Previously, the Bank of Thailand (BOT) implemented measures to monitor cash withdrawals starting from 5 million baht, requiring withdrawers to declare the purpose of the funds to the bank.
Recently, BOT is preparing to extend these measures to cash deposits starting from 5 million baht, requiring depositors to explain the origin and source of the cash. The guidelines are being developed and are expected to be enforced around October 2026.
Additionally, Witai Ratanakorn, Governor of BOT, stated that exchanging large amounts of banknotes—for example, exchanging 10 million baht in 1,000-baht notes for 500 or 100-baht notes—will also require explanation for the transaction, clarifying why such large cash amounts are needed.
BOT's rationale is that cash transactions are harder to trace financially compared to bank transfers, posing a higher risk of being used for money laundering, moving illicit funds, using mule accounts, or concealing the origin of money.
This aligns with reports that Thailand has become a major target where gray capital and illicit money from around the world flow in for laundering. Popular assets include cash purchases of luxury real estate or gold. Thailand's underground economy is estimated at nearly 50% of GDP, untaxed.
This enhanced measure aims to prevent financial institutions from being used as conduits for funds linked to illegal activities and to improve the effectiveness of tracking money flows.
The existing measures already in effect cover cash withdrawals starting from 5 million baht.
Those conducting transactions must
If unable to justify or provide necessary information, the bank reserves the right to refuse the transaction.
The new measures will extend oversight to cash deposits, thus covering both cash inflows and outflows through the banking system.
For most people, the answer is hardly any direct impact, as cash deposits or withdrawals of 5 million baht or more are not common in daily life.
Meanwhile, bank transfers or crossed-check payments into accounts can continue normally, as these transactions have traceable financial paths.
Who should prepare?
These measures relate to individuals conducting high-value cash transactions, such as
Currently, many countries are reducing cash usage in high-value transactions and promoting payment systems with traceable financial paths to strengthen anti-money laundering, combat financial crime, and prevent tax evasion.
For example, Europe is much stricter than Thailand—cash payments over 2,000 euros are prohibited and must be made by card or check to ensure traceability. Singapore is similarly strict; foreigners buying condominiums must clearly prove the source of funds, unlike Thailand where luxury homes worth hundreds of millions of baht can still be purchased in cash with ease.
Therefore, BOT's current move signals that Thailand is aligning with global trends by increasing oversight on high-value cash transactions.
Already in effect:
[ Cash withdrawals of 5 million baht or more ]
Guidelines under development:
[ Cash deposits of 5 million baht or more ]
[ Large banknote exchanges ]
Will require explanation for exchanging cash.
Although most people may not currently have 5 million baht in cash for transactions, it is important to be aware of these upcoming changes, as high-value cash transactions will undergo increased scrutiny in the future. Being prepared with information and documents will ensure smooth processing if such transactions occur.
Source: Bank of Thailand.
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