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South African sellers, which is the most cost effective way to withdraw my earnings?

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Hi, there!

I am a South African college student looking to post my first ad on Fiverr, but before doing that, I would like to find out what the most cost effective way of withdrawing earnings is in South Africa. All that I am looking to do is receive payments into my Nedbank account so that I can withdraw and use my earnings.

These are the options I was looking at:

  • Payoneer. According to my understanding, you need to purchase a Payoneer card (Being a student it is a bit expensive). Do I need to have the Payoneer card in order to transfer payments into my Nedbank account? I have heard that Payoneer charges you 2% of your payment into your bank account, and that if you use the Payoneer card, you get charged $3.15 each time you withdraw from an ATM.

  • Paypal. According to my understanding, Paypal will firstly charge you an exchange rate fee when converting from USD to Rands, and thereafter, the bank [Apparently it has to be FNB] will charge you an additional fee when you transfer your money into your Nedbank account. According to what I have been told, both of these fees are very high. From what I have heard, it takes up to 2 weeks for your earnings to be transferred into your bank account so that you can withdraw or use them.

  • The Fiverr card, which I have been told works in a similar way to the Payoneer card, is also expensive.

At this point Paypal seems like the more viable option for me as I am a student and do not have a lot of money to begin with. I only have a Nedbank student account. What I am concerned about is if Paypal or FNB deducts funds which I do not have. I have heard that I do not need an FNB account, only a profile with FNB’s internet banking facility which is linked to my Nedbank account.

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