PayPal is cancelling personal accounts in Thailand from next year

[tandor]

2 hours ago, cmsally said:

Etsy buyers will only have the option of PayPal (or card which will go through PayPal). You will then have to pay the Etsy fees (again through PayPal or a credit card). Other countries have the option of Etsy Payments, I am not quite sure what choices , if any, that offers, but as far as I know that will take PayPal out of the process. I think the payments get held by Etsy then go to your bank account, but is seems to give Etsy a very high level of control.

I also have a small shop on Etsy which I enjoy immensely and I plan to just add my foreign PayPal and send the money abroad. Then transfer as necessary. 

 

I had an interesting conversation with a PayPal representative yesterday who called me out of the blue from Singapore. Basically PayPal in Thailand used be under PayPal Singapore and now it will be a totally Thai licensed entity. Difficult to know exactly who controls it now and how but it would seem that PayPal have just woken up to the fact they will be losing most of their customers.  I didn't hold back and told him quite frankly what I thought of it (and he seemed to agree with me!).

hi..thnx again for conversation. I was aware PP was out of Singapore. Luckily we had a registered Thai restaurant and my partner paid taxes; so i guess i could just open a Business Account. So, if i had no Payee options, ie PP in Etsy, would they then be obliged to hold my sales money until i requested it to be sent to me; but like you said Etsy Payments are, i thought restricted to the US only. I only have one or two sales every 2 months, so i might just pull the pin on the whole thing, seeing as its going to attract VAT at 7% this end. Thanks again for your words. 

[lopburi3]

Quote

From March 7, 2022, the functionality in your PayPal account will be limited. You will not be able to send or receive money using your PayPal account

Quote

We will contact you again once we are ready to proceed with the relaunch of the new services with PayPal Thailand.

Today from Thailand PayPal.  

[JetsetBkk]

I just got this today:

 

   

 

Fortunately, I don't use PayPal much.

 

[Caldera]

I got the same email as @lopburi3 and @JetsetBkk

 

Very disappointing. With a global player like PayPal, you'd think they know how to properly plan and implement such a relaunch. That they made us jump through the hoops and now fail to deliver even whatever little they planned to offer post relaunch is very unprofessional.

 

From a practical point of view, I'll now need to change a number of subscriptions from PayPal to credit or debit card. Once I've given my card details to the companies in question, I won't be returning to PayPal (if and when they do allow me to send payments again at some point), as not having to give my card details to individual merchants is (was) pretty much the only benefit I've had from using PayPal.

[simon43]

For receipt of my online teaching fees, I changed from Paypal to Payoneer (better because they give me an ATM card), and WePay (via Stripe).  My Paypal Thailand account is 'surplus to requirements' now.

[lopburi3]

Enough is enough - have just canceled account (easier than expected).  Had one recurring payment and canceled that and then closed account.  Can use CC for that payment and only other thing ever use for was FaxZero so will have to use another service or mail when infrequently required for insurance.

[jacko45k]

43 minutes ago, lopburi3 said:

Enough is enough - have just canceled account (easier than expected).  Had one recurring payment and canceled that and then closed account.  Can use CC for that payment and only other thing ever use for was FaxZero so will have to use another service or mail when infrequently required for insurance.

Well good luck.... my Thai CC seems to fail for some payments and I often fell back on PP. But not Thai PP.... seems ironic, I get loads of Spam/Scam/Africa emails telling me my Paypal account has been limited..... for Thai based Paypal they are legitimate!

[Whale]

PayPal have just confirmed that their Thai accounts will be useless as of March 7 .. The kingdoms financial restrictions kill something else that was useful to many .......... 

 

https://www.paypal.com/th/webapps/mpp/thailand-relaunch-faq?locale.x=en_TH

 

7) What will happen to my existing account balance?

 

• You should spend or withdraw any remaining balance to your linked bank account. If you don’t have a bank linked to your PayPal account, you can find out how to do so here.
  
  From March 7, 2022, consumers in Thailand with an existing PayPal personal account (including those for freelancers, casual sellers, and entrepreneurs/sole proprietors) will no longer be able to use their PayPal wallet to shop online, and make or receive payments until further notice. You will still be able to withdraw any balance in your PayPal wallet to your linked bank account.

 

[Adumbration]

PayPal suck.  Now they have married their incompetence with the Thai authorities to take the suck to an all new level. 

[kralledr]

I use paypal each day, for me is very usefull, lucky i have my business acc.

 

But i wonder why this happend, i remember a few months ago citybank said they will go away from thailand, and cancel all credit cards, not happend, got my new replacment card today, and even a new branch openen in my area 

[Pravda]

12 minutes ago, kralledr said:

I use paypal each day, for me is very usefull, lucky i have my business acc.

 

But i wonder why this happend, i remember a few months ago citybank said they will go away from thailand, and cancel all credit cards, not happend, got my new replacment card today, and even a new branch openen in my area 

Citibank did leave Thailand. The credit card you got was issued by UOB I think

[cmsally]

1 hour ago, kralledr said:

I use paypal each day, for me is very usefull, lucky i have my business acc.

 

But i wonder why this happend, i remember a few months ago citybank said they will go away from thailand, and cancel all credit cards, not happend, got my new replacment card today, and even a new branch openen in my area 

From what I gather business accounts will also be useless, even if you have updated your information. I have heard numerous "rumours" that PayPal will not accept the limitations/fees/taxes that the Thai governemtn want to enforce.

[KhaoNiaw]

22 hours ago, simon43 said:

For receipt of my online teaching fees, I changed from Paypal to Payoneer (better because they give me an ATM card), and WePay (via Stripe).  My Paypal Thailand account is 'surplus to requirements' now.

Does it make any difference where you're based with Payoneer? Would it better to use a UK address rather than a Thai one for example?

[simon43]

1 hour ago, KhaoNiaw said:

Does it make any difference where you're based with Payoneer? Would it better to use a UK address rather than a Thai one for example?

It makes no difference right now.  By this I mean that although you can withdraw your Payoneer funds to your bank account, that could change in the future, because I'm not sure if the Paypal problem is because of Paypal changing their rules, or because the Thai government has made them change their rules about personal accounts.  If the latter, then expect Payoneer also to disallow withdrawal of funds to a Thai bank account.

 

In any case, I got a Payoneer ATM card, which allows me to withdraw Cash from my Payoneer account at an ATM, and also allows me to transfer funds from Payoneer to my Wise account with no charge.

[kralledr]

7 hours ago, cmsally said:

From what I gather business accounts will also be useless, even if you have updated your information. I have heard numerous "rumours" that PayPal will not accept the limitations/fees/taxes that the Thai governemtn want to enforce.

Would suprise me, as i just opened this paypal acc 3 weeks ago.

[lopburi3]

8 minutes ago, kralledr said:

Would suprise me, as i just opened this paypal acc 3 weeks ago.

3 weeks ago they were singing a different song.

[kralledr]

10 hours ago, lopburi3 said:

3 weeks ago they were singing a different song.

Even now, you can still signup as business.

[lopburi3]

1 hour ago, kralledr said:

Even now, you can still signup as business.

Hotel California can always be checked into.

 

Expect there are currently major money laundering operations taking place as Wise has been limited to 50k transfers except for 3 banks now.  As Thailand appears to be a primary banking transfer center for Indian telephone scam operators that may be a factor (plus fact these scammers operations are now being shown on Youtube).

[ChipButty]

6 minutes ago, lopburi3 said:

Hotel California can always be checked into.

 

Expect there are currently major money laundering operations taking place as Wise has been limited to 50k transfers except for 3 banks now.  As Thailand appears to be a primary banking transfer center for Indian telephone scam operators that may be a factor (plus fact these scammers operations are now being shown on Youtube).

I watched one yesterday Indian call center scamming Americans and using Thai bank accounts, Thai's are involved in the money laundering the one I saw yesterday was for an account in Nakorn Si Tammerat I guess the guy who made the video is not aware where that is, he does mention in his video He's not sure why they are using Thai bank accounts, Great video bye the way I reckon this guys is the Godfather of scam baiting

[Ohyesuare]

9 hours ago, ChipButty said:

I watched one yesterday Indian call center scamming Americans and using Thai bank accounts, Thai's are involved in the money laundering the one I saw yesterday was for an account in Nakorn Si Tammerat I guess the guy who made the video is not aware where that is, he does mention in his video He's not sure why they are using Thai bank accounts, Great video bye the way I reckon this guys is the Godfather of scam baiting

Kitboga?

[lopburi3]

32 minutes ago, Ohyesuare said:

Kitboga?

Several others (also over a million subscribers) worth a view:

 

Scammer Playback

Trilogy Media

 

[Led Lolly Yellow Lolly]

On 2/5/2022 at 12:50 PM, Caldera said:

With a global player like PayPal, you'd think they know how to properly plan and implement such a relaunch.

There's no doubt that it's been handled badly. However, the comments from supposedly reputable news sources suggesting that Paypal has effectively given up in Thailand are simply not true. They've just accepted the fact they will have to downsize considerably in order to comply with the new regulations and focus on B2B customers. About me, a considerable volume of my customers pay with credit card via Paypal and I finally completed the new verification process this week (I have DBD registered business) but the paperwork for that was a complete pain in the rear and it took months. I wouldn't want to have to do it again.

[Led Lolly Yellow Lolly]

Well for the love of god, further to my above post, I just had an email from paypal to let me know the awesome news that my original 15 year old account can continue to be used after all. . . so I interpret that as me completely wasting WEEKS of my life setting up the new account.

You know, I learned the hard way over 20 years here that sometimes you've just got to be zen and take this stuff on the chin, but for phuk's sake this one has made my p!$s boil!

 

Reading deeper, it's still better for me to use the new account. They still have 'migrations' to do from old accounts, so I'll still ditch the old one, but it's really been handled dreadfully.

 

 

 

 

 

Edited March 4, 2022 by Led Lolly Yellow Lolly