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consistentlyclueless

Looking for a bank I can link to PayPal.

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Hi! I’m not sure where to ask this so I figured this board would be my safest bet. Sorry if I’m mistaken.

 

As the title says, I’m looking for a bank that allows me to link to PayPal. I plan to receive money via PayPal( gifts from family/friends or payments, doesn’t matter, paypal will be my source.). This will also probably be my main account, however I don’t know enough about any of the banks to make a solid decision.

 

*What I need is: to able to take my money out of PayPal into whichever bank account I end up choosing so that I can then use it IRL.(Either by ATM withdraw or a so-called virtual credit card.)*

 

I do plan to make a new PayPal account designated to Thailand. I also have native ID though I can’t speak much Thai so opening a bank account should be easier (I see some people in the forum have difficulties), and I am not on a bigbucks salary so I’d prefer an easy to save and spend account, so long as I can withdraw the money I get on PayPal onto the bank account. (I say this because Bangkok bank seems more entrepreneurial than the other banks?)

 

If anyone could list down the banks that allow this feature, along with pros/cons/differences or simply which you recommend/are the best, I’d be very grateful! Thanks 🙂

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I regularly transfer money from my Paypal account into my Bangkok Bank account without a problem. Usually takes 3 - 5 days.

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I link my PayPal account to Kasikorn using their virtual K-shopping Visa/Mastercard.

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I have a Thailand PayPal account linked to my Kasikorn account.

 

I did this a few years ago.

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Any major Thai Bank with a decent online tool can link to PayPal.  

I would avoid Bangkok Bank, since they are a little "too cozy" with the USA / IRS.  They are the ONLY bank allowed to do Social Security transactions, are well known for their USD accounts in New York, and so ... are beholding to the US to offer real time transaction reports ... etc.  Use Krungsri ... they are awesome in so many ways!

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PayPal has a Thai branch. You can link any Thai bank. If you open a new account they will probably close your previous one. They did for me. 

Edited by Tayaout

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2 hours ago, bangkokequity said:

Any major Thai Bank with a decent online tool can link to PayPal.  

I would avoid Bangkok Bank, since they are a little "too cozy" with the USA / IRS.  They are the ONLY bank allowed to do Social Security transactions, are well known for their USD accounts in New York, and so ... are beholding to the US to offer real time transaction reports ... etc.  Use Krungsri ... they are awesome in so many ways!

I'm American and never had any problems with Bangkok Bank and if the O/P is a card carrying Thai, why would he need to care about their compliance with the USA IRS.

 

On September 16, 2019 at 10:50 AM, consistentlyclueless said:

I also have native ID though I can’t speak much Thai so opening a bank account should be easier

 

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2 hours ago, bangkokequity said:

Any major Thai Bank with a decent online tool can link to PayPal.  

I would avoid Bangkok Bank, since they are a little "too cozy" with the USA / IRS.  They are the ONLY bank allowed to do Social Security transactions, are well known for their USD accounts in New York, and so ... are beholding to the US to offer real time transaction reports ... etc.  Use Krungsri ... they are awesome in so many ways!

Nothing cozy about it, all Thai banks that have US Citizen accounts are required to file FBAR 114 reports. As for PayPal linking your account isn't the issue, your money can go in (Thai), you just can't transfer it out via PayPal. 

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23 hours ago, trd said:

I link my PayPal account to Kasikorn using their virtual K-shopping Visa/Mastercard.

Same here.  Did it years ago and it has worked perfectly.

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Another vote for Kasikorn Bank. Linking their web shopping card (to spend/shop/pay with PayPal) and savings account (to withdraw money from PayPal) works fine and I've never had any issues whatsoever. I've been using this combination since more than 10 years and have been a pretty frequent user, for what it's worth.

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3 hours ago, bangkokequity said:

Any major Thai Bank with a decent online tool can link to PayPal.  

I would avoid Bangkok Bank, since they are a little "too cozy" with the USA / IRS.  They are the ONLY bank allowed to do Social Security transactions, are well known for their USD accounts in New York, and so ... are beholding to the US to offer real time transaction reports ... etc.  Use Krungsri ... they are awesome in so many ways!

I had Krungsri forced on me many years ago when HSBC withdrew from Thailand and I am yet to find anything the do awesome, please do advise, I would love to hear...

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I linked my PayPal to my Bangkok Bank account some month ago. What will happen is that Pay Pal  take out a smaller payment, about a dollar from your bank account and some days later send it back. On your account you than also get a code that you have to provide to PayPal. They say the whole procedure should take a couple of days, but in my case it took about two weaks before I get the code, but since then it has worked easily.

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Hello, I send money often to my Thai Wife's account.  She's here in the USA with me, and her salary is sent to help her family.

Her bank is:  Krungthai

She just showed me the screen.

When she gets the Email that USA dollars have been converted (ugh - 29.226 a few days ago), she then waits to see it in her PayPal account.  Once there, she then sends it to her Krungthai account.  I believe it takes a few days, but never too long.

 

I also send money for her best friend, Aree, who works at Marriott here on Maui and takes care of her family in Hua Hin.  She also uses Krungthai, I believe.

 

We set it up when she came to USA on K1 Fiancee' Visa.  We married within the 90 day period, and live happily ever after.   It takes a bit to establish the accounts, but is well worth the effort.

 

best aloha wishes to you.

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