I’ve started getting comments on that post and an older post sharing an outdated transfer technique regarding notifications about locked Paypal accounts for South African residents. What many South African Paypal users might not know is that FNB, which is the only local bank that funds can be transferred to from your Paypal account. Banks are also obligated to report international payment details to the South African Revenue Service (SARS), which is why your account is now hard locked.
Don’t panic it is relatively “easy” to unlock the account.
In order to continue transferring funds from your Paypal to your local bank account you’ll need to follow some administration steps. A local South African gaming streamer, Syernide, was able to publicly share what Paypal users need to do as he had experienced the same hard locking. He also put together a Google Drive folder with the necessary details you’ll require. I’ve summarised the process below and would like to say a big thank you to Syernide for correlating all the information together.
Fill in a Self-Certification Form
If you’d like more information regarding the Automatic Exchange of Information, Foreign Account Tax Compliance Act and the Common Reporting Standards, FNB has put together a Customer guide to better explain the legislation that needs to be followed by the bank.
To unlock your Paypal account you’ll need to fill in a Self-Certification Form.
This form gives the bank some personal information and then asks where and if you file tax returns with SARS. If you are not filing tax returns in other countries, the form is relatively standard and simple to fill out. The information you are submitting is contact information primarily.
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