PayPal is one of the most popular online payment services in use today. The service has more than 100 million active users in over 190 countries. PayPal works as an electronic alternative to traditional paper methods like money orders and checks.
The purpose of this article is help South Africans how PayPal works, how to use PayPal and how to withdraw money from PayPal using FNB (First National Bank).
As a PayPal South Africa user, you may receive money into your PayPal account. For users who receive payments, there are important South African exchange control regulations that you need to know.
- The money you receive via PayPal cannot be used to fund purchases or be sent to other PayPal clients
- If you want to withdraw funds from your PayPal account to a South African bank account such as FNB account, you must do so within 30 days of receiving the money into your account
To make things simple for users, the American company, PayPal Holdings Inc. partnered with South African bank FNB and created the FNB Withdraw Service with PayPal.
This partnership allows PayPal South Africa FNB users to withdraw funds to their FNB account. It also allows users to create a free FNB Online Banking profile. To be able to use the FNB Withdraw Service with PayPal, you don’t need to bank with FNB.
FNB charges a fee for each withdrawal you make. The fee is calculated on a tiered pricing system. Withdrawals may take up to six days before they get into your bank account.
How to register an FNB Online Banking profile
If you do not have an existing FNB Online Banking profile, you need to follow the below 5 steps to register. However, if you already have an online banking profile with FNB, you will only be required to complete step 1 and 5.
- Go to www.PayPal.com to create a PayPal account
- Register for the FNB Withdraw Service with PayPal and create a free FNB Online Banking profile by visiting www.fnb.co.za
- FNB will ask you to email copies of your identification documents after you have completed the registration form
- Once the documents have been verified, FNB will notify you. You will be able to access your FNB Online Banking profile
- To link your South African bank account and PayPal account to your FNB Online Banking profile, go to your FNB Online Banking profile. Click on PayPal Services and then click Link PayPal account.
After you have successfully completed the above easy steps, you will be able to withdraw money from your PayPal account to your non-FNB bank account or FNB account if you bank with them.
You can click here if you want to read about the Terms and Conditions for the FNB Withdraw Service with PayPal. You can also contact the FNB PayPal call center on 087 572 9725 or email them at [email protected]
Image Courtesy: paypal.com