Connect your PayPal and bank accounts.
After your PayPal account has been validated, the final step in receiving payments is to link it to your South African bank account. You will then be able to withdraw funds from PayPal in South Africa.
To withdraw your funds, you can link an account from any South African bank. In South Africa, however, the withdrawal process necessitates the creation of a FNB online profile, even if you do not bank with FNB. Indeed, PayPal has been working with FNB to handle transactions since 2010.
The FNB Withdraw Service allows you to withdraw monies from your PayPal account to your FNB or any linked South African bank account. If you do not have a FNB account, you can open one for free and link your PayPal account to your South African bank account.
To do so, simply register with the FNB PayPal Service on the FNB website. Then, how to link PayPal to FNB is as simple as creating your FNB online profile and filling out a few forms.
- Take your money out.
As previously stated, it is not feasible to use your earnings directly from your PayPal account due to South African rules. It is not permitted to utilize your PayPal funds to make online purchases or to send money directly to other PayPal users.
Instead, you’ll have 30 days from the time the money are deposited into your account to withdraw them to your South African bank account. You can use them whatever you want after they are in your bank account.
South African PayPal Fees
We’ve now gone over the advantages of using PayPal and walked you through the setup procedure. The final point to consider is PayPal costs in South Africa.
You won’t have to worry about any setup or monthly fees because the PayPal costs do not cover them. However, you must be prepared for the following:
A flat 2.4% to 3.9% PayPal transaction fee, plus $0.3USD every transaction.
PayPal additionally charges a 2.5% currency conversion fee on top of the current exchange rate. FNB determines the exchange rate. FNB often charges an additional margin above the market rate.
Finally, FNB imposes a withdrawal fee ranging from 0.81% to 1.51%. The percentage is determined by the amount and volume of transactions in your account’s history.
What South African banks accept PayPal?
In South Africa, major banks such as ABSA, Nedbank, and Standard Bank can all be linked to PayPal.
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