Methods of Payment

U.S. firms that export to Thailand conduct business on a documentary basis and use various methods of financing and trade facilitation such as letters of credit (L/Cs), bank drafts, and wire transfer trades.  New-to-market exporters and infrequent exporters should require confirmed, irrevocable L/Cs when initiating relationships with new importers and distributors.  Once the importer has established a good payment record and the U.S. firm is convinced of the importer’s trustworthiness, it is advisable to provide more lenient terms.

In November 2022, Thailand’s Standing Committee for Commerce, Industry, and Banking (JSCCIB) announced the first pilots for its blockchain-based National Digital Trade Platform (NDTP), with the initial phase to integrate with Japanese blockchain TradeWaltz and Singapore’s single window Networked Trade Platform (NTP).  The aim of NDTP is to digitize the trade process to speed up imports and exports and improve access to trade finance for SMEs.  The first phase of NDTP involves digitalizing various trade documents, such as purchase orders, invoices and packing lists using UN/CEFACT standards and transport documents, such as bills of lading and seaway bills.  Thailand’s main payment system operation, the National ITMX Company, developed and operates phase 1 of the NDTP platform.

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

Banking Systems

There are 14 Thai commercial banks and 11 foreign bank branches in Thailand.  The public financial sector also includes six “specialized financial institutions (SFIs)” or state-owned banks, namely

• The Government Savings Bank (GSB) for small savings deposits.
• The Bank for Agriculture and Agricultural Cooperatives (BAAC) for farm credits
• The Government Housing bank (GHB) for middle and low-income housing mortgages
• The Small and Medium Enterprise Development Bank of Thailand (SME Bank) to assist SMEs
• The Export-Import Bank (EXIM) for importers and exporters.
• The Islamic Bank of Thailand with Islamic rules on transactions.

The Bank of Thailand (BOT), the country’s central bank, regulates the banking sector and payment infrastructure.  Many innovative financial platforms have been introduced to the market, which aim to facilitate online payments through mobile phones. In April 2021, the BOT and the Monetary Authority of Singapore jointly announced the linkage of their respective national payments systems (PromptPay and PayNow) in a first-of-its-kind initiative to facilitate cross-border transactions. The BOT is also piloting a Central Bank Digital Currency (CBDC).

For more information on the banking system please read the section Capital Markets and Portfolio Investment of the Investment Climate Statement.

Foreign Exchange Controls

Thailand uses a managed-float exchange rate regime. The Bank of Thailand supervises foreign exchange transactions and businesses relating to foreign means of payment to maintain exchange rate stability, helps facilitate private sector operations, and develops the overall financial market and economy in Thailand. 

All foreign exchange transactions must be conducted through commercial banks and authorized non-banks, namely money changers, money transfer agents, and companies that are granted foreign exchange licenses by the Ministry of Finance. The Bank of Thailand prohibits baht-denominated lending to non-residents where there are no underlying trade or investment activities by the borrower in Thailand.

According to the Bank of Thailand, non-residents in transit may bring foreign currency and negotiable instruments into Thailand without limit.  Non-residents may also freely take out of the country all foreign currency they had brought in, without limit.  

Individuals in transit, however, may not take out Thai currency exceeding 50,000 baht per person, except for trips to countries bordering Thailand (Myanmar, Laos, Cambodia, Malaysia, and Vietnam) and the People’s Republic of China (only Yunnan province), where an amount of up to 2,000,000 baht is allowed.  

There is no restriction on the amount of Thai currency that may be brought into the country.  However, any person who brings Thai baht currency, foreign currency banknotes, or negotiable monetary instruments in or out of Thailand with an aggregate amount exceeding $15,000 or the equivalent must declare the amount at a customs checkpoint.

Regarding investors, there is no restriction on the import of foreign currency such as investment funds, offshore loans, and the like.  Such foreign currency, however, must be sold or exchanged into Thai baht or deposited in a foreign currency account at an authorized bank within 360 days from the date of receipt or entry into the country.  An application form F.T. 3 or F.T. 4 must be submitted to an authorized bank for each transaction involving the sale, exchange, or deposit of such foreign currency in an amount exceeding $5,000 or its equivalent.  

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.

U.S. Banks and Local Correspondent Banks

Several U.S. banks, many of which are mentioned below, maintain operations in Thailand on a commercial and/or non-commercial basis.  Interested parties are urged to confirm location and service availability with individual institutions.

JP Morgan Chase Bank

20 North Sathorn Road, Bubhajit Building100

Bangkok 10500

Tel: 662-684-2805

Fax: 662-684-2811

Citibank NA

399 Interchange 21 Building

Sukhumvit Road

Klongtoey Nua, Wattana, Bangkok 10110

Tel: 662-232-2484

Bank of Ayudhya PLC.

1222 Rama III Road, Bang Pongphang

Yannawa, Bangkok 10120

Tel: 662-296-3000

Bangkok Bank Public Co., Ltd.

333 Silom Road, Bangrak

Bangkok 10500

Tel: 662-231-4333, 231-4665

Kasikornbank PCL

1 Thai Farmer Lane

Ratburana Road, Bangkok 10140

Tel: 662-470-1122, 662-470-1199

Krung Thai Bank Public Co., Ltd.

35 Sukhumvit Road, Klongtoey Nua

Wattana, Bangkok 10110

Tel: 662-255-2222

Siam Commercial Bank Public Co., Ltd.

9 Rachadapisek Road, Ladyao

Chatuchak, Bangkok 10900

Tel: 662-544-1111, 662-937-7777