Withdrawing PayPal money into a South African Bank Account // Etsy How To Part 3

So you’ve recently opened your very own Etsy shop, listed some items and have linked your account to PayPal. But, now how do you actually get the money into your South African Bank account? It is a South African exchange control regulation that money received as payment on PayPal cannot be used to fund other purchases. All funds MUST be moved into a South African Bank Account within 30 days of receiving the money.

Fortunately, FNB has teamed up with PayPal to make this process a little easier. You don’t have to have an FNB bank account, but you do need to sign up for an FNB online banking profile. The money will then be drawn out of PayPal, via FNB, into your South African bank account.

Getting paid by Etsy in South Africa

Linking PayPal to an FNB online profile:

First go to www.fnb.co.za and click Register in the top bar, then select Register for PayPal.

FNB Online profile for PayPal

Next, select For my business, followed by the option that best suits your situation and fill in your details.

FNB Online Banking profile for PayPal

FNB will then ask you to submit supporting documents via email or at the bank and will then confirm that your FNB Online Banking Profile is active.

Once active it is important to remember to draw your funds within 3o days. (Tip: Do it once a month on a set day)

Drawing funds from PayPal into your South African Bank Account:

Go to www.fnb.co.za and sign in.

The first time you log in select Forex > Menu (left hand side) > PayPal Services > Menu (left hand side again)PayPal profile. You can then enter your bank account details for any South African bank, as long as you own the account.

Now to withdraw the money each month select Forex > Menu (left hand side) > PayPal Services (middle) > Menu (left hand side again)Withdraw from PayPal (left hand panel).

PayPal Etsy payout through FNB

You should then have a screen that looks like the picture below. Here you will select the bank account that you want the money to be paid in to (you will have supplied these details during registration). Fill in the amount to withdraw. This should be the balance that is available in your PayPal account (which can be found by logging in to www.paypal.com).

You then need to select the “Reason for transaction”. Scroll through the list and see which one best fits the items that you are selling on Etsy. For me this is “203 – Rights assigned for using patterns and designs”, as I’m selling digital items, but for those with physical goods it’s likely to be “101 -11 – Advance payment – goods exported via the SA Post Office”.

PayPal payment withdrawal through FNB

Click “Get Quote”, “Continue” and then “Confirm” once you’ve checked the details and ticked all appropriate boxes.

You will then be re-directed to a PayPal site and asked to log in and confirm details there again. You’ll then be redirected back to FNB Online where it will process the payment. Do not be concerned if it goes all the way to “Attempt 3 of 3”, as long as at the end it says “Thank you! Your transaction has been submitted for processing”. And then, done! Allow a few days for the money to reach your bank account.

Thanks for following along on the first 3 posts of Etsy How To. We’ve learnt how to open an Etsy Shop and list your first few items, how to open and link a PayPal account to Etsy and now how to draw that money out of PayPal to your own bank account.

I’d love to have a look at your new Etsy shop, so leave the URl in the comments. Questions? Please ask!

Deborah
Xx

You can view my Etsy shop here:

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5 thoughts on “Withdrawing PayPal money into a South African Bank Account // Etsy How To Part 3

    • Deborah says:

      Hey. Currently all my Etsy items are instant digital downloads, so I don’t have to ship anything. I have previously sold items that needed shipping though. If shipping from somewhere like South Africa to the US you just have to be very upfront about the fact that it will take longer to arrive. Another option is that you can limit the countries that you ship to on Etsy. The items well then only show up for the people who are easy to ship to. Hope that helps!

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