BoT Requires Proof for Foreign Currency Transactions Over $200k
The Bank of Thailand has introduced stricter rules requiring proof of source for foreign‑currency transactions of $200,000 or more, with exemptions only for customers who have passed the Know‑Your‑Business check. Gold‑related payments and certain watch‑list funds must be documented regardless of amount, and cash foreign‑currency purchases are capped at $15,000 per day. The measures aim to ensure foreign‑exchange flows correspond to declared trade, investment or other legitimate purposes.
The Bank of Thailand announced that for foreign‑currency transactions arising from ordinary purposes such as trade, direct investment, foreign securities or loans, banks must request documents proving the source of funds for each transaction worth $200,000 or more, except for customers who have completed KYB—those with FX hedging or trade‑finance credit lines, or those without a credit line but with at least one year of transaction history. For funds falling under the watch‑list—including proceeds from selling Thai real estate to foreigners, from digital‑asset sales, or other non‑loan, non‑secury sources—the same $200,000 threshold applies and KYB cannot be used to waive the documentation requirement; if the source is digital‑asset revenue, additional proof of the funds used to acquire the assets must be submitted. Payments related to gold must be accompanied by supporting documents for any amount, mirroring the rules for transferring gold‑related funds into a non‑resident baht account. Cash purchases of foreign currency are limited to $15,000 per day; larger amounts require evidence that the money was brought into Thailand or obtained from a licensed foreign‑exchange provider. The same documentation rules apply to foreign‑currency deposits into foreign‑currency accounts. The Bank of Thailand said it has updated commercial‑bank practices to align with these new criteria.
