Thailand Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in thailand, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Trade Financing
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Methods of Payment

U.S. firms exporting to Thailand commonly use letters of credit (LCs), bank drafts, and wire transfers for financing and trade facilitation. In Thailand, some commercial banks also offer a Trust Receipt, a short-term financing facility, to importers for cash flow management when purchasing goods from aboard. New-to-market exporters should request confirmed, irrevocable LCs when dealing with new importers, relaxing terms only when trust is established.

In November 2022, Thailand’s Joint Standing Committee on Commerce, Industry, and Banking, a coalition of prominent business associations, launched the initial pilots of the blockchain-based National Digital Trade Platform (NDTP). The first phase, developed by the National ITMX Company, digitizes trade documents like purchase orders, invoices, and transport documents using UN/CEFACT standards, integrating with Japan’s TradeWaltz and Singapore’s Networked Trade Platform to streamline imports, exports, and SME access to trade finance. As of mid-2025, the NDTP is a pilot project under development, but a significant step towards digitalizing Thailand’s trade processes and enhancing its role as a digital hub in the ASEAN region.
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-policy financial sector also includes seven “specialized financial institutions” or state-owned banks, which were established by law to support government policies, namely: 

•    The Government Savings Bank for small savings deposits
•    The Bank for Agriculture and Agricultural Cooperatives for farm credits
•    The Government Housing bank for middle and low-income housing mortgages
•    The Small and Medium Enterprise Development Bank of Thailand to assist SMEs
•    The Export-Import Bank of Thailand for importers and exporters
•    The Islamic Bank of Thailand with Islamic rules on transactions
•    The Thai Credit Guarantee Corporation to support SMEs that lack sufficient collateral to obtain loans
 

The Bank of Thailand (BOT), the country’s central bank, regulates the banking sector, including SFIs, and payment infrastructure. Many innovative financial platforms, aiming to facilitate online payments through mobile phones, have been introduced to the market. In April 2021, the BOT and the Monetary Authority of Singapore jointly announced the linkage of their respective national payment systems (PromptPay and PayNow) in a first-of-its-kind initiative to facilitate cross-border transactions. In addition, Thailand has also partnered with Vietnam to implement a cross-border QR payment system. This allows tourists from both countries to make payments by scanning standardized QR codes, promoting seamless and cost-effective transactions for travelers.

In 2024, the Bank of Thailand introduced a new type of license for virtual banks that operate entirely online, without physical branches. Thailand plans to launch its first virtual banks in 2025, aiming to make digital banking easier and more accessible, especially for small businesses that need loans and payment services. With more people using smartphones and wanting simple financial tools, Thailand is becoming an attractive market for U.S. fintech companies offering services like digital banking, payments, and insurance. 

In June 2025, three groups received approval to start virtual banks: ACM Holding Company Limited (supported by CP Group); a partnership of Krungthai Bank, AIS, and PTT Oil and Retail; and SCB X with partners KakaoBank (South Korea) and WeBank (China). These companies must set up public limited companies, pass readiness checks, and begin operations within a year. This move is expected to encourage innovation, healthy competition, and better access to financial services through technology, helping Thailand become a key player in virtual banking in Southeast Asia.

According to Bangkok Post, Thailand’s fintech industry is entering a significant growth phase, underpinned by a strong digital economy forecasted to reach $140.3 billion by 2025, with an expected annual growth rate of 7.3 percent. Digital adoption continues to accelerate, with digital payment users projected to grow by approximately 31 percent, reaching over 43 million users by 2028.

Foreign Exchange Controls

Thailand uses a managed-float exchange rate regime. The value of the baht is determined by market forces with occasional intervention by the Bank of Thailand (BOT) to maintain exchange rate stability. The BOT is responsible for supervising foreign exchange transactions and ensuring the stability of the overall financial market and economic health in the country. 

All foreign exchange (FX) transactions must be conducted through licensed commercial banks or authorized non-bank entities, such as money changers and remittance service providers that hold FX licenses from the Ministry of Finance. According to the BOT regulations, non-residents may bring unlimited foreign currency or negotiable instruments into Thailand. They may also freely take out any amount of foreign currency they brought in, without restrictions. However, a person bringing in to or taking out of Thailand foreign currency bank notes in an aggregate amount exceeding US$20,000 or its equivalent must declare so to a customs officer.

The following regulations apply to the Thai Baht: Non-residents may not take out more than 50,000 baht per person, except when traveling to neighboring countries (Myanmar, Laos, Cambodia, Malaysia, and Vietnam) and China’s Yunnan province, where the limit increases to 2,000,000 baht. However, taking out Thai currency in an amount exceeding 450,000 requires declaration to a customs officer.

There is no restriction on bringing in investment capital, offshore loans, or foreign sourced funds. However, such funds must be sold, exchanged into Thai baht or deposited into a foreign currency account at an authorized financial institution within 360 days of receipt but with some exceptions such as foreigners temporarily staying in Thailand for not more than three months. For each transaction exceeding $5,000, a form used to report sale, exchange, or deposit of foreign currency must be submitted to the authorized bank.

Repatriation of investment funds, dividends, and profits, as well as loan repayments and interest is freely allowed, provided that applicable taxes have been settled. Likewise, promissory notes or bills of exchange abroad are not restricted under Thai law.

U.S. Banks and Local Correspondent Banks

Three U.S. banks, mentioned below, maintain operations in Thailand on a commercial and/or non-commercial basis. Interested parties are urged to confirm 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, N.A. (Thailand)
399 Interchange 21 Building, Sukhumvit
Bangkok 10110
Tel: 662-232-4200
Email: thailand.citiservice@citi.com

Bank of America (Thailand branch)
33rd Floor, 87 Wireless Road
Lumpini, Pathumwan, Bangkok 10330
Tel: 662-305-2800

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Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

Limitations

As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

Privacy

The Chatbot does not collect information about users and does not use the contents of users’ chat history to learn new information. All feedback is anonymous. Please do not enter personally identifiable information (PII), sensitive, or proprietary information into the Chatbot. Your conversations will not be connected to other interactions or accounts with ITA. Conversations with the Chatbot may be reviewed to help ITA improve the tool and address harmful, illegal, or otherwise inappropriate questions.

Translation

The Chatbot supports a wide range of languages. Because the Chatbot is trained in English and responses are translated, you should verify the translation. For example, the Chatbot may have difficulty with acronyms, abbreviations, and nuances in a language other than English.

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