

The new rules, he said, really only hurt everyday people trying to hustle in Thailand’s anti-competitive marketplace. In a report of a recent Clubhouse discussion, Johnstocker, a Thai podcaster and online tutorial provider, highlighted that the majority of business in Thailand is still cash-based, which makes it pretty much untaxable. “The best thing we can do right now is pray for Etsy to support other payment channels for Thailand,” freelancer Thidhapa Chakunchorn wrote in the Etsy Thailand Facebook group. I need a beer,” said one Philippines national and long-term Bangkok resident, who wished to remain anonymous. I need to figure something out because that’s how I send money to my family in the States. account but I can’t link a Thai card to it, obviously. Many gig economy workers are unhappy, but most people are simply confused by the new regulations. All those freelancers selling stuff on Etsy to make ends meet or supplement THB18,000 (US$550) monthly salaries? Time to pay up.

That definitely means you’re in the system.īut it’s also about taxation.
PAYPAL ACCOUNT LOGIN VERIFICATION
On the user end of the equation, the KYB verification is ostensibly part of a broader push by the Thai government to weed out money-laundering.Īmong a litany of documents and personal information, it requires people to submit their 13-digit business identification number, proof of business address, and “identity information for the primary authorized user, each company shareholder with 25% or more ownership, and each additional executive or authorized user.”
PAYPAL ACCOUNT LOGIN LICENSE
In order to operate in Thailand, PayPal is required to have an FX e-Money license and meet whatever standards that requires. Specifically: Thailand’s anti-money laundering and tax laws. To cut through the bull: PayPal has to adhere to Thai law if it wants to do business here. The gist is that Thailand is overhauling its regulatory framework as it aims to accelerate its financial technology (fintech) industry and transition to a digital economy. That being said, those few with registered business accounts will still be able to send money from Thailand to friends and family overseas as “business transactions.” But why, though? So will anyone seeking to transfer cash to their home country. Graphic designers, teachers, writers, and other online workers who work independently will almost certainly need to find new solutions. Those who rely on PayPal to receive payment from foreign vendors will no longer be able to do so without a registered business account. When the changes take effect, freelancers will be among those to feel the most pain. In other words, all PayPal account holders in Thailand are still able to pay for services. According to the PayPal rep, who was not authorized to speak to the media, this is simply a coincidence as the changes have yet to take effect. Some have reported payments for Spotify and New York Times subscriptions routed through PayPal being denied. People can still make payments using a registered business account linked to a Thai bank, however.

Also, no money can be transferred to U.S. All registered business accounts will be charged a 7% VAT on, according to PayPal, transaction fees, and domestic transactions can only be made in Thai baht. Some services won’t be brought back online immediately but they will gradually return later in the year.“ Is that all? “For example, consumers can continue to shop online, and registered businesses and registered sole proprietors can continue to receive payment.

“Most users will be able to continue using PayPal services once they complete a few simple steps to transfer their PayPal account to the new local platform or sign-up for new accounts,” the company said in a statement. note: After this story was published, PayPal spokesman Neil Cassley reached out with objections to its premise. Personal PayPal accounts in Thailand will be dead as of March.Īccording to a PayPal customer service rep, Thailand is the only country in Asia with a PayPal presence to enact such rules.Įd. In essence, that means that one must have a KYB-registered business account in order to have a PayPal account at all.
