Cash deposits over B5m to face mandatory disclosure

Important regulatory update for anyone banking or doing business in Thailand.

The Bank of Thailand has announced that customers depositing more than 5 million baht in cash will be required to disclose the source of those funds, with the rule set to take effect in the fourth quarter of this year. The announcement was made by BoT Governor Vitai Ratanakorn during a meeting with economic reporters on Saturday, 11 July 2026.

The measure is part of broader efforts by the central bank to curb what it describes as the grey economy and illicit financial activities. Governor Vitai stated that the BoT does not want financial institutions under its supervision to be used as channels for illegal activities.

The disclosure requirements will also extend to large cash exchange transactions. Customers seeking to exchange 1,000-baht banknotes for smaller denominations of 100 or 500 baht will need to explain the purpose of the transaction and why the smaller notes are needed.

This builds on a separate measure already introduced earlier this year. Since April and May, cash withdrawals exceeding 5 million baht have been subject to enhanced due diligence, requiring banks to verify the reasons for large cash use and assess whether electronic transfers or cheques could be used instead. Governor Vitai noted that since those measures took effect, large cash withdrawals have fallen by 35%. He added that enforcement will be standardised across all banks going forward.

The governor also addressed Thailand's broader economic picture. The BoT is now projecting GDP growth of 2.3% this year, a significantly better outcome than the 1.5% contraction that had been considered under a worst-case scenario. However, he emphasised that deep-rooted structural problems continue to weigh on the country's long-term growth potential, and called for meaningful structural reforms rather than short-term measures.

Legitimate business transactions remain permitted under the new framework, according to Governor Vitai.

For expats, investors, and business owners operating in Thailand, these changes represent a meaningful shift in how large cash transactions will be scrutinised by financial institutions. If your business or personal finances regularly involve significant cash movements, it is worth reviewing your practices ahead of the fourth quarter implementation.

SLF Legal is here to help you navigate regulatory changes like these with confidence. Feel free to reach out to our team in Koh Samui for guidance.