Foreign Currency Account

There are several Regulations and Laws that have to be followed. A passport and work permit (if any) will normally be requested from the applicant when opening a foreign currency account in Thailand. In addition, certain supporting documents, such as relevant pay slip or loan agreement, must be submitted to the authorized agent. Generally, non-residents may open and maintain a foreign currency account with authorized agents in Thailand. The funds to be deposited into such foreign currency account by nonresidents must be from abroad or received from a resident for payment of its obligation (e.g. salary paid by resident employer) or borrowed from the authorized agents.

Even if there is no restriction under the Exchange Control Act as to the foreign currency to be deposited and maintained in the foreign currency account in Thailand, only accounts denominated in certain major foreign currencies such as USD, JPY, EUR, GBP, AUD, CAD, DKK, CHF, SGD and HKD are available (depending primarily on which authorized agent such foreign currency account is to be opened and maintained). Each authorized agent may also specify the minimum amounts required for opening of a foreign currency account (savings, fixed deposit, or current, as the case may be) with it.