If you are planning on living in Thailand or doing business then you need to understand the exchange control laws. All foreign transactions fall under the Exchange Control Act which governs all foreign exchange transactions. During the course of 1990 foreign exchange controls have been relaxed by the Bank of Thailand to ensure that investment in Thai property does not wain. If you are today buying property in Thailand then you will see that you still need to bring the money in from outside of Thailand and that the local bank has to show that the money has come from abroad.
Transfer of Funds
Non-residents
There is no limit in bringing money into Thailand. If you are visiting Thailand then you are allowed to take the money out of Thailand which you had brought in. For a period there was a time limit for large transaction which needed a 6 months period before it could be taken out again. This was to avoid currency speculation in Thailand and to keep the currency stable.You may however not take out more than 50,000 Baht per person except if you are visiting countries around Thailand which allows for up to 500,000 Baht which would mainly be for investment. These laws do change from time to time so speak to a lawyer about what the limits if any are today.
Residents
There are no limits to the amount of money that you bring into Thailand however once in Thailand the money has to be deposited into a Thai bank account within 7 days of entering the country. Most large transactions are done by transfer so you are allowed to take this money back out of the country again.
Investors
There has been no restrictions on transferring foreign currency such as investment and offshore loans. These transfers of foreign currency must be sold to or deposited into a local bank account within 7 days of it entering Thailand. For funds over US$5,000 or the equivalent thereof the transaction needs an application form F.T. 3 or F.T. 4 submitted to a Thai bank for each transaction involving the sale, exchange or deposit of such foreign currency.
Repatriation of Funds
Repatriation of investment funds, dividends and profits as well as loan repayments and interest payments thereon, after settlements of all applicable taxes, may be made freely Similarly, promissory notes and bills of exchange may be sent abroad without restriction.
If you are looking at investment in Thailand then speak to our lawyers in Bangkok or anywhere in Thailand for more information about investment, property and international transactions in Thailand.
