Paypal Za launches in South Africa via FNB
image source: techcentral
Exclusive to FNB customers – you can now Top Up to and Withdraw funds from your PayPal account using funds from your qualifying FNB account.
PayPal is the safer, easier way to pay and get paid online without exposing your credit card or bank account number to merchants. More than 200 million people use PayPal to send and receive money. With PayPal you can shop at merchants in 67 countries and receive payments from buyers in 190 countries and regions.
All you need is a verified South African PayPal account, a qualifying FNB account and FNB Online Banking.
PayPal Services via Online Banking is a first of its kind in South Africa and is exclusive to FirstRand Group clients! With this exciting new service you can sell products over the web and receive payment directly into your PayPal Account. By using PayPal Services you eliminate the security risk of exposing your credit card or bank account number, ensuring safe and secure transactions.
What can you do with PayPal?
- Use your PayPal Account to make or receive international payments online for goods and services.
- Shop online at merchants in 67 countries and regions.
- Pay for things and send money without sharing your financial information.
- Checkout quickly at hundreds of your favourite online stores.
- Receive payments from buyers in 190 countries and regions.
Register for a PayPal Account on www.PayPal.com.
Once you have a registered PayPal Account access PayPal Services on Online Banking from either the Accounts or Transfers tabs.
Visit the https://www.fnb.co.za/promotions/PayPal.html site for more information
Twitter: #PayPalSA
| FNB PayPal Services are available to South African Residents only. For PayPal related queries please contact 0861 PAYPAL (729 725) |
source: fnb.co.za
FNB says it will levy a flat 1,5% fee on all PayPal-related transactions. This is on top of PayPal’s fees. The bank will guarantee quoted rates of exchange. The service, which is available to businesses and consumers, is fully integrated into FNB’s online banking website.
Transaction Fees for Domestic Payments
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| See Domestic Transaction Fees |
| Monthly Sales | Price Per Transaction* |
| South Africa | |
| $0.00 USD – $3,000.00 USD | 3.9% + $0.30 USD |
| $3,000.01 USD – $10,000.00 USD (Merchant Rate qualification required) | 3.4% + $0.30 USD |
| $10,000.01 USD – $100,000.00 USD (Merchant Rate qualification required) | 3.2% + $0.30 USD |
| > $100,000.00 USD (Merchant Rate qualification required) | 2.9% + $0.30 USD |
Fees for receiving eCheck payments will not exceed $5.00 USD per transaction.
According to the daily maverick To receive $100 via any of the big banks, including FNB, will cost a South African citizen around R100 in fees, or R70 at the bottom end. Via PayPal total fees will amount to less than R45. In sending money oversees the discrepancy is far bigger. A $100 transaction would cost between R170 and R200 via the banks, but using FNB/PayPal the cost should come in at under R12.
Here’s how it will work:
- All transactions will happen in US dollars ie, purchases and transfers.
- To withdraw from your PayPal account you can only withdraw in rands.
- Anyone and any business can use the PayPal service as long they have a FNB
- FNB cheque, savings or transmission account.
- PayPal is only available through FNB online banking and to RMB Private Bank customers.
- PayPal is not currently available through cellphone banking but could be in future
- Normal Fica applies when opening an FNB account.
- When topping up one’s account one must disclose the purpose of one’s transaction for Reserve Bank regulations on cross border payments.
- No exceptions have been made for exchange control and Reserve Bank compliance, every transaction is reported to the Bank.
- The annual discretionary allowance applies for excon above that then normal approval is required.
- To get a PayPal account go to www.paypal.com.
- The verification of a PayPal account is done on the PayPal website.
- FNB charges a commission of 1.5% for each top up or withdraw transaction, the commission is calculated on the rand equivalent of the US dollar amount requested, an exchange rate is quoted by FNB on all rand/USD transactions and may vary for top up and withdraw transactions.
- Exchange rate quotes are valid for four minutes as the internet banking system logs out if you haven’t used the system in four minutes.
- A top up can take one to four days to reflect on your PayPal account this excludes weekends and public holidays in SA and USA.
- PayPal is not a bank account it is a virtual account that can be used to securely and conveniently pay for goods and services online.
- One does not earn interest on a PayPal account.
PayPal can be used for the following:
- Make or receive payments for goods and services online.
- Shop online at merchants in 67 countries and regions.
- Pay for things and send money without sharing your financial information.
- Checkout quickly at hundreds of your favourite online stores (not just eBay).
- Receive payments from buyers in 190 countries and regions.
- FNB customers can top up to and withdraw funds from a PayPal account using a qualifying FNB account.
Now that we have PayPal what about eBay? Jordaan says there are no plans for eBay to come to SA yet…
Please do not to access banking websites through links in e-mails, rather type the site address directly into the browser address bar. There are fraudlent scams called phishing. where links are send via email and they ask you for all your personal information. beware of this..
Category: Gadgets and Gizmos
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