Is PayPal Available In South Africa?
Yes, PayPal is available for both sending and receiving payments in South Africa. However, payments can only be received in foreign currencies, not in South African Rand, and funds must be withdrawn to a South African bank account within 30 days.
How Does PayPal Work in South Africa?
To use PayPal, you need to create and verify a PayPal account, link it to your South African bank account, and adhere to regulations such as withdrawing funds within 30 days. PayPal in South Africa operates with a partnership with FNB for withdrawals, even if you bank with another institution.
Step-By-Step Process to Setup your PayPal Account
Start by creating a PayPal account on the PayPal South Africa website, choosing between an individual or business account. Verify your account by submitting identification documents and linking a credit/debit card. Finally, link your PayPal account to your South African bank account for withdrawals.
PayPal Fees in South Africa
Fees for PayPal
Using PayPal incurs fees including a transaction fee of 2.4% to 3.9% plus $0.3 per transaction, a currency conversion fee of 2.5%, and an FNB withdrawal fee of 0.81% to 1.51%. The total cost can range between 5.7% to 8% per transaction, making PayPal a relatively expensive option in South Africa.