PayPal is an e-commerce company that is continuously expanding to operate in many countries and regions across the world.
So, if you live or work in Thailand, and you’ve used PayPal previously, you might be wondering if it’s no longer working? I did the research, and here is what I found!
Does PayPal Work in Thailand In 2023?
PayPal does and will continue to work in Thailand. Although the company had to take a short break to comply with Thailand’s anti-money laundering and tax laws, it is slowly bringing its new platform, PayPal Thailand, up and running. By March 7, 2023, the new platform will be fully up and operating.
If you previously used PayPal in Thailand, or would like to become a new customer, and want to understand how to use the new PayPal platform and more, then keep reading!
Is PayPal Banned in Thailand?
Fortunately, for locals and travelers, PayPal is not banned in Thailand.
However, in recent years, PayPal was temporarily shut down to most businesses and consumers until it was able to comply with Thailand’s anti-money laundering and tax laws.
To comply with Thailand’s laws, PayPal had to have an FX e-Money license and meet any standards it requires.
Fortunately, PayPal is working to meet those standards and is slowly getting back up and running in Thailand once again.
When Will PayPal Relaunch in Thailand?
PayPal will be relaunching in Thailand in 2023, but will not be fully operating with its new platform until March of 2023.
PayPal is still currently in Thailand because it never actually left.
Rather, the company had to step back until it could comply with Thailand’s laws.
However, the company is currently taking steps to comply with local laws so that it can begin to fully operate in Thailand again.
PayPal’s new platform, Paypal Thailand, became active in 2021. However, it is not fully up and running yet.
If you had a PayPal account before March of 2021, you can still buy and sell using PayPal in Thailand.
However, people and businesses who did not have an account prior temporarily cannot create any new accounts, or use PayPal to buy or sell.
If you created a PayPal account, business or personal, before March of 2021, you have to complete two steps by February 18, 2023 to use the new platform.
To register a previous PayPal account in Thailand, do the following:
First, you need to accept the new “PayPal Thailand Relaunch Agreement.”
Second, you need to verify your identity.
Furthermore, to complete these steps, you will receive an email from PayPal directing you to the proper steps.
PayPal’s new “PayPal Thailand Relaunch Agreement” includes “PayPal Thailand User Agreement,” and “PayPal Thailand Relaunch Consent Agreement”.
Once you have accepted the agreements, you need to verify your identity.
Depending on whether you are registering a personal account, a registered business, or an entrepreneur account, the requirements for verifying your identity will vary.
Your full legal name in English as it appears on your government-issued ID is required to verify your identity for a personal account.
To verify your business for a business or entrepreneur PayPal account, you first have to pass the Thailand “Know your Business” identity verification, (KYB).
For a list of all the information needed, click here and go to number 8.
Once you have finished both of these steps correctly, your original account will automatically transfer to PayPal Thailand, with no added steps for you, after March 7, 2022.
If you are a new customer with PayPal, and you did not create an account before March 7, 2021, you will have to wait until after March 7, 2023, to create and register your account.
How Do I Withdraw Money From PayPal in Thailand?
First, to be able to withdraw money from your PayPal account, you have to link your bank account to your PayPal account.
To link your bank to your PayPal account, complete the following steps:
1. Begin by logging in to your account, on the app or PayPal.com.
2. Next, go to the “Wallet” tab and select “Link a bank account.”
3. Afterward, you will need to select your bank account.
- If you are unable to find your bank account, then click “Don’t see your bank?” and follow the prompts.
4. Lastly, enter your bank account information manually, and click “Agree and Link.”
Also, your bank may be eligible to instantly link to your PayPal account and be confirmed through your bank username and password, without entering your information manually.
However, if you had to enter the account information manually, you will also have to confirm your account manually.
Here are the directions for how to confirm your bank account manually. Once your bank account is confirmed, you can then withdraw money.
To withdraw money from PayPal in Thailand, do the following:
1. First, you need to go back to the “wallet” tab and click “withdraw money.”
2. Then, enter the amount you want to withdraw and click “continue.”
3. After you click “continue,” you will want to review the details to make sure the amount is correct, and click “withdraw” again to complete.
Recently, PayPal had to take a break and partially shut down in Thailand, but it never fully left and is almost completely back up and running with its new platform, PayPal Thailand.
However, there are still a couple of steps that PayPal and its consumers in Thailand still have to take to comply with Thailand’s laws and to completely get PayPal Thailand operating.