Foreign Fund Transfer

Bank of Thailand's Regulation on Funds Transfer

Effective Date: 2 September , 2002

Due to recent THB speculative prevention measures taken by the Bank of Thailand (BOT), transferring money into and out of Thailand will require the purpose of transfer and additional documentation to be obtained from our banking customers. We appreciate your cooperation in complying with these new banking restrictions. The BOT requires that for inward transfers, the purpose is given at the time of each transaction and that no pre-arrangement notice can be made as an alternative.

Outward Transfers
Required Documents

• Supporting documents indicating purpose of transfer.
• If currency amount > US$ 10,000 or equivalent and for non-merchandise:
  • Thor Tor 4 Kor (¢) form for Non-resident customers or,
  • Thor Tor 4 Gor (¡) for resident customers is also required.
• Money Laundering Report Form (Please include your Tax ID or other identification)
  • Cash transactions > Bt 2,000,000 require a PorPor Ngor. 1-01 form
  • Asset transactions (ex: telex transfer) > Bt. 5,000,000 require PorPorNgor 1-02 form

   

Inward Transfers

Inward Transfers: Resident customers
Required Documents

• Supporting documents indicating purpose of transfer.
• If currency amount > US$10,000 or equivalent and for non-merchandise:
  • Thor Tor 3 Kor (¡) form for resident customers is required.

          Inward Transfer: Non Resident (Individual)

For Foreign Currency Purchase against Thai Baht from Non-Resident Retail investment in Thailand, Bank of Asia is required to monitor and keep the evidence of all actual payments made for BOT audit and report the transaction to the BOT on daily basis for amounts > Bt. 200,000 per customer* per day.

For currency amounts > US$ 10,000 or equivalent and for non-merchandise, a Thor Tor 3 ¢ form is required for non-resident customers.

1. Bt. 200,000 < Currency Amount < Bt. 50,000,000 per customer* per day
Required Documents

• Purpose of transfer (underlying transaction)
• Supporting documents (to be kept by BOA for BOT auditors for 3 years)

2. Currency Amount > Bt. 50,000,000 per customer* per day
Required Documents

• Letter of approval from BOT (must be sent before 16:30 for same day response)
• Purpose of transfer (underlying transaction)
  Supporting documents (to be faxed to BOT in the first instance)

Note : "Per customer" means the foreign currency purchase transaction from a non-resident customer with all financial institutions in Thailand.

Inward Transfer: Non Resident (Institutional Customers)

For Foreign Currency Purchases against Thai Baht by Non-Residents with Underlying Trade or Investments in Thailand.

Required Documents

• Letter of prior approval from BOT
• Purpose of transfer (underlying transaction)
• Supporting documents (to be faxed to BOT in the first instance)
• Thor Tor 3 ¢ form (required for amount > US$ 10,000 or equivalent)

Note: Bank of Asia is required to monitor the evidence of all actual payments made and send copies of proof to the BOT on a daily basis.

If you require any further information, please contact our
Transfer Customer Desk on (+66) 0-2285-1555.

Please refer to the Bank of Thailand Notification no. BOT.FOG (14) C.2107/2544 ; Subject : Modification on the Procedure of THB Speculative Prevention Measures; Dated September 24, 2001, posted at your Bank of Asia branch for details.