PayPal in Thailand: Company U-turn means users can continue to fully use accounts from Monday

[webfact]

file photo

 

Following news last year that PayPal users in Thailand would experience changes to their accounts as the company began the process of relaunching their services in the kingdom comes news of a U-turn, albeit a seemingly temporary one. 

 

PayPal said that they had been listening to concerns expressed by their customers and working with the Thai authorities. They apologized for causing confusion.

 

Consequently PayPal announced that customers could continue to use their accounts as normal from Monday March 7th - a date previously announced when limitations would commence.

 

"You will still be able to use your PayPal wallet's current functionality" after that date, said the company. 

 

"This means that you may continue shopping with your PayPal wallet as well as sending and receiving money".

 

No action is required by users and more information can be found on their website. 

 

This extended functionality will remain while the company works with the Thai authorities.

 

They cautioned that transfer of accounts to PayPal Thailand will still be going ahead later in the year. 

 

The company apologized for confusion caused. 

 

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[2long]

A U-turn flip flop in Thailand!?

AMAZING, and 'unprecedented'! ????????

[soi3eddie]

This news is sure to please the lady bar owners so that punters can continue to "ring the bell" and buy the girls drinks from 1000s of miles away.

 

I closed my Thai PayPal account a few weeks ago in anticipation of transactions being blocked. Seems I was too hasty but really only ever used it to pay for Spotify in recent years. It was mainly used in the past for accepting rental payments for my condo but as it hasn't been rented for over seven years it's likely no loss.

 

[sungod]

4 hours ago, soi3eddie said:

This news is sure to please the lady bar owners so that punters can continue to "ring the bell" and buy the girls drinks from 1000s of miles away.

 

I closed my Thai PayPal account a few weeks ago in anticipation of transactions being blocked. Seems I was too hasty but really only ever used it to pay for Spotify in recent years. It was mainly used in the past for accepting rental payments for my condo but as it hasn't been rented for over seven years it's likely no loss.

 

Yep, I closed mine down too, unlinked everything. Don't think I'll bother reactivating, only really used it for Ebay and now there are many alternatives.

[IamNoone88]

A useless company with zero customer service. They have locked our business account and funds for weeks, despite compliance being submitted and accepted several times in full. They fail to respond to messages and when they do, they confirm that the issue has been resolved and the account will be functional within 5 business days. The funds are still locked and their customer service continues not to respond. Personally, once we resolve the issue and withdraw the funds, I will never use them again. Online mobile bank transfers or transferwise are much more efficient. 

[ardsong]

46 minutes ago, sungod said:

.......and now there are many alternatives.

can you mention some alternatives? mainly for internet payments alternative.

[firestar]

5 hours ago, 2long said:

A U-turn flip flop in Thailand!?

AMAZING, and 'unprecedented'! ????????

American company PayPal is doing the U-Turn stop using every single opportunity to have your obligatory little "Thailand waahh waahhh" cry

[hotchilli]

6 hours ago, webfact said:

This extended functionality will remain while the company works with the Thai authorities.

I'm sure that will go as smooth as silk.

[10baht]

1 hour ago, IamNoone88 said:

They fail to respond to messages and when they do, they confirm that the issue has been resolved and the account will be functional within 5 business days

Is this paypal or Air Asia?

[2long]

1 hour ago, firestar said:

American company PayPal is doing the U-Turn stop using every single opportunity to have your obligatory little "Thailand waahh waahhh" cry

'Every single opportunity'? Thanks... I'll go back through all my other similar posts.

It's very much connected to Thailand and if you have any thoughts otherwise, I'm sorry.

[Joules]

2 hours ago, ardsong said:

can you mention some alternatives? mainly for internet payments alternative.

Wise is a good one.

[timendres]

7 hours ago, webfact said:

PayPal said that they had been listening to concerns expressed by their customers

PayPal listened to no one.

They were observing a tsunami of accounts being closed and/or abandoned.

They have lost my business forever.

[Joules]

1 hour ago, firestar said:

American company PayPal is doing the U-Turn stop using every single opportunity to have your obligatory little "Thailand waahh waahhh" cry

How about a "PayPal waahh waahhh" cry?  Would you accept that one?

[janetdoe]

Payoneer is an alternative service that I recently joined in anticipation of this closedown. 
 

Haven’t used it yet though. 

[Chosenfew]

PayPal is a terrible service, canceled my account long ago. Plaid works much better and you should have a vpn for double protection, ExpressVPN is best…

[sambum]

7 hours ago, 2long said:

A U-turn flip flop in Thailand!?

AMAZING, and 'unprecedented'! ????????

PayPal probably did it because they think (with some justification!) that that is the way to do it in Thailand!

[bstafford214]

1 hour ago, firestar said:

American company PayPal is doing the U-Turn stop using every single opportunity to have your obligatory little "Thailand waahh waahhh" cry

This has nothing to do with the American company side of it. 

 

The move has come about after the Thai government overhauled regulation of the country’s fintech sector.  This means that PayPal has been forced to adhere to a new regulatory framework in order to be able to operate in Thailand. 

 

In order to operate in Thailand, PayPal is required to have an FX e-Money license and meet whatever standards that the Thai government requires. On the user end , the KYB verification is ostensibly part of a broader push by the Thai government to weed out money laundering.

 

For people who rely on PayPal to receive payments from overseas, they will no longer be able to do so without a registered business account. 

Online teachers, freelance workers, digital nomads or even people in Thailand who use PayPal to receive money from friends and family overseas will have to find an alternative.

 

Here is the real kicker and many people who are trying to run an online shop as their main business are being shut down by this Greedy Thai Government.

 

They require you to get a registered business account, people will need to be registered via the Thai government’s Know Your Business (KYB) scheme. This is not the problem and my wife has had to do this already and was approved with no issues.

 

However the next requirement came after this KYB scheme and you now must register for a business account that requires:

 

1.  At least one director (Thai or foreign).

2. Three (or more) shareholders are required for each company.

3.  Registered capital, requirements vary among different business structures. However, companies employing a foreign staff or directors who reside in Thailand and need a work permit must have 2M THB in registered capital per such employee.

4. Corporate bank account.

 

Furthermore, business accounts will then be charged 7% VAT on all transactions, while domestic transactions can only be made in Thai baht and must be linked to a Thai bank account.

 

The move has come about after the Thai government overhauled regulation of the country’s fintech sector.  This means that PayPal has been forced to adhere to a new regulatory framework in order to be able to operate in Thailand. 

 

The Thai government is looking for ways to make money and this is making it hard for their own people to live and try to run a business online.

[Bangkok Barry]

3 hours ago, IamNoone88 said:

A useless company with zero customer service.

You do not speak for everyone. I bought something advertised on Facebook - for the first and now only time after my experience - and it wasn't as advertised and PayPal got the money back for me. They could not have been more helpful.

[sungod]

3 hours ago, ardsong said:

can you mention some alternatives? mainly for internet payments alternative.

Sorry, wasn't clear. Back in the day Ebay was the only site worth shopping with IMHO, now I use Lazada and Shoppe.

 

That said, I use my credit card for most transactions now.

[Lacessit]

I have an outstanding balance with PayPal which I am unable to retrieve, as I changed my ISP. Attempts to contact them by phone, email etc. have failed.

I've written off the money, and PayPal as well. If an internet seller wants me to use PayPal, they don't get my business.

[keysersoze276]

Does anyone know how to receive money from China more cost efficient than direct bank deposit?  Seems difficult without a Chinese bank account or phone number.  TIA

[simon43]

29 minutes ago, keysersoze276 said:

Does anyone know how to receive money from China more cost efficient than direct bank deposit?  Seems difficult without a Chinese bank account or phone number.  TIA

Wechat or Alipay using a Stripe account.  I use this every month to get paid by my students in China.  

[LikeItHot]

They siezed 1200 baht and closed my account and never told me why and won't answer any messages.  Google it. They have done this to tons of customers to the tune of millions of dollars. I wouldn't trust them anyway at this point.

[DLock]

I also closed 5 accounts and drained the accounts a few days ago.

 

Wise is a good online banking app, but PayPal was useful for buying stuff on Ebay and paying recurring online bills. It was simple to use. For what I used it for, it worked well. 

 

PayPal foreign currency rates were terrible, fees were expensive and they could be slow to transfer...and yes, I got locked up more than once. I had a dedicated PayPal manager who was helpful to degree, but they are behind the times and better services will emerge...

[johncat1]

4 hours ago, Joules said:

Wise is a good one.

WISE are great. I get my UK government pensions through them. Always on time and top rate, in certain countries you can also get a WISE debit card ( sadly not in Thaland ) VEEM are also good but a poorer exchange rate and much slower service. 

[mrfill]

Paypal have been "working with the Thai authorities. "

 

Is that a euphemism for "brown enveloping"?

[Hawaiian]

36 minutes ago, mrfill said:

Paypal have been "working with the Thai authorities. "

 

Is that a euphemism for "brown enveloping"?

Mystery solved.

[brucegoniners]

Which makes them just like the Thai authorities.

 

I've already drained my account. Too late. Bye bye.

 

I have options and Paypal has gone downhill over the years. Used to be a great service, but I've had lots of issues with them.

[keysersoze276]

3 hours ago, simon43 said:

Wechat or Alipay using a Stripe account.  I use this every month to get paid by my students in China.  

OMG!  I tried setting up Stripe and as soon as I saw it ask for business details, I quit.  After reading your reply I see that you can set up a personal account.  I don't see TH listed as an option, so I am using my US address and setting up a virtual phone number via openphone.  Once the phone is approved (they are verifying my bank details), I should be good to go with stripe.  Then I will figure out how to add Wechat Pay and AliPay.  Kudos, man.  If this works out, you are a real life-saver.  Thanks a million!

[chiman]

Use them for business and plan to get away from them ASAP, locked me out of my account and made it a massive hassle to get back in.  Would be interesting to meet the management, then fire them