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.