PayPal Thailand closing for individuals/foreigners

[hhinner]

I can imagine other finance type companies that currently have to abide by KYC rules opting to go the NDID because it'll be easier for them. But so far the ones I've dealt with have been happy to use things like photos with me and my passport page, driver's licence, etc. There are companies like hooyu.com that can do 'real time' checks (HSBC uses it) for KYC.

My opinion is Paypal chose NDID because it was easiest and cheapest for the mass movement of accounts between jurisdictions. After doing the move and after a settling down period Paypal may allow other more time consuming methods for individual customers. But I no longer care! I'll survive without Paypal.

At some stage NDID may also cater for foreign residents. Who knows?

[buksida]

Your opinion indeed. But as said, it is very unlikely a business will alienate a chunk of revenue-generating customers out of choice, especially when there is so much competition now. This move has come from the Thai govt, not PayPal (which stated that the change is to comply with financial regulations), it didn't "choose NDID", the state did - and there is no such requirement for PayPal in other countries. If this is the beginning, there are also likely to be more financial restrictions for foreigners (who cannot have NDID) in the pipeline ... just like ... in China which is digitizing everything to track what its citizens are doing with their money.

Not sure why you have jumped into this thread to turn it into another forum argument - the facts are there: foreigners are no longer allowed to use PayPal in Thailand (but can in other countries).

[hhinner]

It's still my opinion. Also, in my opinion, either Paypal will allow other verification methods in the next year or so; or NDID company will allow non-citizens to register.

Of course most of the customers PayPal is pushing out now won't return even if there is a change. Hope Paypal loses a lot of money because of this.

There's an election next year. Things could change.

Thailand also wants long term expats and pushing NDID onto other financial institutions may prove counter productive for all those rich expats they're hoping to entice.

[buksida]

There's an election next year. Things could change.

This won't be a "last word war", I'll let you have that.

[handdrummer]

There's an election next year. Things could change.

This won't be a last word war, I'll let you have that.

Election/Change; 2 different subjects.

[hhinner]

There's an election next year. Things could change.

This won't be a last word war, I'll let you have that.

Election/Change; 2 different subjects.

Indeed they are!

[Motyduke]

But it is Paypal's choice not to allow an alternative.

Which alternative ??? PayPal has no choice. They asked to comply to the rule made by the government.

[handdrummer]

But it is Paypal's choice not to allow an alternative.

I just received an email from PayPal. They will resume service in Thailand only for Thai nationals with ID cards.

I clicked on the enter site button and was directed to confirm my id, etc. After entering my wife's id #, PP sent an email telling me that I had to upload a photo of the cardholder on the cardholder's bank app or go to the bank and do it.

I took the simplest route and deleted the email.

I'll use my credit card. It's not that big an effort to enter the numbers.

[buksida]

Yes, I emptied the account and hit the delete button a while back.

PayPal's fees and tx times are just as bad or worse than banks now anyway so it has no advantage. There are plenty of better alternatives.

Besides, they'll now fine you $2,500 if you slander them: https://www.crowdfundinsider.com/2022/1 ... se-policy/

[Motyduke]

it is only for foreigners who have their paypal account in thailand. If you have your paypal account in an other country, you still can use it in thailand.

[buksida]

I also have a UK PayPal account but can't withdraw to a Thai bank so it doesn't really work properly here (though I can use it to pay for stuff and get stung on the exchange rate).

The big concern is that Thai banks may soon be told by the junta to enforce digital IDs for account opening which would eliminate foreigners from using them. It is the perfect financial tracking tool and China is already pushing ahead with theirs so Thailand will only follow.

[Big Boy]

I hear what you say, but the bit I never understand with these tracking tools is why? Is it to catch the crooks in this world? My needs are simple - I transfer money in, I spend it, I transfer more money in. Are they trying to catch people like Joe Ferrari who was unusually rich?

Surely, it's a massive overhead, tracking the finances of a nation where the majority are living day to day.

If they stop Farangs opening bank accounts, they will either have to re-invent the visa rules, or deport us all. I thought they were trying to encourage more money into the country, not force it out.

[buksida]

Its all about control, which is what all authoritarian regimes want.

The end game for them is a programmable central bank digital currency (CBDC) tied to a digital ID so they can dictate exactly how much citizens can spend and on what. It sounds dystopian but its already happening in Turkey and China. Imagine if a regime can stop known dissidents or anti-govt protestors from spending or accessing their money - its all achievable with this technology.

Scary is what it is