Connect with us

Banking

Thailand raises threshold to 1 million US dollars for repatriation

In a bid to lessen pressure on the Thai baht, the Bank of Thailand has increased to $1M the limit for foreign funds that do not need to be repatriated

Published

on

The Bank of Thailand has relaxed foreign exchange regulations by increasing the threshold for proceeds that do not need to be repatriated from current $200,000 to USD 1,000,000 .

 Ms. Vachira Arromdee, Assistant Governor, Financial Markets Operations Group, Bank of Thailand (BOT) announced that the Ministry of Finance and the Bank of Thailand have relaxed foreign exchange regulations to increase the threshold for proceeds that do not need to be repatriated to USD 1,000,000 (a relaxation from the current threshold of USD 200,000).

The relaxation includes not only export proceeds but also other income as well.

 For those with export proceeds exceeding or equal to the above new threshold of USD 1,000,000 will be allowed to use the revenues to offset foreign currency expenses, without having to repatriate the funds. Exporters can simply register with the BOT and provide necessary documentation to commercial banks, without prior approval from the BOT.

The above relaxation will help businesses reduce fund transfer costs and manage foreign exchange risk more efficiently, especially for exporters as the new threshold accounts for approximately 80 percent of all exports. In addition, the relaxation will also promote capital flow balance and lessen pressure on the Thai baht. These relaxations will be effective on 2 March 2020.

Source : Bank of Thailand

Banking

The Importance of E-Wallets for Online Gaming Sites

With e-wallets and cryptocurrency being the most relevant options, banks have been put on the side burner, especially when e-wallets and cryptocurrency allow for fast electronic transfer, that is done instantly.

Published

on

e-wallet

Online gambling is an industry that needs to keep up with technological trends, to make sure it stays relevant and convenient within the gambling community.

(more…)
Continue Reading

Banking

Thai Government to issue Bt50 bln ( $1.57 bln)Savings Bonds to fund COVID-19 Relief Measures

The special savings bonds are available via the “Sasom Bond Mung Kung” e-wallet, abbreviated to “Sor Bor Mor” in Thai on Krungthai Bank’s Pao Tang mobile app, and through four dealer banks. The minimum purchase of these bonds is 1,000 baht, without no maximum. Interest is paid twice a year.

Published

on

BANGKOK (NNT) – Thailand’s Public Debt Management Office (PDMO) plans to issue “Ying Aom Ying Dai” (the more you save, the more you earn) government savings bonds, worth 50 billion baht, next month, aiming to use the funds to finance state projects to ease the impacts of the pandemic.

(more…)
Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 14,165 other subscribers

Wise

Recent