BoT tightens checks on FX inflows to ease baht pressure

The Bank of Thailand (BoT) has tightened supervision of foreign-exchange inflows by raising documentation checks for large transactions of US$200,000 or more, aiming to reduce pressure from baht appreciation and prevent undesirable transactions.

Pimpan Charoenkwan, assistant governor for financial markets at the BoT, said the central bank has strengthened oversight of inbound FX transactions to prevent cases where funds brought into Thailand do not match the declared source, or where transactions may be used for undesirable purposes.

The BoT has adjusted rules governing document verification for residents—both individuals and legal entities—when selling foreign currency to buy baht.

She said transactions involving residents selling US dollars to buy baht with a value above US$200,000 per transaction account for about 15% of the number of inbound resident transactions, but represent as much as 85% of the total value. The current threshold under which inflows are not subject to document checks could be exploited for undesirable transactions or financial misconduct, and—if the volume is large enough—could affect exchange-rate movements.

The revised rules cover the following cases:

1) Selling foreign currency for baht / transferring FX into an FCD account

For transactions worth US$200,000 or more (or equivalent), commercial banks must request documents for every transaction to verify that the source of the foreign currency matches what the customer declares—except for routine transactions of well-known business customers where banks have ongoing Know Your Business (KYB) and Customer Due Diligence (CDD) processes.

However, banks must request documents for every transaction of US$200,000 or more (or equivalent) with no exceptions if the foreign currency source is any of the following:
(1) proceeds from selling real estate to foreigners
(2) proceeds from selling digital assets
(3) other foreign funds that are not intra-group/branch investment, securities investment, borrowing/lending, or derivatives gains
(4) other foreign-currency sources that are not payment for goods, services, income, transfers/donations, investments, banknotes or deposits

2) FX from gold sales

For selling or receiving transfers of foreign currency derived from gold sales, commercial banks must check documents covering gold sales overseas, including billing and customs documents, for every transaction.

3) Selling foreign banknotes

Commercial banks must verify import documentation for customers bringing in foreign banknotes with a combined value of US$15,000 or more (or equivalent).

The BoT said the tighter rules will strengthen scrutiny of FX inflows and improve the effectiveness of exchange-rate stability management. The revised requirements take effect from December 29, 2025.