PayPal is cancelling personal accounts in Thailand from next year

[Ebumbu]

1 hour ago, arick said:

Yes so useless 

For me, this is all I need. I need a method to transfer out from my Kbank account to my US account (with US Paypal connected to it). Thai Paypal does that. I never hold a Thai Paypal balance. OK, good. I don't like to 100% rely on Dee Money to withdraw from Kbank. So, I still have two methods to move money out to a US bank when needed. 

[SymS]

51 minutes ago, SymS said:

The 7% VAT is interesting too, as I thought businesses making less than 1.8 million Baht did not have to pay. Will this change too, or is it only for online transactions?

OK, The VAT is only on the PayPal fee, not the total amount.
 

Quote

A required 7% Thailand VAT tax will be collected on all PayPal fees. Account holders will receive a daily tax invoice summarizing the tax collected.

VAT example: if you received a PayPal payment for 2,564 THB and your resulting PayPal fee was 100 THB, 7 THB (7%) would be collected in VAT.

 

[Autonuaq]

6 hours ago, jerrymahoney said:

I have never seen a checkout option with WISE listed

 

Wise Supports debit card / credit card payment

 

THey not see You have used wise when one uses wise. Just another Credit or debit card payment.

 

Use it for a long time and when asked me this payment system works better then  other systems.

[ukrules]

6 hours 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?

You think they know or care where you're staying?

[Caldera]

I think it's bad form that they announced this on their website without emailing affected customers pertinent information first. I'm not really surprised, as their support has always been atrocious, just saying.

 

I'm currently using my Thai PayPal account for a few outbound payments only and could easily switch to other payment methods, so to me it isn't really a  big deal, but I think it's a ridiculous move.

[Keesters]

1 hour ago, david555 said:

My PayPal works still same way as from beginning , even i do not live my home country no more since 2013   my account is still alive on that address  as i kept my E.U. tel. number alive ...

So not an Thai PayPal account but a E.U. one 

Then totally irrelevant to this thread which is about PayPal THAILAND. 

[Peterphuket]

2 hours ago, david555 said:

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  ????  ???? )

You are not the only one, I was aware about this for 3 years already, if you like to hide some money anywhare in the world.....forget it.

[Keesters]

1 hour ago, david555 said:

 

They are virtual CREDIT CARDS. 

[Peterphuket]

Also for people who have 800,000 thb on a Thai bank account for retirement, and can't justify it, they have to be careful.

[Moonlover]

6 hours ago, Heng said:

What are they requiring for business accounts?  I have one that I rarely use but haven't received any notices.   Do they actually want a copy of your Thai company registration docs?

Obviously another 'headline only' reader.

[Skeptic7]

PayPal stock is up 404% over past 5 years. However it may be running out of steam as this year YTD it's down almost 13%

 

[Keesters]

1 hour ago, MeHere said:

I use both Transferwise (now called Wise) and XE... Wise is much quicker (sometimes under 5 minutes), especially on weekends, and the credit card is a bonus. XE is good too, if you're not in a hurry.

Wise CC not available for Thailand. 

[Gold Star]

2 minutes ago, Skeptic7 said:

PayPal stock is up 404% over past 5 years. However it may be running out of steam as this year YTD it's down almost 13%

 

Yes, I bought a bunch of it in the $30's, sold all last month as I think it has had its day.

 

[Keesters]

4 hours ago, herfiehandbag said:

Virtual I expect!

Your probably right. Some time ago I paid a Thai website for something I wanted using transfer from my account to theirs. Got no reply, no goods, total silence. When i went to their website to check it was offline. I checked the domain name. Expired a day after i ordered. Contacted kasikorn. Nothing we can do they said. Add 300+ baht to the Thai scam account. 

[Dont confuse me]

8 hours ago, Galong said:

I closed three PayPal accounts yesterday: my personal account, my wife's personal account, and our business account.  Goodbye PayPal hello Wise.

Used wise for a few years absolutely no problems,  I got the card which I use to buy stuff on line, the benefit of topping it up with the exact amount you are going to spend gives another layer of protection.

[david555]

13 minutes ago, Keesters said:

Then totally irrelevant to this thread which is about PayPal THAILAND. 

unless you would understand the hint i gave .....

use another country with a sim /telephone number from it ....to make a new PayPal ...... not being smart enough Mr irrelevant ????

[david555]

15 minutes ago, Peterphuket said:

You are not the only one, I was aware about this for 3 years already, if you like to hide some money anywhare in the world.....forget it.

Never said i was /am the only one who keep attention on something else than the price of beer and ....????

[david555]

15 minutes ago, Keesters said:

They are virtual CREDIT CARDS. 

Something wrong with your quoting posts ? as mine looks empty ,while it was not....

[Keesters]

7 minutes ago, david555 said:

Something wrong with your quoting posts ? as mine looks empty ,while it was not....

Not me as can be seen here. There was a glitch as I posted and said system was offline and to retry. I did and the result was WYSee.

[WhiteBuffaloATM]

Always Despised PayPal. Never understood it’s existence. Never Used It. No apparent advantage over Bank Cards / Transfers. Too much process to set up & use. Always “verifying”. Attracted fraudsters. Dead in the water surely since TransferWise started a decade ago. Interested why anybody used it, must be reasons.

[AMFWolfie]

7 hours ago, SeaMike01 said:

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

Good choice in Wise (ex TransferWise) been using it for about a year now and so impressed with how well it works and the instant exchange rate loads better than most and so quick to transfer..

[GeorgeCross]

14 minutes ago, david555 said:

unless you would understand the hint i gave .....

use another country with a sim /telephone number from it ....to make a new PayPal ...... not being smart enough Mr irrelevant ????

any recommendations for countries with sims/numbers i can buy from thailand?

 

otherwise thats gonna be one expensive account what with all the quarantines, insurances, jabs, tests, flights and other assorted <deleted> ????

 

 

[david555]

1 minute ago, Keesters said:

Not me as can be seen here. There was a glitch as I posted and said system was offline and to retry. I did and the result was WYSee.

This was what you quoted but invisible in the reply quote ...., but i also had before some Aseannow glitches .....maybe HongKong main office reading with us...5555 ????

 

https://aseannow.com/topic/1239126-paypal-is-cancelling-personal-accounts-in-thailand-from-next-year/?do=findComment&comment=16973147

 

[chrissables]

6 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.

Why?

[bert bloggs]

Havnt used paypal for years ,wise is far better.

[Keesters]

2 hours ago, arick said:

You can pay out but not recieve money  or hold a balance. So basucly only pay for goods via PayPal using a card 

 

Yes I missed that. The article is overly biased, as are the comments, about recieving funds. Took a good read of the PayPal website to confirm your post. Still need to confirm identity though. So PayPal is not a total loss. Just half of one.

[tgw]

Paypal defrauded me of 500 EUR in 2003. I won't be sorry to see them burn.

[SeaMike01]

If Thailand wants to be a "hub" for digital nomads they need to come up with a more realistic and flexible digital nomad visa. I can understand tightening up the overseas payment systems somewhat, but they still need to make it workable for a wide variety of transactions.

[david555]

19 minutes ago, GeorgeCross said:

any recommendations for countries with sims/numbers i can buy from thailand?

 

otherwise thats gonna be one expensive account what with all the quarantines, insurances, jabs, tests, flights and other assorted <deleted> ????

 

 

? You dont have family or friends in your ex Home country could send one ? 

 

I just kept my more than 25 year old number alive when moving Thailand ,and  anytime i login on PayPal they send the code to that dumb phone who hold that sim as before (only switch on when needed of course ) which i fill in online and i am in PayPal

[Keesters]

What I'm thinking of writing would get me banned. Please be assured though that it is being thought and spoken VERY LOUDLY and has caused neighbors to come and ask if I'm OK.