If you're a South African business owner or freelancer, PayPal is a great way to receive payments from international clients. However, you need to link your Capitec account to PayPal to withdraw your funds.
What is PayPal?
PayPal is a popular online payment system that allows individuals and businesses to make and receive payments. PayPal enables you to send money in local currency or in over twenty different currencies worldwide. PayPal is available in over 200 countries and supports transactions in over 100 currencies. PayPal also provides buyers with the ability to make safe and secure online purchases without disclosing their credit card information to merchants. PayPal was founded in 1998 and quickly became one of the most popular online banking services worldwide.
Withdrawing your PayPal funds to your Capitec account is currently one of the most affordable ways to withdraw PayPal funds in South Africa. Capitec doesn't charge any additional fees for receiving PayPal withdrawals, and the exchange rate used is the same as the SARB (South African Reserve Bank) exchange rate. Other South African banks charge as much as 4-5% in additional fees when withdrawing PayPal funds to their accounts.
If you have a Capitec account and want to link it to your PayPal account, follow the steps below:
Login to your PayPal account and navigate to the "Wallet" tab.
Click on "Link a bank account" and choose "I have a different bank."
Enter your Capitec account details including the account type (Cheque or Savings), Branch Code, and Account number.
Verify your Capitec account by following the instructions provided. PayPal will make two small deposits into your account within 3-5 business days. Once you receive the deposits, log back into your PayPal account and enter the two deposit amounts to verify your Capitec account.
Linking your Capitec account to PayPal is a straightforward process that will allow you to withdraw your PayPal funds to your Capitec account without any additional fees. Remember to always double-check your account details before submitting them to PayPal to avoid any issues with account verification. Withdrawing your PayPal funds to your Capitec account is a great way to receive payments from international clients without incurring additional fees.