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Here’s why PayPal will be cut off in Thailand


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https://coconuts.co/bangkok/news/heres-why-paypal-will-be-cut-off-in-thailand/?mc_cid=71432556da&mc_eid=503e28128a

from the link:

In four months, PayPal will effectively be dead in Thailand for most users.

Under new terms announced last week, the company said any personal account created before March 2021 will be unable to receive payments or hold a balance after February. 

The same rules apply for all business accounts not registered via the government’s new Know Your Business, or KYB, program, a scheme intended to increase transparency in finance and combat money laundering. 

In essence, that means that one must have a KYB-registered business account in order to have a PayPal account at all. Personal PayPal accounts in Thailand will be dead as of March. 

According to a PayPal customer service rep, Thailand is the only country in Asia with a PayPal presence to enact such rules...

 

and so on...

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 It there are, some may say better, alternatives to PayPal.

Shrill, lower transaction costs 2.9% compared to 4.5%, has to be used once every 12 months unless a fee of $5 is applied

Payonear  $1.50 per transaction just do t get the prepaid card would set you back $29.95 per momth

Google Pay Send FREE can be used on Apple devices

And as the article mentions Bitcoin

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  • 3 weeks later...

Hi,

Right, but how many of those can be used to pay for stuff online?
I've been using PayPal for years for this. Linked to my credit card, I just pay with PayPal rather than having to enter my credit card details. Much easier.
Still not clear if I can continue doing this or not.

Sanuk!
 

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Hi,

>Most online vendors, amazon included, accept Skrill, Payonear and Google Pay.

I have honestly never seen (or even heard of) Skrill or Payonear, but not really paid attention either.

>most popular does not mean the best People, myself included, are inherently lazy, and once they use one thing tend to stick to it.

No argument there :)

Sanuk!

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  • 4 weeks later...

Bitcoin is not a viable option, there is a 15% withholding tax on all crypto transactions.

I was looking into Bitcoin trading via SCB norw that that have acquired 51% of Bitkub but not at them tax rates. I will stick with SET at 0.01%, in simple terms 100 THB per Million as compared with 150:000 with Bitcoin.

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  • 4 weeks later...

Steve, that story makes me think the complainants "doth protest too much", it has the sniff of, dodgy folk getting caught, to it.

I know that in the past, when I have paid for things with PayPal, 1 in China, 1 in America and 1 in Malaysia, that turned out to be, to thieving bastards, that PayPal promptly refunded my money.

The justifications for the complainants in the story, sound like, grasping at straws.

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  • 1 month later...

PayPal wins reprieve from local regulators

Business as usual for existing account holders while company works out compliance details

PayPal has won a reprieve from local regulators and says it will be business as usual for existing customers of its consumer and business services until the end of the year.

By then, the international payments company hopes to be in full compliance with local regulations as it completes the transfer of its business to PayPal Thailand.

Earlier, the company had said it would have to suspend PayPal account services for consumers on March 7, while the accounts of freelancers, small-scale entrepreneurs and casual online sellers would have “limited functionality”.
Full Article

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