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BAD NEWS for business registered in Thailand, specially for foreigners having business in Thailand!

PayPal for personal recently got blocked for transfers outside Thailand and new personal accounts will only be granted too Thai nationals. 

PayPal for business (minimum LTD company) was re-opened a while ago with the huge notice that all data will be shared to the Thai revenue department on a daily base.

Especially registered tourism companies do get pre-payments transferred via PayPal since there are virtually no payment gateway providers that offer sufficient Credit Card payment support if money is transferred to a  Thai bank. Other options as for example payments via wise, which is very common worldwide are blocked by Thailand. Receiving money via direct Bank to Bank transfers is troublesome, takes long and the receiver can strangely enough not see the name of the paying partner on their Thai bank statement.

BUT NOW a new message from PayPal to Thai business account users:

Effective 26 September 2022:

  • Business accounts will not be able to receive personal transactions starting 31 October 2022 (with the exception that business accounts will be able to receive personal transactions from Canada PayPal accounts until 15 November 2022).

So how are businesses now supposed to get a hotel, tour or else prepaid?

Is this the digital currency that Klause Schwab and the likes want us all be under? Seems to happening faster now, no? You will own nothing and be happy.🙃

As a private citizen, you need to be on the NDID system to pay by paypal, They want a photo of you by the app or going into the bank and taking a photo.

I grew up being paid in cash on Friday.👍

  • 3 weeks later...
  On 8/31/2022 at 3:50 PM, bushav8r said:

I just got an email from my bank notifying me that they will no longer process transfers with Wise.

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Which bank?

this would be a big negative for us

Did they give a reason?

And was it your sending bank or the Thai recieiving bank?

  On 8/31/2022 at 3:50 PM, bushav8r said:

I just got an email from my bank notifying me that they will no longer process transfers with Wise.

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Hi Kent,

We are no longer processing payments to WISE. WISE was set up as a payee on your payee list and has been removed. Please note that future-dated payments have also been cancelled. We apologize for the inconvenience.

  On 8/31/2022 at 4:03 PM, bushav8r said:

Hi Kent,

We are no longer processing payments to WISE. WISE was set up as a payee on your payee list and has been removed. Please note that future-dated payments have also been cancelled. We apologize for the inconvenience.

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Ok so sounds like it is your "home bank" 

They gave no reason? 

  On 8/31/2022 at 4:10 PM, bushav8r said:

Big negative for me too.  I will be eating instant noodles until I sort out another means to transfer money. 555

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One thing I have noticed, and maybe this could be related

When i transfer money using WISE, it hits my wife's Thai bank way before it gets taken from my Canadian Bank

There is a lag that someone could possibly take advantage of?

  On 8/31/2022 at 4:14 PM, Marc26 said:

One thing I have noticed, and maybe this could be related

When i transfer money using WISE, it hits my wife's Thai bank way before it gets taken from my Canadian Bank

There is a lag that someone could possibly take advantage of?

Expand  

Wise has worked well for me. I may simply need to set up another way to transfer funds from my bank.  

A few observations.  In the last few months, we have noticed that transfers from here in the USA to my Thai wife's family (support, obviously) now go through an extra step using Wise.  In the past, the transfer went directly through the Wise transfer channel from our USA bank to the family member bank, which is Krung Thai.  Now, the transfer is routed through a dedicated Wise USA Dollar account before quickly going on to post in the family member account.  I suspect this is some method of filtering transfers for sanctioned nationalities.  This may be a USA change with "Wise"?

As to your issue with your local bank, we have not seen this with Krung Thai (yet), however, if this ends up being extended to other Thai banks as well, this is going to hurt not only expats, but those of us who moved back to our home countries and send money home to support our family.  I have a stepdaughter in college in Bangkok and this would really create problems.

I'm following this post in that it is something worrisome and needs to be paid attention to.

Thanks for sharing.

Regarding @Marc26 post.

Edited by SkyDogJack
More info
  • Like 1
  On 8/31/2022 at 6:14 PM, SkyDogJack said:

A few observations.  In the last few months, we have noticed that transfers from here in the USA to my Thai wife's family (support, obviously) now go through an extra step using Wise.  In the past, the transfer went directly through the Wise transfer channel from our USA bank to the family member bank, which is Krung Thai.  Now, the transfer is routed through a dedicated Wise USA Dollar account before quickly going on to post in the family member account.  I suspect this is some method of filtering transfers for sanctioned nationalities.  This may be a USA change with "Wise"?

As to your issue with your local bank, we have not seen this with Krung Thai (yet), however, if this ends up being extended to other Thai banks as well, this is going to hurt not only expats, but those of us who moved back to our home countries and send money home to support our family.  I have a stepdaughter in college in Bangkok and this would really create problems.

I'm following this post in that it is something worrisome and needs to be paid attention to.

Thanks for sharing.

Expand  

It sounds like that email was from his sending back(so would be say BofA for you)

The US bank is not alllowing WISE to direct debit their account as a payee.............

  • Like 1
  On 8/31/2022 at 6:23 PM, Marc26 said:

It sounds like that email was from his sending back(so would be say BofA for you)

The US bank is not allowing WISE to direct debit their account as a payee.............

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Ah! Got it.  Thanks for your insight.  There are so many obstacles now days, none of us need anymore.  Cheers bro.

Edited by SkyDogJack
More info
  On 8/31/2022 at 6:27 PM, SkyDogJack said:

Ah! Got it.  Thanks for your insight.  There are so many obstacles now days, none of us need anymore.  Cheers bro.

Expand  

I've been doing this shit for 15 years or so

I remember the days of slogging to Western Union and using phone cards to call Thailand 555

Now it is so easy..................and yes I agree with you, let's hope it stays that way!

  • Like 1
  On 8/31/2022 at 3:50 PM, bushav8r said:

I just got an email from my bank notifying me that they will no longer process transfers with Wise.

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That's not an issue with 'Wise', it's an issue with your home bank.
How did you previously transfer funds to your Wise account. Direct debit or manually.

  On 9/1/2022 at 4:38 AM, Faz said:

That's not an issue with 'Wise', it's an issue with your home bank.
How did you previously transfer funds to your Wise account. Direct debit or manually.

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I had them set up as a payee for bill payments.

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