Recently the pay out process for hosting in South Africa has changed. Although Airbnb is sending us a message that they have received and released payment, it take a number of days, sometimes over a week before our bank contact us and let us know that they received an international payment. It is then a complicated process to verify payment and source of income before our money is received in our bank account. This happens for each and every payment / booking we receive.
Is there any other way in which we can receive payment, without having to go through the process of declaring international payments each time with our bank?
Your help would be greatly appreciated!
Ive just joined airbnb and am trying to figure out the best way to get paid as well. As is noted here and in another similar thread, converting US$ to Rands and then paying hefty international bank fees doesnt seem to offer much promise in terms of making some money out of hosting. I was curious to know if anyone had tried the PayPal option. That is to say using FnB to link ones account to the paypal account for payouts. According to some information I found on FnB's information page regarding setting up paypal to link to your local SA account (even non FnB) the costs involved are as follows:
What will it cost?
FNB provides a 'Withdraw' service that allows you to transfer (withdraw) funds from your PayPal™ account into your South African bank account. Simply login to Online Banking and select the 'PayPal™ Services' menu option.
Once you have registered for the service, you can transfer funds (US dollars) from your PayPal™ account to your South African bank account in rands.
NB: Remember that according to South African Reserve Bank exchange control regulations, all funds received into your PayPal™ account must be withdrawn within 30 days of receipt.
When completing the FNB 'Withdraw' service you will be required to disclose the purpose of your transaction and provide contact information to ensure that you comply with all South African Reserve Bank regulations as this is a cross border payment.
Dear Jo I am very new to this and have huge difficulty creating a payment preference that allows an international bank wire to my account - it simply won't allow me. I bank with Investec. I wondered if you had gone the Paypal way and how it was working for you? Any information would be hugely beneficial! Best regards Tanya
I have also just realised that I cannot transfer the funds from Paypal into my business account because it is with Nedbank and not FNB ! Have you had any success yet ? Also struggling to change the default payout method to "International wire".
You can link your PayPal account via FNB to your non-FNB account. I have just gone through this process.
That said, I have yet to extract the funds from Paypal. That's my next step.
Do you know which code (i.e. reason for transaction we should be using?).
It is blocking me from transferring funds from my PayPal account due to this, error code reads:
(E-8037) Code Description Not Defined On Pcd 1301
Any help would be greatly appreciated!
I am also struggling to get my monies out of the AirB&B account and sat at the FNB bank for 50 minutes to sign me up for a paypal payment. After much frustration and filling out information twice , handing in proof of residence etc , 2 phone calls to ask for help by my bank assistant, we still did not get it right. I was told to please do it on my laptop at home by myself.
Well i had tried that already and that is why i went in to sign up with FNB. Now what do i do?
I have allocated my Capitec banking details for AirB&B to pay into but am worried that this will not work? Any help would be appreciated?
I am also having issues with this. It seems ludicrous that we have to go through this process PLUS the bank fees to get a payment that was often paid by the guest in rands in the first place.
I have just complained via the Help centre. Perhaps if more hosts from South Africa do so, they will put more effort into restoring the payout method that was available prior to November 2015.
You can complete a Standing Instruction and Indemnity form with your bank (I am with Capitec - sure the other banks must have the same procedure). Thereafter the bank does not have to contact you for each payment from USA.
I am currently completing this form for Capitec and wondered where you found the Sender's Details for Airbnb. Could you point me in the right direction?
Thanks a lot
I had an email from Exchange4you which sent me a form that they said i should fill for the SARB so that my bank would not have to phone me everytime there were funds that have to be transferred .
Has anyone else received this , are they legitimate ?