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Thread: Paypal questions

  1. #1
    Junior Member
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    Paypal questions

    For ZAR transactions, how to use Paypal? Must ZAR be converted to USD first, then USD to ZAR?

    Pls advise, thanks!

  2. #2
    Site Caretaker Dave A's Avatar
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    May 2006
    Durban, South Africa
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    Let me get this right - you're asking about buying something priced in ZAR and paying in ZAR using Paypal?

    As far as I know Paypal uses the same conversion number converting either way and don't have a seperate buy and sell rate like the banks do.
    Seeing opportunity changes nothing. Seizing opportunity and running with it changes lives.

  3. #3
    Diamond Member adrianh's Avatar
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    Cape Town
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    Paypal can only be used to get money in and out of the country if it is linked to an FNB account. When you move ZAR to Paypal FNB gives you a conversion spot rate in USD. (of course you pay admin fees and the rate that they sell to you is generally lower than the normal rate) The money then sits in the Paypal account and can be viewed in USD, Pound or Euro. You sell in whatever currency you prefer. (Remember to add transport costs to your selling price). You may only leave cash in you PayPal account for 30 days. I suppose SARS doesn't like the money to be outside the country for longer than that. When you bring the money back into FNB then FNB again quotes you a spot rate and you can accept the rate or not (with fees added once again) You should add at least 15% for payPal costs. We quote the customers this as a fee. (Remember, normal credit card transactions don't come free). We have found that it is faster for my brother in law to invoice a US customer from the UK and then to move the funds to us via Western Union than to use PayPal to get the payment directly from the US (Strange but true)
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  4. #4
    Junior Member
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    Mar 2009
    Mossel Bay
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    Why waste time with paypal when payfast is a better option for south africans?

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