So, you’ve made some income and you need to know how to transfer money from PayPal to Capitec Bank account. No worries – there’s a fairly longish but straightforward way to do it.
We’ve compiled all the information and developed an easy, step-by-step guide in this article. Hot tip: make sure your PayPal account is verified first, otherwise your withdrawal transactions may be limited.
How to transfer money from PayPal to Capitec Bank account
You can transfer money from your PayPal profile to your Capitec Bank account in South Africa through an FNB online banking profile, which you can open even if you’re not an FNB account holder.
Follow the steps below to register an FNB online banking profile, link your PayPal to your Capitec account, and finally transfer from PayPal to your Capitec account.
How to register for an FNB online banking profile
You can register for either an individual or a business FNB online banking profile by visiting http://www.fnb.co.za/ and clicking “Register” at the top of the screen. Follow the steps below:
- Select “Register for PayPal for non-FNB customers.” For business, select “For My Business” followed by “I do not bank with FNB.” For individual, select “For Me” followed by “I do not bank with FNB.”
- Enter your business or personal details in the fields presented. For both options, you will need to provide tax information as well as source of funds.
- Accept or decline marketing consent and then create access details for logging into your profile. This includes user ID and password.
- Enter your cellphone number to receive One-Time PINs (OTPs). Agree to the terms and conditions and then click “Submit” on the bottom right.
- Review and confirm that all the details you’ve entered are correct. If you need to change anything, click “Edit.” If everything is correct, click “Confirm” to complete the registration process.
- FNB will verify your information for FICA purposes and notify you if they require documentation. You will see this notification when you log in to your profile for the first time. If you’re required to upload FICA documents, click “Online banking settings” once you’re logged in, then “Your details” and finally “Upload.”
How to link your PayPal to your Capitec account
Hot tip: you can only link your PayPal to your Capitec account using a PC or tablet. You cannot do it using a phone or via the FNB app. Additionally, the bank account where you wish to transfer the money to must belong to you or your business.
To start, log into your FNB online banking profile and follow the steps below:
- Click the “My Bank Accounts” tab. On the main menu, select “PayPal Services.”
- On the left-hand side menu, choose “Link PayPal profile.” Enter your details, including your primary PayPal email address, ID or registration number, and balance of payment reporting details.
- Enter you Capitec Bank account details, confirm your postal or residential address, and click “Continue.” If it’s a business profile, you will be required to confirm your business details.
- You will then receive an OTP via SMS on your phone. Enter this OTP in the field presented on the profile and click “Submit.”
- The PayPal website will now open automatically. If it doesn’t, click “PayPal login” on your FNB profile. Log in to your PayPal profile with your primary email address and password. Click “Continue.”
- You will be redirected back to your FNB online banking profile where you will see a message that says, “Your PayPal linking was completed successfully.” Click “Finish” on the bottom right.
Once you have successfully linked your PayPal and Capitec Bank accounts, you can transfer or withdraw funds. Note that FNB may take two to 24 hours to verify your Capitec account. You can only transact once this verification is complete.
Transfer from PayPal to Capitec
To transfer or withdraw money from PayPal to Capitec, log into your FNB online banking profile and click “My Bank Accounts.” Follow the steps below:
- On the main menu, select “PayPal Services” and then “Withdraw from PayPal.”
- Enter the withdrawal details, including your Capitec Bank account, USD amount and reason for transaction.
- Click “Get Quote” to view the USD-ZAR exchange rate, FNB commission and the amount you will receive in rand. If you accept the quote displayed, click “Continue” on the bottom right.
- Confirm all the details on the next page and accept the terms and conditions. Click “Confirm” on the bottom right.
- You will now be redirected to your PayPal profile where you need to log in. If PayPal does not open automatically, click “PayPal login.”
- Click “Pay Now.” You will be redirected back to FNB online banking, where you will see a message saying your transaction has been submitted for processing and a reference number. Click on “Finish” on the bottom right.
In case PayPal asks for your credit card details, it may be because the funds are not yet available for withdrawal. Alternatively, it may be because the funds are not in US dollars. In this case, you may need to log in to PayPal and convert the funds from the other currency to USD and start the withdrawal process again.
So, there you have it. It may seem a little complicated at first, but hopefully you will be able to transfer money from PayPal to Capitec using this guide.