Bank of Thailand (BOT) said on 26 September 2023 that they will relax foreign exchange rules for non-residents, to make it easier for foreigner to do business in the country.
The cost of foreign exchange transactions should be reduced, BOT said in a press release. It’s a part of the bank’s effort to develop the foreign exchange ecosystem within the country.
This means non-residents can undertake cross-border payments related to the baht with onshore financial institutions, without the requirement of supporting documents for each transaction. A way to reduce bureaucracy. Furthermore, non-residents will no longer be limited by an end-of-day balance limit in their baht accounts.
“This will also allow non-resident investors (end beneficiaries) investing in securities in Thailand to be able to conduct such transactions directly without proceeding through global custodians,” BOT explained.