PayPal Thailand closing for individuals/foreigners

[Motyduke]

[/quote]

Edit: I'm guessing this crackdown came from Thailand's financial regulators, not PayPal itself. And this is the country that wants to attract digital nomads.
[/quote]

It will have no effect on attracting or not digital nomad; Digital nomad who come in Thailand have create their paypal account outside Thailand. This rule affects only paypal accounts created in Thailand.

[buksida]

It will have no effect on attracting or not digital nomad; Digital nomad who come in Thailand have create their paypal account outside Thailand. This rule affects only paypal accounts created in Thailand.

If a digital nomad getting paid via PayPal wanted to draw their money out of a Thai bank, they'd need a Thai PayPal account linked to that bank.

This is no longer an option and just another step backward IMO.

[Motyduke]

It will have no effect on attracting or not digital nomad; Digital nomad who come in Thailand have create their paypal account outside Thailand. This rule affects only paypal accounts created in Thailand.

If a digital nomad getting paid via PayPal wanted to draw their money out of a Thai bank, they'd need a Thai PayPal account linked to that bank.

This is no longer an option and just another step backward IMO.

yes you're right.But most of them will link their paypal to Wise card or something like that, that they can use everywhere. If they are nomad they never open a bank account in the country they stay. It is one rule of the "5 flags"

[buksida]

I've been back and forward with PayPal support and they've basically told me I need to withdraw any remaining funds and close my account by Feb. 18. After that, I will be able to open an individual account which will be highly restricted and limited. I also have to provide proof of identity and other KYC documents.

Once your account has been limited, to use PayPal in Thailand again you will need to open a new PayPal Thailand account. Note, to open a new PayPal Thailand account with the same email ID, your existing PayPal account will need to be closed.

To continue using your PayPal account in Thailand you will need to take two steps by February 18, 2022:
A) Accept the new PayPal Thailand Relaunch Agreements which includes: 1) PayPal Thailand User Agreement and 2) PayPal Thailand Relaunch Consent Agreement.

B) Verify your identity. Requirements will vary depending on whether you have a personal account or whether your account is for a legal business entity.

Bye-bye PayPal (more savings on fees and spreads).

[Jose]

Well, getting closer to cut off date.

I have finally got my stealth uk PayPal with matching documents and bills.

The big gamble is to try to add a wise global account as the withdrawal method.
Wise claim it works
I have doubts

[buksida]

I have finally got my stealth uk PayPal with matching documents and bills.

How did you manage that? Is it linked to a UK or Thai bank? I already had a UK PayPal account, but no way to get funds to Thailand from it (and I cant access it any longer as my UK phone number has expired).

[Jose]

I have finally got my stealth uk PayPal with matching documents and bills.

How did you manage that? Is it linked to a UK or Thai bank? I already had a UK PayPal account, but no way to get funds to Thailand from it (and I cant access it any longer as my UK phone number has expired).

I purchased it

One year old, lots of transactions on it, all verified, fake ID included.

Open a wise global account
They give you your own uk bank account to send to

[buksida]

Ok, have a Wise account now so don't think I'll bother with PayPal - its certainly not worth paying for.

[handdrummer]

So if I read this right, only companies will be able to use PayPal in Thailand.

That's not what it means. As it says, only registered companies can receive payments or hold a balance. Individuals can still use it to pay for stuff.

I have only ever used PayPal to pay for stuff (with my PayPal account linked to my debit card). I've never received money or kept a balance with them so for me (and anyone else like me) nothing changes.

This is what changes:

Your PayPal account will be limited from March 7, 2022.

We recently contacted you about some upcoming changes to your PayPal account, which relate to the relaunch of our services in Thailand.

Those changes will no longer go ahead as planned, as we need more time to prepare our new services.

Unfortunately, we will be required to limit most of the functionality in your PayPal account in the meantime.

What happens next?

From March 7, 2022, the functionality in your PayPal account will be limited. You will not be able to send or receive money using your PayPal account. However, you may continue to withdraw money from your PayPal account to your bank account.

You can continue to pay at checkout as a guest using a debit or credit card.

What do you need to do?

The account limitation will take effect on March 7, 2022. Until then, you may continue to use your PayPal account as normal.

You should spend or withdraw any remaining balance to your linked bank account. If you have not linked a bank account yet, you can find a guide on our website.

We will contact you again once we are ready to proceed with the relaunch of the new services with PayPal Thailand.

We understand that this news may disappoint you, and for this we sincerely apologize. We are working closely with the relevant authorities in Thailand to accelerate our relaunch of the new services and minimize any further disruption.

More information on the relaunch of our services in Thailand can be found on our website.

Thank you for being a PayPal customer.

[buksida]

PayPal suspension to hit Thais amid tough market
Global online payment PayPal is scheduled to suspend most services for consumers, freelancers and sole proprietors in Thailand from March 7 as it is seeking ways to comply with Thai regulations.

Meanwhile, industry pundits believe the move would make PayPal potentially lose customers and allow other competitors to step in amid strong competition in the segment.

"We have already opened account registration for registered businesses and continue the process of transferring existing registered business customers to PayPal Thailand," a PayPal spokesperson told the Bangkok Post.

"Regrettably, we need more time to prepare our services for consumers, sole proprietors, and freelancers or casual sellers, in order to comply with all applicable Thai laws."

From March 7, consumers in Thailand with an existing PayPal account will no longer be able to use their PayPal wallet to shop online until further notice, according to PayPal's website. They will be able to withdraw any balance in their PayPal wallet to their bank account.

Consumers will still be able to make payments using a debit or credit card to merchants that offer the Guest Checkout function, it said.

The firm also indicated from March 7, existing PayPal accounts registered to freelancers or casual sellers as well as sole proprietors in Thailand will have limited functionality, except to make bank withdrawals.

New account registration for consumers, freelancers and sole proprietors will not be available until further notice.

https://www.bangkokpost.com/business/22 ... ugh-market

Sounds like a good opportunity for Wise or Payoneer to step in ... or is Thailand trying to force its people to only use state-controlled local payments firms ... just like China does.

[handdrummer]

Sounds like a good opportunity for Wise or Payoneer to step in ... or is Thailand trying to force its people to only use state-controlled local payments firms ... just like China does.

Would that keep all the profits in the hands of the state? A good way to pay for the submarine reconditioning. 🥱

[buksida]

The state would definitely get a cut, but more than profits, it would be able to track and monitor all online spending through the respective portals, which is exactly what China does with its two payments monopolies.

[Nereus]

I dont believe that it is PayPal per se that is behind this, but that it is aimed at collecting income tax and VAT.

Pawoot Pongvitayapanu, an e-commerce pundit, pointed out that the move would have an impact on freelancers and online workers who receive their work payment through PayPal.

[Dannie Boy]

Seems as though there’s been a change to the plans!!

We recently contacted you about some changes to your PayPal account, which relate to the relaunch of our services in Thailand.

We have been listening to the concerns expressed by our customers in Thailand, and we have been working closely with the Thai authorities to try and address these concerns.

As a result, we are pleased to inform you that you can continue to use your PayPal account as usual. The previously communicated limitation to your account, scheduled to take effect on March 7, 2022, will no longer be implemented.

What this means

You will still be able to use your PayPal wallet’s current functionality after March 7, 2022. This means that you may continue shopping with your PayPal wallet, as well as sending and receiving money with your PayPal account.

You do not need to take any action.

[handdrummer]

I got that same notice.
Come home, all is forgiven.
Or as Willie the Shake said,
Much Ado About Nothing.