BOT Tightens Cash Controls: Declare 5 Million Baht Deposits

Thansettakij•Economy•5d ago

Reader Briefing

The Bank of Thailand is implementing stricter cash transaction regulations, requiring declarations for high-value cash deposits and withdrawals to combat illegal activities.

•The Bank of Thailand (BOT) is enhancing its oversight of high-value cash transactions to prevent illegal activities.
•Starting in the near future, a new measure will mandate declarations for cash deposits exceeding 5 million Baht, detailing the source of funds.
•This initiative aims to drive transactions into electronic systems and make suspicious activities harder to conduct.

Overview

•In April 2026, the BOT implemented a measure requiring individuals withdrawing 5 million Baht or more in cash to declare the purpose of use.
•The BOT is preparing to announce and implement a measure to control high-value cash deposits soon, within the next 2-3 months.
•The BOT plans to require those depositing large sums, starting from 5 million Baht, to specify and explain the source of their funds.
•The BOT's measure controls cash withdrawals of 5 million Baht and above, which has been in effect since early April.
•In April 2026, the number of high-value cash withdrawals decreased by approximately 28%, and the total value dropped by about 25% compared to the first quarter average.
•In May 2026, the trend of cash usage continued to decrease by approximately 25-30%.
•The BOT aims to reduce opportunities for grey businesses and corruption in the long term by tightening controls on deposits, withdrawals, and currency exchanges.
•The core intention of the BOT's regulation is to promote transactions through electronic channels, such as money transfers or cashier's checks, to ensure all transactions are traceable.

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Source: Thansettakij (Original)

Key Quotes

Vithai Ratanakorn

"In developed countries, everything should be transferable or payable by other financial instruments instead of cash. This measure will help improve the country by making suspicious transactions more difficult."

ในประเทศที่พัฒนาแล้ว ทุกอย่างควรจะโอนได้หรือใช้เครื่องมือทางการเงินอื่นแทนเงินสดได้ มาตรการนี้จะช่วยให้ประเทศดีขึ้น โดยทำให้ธุรกรรมที่น่าสงสัยทำได้ยากขึ้น

Key Entities

Organization

Bank of Thailand (BOT)(ธปท.)ℹ️

The central bank of Thailand responsible for monetary policy and financial regulation, implementing new cash control measures.

Person

Vithai Ratanakorn(วิทัย รัตนากร)

Governor of the Bank of Thailand (BOT) who announced the progress of cash transaction regulation measures.

Rung Mallikamas(รุ่ง มัลลิกะมาส)

Mentioned as preparing to become the first advisor to the BOT Governor, though not directly involved in the cash control announcement.