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Heran

Transferring money in and out

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I have been looking at which is the best way to transfer money to and from SA. One of the routes I was advised to take was using Paypal. My idea was to open an account with Paypal here in the US linked to by US bank account and then open one in SA linked to my SA bank account. The plan was then to transfer money betwwen accounts using Paypal. Can anyone advise me if this will work? If it can work, then can anyone tell me if there will be any restrictions from SARB in SA. If my idea is not a valid option then can anyone advise me what the best and most cost effective route would be to transfer funds to SA and to receive funds from SA. Thanks

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I tried that. It doesn't work. Paypal will not allow you to transfer between the US and South Africa.

Edited by Utah

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I have been paid numerous times via Paypal by friends in SA. What it will not do is let you link a US and SA bank account to the same paypal account, but there is nothing to stop you from opening another account and link it to a SA bank.

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I have been paid numerous times via Paypal by friends in SA. What it will not do is let you link a US and SA bank account to the same paypal account, but there is nothing to stop you from opening another account and link it to a SA bank.

 

Hagar, you are right you can have 2 accounts, but you can only pay FROM the SA account, and not INTO the SA Account.

With a Paypal account from South Africa, you can pay someone internationally. The Paypal account is linked to a Visa, Master or Amex card. The single transaction limit imposed by SARB applies (i.e. R20 000).

 

Paypal does not support payments TO South African paypal accounts. You therefore cannot pay funds to someone with a South African Paypal account.

 

You can see the exact offering on the Paypal site, by selecting 'International Offerings' and selecting South Africa as the country.

 

 

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I guess you learn something every day! I never tried to pay somebody in SA.

 

A SA friend of mine in AZ had the same problem, his daughter was going to college in Pretoria and it cost him a lot of fees to keep sending her money. I recommended he open a new savings account, get 2 atm cards for it, and send her one of the cards. Worked like a charm, and it was the cheapest way for him to get money to her.

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good news FNB and paypal are in some agreements to bring paypal to Sa. thank goodness, now i can send money to my SA bank account and pay my credit card

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JessiF, why are you suddenly reviving 5- year old threads to plug exchange4free (which already has a representative here on SAUSA I think?)

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Sure you can have an opinion.

I have opinions too. My opinion is that when a new member who's never been seen before suddenly posts a number of posts all advertising one provider, that it is probably not just "opinion" at play. At least the other fx provider posters are honest about working for the companies they promote here.

Edited by SJ27

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Paypal works for me in both directions. I can transfer (pay) someone in the US and they can transfer (pay) me here in SA.

When I receive money: I then transfer (WITHDRAW) the money from my paypal account to my FNB account. It takes 5-7 days. On my FNB profile I have an option to withdraw FROM paypal, a simple few steps to follow - It first provide you with a detailed quote.

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