Here’s why PayPal will be cut off in Thailand

In four months, PayPal will effectively be dead in Thailand for most users.

Under new terms announced last week, the company said any personal account created before March 2021 will be unable to receive payments or hold a balance after February. 

The same rules apply for all business accounts not registered via the government’s new Know Your Business, or KYB, program, a scheme intended to increase transparency in finance and combat money laundering. 

In essence, that means that one must have a KYB-registered business account in order to have a PayPal account at all. Personal PayPal accounts in Thailand will be dead as of March. 

According to a PayPal customer service rep, Thailand is the only country in Asia with a PayPal presence to enact such rules.

Is that all?

Of course not. All registered business accounts will be charged a 7% VAT on…