So today I received a screen shot from Gert, showing us that inside his FNB online banking dashboard, there is an option to link your PayPal account!
Take a look at PayPal and FNB integration..
I have logged into my account and nothing has changed yet, but I’ll verify the minute I see a change.
This is huge news, is this finally going to happen, is PayPal South Africa finally going full speed ahead?!
Let’s hope so!! I’ve got a PayPal account linked to my current UK bank account – and I need PayPal to get paid by my overseas buyers when I’m back in SA. Chris, do you know if Standard Bank will have PayPal? Also – what bank do you think is the best at the mo in terms of internet banking, service charges and general efficiency?
Gonna have to look at all of this carefully, but when paypal goes live I’m probably going to end up moving my banking back to FNB. I wonder if the consultant who closed my account will remember me… lol
Awesome news. There’s s media briefing session with the FNB Online team, which will be on hand to discuss the latest developments in online banking, talk about trends in the online space in Joburg on Wednesday so this could be the start of the big reveal. @Lisa I think this is exclusively FNB (sneaky!) but they’re the best in terms of everything in my personal opinion (the author of this post not the justmoney site) anyway :)
@Justmoney: THANKS! Will definitely look at FNB then instead of Standard Bank who I used to be with ;)
Awesome, I guess I’ll have to open an FNB account in the near future. I’ll still do my primary banking at Standard Bank though, just using FNB for PayPal.
We can only hope! Luckily I have a FNB account. Wonder what the charges will be from the banks pint of viewe. SA have one of the highest bank charges in the world.
I’m sure FNB will act as a middle man and that all account holders across the various banks will be able to use it, but if I wasn’t an FNB account holder, I would be opening an FNB account immediately, just in case. And you know, it’s very cheap to do it, you can always cancel it :)
Um… This appears to be a hoax. I know FNB is in “talks” with Paypal at the moment, but I couldn’t help but notice the contact number on the screenshot, 0861 PAYPAL or 0861 729725. It appears that when you call that number (which I have done), you receive a voice message “You have reached Mark’s extension please leave your name and number blablabla…”. Anyway, somehow I don’t think Paypal has anything to do with “Mark’s extension”. This is just a guess, so correct me if I’m wrong, but I think that some people are sometimes a little too quick to believe things.
@ Nick:
I just want to assure you that the screen shapshot is genuine. A “PayPal Services” link appeared on my FNB Online Banking profile and when I clicked it, that page came up, and then I took a screen snaphot. The link later disappeared. I called FNB’s Online Banking support desk regarding the link, and the lady I spoke to asked her team leader about it, who then confirmed that it was only a test run, and I can’t have my PayPal link back just yet, and that it I will be able to use it in the near future. She gave me a reference number for the support case, which is 483609637.
Relax, it is not a hoax. ;)
Well, you can’t blame me for being skeptical. A lot of promises have been made that have been broken in the past.
I know this is a little off the subject, but does anyone know whether we can receive funds into our PayPal accounts? I know we can’t withdraw to a local bank yet, but are we able to accept payments? Just wondering.
Wow! 3:20 am. I’d better fix my PC clock! Cheers.
Guys im pretty positive this is going to happen for us soon. I stumbled upon a little uncompleted area on the FNB site the other day called:
“Topup and withdraw service with paypal”
Most of the links to the documents etc were not working yet, but it had an intact FAQ section…naturally i read through everything i could. I checked but i cant seem to find the page again, wish i had taken a screen shot!
This is what i could deduce:
-> You need a qualifying FNB account (Most savings and cheque accounts qualify)
-> Your FNB account needs to be registered for internet banking
-> There are many South African Reserve Bank regulations we need to abide by, including:
* Money received to our paypal account must be withdrawn to our FNB account within 30 days
* When toping up your paypal account, you need to state what you want to use the money for…the money is ONLY alowed to be used for the purpose you stated
* When withdrawing money to your FNB account, you need to state what the money was received for
(I assume these details will be sent to the SARB to track tax payments etc…)
-> FNB charges 1.5% of each transaction value withdrawn to a FNB account
I truly believe this is going to happen, and that the press conference on the 25 March is to make the official announcement. All the signs seem to be there. Once this becomes a reality, FNB would have won themselves a lifelong customer for taking the initiative, this will make things SO MUCH EASIER for me and my business.
I agree, I’m sure it’s going to happen, but it’s just a matter of when. I don’t foresee the service arriving as soon as April. Perhaps June?
But why would FNB require that funds are withdrawn within 30 days? I mean what can they really do if we don’t? Surely we could just spend the funds on other online transactions? It would save us the commission to just spend the money on other stuff.
Reserve Bank regulations would probably stipulate the length of time that funds could be in dollars. Better than no Paypal!
For those of you who have been following, here’s the latest information – http://imod.co.za/index.php/2010/03/25/is-paypal-south-africa-everything-we-hoped-for/