The lawful basics for the exchange control in Thailand are usually derived from the Ministerial Regulation No. 13 (B.E. 2497) and the Exchange Control Act (B.E. 2485). The objectives of the Exchange Control Laws in Thailand are as follows;
- Centralizing the foreign exchange of Thailand
- Monitoring capital outflows
- Stabilizing the value of Baht
- Channelizing the foreign exchange for a public benefit
The Bank of Thailand has been conferred with the duty of administering foreign exchange by the Ministry of Finance. Hence, the governor of the bank must appoint the officials of the Bank of Thailand under the Exchange Control Act (B.E. 2485).
The foreign exchange transactions should be conducted through the commercial banks and authorized non-banks like authorized money transfer agents authorized companies and authorized money transfer agents, granted foreign exchange licenses. However, any transaction that is not conducted through the aforesaid licenses needs approval from the Officer.
Foreign currencies can be transferred into Thailand without any limit. And person receiving foreign currencies from overseas also require to repatriate such funds as soon as possible and simply sell it to an authorized bank or deposit them in the foreign currency account with a bank, of course, an authorized one within 360 days of receipt, apart from the foreigners who are staying in Thailand temporarily.
Well, then the purchase of foreign currency is usually allowed upon submission of documents that indicate international trade and investment. The companies in the Kingdom can get involved in derivates transactions with the authorized banks in order to hedge against the foreign exchange risk to support the documents that indicate future foreign currency receipts are submitted.
Additionally, please note that anyone who is bringing in or taking out foreign currency to and from Thailand if exceeds the amount of USD 20,000 must declare it to the customs officer.
As for the local currency, there is no restriction on the Thai Baht bank notes brought into the country. Individuals traveling to Vietnam and Thailand’s bordering countries are permitted to take out up to THB 2,000,000. Again, taking out Thai Baht bank notes that exceed THB 450,000 needs declarations to the Customs Officer. And an individual traveling to other countries is allowed approximately THB 50,000 (maximum).
