As part of the deal, all account holders from South Africa will be able to receive funds from PayPal’s users in more than 190 countries and territories and in 24 currencies.
Customers can open their PayPal accounts directly from the company’s website, www.paypal.com/za and they can afterwards link it to a qualified South African Bank via www.fnb.co.za. PayPal account holders will receive payments in 24 different currencies and FNB will convert each currency to South African Rand when the money is withdrawn into their South African accounts.
The PayPal service has been approved by the Financial Surveillance Department of the South African Reserve Bank.
In recent news, FNB has launched a cash withdrawal service available via its Cellphone Banking offering.
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