 |
| South African money By Darren Swartz |
I have been
looking for a few weeks now on how to transfer money from my Paypal account to
my South African bank account, and I still haven’t come across a suitable
solution for this problem since I have an Absa bank account, but I have come
across an alternative.
Paypal and
FNB (First National Bank) seem to be working together as one can now top up and
withdraw money from Paypal using your FNB bank account. There are a few things
you have to qualify for before you can do this, and I will write them down in
bullet form so that you can check if you qualify.
- First you will need a
qualifying FNB account, which is a FNB Cheque, savings or transmission
account. They don’t seem to be allowing credit cards at this point for
reason I do not know.
- The next thing you have to
check is if you have and online banking profile and if you are not sure
you can check with your nearest FNB branch.
- You will then have to login to
your Paypal account and link it to your FNB online banking profile.
- When all this is in check you
can then top up or withdraw money from your Paypal account.
The charges
involved with this service provided by FNB is still not completely clear to me,
but they do state that on every top or withdraw you make from your Paypal
account a transaction commission of 1.5%
will be charged in Rands ( “The transaction commission is calculated on
the rand equivalent of the US dollars amount requested”). They also state that
for certain Paypal transactions an extra fee will be charged, which you can
learn more from at www.paypal.com/za.
I hope that
this helps you in many ways and for those who do not have an FNB account I
suggest you consider one since Paypal hasn’t given any hints on weather this service will be available for
Absa, Capitic and Ned bank users in the near future. For more information on
this service please visit https://www.fnb.co.za/online-banking/pay-pal.html.
No comments:
Post a Comment