Bank of Thailand Relaxes Regulations on Non-residents’ Transactions

The Bank of Thailand (BOT) has announced that it is providing more flexibility for non-residents who have trade and investment in Thailand.

Key Takeaways

The Bank of Thailand is providing more flexibility for non-residents to undertake Thai Baht transactions without submitting supporting documents, including managing Thai baht liquidity in their Non-resident Baht Accounts.
Non-resident Qualified Companies can now participate in the scheme, allowing them to undertake transactions related to Thai baht with onshore financial institutions.
The requirements on supporting documents have been eased for non-residents conducting Thai baht transactions, reducing the burden and allowing direct transactions for non-resident investors in Thailand.

Under the Non-resident Qualified Company Scheme (NRQC scheme), non-residents can now undertake transactions related to Thai Baht with onshore financial institutions without submitting supporting documents for each transaction. They can also manage Thai Baht liquidity in their Non-resident Baht Accounts (NRBAs) without being subject to the end-of-day outstanding balance limit.

Additionally, the requirements on supporting documents for transactions with onshore financial institutions have been eased for non-residents with trade and investment in Thailand. This move is part of the BOT’s effort to develop the country’s FX ecosystem and reduce the cost of foreign exchange transactions for non-residents.