In November 2021, PayPal announced a series of changes to how they operate in Thailand which will directly affect Thai artists.
On February 18th, 2022, Thai PayPal accounts will no longer be able to receive payments or hold a balance unless they are a registered business or registered entrepreneur within Thailand’s “Know Your Business” (KYB) identity verification scheme.
Verified personal accounts will be able to send payments but will not be permitted to receive payments, hold a balance, or withdraw funds to a bank account. PayPal states that these services will “evolve” as their “gradual” relaunch continues throughout 2022. However, neither business nor personal accounts will be able to send or receive international friends & family payments.
Additionally, PayPal will collect a new 7% fee (VAT tax). The example on the PayPal website is:
VAT example: if you received a PayPal payment for 2,564 THB and your resulting PayPal fee was 100 THB, 7 THB (7%) would be collected in VAT.
Arty can help!
Arty allows you (the artist) to accept PayPal payments from your commission customers all over the world, and we pay your earnings directly to your Thai bank account via Wise. There is no requirement for you to have a PayPal account to use Arty and accept PayPal payments.
You can continue to accept PayPal with no additional fees and receive your commission earnings to your bank account in THB via Wise!
How does Arty work?
Arty is a digital art commission management platform that supports artists and clients all over the world. We act as a simple escrow service between you and your client. When you have a client ready to work with you, simply input the details of the commission onto Arty and share with them the unique URL (webpage) that Arty generates for you.
On that webpage, your client pays for the commission with PayPal, VISA, or MasterCard (cryptocurrency support coming soon!). Because Arty is Australian based, your client will pay for the commission into our escrow account in Australian dollar (AUD). Don’t worry though, you can list your commission price in whatever currency you like, and we’ll handle the currency conversion and payment.
Once you have delivered the finished artwork, simply upload it to Arty and we’ll share it with your client and release your earnings! You can then payout directly to your Wise account.
You can learn more about Arty on our homepage.
You can read more about PayPal’s changes here.