Exchange Control Act, B.E. 2485 (A.D. 1942), as amended,
governs all matters involving foreign exchange. As a general
rule, all matters involving foreign currency are regulated
by, and require the permission of, the Bank of Thailand.
Since May 22, 1990, however, foreign exchange control has
been considerably relaxed by the Bank of Thailand. At present,
certain transactions in Thai baht or foreign currency can
be performed virtually without restriction, and only a few
require approval from the Bank of Thailand.
Importation of Funds
Individuals in transit may normally bring foreign currency
and negotiable instruments into Thailand without limit.
They may also freely take out of the country all foreign
currency they had brought in, without limit. Individuals
in transit, however, may not take out Thai currency exceeding
50,000 baht per person, except for trips to countries bordering
Thailand (Myanmar, Laos, Cambodia, Malaysia and Vietnam),
where an amount of up to 500,000 baht is allowed. There
is no restriction on the amount of Thai currency that may
be brought into the country.
There are usually no restrictions on the amount of foreign
currency or negotiable instruments that a resident may bring
into Thailand. However, all such currency and instruments
must be sold to, or deposited into, a foreign currency account
with a commercial bank within seven days from the date of
receipt or entry into the country.
There is no restriction on the import of foreign currency
such as investment funds, offshore loans, etc. Such foreign
currency, however, must be sold or exchanged into Thai baht,
or deposited in a foreign currency account with an authorized
bank, within seven days from the date of receipt or entry
into the country. An application form F.T. 3 or F.T. 4 must
be submitted to an authorized bank for each transaction
involving the sale, exchange or deposit of such foreign
currency in an amount exceeding US$5,000 or its equivalent.
Repatriation of Funds
of investment funds, dividends and profits as well as loan
repayments and interest payments thereon, after settlements
of all applicable taxes, may be made freely Similarly, promissory
notes and bills of exchange may be sent abroad without restriction.
Foreign Exchange in Business Transactions
Foreign Currency Accounts of Thai Residents
Thai individuals and juristic persons in Thailand are allowed
to maintain foreign foreign currency accounts under the
The accounts are opened with authorized banks in Thailand
and deposited with funds that originate from abroad or from
foreign currency borrowing from the Bangkok International
The depositor must submit evidence showing the obligations
to pay in foreign currency to persons abroad, authorized
banks, the Export and Import Bank of Thailand, or the Industrial
Finance Corporation of Thailand within three months from
the date of deposit. The depositor can deposit no more than
the amount of the above obligations.
The deposit of foreign currency notes and coins must not
exceed US$2,000 per day
Debits to the accounts are permitted for pay ment of any
external obligations upon submission of supporting evidence
or for conversion into baht at authorized banks.
The total daily outstanding balances in all accounts must
not exceed US$5,000,000 for a juristic person and US$500,000
for an individual.
Foreign Currency Accounts for Non-Thai Residents
Non-residents can open and maintain foreign currency accounts
with authorized banks in Thailand. The deposits must come
from funds originating abroad. Balances on such accounts
may be transferred without restriction.
Non-Resident Bank Account
Non-residents may open an account with any authorized bank
in Thailand. They may freely credit the account with:
Proceeds from the sale of foreign currency that originate
from abroad or foreign currencies from non-residents' foreign
Amounts transferred from other non-resident baht accounts.
Obligations between residents and non-residents.
Importers may freely purchase or draw foreign exchange from
their own foreign currency accounts for import payments.Importers
need not seek approval from the Bank of Thailand, but must
submit form F.T. 2 to customs, together with the Bill of
Lading when importing goods valued at more than 500,000
baht or its equivalent per transaction.
Exports are free from any foreign exchange restrictions.
However, proceeds of exports valued at more than 500,000
baht or its equivalent per transaction must be received
within 120 days from the date of export and must be surrendered
to an authorized bank or deposited in a foreign currency
account with an authorized local bank within seven days
from the date of receipt.
Transactions of Invisibles
The remittance of amounts properly due to non-residents
is permitted for items of a non-capital nature, such as
service fees, interest, dividends, profits and royalties,
provided supporting documents are presented to an authorized
bank. Travelling expenses or educational expenses of residents
are also freely permitted upon submission of supporting
evidence. Proceeds from invisibles must be surrendered to
an authorized bank or deposited in a foreign currency account
with an authorized bank in Thailand within seven days of
Residents may hold and trade domestically in gold jewelry,
gold coins and gold bullion. The import and export of gold
other than jewelry was in August 1999 freed from licensing
controls previously imposed by the Ministry of Finance.