Posted by liliplanet on March 25, 2010 at 3:05pm
First National Bank (FNB) and PayPal today announced that customers in South Africa can now sell to PayPal's global customer base of more than 81 million active accounts in 190 markets around the world and move the proceeds to their FNB accounts. This new service allows customers to top up and withdraw funds to their qualifying FNB accounts from their PayPal accounts.
Comments
It's about time ... except I
It's about time ... except I don't bank with FNB :-(
I could not find any mention about the charges for this service - Did you find anything???
The fees can be seen at
The fees can be seen at https://www.paypal.com/za/cgi-bin/webscr?cmd=_display-fees
I'm still struggling to find out how to link a SA/FNB account as the only option is US and have asked for support..
Will revert when I know more :)
Fees and linking
I have an FNB account and if I log into internet banking there is a "Paypal Services" link which lets one link to a paypal account. I've not set it up yet, but I see the link etc
As far as fees go I read somewhere that FNB charges a flat 1.5% transaction cost for money moved through FNB - Im assuming that is both payments and withdrawals. I imagine they are using that 1.5% not only for profit but for some kind of insurance / assurance to the reserve bank... but who knows.
Interesting times... South Africa opening up to the rest of the world like this - lets see if we weather the next financial crisis as well (oh yes - there will be one! ;) ). Just kidding - I think paypal in ZA is a great thing.
Bryan
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Bryan Gruneberg
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