Paypal Mercahnt Account In Th-Baht / Thai Account

[johnlexo]

Hi there

Anybody with experience on Paypal Merchants transactions within Thailand. Can I receive payments in Baht from abroad into a Thai bank account? Any other ideas to receive deposits for rentals, not just regular transfers!?

Thank you all! JL.

[Phil Conners]

Yes, but the exchange rate is crap.

[bino]

Yes, but the exchange rate is crap.

THB is now one of the available currencies in PayPal - can accept payments in THB and have a THB balance.

So - what if you transfer your THB PayPal balance to your Thai bank account? Is that possible? I haven't tried it yet. There should be no exchange rate applied to a transaction like this....?

[FlatOut]

It's best to set up a whole new PayPal rather than try and add a Thai bank to an existing 'foreign' bank.

Sign up and put your country as Thailand, but change the language to English obviously. Do the normal procedure ie. wait a week and receive two deposits in your thai bank, fill in the details on PayPal and verify your phone number.

Their exchange rates are crap but let's say you sold something on eBay and got $, you exchange the $ into THB and get around 31.6 at the moment, but what can you do? Another bad thing is it takes 7 days to reach the Thai bank rather than 3 or 4 to US banks.

There's a better write-up than ^^ this somewhere on the forum, have a search for it. Very straightforward though, but much easier if you have internet banking with your Thai bank to check the balance for those two deposits.

Bino - sending THB to a THB account (say a Thai paid you by PayPal) wouldn't get any exchange rates involved, but you'd still get the 4% charge as you receive the money (which they handily hide from you now) AND...deep breath, if you withdraw less than 5,000bt you get another charge of 50bt applied. Again 7 days to hit you account.

Hope this helps - I know it might answer the merchant bit fully but you never know

Edited June 11, 2010 by FlatOut

[johnlexo]

It's best to set up a whole new PayPal rather than try and add a Thai bank to an existing 'foreign' bank.

Sign up and put your country as Thailand, but change the language to English obviously. Do the normal procedure ie. wait a week and receive two deposits in your thai bank, fill in the details on PayPal and verify your phone number.

Their exchange rates are crap but let's say you sold something on eBay and got $, you exchange the $ into THB and get around 31.6 at the moment, but what can you do? Another bad thing is it takes 7 days to reach the Thai bank rather than 3 or 4 to US banks.

There's a better write-up than ^^ this somewhere on the forum, have a search for it. Very straightforward though, but much easier if you have internet banking with your Thai bank to check the balance for those two deposits.

Bino - sending THB to a THB account (say a Thai paid you by PayPal) wouldn't get any exchange rates involved, but you'd still get the 4% charge as you receive the money (which they handily hide from you now) AND...deep breath, if you withdraw less than 5,000bt you get another charge of 50bt applied. Again 7 days to hit you account.

Hope this helps - I know it might answer the merchant bit fully but you never know

Great info. Thank you very much for your time! JL.

[bino]

Bino - sending THB to a THB account (say a Thai paid you by PayPal) wouldn't get any exchange rates involved, but you'd still get the 4% charge as you receive the money (which they handily hide from you now) AND...deep breath, if you withdraw less than 5,000bt you get another charge of 50bt applied. Again 7 days to hit you account.

Thanks Flatout- the 4% is a given in any currency, but the rest confirmed my thoughts about transferring a THB PayPal balance.

[FlatOut]

I've just set one up for my neighbour today, using the above method. It's best to have Internet banking for your Thai account, so you can keep an eye on your statement unless you live close to an ATM I suppose. Just before you sign up go on paypal.com/th then change the language to English.

4-6 days it takes to wait for the deposited amounts, I'm guessing they are 31 and 33bt each which lulls you into a false sense of security thinking that PayPal is actually your friend. They aren't.

Glad to be of service