Bank of Thailand eases foreign exchange regulations

Marisa Chicarelli

03/07/2017

At the beginning of June 2017, the Bank of Thailand amended its foreign exchange regulations.

Several of the changes will now ease the process for money to flow into and out of Thailand and make doing business in and with Thailand easier.

Significant improvements include:

Relaxed regulations for outward remittances: payments will now be allowed for goods that will not be brought into Thailand and the required supporting document requirements are less stringent, including the need for a stamped Foreign Exchange Transaction Form.

Acceptance and increased use of electronic documentation: Electronic formats for supporting documents will now be accepted. And the BOT will use an automatic reply system for accepting online registrations and will send electronic approval letters.

Thai Baht direct loans for non-residents: Companies resident outside Thailand can now borrow THB from commercial banks for investing in Thailand or, if the company is established in the Greater Mekhong Sub-region, for a project in that country if proven beneficial to Thailand.

Other changes affect securities companies, money transfer agents, and futures brokers. These new rules should facilitate business transactions and improve Thailand’s attractiveness for foreign investment. To find out how these changes will affect your business in Thailand or your potential investments in Thailand, please contact GPS Legal & Consulting.