PayPal Thailand closing for individuals/foreigners

[buksida]

I've just logged into my PayPal account and was hit with these new "Thailand Relaunch Agreements" which read:

There will be some changes to your account. Only registered Thai businesses will be able to receive money and hold a balance. All other users will only be able to make payments. Review our FAQs for more details about this and other changes.

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

Naturally, I emptied the account.

Anyone else using PayPal?

[Big Boy]

Yes, I saw that was going to happen about a month ago. I tried several times to open a PayPal account in Thailand, but it would never accept, so no difference to me.

[buksida]

I've had this account for years and found it useful for paying for things overseas and getting paid from overseas.

Oh well, looks like another addition to the Thailand ban list - luckily crypto is still an option (for now).

[hhinner]

I've had this account for years and found it useful for paying for things overseas and getting paid from overseas.

Oh well, looks like another addition to the Thailand ban list - luckily crypto is still an option (for now).

You can still pay for stuff.
.

IMG_20211215_162531.jpg (149.43 KiB) Viewed 1326 times

[Jose]

I have had a business PayPal in Thailand for a long time,

Verified using a old expired passport and ais bill from my old condo in ramkhamaeng,

In order to carry on, they want a registered business ID, all directors ID cards
Then they want to charge me tax on my income.

For obvious reasons I don't want to do that

Two options left
Virtual address in Vietnam and register PayPal there.

Or a stealth PayPal with everything done for me,

[buksida]

You can still pay for stuff.

I'm not sure how it can be used to pay for stuff if individuals cannot hold a balance and cant receive funds. I've already emptied my account out.

Using a VPN to setup one elsewhere may work, but you wont be able to withdraw to a Thai bank.

[Nereus]

I'm not sure how it can be used to pay for stuff if individuals cannot hold a balance. I've already emptied my account out.

Using a VPN to setup one elsewhere may work, but you wont be able to withdraw to a Thai bank.

Apart from one bank account I will not have ANYTHING registered in this country.
I have an Australian PayPal account and it is tied to a credit card. Can use it to buy from anywhere, the only odd problem is some vendors will only ship to your PayPal address. Nobody is likely to send me any money, but that part of it may not work.

[Dannie Boy]

I too have a PayPal account linked to a UK credit card (although registered at my Thailand address) that I normally use only if a supplier won’t accept my UK credit card.

[hhinner]

You can still pay for stuff.

I'm not sure how it can be used to pay for stuff if individuals cannot hold a balance and cant receive funds. I've already emptied my account out.

Using a VPN to setup one elsewhere may work, but you wont be able to withdraw to a Thai bank.

You pay by linking to a debit card. The new rules don't say how you get refunds though, given that inward payments are apparently not allowed.

[hhinner]

^^ Or credit card.

[pharvey]

How about those living outside Thailand using their accounts - I assume payments can be made to Thai registered companies/businesses etc....?

[handdrummer]

How about those living outside Thailand using their accounts - I assume payments can be made to Thai registered companies/businesses etc....?

You can give them money, they won't give you money.

[pharvey]

You can give them money, they won't give you money.

Sounds familiar for a number of reasons!!

[GroveHillWanderer]

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.

[buksida]

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.

Terminology aside, it will be pretty much useless for me (and others) if we can't receive overseas payments with it or maintain a balance.

It served as a convenient way to avoid archaic, painfully slow, and expensive SWIFT transfers, and allowed multiple currencies in the same account. But not any longer.

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.