Linking Paypal account with Kasikorn bank account

[Ami14344]

Hello

 

I'm working as a freelancer for a European Company, and i have a PayPal account,  I was wondering if i could link it to the Kasikorn bank. 
Thanks in advance. 

[Crossy]

Paypal isn't available to individuals in Thailand now ???? 

 

Whether your European Paypal can link to your Thai bank? I think probably not as it could contravene the Thai banking law that killed Thai Paypal.

 

You could ask both Paypal and the bank.

[CharlieH]

MOVED to Banking

[Celsius]

You can not link a PayPal account opened outside Thailand to a Thai bank account.

 

Try Payoneer.

[recom273]

If your European company is willing to use payoneer you will save yourself a lot of money, the fees charged by paypal are ridiculous.

[robsamui]

No -  unless you are a Thai national, Paypal is now dead in Thailand.

 

One of the main requirements that the Thai govt insisted upon when Paypal was negotiating for access was that they (the Govt) must be able to register and tax business receiving income via Paypal. Of course it was not spelled-out in such clear-cut terms - publicly citing their concerns about preventing potential money laundering.

 

Thailand has for decades had an insurmountable problem with extracting tax from its citizens - there simply is not the infrastructure in place to be able to regulate this. Consequently anyone can open a shop or small manufacturing concern or service and simply not let officials know about it - using family and friends to staff and manage it.

This was so rampant during the reign of the last government that Prime Minister Taksin actually made 'patriot' appeals on two occasions (that I recall) on country-wide TV and the media for proud Thai citizens to help support the running of their nation by registering their business in order to "strengthen the nation" - with zero success.

 

Thus the Thai Gov. thinking went along these lines . . .
1. Paypal would be granted access but only if it agreed to accept only those citizens who had registed their Thai ID with the newly-established National Digital Identity platform (NDID).

2. Only business accounts would be allowed, not personal ones.

 

What nobody seemed to publicise was that Thailand has never heard of 'Paypal' - even most of the Thai banks now only know the name because of the government's deal with Paypal - and Paypal has never been available for Thai shopping or online purchases from Thai merchants; indeed, Thailand has its own familiar and established equivalents already in place.

The result is therefore that Paypal is now dead in Thailand. No Thai Banks will accept linking to Paypal unless you are a Thai citizen and also have registered with the NDID program - using a passport as a form of ID is not permitted, only a Thai personal ID card.

 

Sending personal money to an individual in Thailand, therefore, has ceased to be possible, after 15th December 2022 - and the Thai government will collect tax at 7% on all Paypal transactions thereafter . . . being that the only accounts allowed are business ones.

What Paypal transactions??

 

More info here . . . 
https://coconuts.co/bangkok/news/paypal-thailand-to-cut-off-most-users-all-foreigners-next-month/

 

 

Edited January 14, 2023 by robsamui

[Ami14344]

I have been communicating with the bank and they sent this today.