PayPal is cancelling personal accounts in Thailand from next year

[MRToMRT]

This must be the death of PayPal in Thailand, pity.

[NanaSomchai]

1 minute ago, MRToMRT said:

This must be the death of PayPal in Thailand, pity.

POLICE STATE.

 

If you're not seeing the changes, then...

[Galong]

1 minute ago, MRToMRT said:

This must be the death of PayPal in Thailand, pity.

They are expensive to use. Thailand isn't putting them out of business... just guiding them towards the door. They can turn if they want.  They have competition that is better.  They could evolve with the times, but if they don't, so be it.  ????

[Bagwain]

I opened my account 2010 & I operate from Thailand & linked to a Thai account! I haven't recieved any correspondence from PayPal as yet. I read the info on PP site and it seems that existing accounts are OK, but no new personel accounts will be accepted till relaunch in Feb. Seems it will be a nightmare to open with a company/business tho!

[MRToMRT]

12 minutes ago, Bagwain said:

and it seems that existing accounts are OK

OK till end of Q1 next year, After that business accounts only can accept incoming fund and new requirement is that all business accounts must have proof of Thai registration with Gov. All personal accounts will not be able to receive funds, Thats how I read it.

 

[lujanit]

1 hour ago, SheungWan said:

Just confirming. Only applies to Thai PayPal accounts? Accounts registered in UK and elsewhere unaffected. Yes? Or will Ppal block the use of these if currently staying in Thailand?

I have an Oz PayPal account linked to an Oz bank account.  Never been a problem.  I have not received any email from PayPal.

 

I always use a VPN using some overseas server.  Changes all the time.  Also never a problem using PayPal.

 

I use Wise to transfer money to my KBank account here.

[MrJ2U]

Really useful.

 

But they have some high fees.

 

[James105]

1 hour ago, SheungWan said:

Just confirming. Only applies to Thai PayPal accounts? Accounts registered in UK and elsewhere unaffected. Yes? Or will Ppal block the use of these if currently staying in Thailand?

Think we will have to wait and see.   Maybe its time to start firing up the VPN whenever I make my monthly login to PayPal to transfer the income to my UK bank account from my UK business PayPal account, although with these new regulations maybe PayPal could end up blocking VPNs as well to use their service if they want to avoid Thai residents getting around these new regulations.   

[herfiehandbag]

2 hours ago, Keesters said:

Losing the best consumer protection I've had since cancelling my Amex card some years ago. Now I'm down to Kasikorn virtual credit cards. I wonder how little consumer protection they give. 

Virtual I expect!

[mahtin]

Not cancelling. Modifying. Only use mine for online payments. No change.

[ThailandRyan]

2 hours ago, edwardFuture said:

This is to discourage people working illegally here. I hope Wise follows too. For instance by allowing transfers from and to bank accounts under the same name only and with work permit.

What do you have against people working here like digital nomads or those that own a business elsewhere and run it from here while collecting the payments elsewhere and then transferring the money back here to be spent. Its not money laundering....

[MRToMRT]

If you go to the main international PayPal site you cannot even open an account in Thailand anymore. 

[SomchaiCNX]

Never had an account, when I wanted one about 20 years ago, Paypal did not accept anyone living in THailand. Saved me a lot of time as I got my fare number of fake emails concerning paypal, easy to recognise  when you don't have an account with them.

[mommysboy]

3 hours ago, cmsally said:

Only affects Thai PayPal accounts. If you have a UK (or USA etc.) PayPal account  you can still use it but if you need the money in Thailand you will have to find an alternative way to get it here.

UK Paypal has its own international transfer option called Xoom).  I don't know about US but I assume it's the same.

[flexomike]

Won't be an cancelling mine, I beat them to the bunch and cancelled it myself - 555

[bradiston]

4 hours ago, CrunchWrapSupreme said:

I teach online and get paid with PayPal. Fortunately it's a US acct. Goes to my US bank, then here to my LOS bank with Wise.

 

The online teaching company in their newsletter last week asked which other services we'd like to get paid with, I suspect that's related to this situation.

You might want to take the 5th, but it seems your payments undergo two currency exchanges en route to their final destination. So why not pay straight into your Thai bank?

[sometimewoodworker]

4 hours ago, HighPriority said:

But Wise DO offer a mastercard...

Not if you have a Thai address/account it’s only available if you are a resident of UK, US, Australia, New Zealand, Singapore, Japan, Switzerland

[USNret]

4 hours ago, SeaMike01 said:

And what makes you think that 'Wise' won't have to adhere to Thai government requirements as well?

Exactly. People are not reading the article carefully. This is not a “PayPal thing“; this is a change in Thai law which might affect all online financial services.

[CharlieH]

A post in oversized and coloured fonts has been removed along with reply to it.

[david555]

This is a side effect because Thailand joins the OECD money reporting in 2023, but with test runs in 2022

 

I posted several warning post in the past Thailand preparing to join compleet the OECD money reporting in 2023   some laughed it away .....

"well your not laughing now anymore "    (Nigel Farage famous line in E.U. parliament  ????  ???? )

[kaneko86]

Omg... Now all the prostitutes and online video/chat/onlyfan girls have to get a 13 digit business registration number or back to western union?

[itsari]

4 hours ago, edwardFuture said:

This is to discourage people working illegally here. I hope Wise follows too. For instance by allowing transfers from and to bank accounts under the same name only and with work permit.

OK, anyone foreigner residing in Thailand without a work permit can not make a foreign  transfer from the same name bank account . I will reserve my judgment on that . 

[Ohyesuare]

3 minutes ago, kaneko86 said:

Omg... Now all the prostitutes and online video/chat/onlyfan girls have to get a 13 digit business registration number or back to western union?

Western Union has similar new regulations. Their pimps have partnered with other different online payment systems so they'll be just fine I think.

[malibukid]

5 hours ago, NanaSomchai said:

Precisely. Technology evolves constantly. PayPal has ran it's course, it belongs to the past. Let it rot.

 

PayPal was a money grab.

[CrunchWrapSupreme]

35 minutes ago, bradiston said:

You might want to take the 5th, but it seems your payments undergo two currency exchanges en route to their final destination. So why not pay straight into your Thai bank?

Only one exchange, that of Wise. My online teaching company pays in USD, goes into my US bank.

 

It's nice when the dollar is up against the baht. We nearly hit 34 last month.

 

We can't go straight into the Thai bank, because of the topic of this thread.

[kuzie57]

From the email I received yesterday we have untill the 18 th. Feb . 2022 to withdraw all funds or supply business registration information to Pay Pal to continue to use the service. We are opting out.

 

[tukadadoll]

It is all a numbers game, Individuals no longer count. I recently sent money from my bank in Aus to my PayPal account - it took 5 days. No one to talk to, no one to fix it just, "sorry your experience has not been bla bla bla ...... we apologise"  from no-reply @paypal.com. Wise is less than sixty seconds to send money to Thailand although who knows in the future?

 

[kingstonkid]

I find paypal good when I am buying something and do not want to use my credit card directly.  

 

Question though.  Can gf register a personal business (Amazon or such) and get a business number therefore make paypal a useful way of collecting funds.

 

What will businesses use in Thailand to collect payment from Thais

[NVass]

I wonder what all the gaming platforms are going to do! My Kids buy Robux and Vbucks using Mums Paypal (with her permissions) as they can't use my English Paypal. It's going to cost the companies some serious revenue unless they provide another payment route.

[david555]

4 minutes ago, kingstonkid said:

I find paypal good when I am buying something and do not want to use my credit card directly.  

 

Question though.  Can gf register a personal business (Amazon or such) and get a business number therefore make paypal a useful way of collecting funds.

 

What will businesses use in Thailand to collect payment from Thais

"What will businesses use in Thailand to collect payment from Thais "

 

You know ....Thai banks still exist ?...and very easy for Thais to have one or more  ...????  ????