular withdrawals.

Alternatively on chrome on Android/iOS you can choose the Desktop side mode to access the full website with the Forex option.
 

NarrowBandFtw

Honorary Master
Joined
Feb 1, 2008
Messages
21,838
Another option can be to convert your PayPal funds to crypto or Bitcoin and then cash that localy on an exchange (VALR or Luno). I may be misinformed but last i read that PayPal supports Bitcoin may be a schlep to get it functioning intialy but when sorted then you have the freedom to use your funds as you want.
^ this, not directly with PayPal though as they only let US customers buy crypto and you can't send that crypto to an outside wallet

what you can do instead is a schlep, but it works:
- deposit PayPal funds to eToro
- buy crypto on eToro and withdraw to eToro wallet (the first time you do this there will be a long time delay before you are allowed to withdraw, reason being PayPal's notorious return policies ... once they see you're not trying to scam them they remove this limitation)
- send crypto from eToro wallet wherever you wish e.g. Luno/VALR

it sucks, but I'll do that rather than use FNB ever again after they magically lost my FICA info on an account that was working fine for years and being used for PayPal
 
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