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Paypal Accounts | Changes from December 2022

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  • Paypal Accounts | Changes from December 2022

    PayPal to lock out Thai Users on December 31.2022

    Most PayPal users in Thailand will be locked out of the service next month unless they jump through a series of complex and quite silly hoops that are intelligible only to Thai citizens. After a year of nothing but statements, PayPal told customers this morning that they cannot use the service after December 15 unless they take “certain actions” that, while puzzling and poorly described, will be next-to-impossible to execute.
    • Step 1. Enter your Thai national ID number.
    • Step 2. There is no step 2. You don’t have an ID number, can’t get one, and nothing else will do.
      Combatting money laundering is the standard, transparent excuse these days for making the lives of ordinary people unnecessarily complicated. With no real facts available, sample the latest propaganda here. Paypal, the world’s bagman, plans to shut down all private accounts that are not registered under the government digital identity program.
    Paypal said…
    “For the time being, a Thai national ID is required to enrol… other forms of identification which do not have a 13-digit Thai national ID number, such as a non-Thai passport, work permit, non-Thai Identification card (pink ID), or Thai Permanent Resident Permit cannot be accepted.”
    The good news is that you have until the end of November to register in the government’s secretive digital identification program, known as the National Digital ID, or NDID. Please be generous in sharing the tales of your success in the comments section! We’d love to know how it went, though suspect we already know.

    Once the changeover is complete, domestic payments can only be made in Thai baht. Only credit cards and not debit cards can be used. Payments involving other currencies will be capped at THB 800,000 (US$21,400). VAT of 7% will be collected on PayPal fees.

    Enrolling in the NDID program, PayPal fantasises, can be done via a mobile app or in person at any bank. To enrol, simply “check with your bank”. Good luck with that.

  • #2
    PayPal suspension to affect small businesses, consumers, freelancers

    PayPal has confirmed its services in Thailand will be suspended from March 7 as it reviews its agreements in order to comply with Thai regulations. Speaking to the Bangkok Post, a spokesperson said consumers, sole proprietors, and freelancers will be affected by the move for a time.

    “We have already opened account registration for registered businesses and continue the process of transferring existing registered business customers to PayPal Thailand. 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.”
    According to the Bangkok Post report, people who normally use their PayPal wallet to shop online will no longer be able to do so. Consumers can withdraw their balance from their PayPal wallet to their bank account and will still be able to pay for goods or services using the Guest Checkout feature and a debit or credit card.

    From March 07.2022, accounts that are registered to casual sellers or freelancers, as well as small businesses in Thailand, will only be able to make bank withdrawals. With the exception of registered businesses, people will be unable to register for a new PayPal account until further notice.

    Meanwhile, business account holders will be required to accept new PayPal Thailand agreements and verify their identity by February 18. Failure to do so will mean their accounts will have limited functionality from March 7 and they will be unable to send funds or make and receive payments through PayPal.

    Monsinee Nakapanant from Ascend Money, operators of TrueMoney Wallet, says the PayPal suspension will primarily affect online sellers, freelancers, and consumers, in particular those who conduct financial transactions with Western markets. However, Thai consumers still have other options available to them, such as the TrueMoney Wecard, which they can use without debit or credit cards to pay international providers.
    There is also an opportunity for Thai mobile operators to step in and offer their services to Thai businesses and freelancers who need to receive international payments.

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    • #3
      Paypal will still work in Thailand until December 31.2022

      After Paypal warned of suspending its services in Thailand starting March 7, the company announced yesterday that it will in fact keep providing services in the country until the end of the year. Paypal had warned it would close services in Thailand after Thai authorities wanted it to verify all users’ identities, in order to prevent money laundering.

      But now, Paypal has released a statement apologising for confusion, and clarifying that it has cancelled the account limitations scheduled to start in Thailand on March 7. Current users can still use paypal’s consumer and business services until the end of the year. Paypal will meanwhile work to comply with the country’s financial regulations, and update products and services. The statement said Paypal will share more details with customers later this year.

      “This will include collecting the necessary identification data from natural persons for Know Your Customer verification in accordance with Thai laws.”
      Swift financial services states that Know Your Customer standards are designed to protect financial institutions from “fraud, corruption, money laundering, and terrorist financing”.

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      • #4
        PayPal Thailand back this year for those with Thai ID Cards

        PayPal announced its service will be up and fully operational in Thailand this year under its registered company name PayPal Thailand. To use the service, current users would be required to verify their identities via the Thai National Digital ID, and this process requires a Thai national ID card.

        PayPal suspended its service in March 7 last year in order to comply with the Thai financial regulations after Thai authorities asked PayPal users to verify their identities to prevent money laundering. The Blognone website reported that they had sent an email to PayPal to ask about the changes. The US multinational company replied that PayPal used to be operated through its Singaporean agency, but the new services would be operated under the registered company PayPal Thailand.

        PayPal Thailand users would be able to purchase products and services, however they would not be able to withdraw money from a PayPal wallet and transfer payments to a bank account at the moment. PayPal, however, said more functions would be added later.

        Companies with a business account registered in Thailand, which had 13 digit taxpayer identification numbers, would be able to purchase, accept money, and withdraw money from a PayPal wallet and transfer it to a bank account. The company added that they were working on transferring accounts of current users to the new PayPal Thailand. The company would request consent from current users to make a transfer from August onwards, and the transferring process would start from October.

        According to the company’s public relations email, the PayPal accounts of consumers, freelancers, general sellers, and entrepreneurs or business owners, which were registered before March 7 last year, would be moved to the new service. However, the users would be required to verify their identities via NDID first. NDID is a Thai platform for digital user identity authentication, and it would require Thai national ID cards. Users who have Thai ID cards can register via Thai mobile banking applications or process it at their branches.

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        • #5
          Paypal shuts out foreigners in Thailand

          Foreigners in Thailand will no longer be able to use Paypal from December 15. 2022 The service will also be unavailable to most Thais unless they change their accounts to registered business accounts. Paypal is making big changes to comply with Thailand’s crackdown on money laundering.

          Only users with registered business accounts are eligible to use Paypal to send and receive money and pay for goods online, commencing December 15, 2022. All personal accounts will be cut off. To get a registered business account, you need a 13-digit Thai national ID card, ruling out most foreigners. Users must also register with the government’s National Digital ID programme, an identification verification system that is required to use services at banks in Thailand, too. In a statement, Paypal said…

          “Financial services providers like PayPal are obliged under Thai law to verify the identity of their customers, which helps us keep PayPal safe for everyone using it.”
          Alternatives to Paypal include ‘Skrill,’ which has lower transaction costs than Paypal, and ‘Payoneer’, which works well for freelancers and small businesses. For those who wish to make regular international transactions, "Wise" is a cheap and easy service to use with lower fees than Paypal. In another effort to combat money laundering, Thailand is also making ID verification a requirement at cash deposit machines (CDMs). People wishing to deposit money into their bank account using a CDM in Thailand will soon need to insert their credit or debit card and PIN to verify their identity.

          Currently, all you need is an account number to deposit money, meaning anyone can deposit large amounts of cash into a bank account that isn’t theirs at the machines so long as they know their account number. Thailand’s Anti-Money Laundering Office (AMLO) said the new ID requirement is a safety measure to prevent money laundering earned from drug trafficking, gambling, and other criminal activity.

          After 11 banks came on board with the new CDM rule, it was set to be enforced on November 15. However, the introduction of the new rule will be postponed amid backlash from customers of all of Thailand’s major banks.

          Many people in Thailand do not use debit cards as all transactions can be made digitally through mobile banking these days. Customers complained that the new CDM rule would mean they would need to register and pay for a debit card, which is inconvenient.

          The Bank of Thailand (BOT) and Thai Bankers Association (TBA) are currently in discussions with AMLO about whether it could be possible to verify your identity at a CDM in a different way, such as using an OTP or internet banking instead of a debit card.

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