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Thread: Paypal in South Africa

  1. #1
    Platinum Member Chatmaster's Avatar
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    Paypal in South Africa

    Well I am sure all of you are aware of the launch of Paypal in South Africa yesterday. If you have a qualifying account with FNB you can accept payment through Paypal. Needless to say, this changes many things in SA and online business as Paypal has a large active user number of 81 million account holders.

    If you want to know more read the FNB page here. https://www.fnb.co.za/online-banking/pay-pal.html

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    deetee (28-Mar-10), Pap_sak (26-Mar-10), tec0 (28-Mar-10), wynn (26-Mar-10)

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    Moderator IanF's Avatar
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    This could open up possibilities, I will look further.
    Only stress when you can change the outcome!

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    Site Caretaker Dave A's Avatar
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    You probably better read the fine print.

    Given some of the requirements, the foreign draft fee costs could add up.

    I suggest if you have an existing PayPal account which you've been using just to pay bills and you need a PayPal wallet to receive payments, you probably should set this up as a seperate, additional account to your existing one. You're not allowed to offset expenses against income when it comes to repatriation, which means you'll get pillaged with foreign draft fees moving money both ways if you just have the one account.
    The trouble with opportunity is it normally comes dressed up as work.

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    Gold Member Martinco's Avatar
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    I looked into this as well.............If you deal with Paypal direct then it is not practical to do a local sale in Rands. The reason being is that they do not deal in ZAR and therefore your customer will have to convert to say USD and you will receive the payment in USD to be converted to ZAR again. So, my opinion is that the conversion rate will kill the deal.
    For overseas payments it is fine but for receiving payment not so great, never mind the charges.
    If you go the FNB route you will see that ALL Paypal transactions will be reported to SARS.
    There is another possibility www.payfast.co.za who deals in ZAR but how good/bad they are I do not know.
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    Martinco...

    payfast does seem to be the logical local option. after all, why take money out of the country, and pay to bring it back again ?

    however...

    being able to accept paypal payments will open many doors....

    i remember when i just started out, i used to freak out every time i ran into something that paid out via paypal...

    and many people refused to do business with me cause i could not accept paypal...

    i tried to sell some stuff of my own....

    but all i could use was alertpay...

    and since they deal with a lot of rubbish (paid to click sites, HYIP, etc), there is lie ZERO buyer confidence...

    so i am looking forward to using paypal

    it can only be an improvement.

    peter

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    Just posted this on hellopeter:

    Wanted to get a linked PayPal account according to FNB's website:

    Qualifying FNB accounts include most FNB savings, cheque and transmission accounts. When completing a FNB Top Up or Withdraw with PayPal transaction, a list of all your qualifying FNB accounts that can be used for this service will be displayed. Remember that they will have to be linked to your FNB Online Banking profile in order for them to be displayed. A credit card account is not a qualifying account for this service.

    Note: FNB Top Up and Withdraw with PayPal is only available to personal and business users with qualifying FNB accounts and access to FNB Online Banking. The service is not available to Online Banking Enterprise™ users. All FNB Top Up and Withdraw with PayPal transactions are subject to Terms and Conditions.

    I have a business cheque account - you would think i would qualify from your website. But, after being kept on the phone for 15 minutes I was eventually told this account does not qualify. i pay around R800 - R1300 p/m month on service fees, and now have had enough....you are a USELESS bank you've already lost out on commissions on three Merchant terminals will now move the rest.

    Finally this has pushed me over the edge (this plus I had an FNB guy promise to phone me back on monday....yeah right). Have asked capitec to start paying all merchant terminal sales into my account there, so the big switch has begun.

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by Pap_sak View Post
    I have a business cheque account - you would think i would qualify from your website. But, after being kept on the phone for 15 minutes I was eventually told this account does not qualify.
    So businesses are still not allowed to have Paypal merchant accounts!

    I wonder what individuals need a Paypal merchant account for then?
    The trouble with opportunity is it normally comes dressed up as work.

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    Quote Originally Posted by Dave A View Post
    So businesses are still not allowed to have Paypal merchant accounts!

    I wonder what individuals need a Paypal merchant account for then?
    Well according to their website

    Note: FNB Top Up and Withdraw with PayPal is only available to personal and business users with qualifying FNB accounts and access to FNB Online Banking
    It's ok FNB, charge more to business for the SAME service - then take AWAY certain services.

    It's all good though..should be completely free of them in 2 months time

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    Site Caretaker Dave A's Avatar
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    But you don't have to bank with FNB to have a Paypal account - all you need is a credit card. And you can top up your Paypal account from your credit card.

    It's only when you want to accept payments into your Paypal account from a source other than your linked credit cards that the problems start. That's when you need a Paypal merchant account, and if you're using South African credit cards you can't be upgraded to a Paypal merchant account. Hence the FNB "deal" to solve the problem.

    So why would you need a Paypal merchant account other than for online commerce reasons?

    FNB is effectively saying you can only trade online as an individual - businesses are not allowed!
    (Which seems rather hypocritical if there isn't a good reason).

    So why have they gone this route? There must be a reason...
    The trouble with opportunity is it normally comes dressed up as work.

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    I don't understand why they told you that. I have a business account at FNB and have a Paypal account linked into which I can receive payments from other countries. I think Paypal may be cheaper to receive foreign funds for smaller anounts. I try and avoid exports, but do send products to Nigeria every now and again. The last time FNB charged me R125 for receiving R1815 (not through Paypal). The charge went up from R100 for a larger amount in June. I wish I could get away with increasing my prices 25% at a time!

    Pap-sak, I have a Capitec merchant terminal and have all my sales paid into my Capitec account directly. I will be closing my personal Standard Bank account this week. I am so sick of the rip-off we have to endure from banks. The only way they seem to be able to make their profits look better is not through real growth, but by introducing new charges as they please and upping existing charges as they want.
    Sometimes the only transport available is a leap of faith

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