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cleochip

  41 months ago

How to cash out your PayPal funds via Capitec Bank
Closed

I have done some investigation with regards to using your Capitec account for PayPal cash-outs ...

Before I explain how to Link your Capitec Bank Account to PayPal, let me tell you that this will take at least a week to get right! You will need patience. The reason mostly for this is due to admin and the fact that we need to create an online banking profile on FNB and their system glitches out frequently. The process of linking Capitec to PayPal has three sides to it: Capitec, PayPal, and FNB.

How to link your Capitec bank account to PayPal to withdraw funds in Rands

STEP 1: THE CAPITEC SIDE

Make sure you have a bank account at Capitec before you continue further.

Once you have a personal savings Capitec Global One standard account, go into your nearest branch with your ID, your card and your latest proof of address. You will be using this proof of address later with FNB and PayPal, so you will need to update your account details if they’re out of date.

To make this easier, you first need to:

* Update your Account Details so that your proof of address matches what you have.

* Print out a one month’s banking statement to prove you have an account at Capitec.

* Ask the consultant to upgrade your card to a MasterCard.

* Keep this one month’s bank statement safe for now and activate the MasterCard when you get home as advised by the banking consultant.

STEP 2: THE PAYPAL SIDE

Now you need to make a PayPal account (if you don’t already have one).

Once you have made your PayPal account, you need to verify it by linking your activated Capitec global one MasterCard.

To verify your PayPal account:

Go to your PayPal Wallet at the top of the screen, click on link a card and follow the instructions. PayPal will then deduct $1.95 (±R30) from your Capitec account and will email you to let you know. A 4 digit code on your bank statement will shortly appear after they have emailed you. Use this four digit code to verify your PayPal account in the same place you linked the card by clicking on your card under Wallet.

STEP 3: THE FNB SIDE

All right, now the excruciatingly arduous part begins.

Make an FNB online banking profile. This step is much easier to do inside an FNB branch. Take your ID Book, Proof of Address and One Month Capitec Bank Statement to an FNB branch and get the profile set up. Ask them to upload these three documents into your profile once it’s been activated.

Email FNB’s PayPal Division for Account Verification by Getting a One Time Pin (OTP). Email FNB at paypalenquiries@fnb.co.za to say that you would like to link your Capitec account to your PayPal account, you have uploaded your ID, bank statement and Proof of Address, etc. Put in your cell phone number so that they can call you to verify your account.

Link Your PayPal Account to your FNB Account. Log into your FNB profile, go to the Forex tab, click on PayPal services. On the left-hand side of the screen, there should be an orange banner or panel, click it and then select ‘link a PayPal account’. Fill in all the details and confirm, accepting the terms of service. Make sure your bank account is correct as well as the PayPal email address. Use the OTP on the next screen to verify (click resend if you need a new one). Once it accepts, it will ask you to log in to your PayPal account via an FNB portal and then the process should be complete.Email FNB's PayPal Division for Account Verification by Getting a One Time Pin (OTP)

Check Your Bank Account Reflects Under the PayPal Settings. If your bank account does not reflect, you will need to go through the same process as in step 3 by clicking on ‘Bank Account’ under the PayPal settings tab. It will then take you through the same verification process, in which you will need to issue a new OTP and update your bank account details. Once that happens, the verification of your bank account can take 2-24 hours.

Once you have the accounts linked and your Capitec bank account and personal details have been verified, you should be able to make a withdrawal from PayPal into your Capitec account.

If you have trouble, take screen shots or email paypalenquiries@fnb.co.za with the ref number at the bottom of your screen and they will get ahold of you that same day within office hours and resolve you to the next step of your problem.

IMPORTANT STUFF TO KNOW ABOUT WITHDRAWING MONEY FROM PAYPAL TO CAPITEC (OR ANY RSA BANK ACCOUNT)
TO MAKE A WITHDRAWAL FROM PAYPAL TO YOUR SOUTH AFRICAN BANK ACCOUNT:

* Log into your FNB online profile
* Go to Accounts
* Click your PayPal account at the bottom of the page
* Click the Orange Panel on the Left Hand Side of the Page
* Select Withdraw Funds From PayPal
* Withdraw funds from PayPal to Capitec

REQUIRED DOCUMENTATION:

To withdraw the money, you are going to need the right documentation ready to prove where you got your funds.

TRANSACTION COSTS & HIDDEN COSTS INVOLVED:

FNB deducts 1.5% of your transactions and will usually work on the exchange rate of the day you send.

Your bank fees may also increase unexpectedly. These withdrawals are treated like Forex transactions. I hope this helped! Please feel free to correct any information given, if not correct!
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abigailbooysen

  41 months ago
i done mine same day i opened my fnb account
1 comments

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