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PayPal - no pal of mine!

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PayPal - no pal of mine!

Postby Phil » 06 Mar 2022, 11:57

PayPal - no pal of mine!

I opened a PayPal account, but not linked it to any of my cards or bank accounts at this stage.

Some reading determined that whatever account I use is not worth much as it all has to be routed through First National Bank - FNB.
I bank with Standard and there is no way I will change. FNB fees are more than double what I pay.

Move on a bit - some e-mails from PayPal giving a $5 reward if I logged in.
So I logged in and qualified.
E-mail arrives advising of my US$5 gift. Great! 8-)

But here comes the catch on the South African side, see message below.

So, IMVHO, PayPal from RSA sucks. :evil:

You are required to comply with South African exchange control regulations. This means that if you receive amounts into your PayPal balance from a PayPal user:

(i) you may not send those amounts to another PayPal user for a purchase or for any other reason.

(ii) you must withdraw the amounts in your PayPal balance to your South African bank account* within 30 Days of receipt of funds.

*FNB charges a fee for each top up and withdrawal. Please see the FNB website for more information.
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