PATTAYA, Thailand – The Bank of Thailand (BoT) has stepped up oversight of inbound foreign currency transactions in an effort to reduce pressure from a strengthening baht and prevent undesirable or misrepresented financial flows, with the new measures taking effect from December 29.
Ms. Pimphan Charoenkwan, Assistant Governor for Financial Markets at the Bank of Thailand, said the central bank has tightened documentation requirements for the sale and transfer of foreign currency into Thailand by residents, both individuals and businesses. The move is aimed at ensuring that funds entering the country match their declared sources and are not used for improper or speculative purposes.
According to the BoT, transactions involving the sale of foreign currency — particularly US dollars — valued above a certain threshold account for a relatively small portion of total inbound transactions by volume, but represent a disproportionately large share of total inflow value. This imbalance, the central bank warned, creates potential channels for financial misconduct and can amplify exchange-rate volatility.
Under the revised rules, commercial banks must now verify supporting documentation for each foreign currency transaction at or above the specified threshold, including cases where foreign currency is sold for baht or transferred into foreign currency deposit accounts. Exceptions apply only to well-established business customers with ongoing due diligence and verified transaction histories.
However, no exemptions apply when the source of funds involves income from property sales to foreigners, proceeds from digital asset transactions, or other foreign capital inflows that do not fall under traditional categories such as trade, services, investment, loans, or personal transfers. Transactions involving foreign currency derived from overseas gold sales will also require full documentation for every transaction, as will the import of large amounts of foreign banknotes.
The Bank of Thailand said the stricter framework will enhance transparency, improve financial oversight, and support exchange-rate stability at a time when currency movements are under close scrutiny.
Implications for Pattaya and Tourism-Linked Transactions
While the measures are primarily aimed at residents, they may have indirect implications for tourism-driven cities such as Pattaya, where foreign currency inflows are closely tied to property sales, long-stay arrangements, and tourism-related business activity.
Industry observers note that Pattaya has seen significant foreign currency inflows linked to condominium purchases by overseas buyers, as well as digital asset transactions and short-term capital movements. Under the new rules, such transactions will face stricter verification, potentially slowing processing times but increasing transparency.
For ordinary tourists visiting Pattaya, the Bank of Thailand emphasized that routine spending, currency exchange, and normal travel-related transfers are not affected. However, long-term visitors, property buyers, and businesses handling large foreign currency inflows are advised to ensure documentation is accurate and complete to avoid delays.
The central bank said the measures strike a balance between supporting legitimate economic activity — including tourism — and safeguarding financial stability amid persistent pressure on the baht.
