PayPal is an innovative money transfer service that has facilitated easier cross-border and international payments. PayPal is the most well-known global payment gateway. Its popularity may be partly due to the fact it charges no set-up or cancellation fees. In South Africa, the service was first introduced in partnership with First National Bank (FNB.)
Since then, a number of changes have been introduced, making the service available to users who bank with different banks.
PayPal withdrawals are now available to customers at any South African Bank. This means that clients can benefit from services offered by PayPal Standard Bank.
Chris Savides, General Manager for FNB Complementary Online Services said: “We are pleased to open up the PayPal service for receiving funds to all customers with a South African bank account. They will now be able to withdraw funds from a PayPal account into a qualifying South African bank account regardless of which South African bank that they bank with.”
How PayPal Standard Bank works
You first need to open a free FNB Online Banking profile. You’ll them also need to email certain copies of identification documents to complete your registration. Once verified by FNB, You can log onto your FNB Online Banking profile.
Log on, click on “PayPal Services” and then click “Link PayPal profile”. You will then be able to link your Standard Bank account to your FNB online banking profile. This will then allow you to withdraw funds from your PayPal account to your Standard Bank account.
A withdrawal may take up to six days to reach your bank account.
What are some of the benefits of getting a PayPal account?
- Using PayPal allows you to shop safely and securely online.
- You can earn credit card points on purchases.
- Operating a PayPal account is free.
