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.
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.
Next, select For my business, followed by the option that best suits your situation and fill in your details.
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).
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”.
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!
You can view my Etsy shop here: