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 What you need to know about PayPal
Nafisa Akabor
As most of you have already heard, PayPal was launched in South Africa two weeks ago. It hasn’t been all that easy; it's been a two-year journey for FNB, but thankfully it is here now and we’re very happy. The bank has exclusivity with PayPal South Africa for an undisclosed amount of time.
So, in short, if you don't bank with FNB, you can't use PayPal. However, if you'd like to get on board, you can apply for an account with FNB from the comfort of your office or home via www.fnb.co.za. If you don't have a PayPal account, create one via www.paypal.com/za.
Once you have an FNB account along with an online banking profile, and a PayPal account, you're good to go. The linking process is fairly simple and shouldn't take you more than five minutes. We were impressed with how easy it was.
You are now able to top up, withdraw and receive payment on your PayPal account. All transactions will be rand-based, and will be converted into US dollars, based on the exchange rate at the time of the transaction. You will be charged a flat rate of 1.5% on the value of your transaction.
 A top-up takes less than 24 hours, excluding weekends and public holidays. A withdrawal should take between four to six working days, as funds have to physically move between international banks.
So what are you waiting for? You can start shopping on ebay.com as well as many other PayPal affiliated sites. Happy shopping!
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