PayPal withdrawal service now open to all SA banks

To have access to the service, users will have to register a free FNB online banking profile and submit a “œKnow Your Customer“ form, as well as FICA documentation. Once this information as been collected and validated FNB will link users’ PayPal accounts with their personal bank account through the FNB online banking profile. While there are no additiaonl fees for utilising the service, non-FNB customers won’t be able to load money onto their PayPal to make payments with PayPal TopUp.

The press release announcing the launch stated that: South Africans already making use of PayPal but not banking with FNB have been able to make credit card-based payment transactions and benefit from the added security of transacting online with PayPal by linking their credit card to an authorised PayPal account.

Chris Savides, FNB‘s General Manager for FNB Complementary Online Services said that ““œOne and a half years after launching our exclusive Top Up and Withdraw services for FNB customers 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. FNB is a proud supporter of entrepreneurship in South Africa and PayPal provides entrepreneurs with a safer and easier way to get paid by anyone, anywhere in the world, and in over 24 currencies.”

source: MyBroadband