Some great news if you have not already heard is that PayPal is now available in South Africa this has been a long time in the making. FNB and PayPal have teamed up to offer PayPal as an online transactions facility for South Africans that want to tap into the international online markets. A lot of South African business owners and online entrepreneurs have been waiting many years for this to happen and it has finally arrived.

I’m also pleased to report that the whole retrieval process of your money between PayPal and FNB (First National Bank) works very well. Let’s have a closer look at how you can go about setting up a PayPal account and what sort of FNB account you need.

Setup a Verified PayPal Account

The first thing you will need to do is go to PayPal and signup and register an existing credit card with them, it may be with any South African bank. PayPal will verify your credit card by debiting your credit card with $1.00, once this has been done you will be able to make only purchases using PayPal that protect and do not reveal your credit card details to any online vendors or merchants that you are buying a service or product from.

Open up a FNB Account

Once your PayPal account has been verified the next step is to go into a First National Bank Branch to open up an account with them. Open up a FNB Smart Savings Account which requires the least amount of documentation. Once the FNB Smart Savings Account has been opened up for you, you will need to request them to enable you to do FNB Internet Banking. You are able to use other FNB accounts with PayPal you will just need to confirm with your FNB consultant which accounts you can link to with PayPal.

Linking your FNB and PayPal Accounts

If you have successfully opened a PayPal account and it’s been verified and you have opened an FNB Smart Savings Account and your FNB Internet Banking has been setup you can login to your FNB Internet Banking and link your PayPal and FNB account by providing some connecting information.

You can now withdraw funds from your PayPal Account to your FNB Account just remember to read both the PayPal terms and conditions and FNB terms and conditions to keep up to date with the legal requirements. Once money has been deposited into your PayPal account you have 30 days in which to with draw it into your FNB account a requirement from SARS which can take up to 7 days to clear into your account.

Hope this opens a new income revenue stream and helps you make more money for you and your business.

If you are from another country let us know of your PayPal experiences :)

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