Doing business in Thailand will be easier for foreigners

Bank of Thailand. Photo: Post Today

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.

Source: Reuters and BOT

About Sofie Rønnelund

Sofie Roennelund is a journalist working with ScandAsia at the headquarters in Bangkok.

View all posts by Sofie Rønnelund

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