PayPal is cancelling personal accounts in Thailand from next year

[patman30]

for all the peopole writing comments like
"bye bye poo paypal, i use wise"

you should take heed
if you solely rely on wise
it might be time to find an alternative option now, before you need to.
and i do not simply mean another company that offers the same service.
prepare for more stringent restrictions in the next few years that could possibly prevent such services being offered.

[sometimewoodworker]

On 11/12/2021 at 7:20 AM, webfact said:

PayPal will no longer be available to the vast majority of people in Thailand from February 2022.

 

PayPal recently announced that anyone in Thailand who set up a personal account before March 2021, will no longer be able to receive payments or even have a balance on their account from February 2022.

PayPal seems to disagree with this statement 

[sometimewoodworker]

11 hours ago, darrendsd said:

They are closing PERSONAL accounts, if you run a business from here or indeed any country you need a BUSINESS account with PayPal. Those who are a  legitimate business will have no issues in complying with the new requirements

Really

[HappyGoLuckyLife]

On 11/11/2021 at 9:12 PM, 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 about retirees?

[chang50]

1 hour ago, HappyGoLuckyLife said:

What about retirees?

All these changes do is make life difficult for people doing nothing wrong.People working illegally are already one step ahead.I am a retiree who has a pension paid onto a wise borderless account which is very convenient and I was planning to do the same with my state pension due next year.Now everything is up in the air!

[mommysboy]

22 hours ago, dao16 said:

Yeah, I had no idea about this until today. I didn't receive any emails about it (went back and checked, although I am sure I would have noticed such an email). The withdrawal I requested would normally have been here on Thursday, but now it's Saturday, and I am wondering what's going on. I mean, I can just use Wise, but I was not prepared for this, so the withdrawal is already "completed" but not appearing in the bank. Ugh.

Yes, at worst I'm worried the money is gone. Hopefully, it will just turn up again, but I guess ultimately there's not much I can do.

 

Needless to say I'll channel further payments through my UK Paypal account.

 

 

[thierryviteau]

anybody confirmed a Thai business account lately ?

what documents have you used ?

 

[Myran]

Any news regarding other forms of transfers to Thai accounts, like direct transfers? Are the banks going to start asking for proof for where the money comes from and that you've paid tax for it, like when you receive money from family in Europe?

 

I've never experienced it so far, but if they're going to start asking for it, it's good to know in advance so that you can prepare the relevant documents.

[Wopanese]

On 11/12/2021 at 8:42 AM, 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.

Hi, can I please ask for your advice: I'm getting ready to open a Wise account and link to my US bank. Should I use my US address or my Thai address when applying for the Wise account? Thank you for your assistance. BTW, I think we received the same newsletter from the same company. :)

[Litlos]

I have a suspicious idea this is linked to payments from only fans etc for the girls working online, someone who wears brown not getting their cut maybe. My Singapore PP is showing no changes and I use that when in Thailand. I also use Wise and have used OFX to transfer funds into Thailand, never had a problem.

 

Cheers

[JensenZ]

On 11/12/2021 at 8:51 AM, Pravda said:

 

Yes, I don't know what this guy is talking about. PayPal is still the king of payment systems. It's Thailand that sucks. Thankfully I still have Canadian PayPal account.

I agree. I like Paypal and use it a lot. Paypal will go nowhere. These other upstarts are decades behind Paypal. They will get hit with regulatory problems too, and if other services surface in Thailand to compete with Paypal, they will be hit too. What affects one will affect them all.

 

[Jonathan Swift]

I wanted to expand on what Paypal is useful for. Using Paypal for purchases gives you up to 6 months of buyer protection during which if any issues arise about what you bought, warranty, refunds, misrepresentation, etc. they will go to bat for you through an established and effective dispute procedure. Some credit cards will give you very limited protection, but nowhere near to the extent that Paypal does. Additionally, where credit cards and credit card numbers can be stolen and used, Paypal is much less risky and vulnerable to such things since you never actually submit your information to a merchant directly. But as I've said, Paypal is merely one option out of many, but there is good reason why it is popular and has become a universally accepted method of payment for most merchants.  In Thailand I haven't needed to use my Thai Paypal account in a long time, but I use it in the US all the time.

[SCOTT FITZGERSLD]

paypal closed my account without warning with an aggresive message saying that i am a threat

to their "community".

 

funny thing is that i did not do not even one single transaction during all the 12 years this

paypal account was open.

 

another funny thing is that this sudden account closure (not in thailand) came after a loud argument

with my bank manager over...them not closing my account despite me asking for it twice !!

so they told all companies connected to my bank account that i am a dangerous person...and still did not close my account !!!

 

[SCOTT FITZGERSLD]

On 11/12/2021 at 7:01 AM, Tofer said:

do you have no intention of paying income tax in Thailand.

IT should not be paypal business if you paid or did not pay income tax.

they are only a payment platform.

all this hard time is coming from the USA and companies connected with USA.

the less you do business with US companies the easier your life become.

i use ,for example, SKRILL, very easy to register, cheaper than paypal and available in thailand. also they issue international mastercard payment

but for that need a bit more paperwork (just letter to confirm your address).

[SCOTT FITZGERSLD]

On 11/12/2021 at 7:01 AM, Ebumbu said:

get money FROM a Thai bank to a US bank?

you can allways go to your thai bank, phisically, and ask them to send the money.

if the payment is to an account with your name, there should not be a problem for amounts up to 50,000 USD

[SCOTT FITZGERSLD]

On 11/12/2021 at 7:19 AM, rickthompson said:

And you likely won't. It's not Wise's business model, at least currently.

UNFORTUNATELY this scam paypal did great job in sticking their logo on many online businesses. so for a business that sells globally it is very hard without their overprices service.

[SCOTT FITZGERSLD]

On 11/12/2021 at 7:32 AM, SymS said:

Actually, I have a Thai supplier who asked me not to pay him in Thailand anymore, because the government was now taking 7% VAT on all transactions, so I'm now sending the money to a subsidiary in another country.

7% VAT is only for sales in thailand and does not apply for export.

so if you collect the goods in thailand than you must pay the VAT, but if shipped out

of thailand than there is no VAT

[SCOTT FITZGERSLD]

On 11/12/2021 at 9:24 AM, SeaMike01 said:

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.

I AM NOT sure it is thailand who is doing this. it is more PAYPAL and the crazy USA crack on "MONEY LAUNDERING"

[SCOTT FITZGERSLD]

On 11/12/2021 at 8:26 AM, Autonuaq said:

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.

do WISE give cards with the 2D numbers on it? as those are accepted by car renting companies, while the "debit card" WITH FLAT NUMBERS ARE NOT ACCEPTED.

[SCOTT FITZGERSLD]

On 11/12/2021 at 12:55 PM, jimn said:

Without looking through 5 pages of comments. Pay pal has been used extensively by the bars in Pattaya whe they were open for live streaming. People could buy a girl or all the girlsa drink remotely using Paypal. I wonder if this has anything to do with the decision.

NO IT'S NOT. the thai sex industry is nothing compare to the billions in porn and sex trade in EU and US. but they surely like to blame thailand for all their dirt

[Adumbration]

I have used Paypal business accounts for about 20 years.

 

When I moved here 12 years ago, I tried to keep using my Oz account but it keep getting locked.  Even more so if I used any vpn.

 

I wasted hours on the phone with PP and they advised me that I had to open an account in Thailand.

 

I have only ever used my paypal account to receive payments.  

 

I have had nothing but problems with my Thai account.  It also get locked periodically for no reason (despite me using same computer same IP and google incognito).

 

Getting the account unlocked is always a royal PITA.

 

The income streams I have can only be paid via PayPal account.  Wire transfers, EFT and other payments options are not available.

 

I am very surprised to read that so many here are still using their PP accounts back in their home countries.  I don't know why your account is not geo locked when you log in from Thailand.  And no....VPNs don't get around this.

[Adumbration]

The guberment here want to get a 7% VAT skim on PayPal fees.

 

Logically one must assume they will also want to get a 7% skim on Wise transfer fees.

 

Anyone want to explain to me why I am wrong in that assumption.

 

If they tamper with Wise then there will be another additional exodus of foreigners.  Me included.

 

It would be a retarded decision but hey.  I think it should be clear to everyone now that zero long stay foreigners is now the desired outcome.

[Ebumbu]

On 11/12/2021 at 12:42 AM, Keesters said:

Wise CC not available for Thailand. 

Wise has been very professional and responsive. Opened both biz and personal account. No complaints. EZ. 

[Ebumbu]

1 hour ago, SCOTT FITZGERSLD said:

you can allways go to your thai bank, phisically, and ask them to send the money.

if the payment is to an account with your name, there should not be a problem for amounts up to 50,000 USD

I was told work permit or no dice no way. Are you talking about a wire transfer? It was either Kbank or SCB that said no way without a work permit. Can this be overcome? 

 

Dee Money is OK, but not sure of sending limits. I think they keep a tight lid on that. If I needed to move funds urgently, I used Thai PP. 

[Dexxter]

On 11/12/2021 at 5:38 PM, malibukid said:

PayPal was a money grab.

Elon Musk got his start there

[ELLHNAS]

On 11/13/2021 at 3:54 PM, RayongBudgie said:

Do you actually have to be a full on Company to meet PP requirements or will being registered as a sole trader suffice?

No need to make a company, there is the easier option of tabian panid that most thais are already using

[SymS]

13 hours ago, SCOTT FITZGERSLD said:

7% VAT is only for sales in thailand and does not apply for export.

so if you collect the goods in thailand than you must pay the VAT, but if shipped out

of thailand than there is no VAT

The government decided to apply 7% on the full amount. The payment includes office rental in Thailand and (online) services provided in Thailand to an oversea company. I was told the tax office only decided to take 7% on the full amount starting this year.

[simon43]

I still have not received any email from Paypal Thailand about my PP account that is linked to my Thai bank accounts.  Withdrawing funds to those accounts still works fine.

 

But in the past few weeks, I've done the following, to minimise risk of getting funds locked:

 

- Opened a Wise GBP and USD accounts.  I can obtain a 'real' ATM debit card to use with those accounts when I relocate from Laos.

- Opened a Stripe business account and successfully tested it to receive payments from China using WeChat

- Opened a Payoneer account to receive funds from iTalki and successfully linked it to both my Thai and Lao bank accounts - Obtained a 'real' ATM debit card from Payoneer so I can withdraw cash directly from my Payoneer balance.

 

So there are alternatives to Paypal that work, even when located in 'third-rate' countries!

[ChipButty]

We just received a payment into PP along with the "relaunch consent agreement documents" 

I guess we wont be using PP again

[ChipButty]

2 minutes ago, simon43 said:

I still have not received any email from Paypal Thailand about my PP account that is linked to my Thai bank accounts.  Withdrawing funds to those accounts still works fine.

 

But in the past few weeks, I've done the following, to minimise risk of getting funds locked:

 

- Opened a Wise GBP and USD accounts.  I can obtain a 'real' ATM debit card to use with those accounts when I relocate from Laos.

- Opened a Stripe business account and successfully tested it to receive payments from China using WeChat

- Opened a Payoneer account to receive funds from iTalki and successfully linked it to both my Thai and Lao bank accounts - Obtained a 'real' ATM debit card from Payoneer so I can withdraw cash directly from my Payoneer balance.

 

So there are alternatives to Paypal that work, even when located in 'third-rate' countries!

They just sent to us, after receiving a deposit in to PP