placiddark
Junior Member
- Nov 28, 2012
- 122
- 82
I know this is country specific, but I do not know where else I would find someone remotely informed on Paypal processes, etc. I also hope that I have posted this in the correct forum. I am from South Africa, and I am rather confused on the following.
Following what I have learned here on BHW, I have managed to earn enough startup capital for my online venture. Consequent to setting up my Paypal, I was forced to link it to a local bank account, it is the only way that I know of to "cash" my received Paypal payments into local currency. The only bank affiliated to Paypal here in South Africa is First National Bank (FNB) and I opened an account there and linked my Paypal. I have now received the following email (apologies for the wall of text, I also removed the links):
Dear "MYNAMEGOESHERE",
Thank you for receiving your online payments with PayPal.
Now that you are using PayPal to receive payments, you should be aware of the following important South African exchange control regulations:
1. Funds you receive via PayPal cannot be sent to other PayPal users or used to fund any other purchases.
2. You must withdraw the received funds from your PayPal balance to a South African bank account within 30 days of receiving these funds.
To help you quickly and easily withdraw funds from your PayPal account to your South African bank account, we have partnered with First National Bank (FNB). Together, we created the FNB Withdraw Service with PayPal, which requires you to open a free FNB Online Banking Profile.
To register for a FNB Online Banking profile please follow these 3 easy steps (Customers with existing FNB online banking profiles can skip ahead to step 3):
1. Register for the withdraw service and create a free FNB Online Banking Profile. To do that, click here.
2.When you?ve completed the registration form, FNB will ask you to email copies of certain identification documents to complete your registration.
FNB will notify you when these documents have been verified, and then you can log onto your FNB Online Banking profile.
3. Once you have logged on to your FNB Online Banking profile click on PayPal Services and then click link PayPal profile. You will now be able to link your verified PayPal account and any South African bank account to your FNB online banking profile.
After you?ve successfully linked your PayPal profile and South African Bank account, you?ll be able to withdraw funds from your PayPal account to either your qualifying FNB or other non-FNB bank account. Please note that FNB charges a fee for each withdrawal, which may take up to six business days to reach your bank account. Click here for the FNB PayPal Service Terms and Conditions.
For more information regarding the FNB Withdraw service with PayPal and how to link your PayPal account visit www(dot)gotpaid(dot)co(dot)za
You can also contact the FNB PayPal call center on 0861 PAYPAL (729725), or send an email to "email address"
Regards,
PayPal
I have tried my best to research the above-presented matter, but I just can't seem to understand it. So I can receive payments via Paypal, but I cannot pay for anything whatsoever using the money in Paypal? That does not make sense as prior to receiving this mail I had already paid for a years hosting and domain registration.
If there is anyone of you out there that have experienced a similar problem, or any South African that has gained clarity in this matter, your expertise would be greatly appreciated.
Following what I have learned here on BHW, I have managed to earn enough startup capital for my online venture. Consequent to setting up my Paypal, I was forced to link it to a local bank account, it is the only way that I know of to "cash" my received Paypal payments into local currency. The only bank affiliated to Paypal here in South Africa is First National Bank (FNB) and I opened an account there and linked my Paypal. I have now received the following email (apologies for the wall of text, I also removed the links):
Dear "MYNAMEGOESHERE",
Thank you for receiving your online payments with PayPal.
Now that you are using PayPal to receive payments, you should be aware of the following important South African exchange control regulations:
1. Funds you receive via PayPal cannot be sent to other PayPal users or used to fund any other purchases.
2. You must withdraw the received funds from your PayPal balance to a South African bank account within 30 days of receiving these funds.
To help you quickly and easily withdraw funds from your PayPal account to your South African bank account, we have partnered with First National Bank (FNB). Together, we created the FNB Withdraw Service with PayPal, which requires you to open a free FNB Online Banking Profile.
To register for a FNB Online Banking profile please follow these 3 easy steps (Customers with existing FNB online banking profiles can skip ahead to step 3):
1. Register for the withdraw service and create a free FNB Online Banking Profile. To do that, click here.
2.When you?ve completed the registration form, FNB will ask you to email copies of certain identification documents to complete your registration.
FNB will notify you when these documents have been verified, and then you can log onto your FNB Online Banking profile.
3. Once you have logged on to your FNB Online Banking profile click on PayPal Services and then click link PayPal profile. You will now be able to link your verified PayPal account and any South African bank account to your FNB online banking profile.
After you?ve successfully linked your PayPal profile and South African Bank account, you?ll be able to withdraw funds from your PayPal account to either your qualifying FNB or other non-FNB bank account. Please note that FNB charges a fee for each withdrawal, which may take up to six business days to reach your bank account. Click here for the FNB PayPal Service Terms and Conditions.
For more information regarding the FNB Withdraw service with PayPal and how to link your PayPal account visit www(dot)gotpaid(dot)co(dot)za
You can also contact the FNB PayPal call center on 0861 PAYPAL (729725), or send an email to "email address"
Regards,
PayPal
I have tried my best to research the above-presented matter, but I just can't seem to understand it. So I can receive payments via Paypal, but I cannot pay for anything whatsoever using the money in Paypal? That does not make sense as prior to receiving this mail I had already paid for a years hosting and domain registration.
If there is anyone of you out there that have experienced a similar problem, or any South African that has gained clarity in this matter, your expertise would be greatly appreciated.