Opening a currency exchange office in Thailand requires careful preparation and strict compliance with local regulations. Currency operations in the country are considered a highly regulated activity: any company that wants to engage in the business of exchanging foreign currency must obtain a license from the Ministry of Finance and be supervised by the Bank of Thailand.

For non-banking companies, there is a specific type of license — Authorized Money Changer. It allows exchanging cash foreign currencies into Thai baht and vice versa through a physical service point. At the same time, this license applies only to offline exchange; online services and international transfers are not covered.

The first step in obtaining a license is registering a legal entity in Thailand. Most often, this is a private limited company (Limited Company).

Foreign ownership is limited to 49%, and the company must be considered Thai. The minimum registered capital depends on the shareholder structure:

• for a fully Thai-owned company — 1 million baht;
• for a company with foreign participation, even minor — from 10 million baht.

In the case of foreign participation, an additional requirement is to hold a tourism license or a hotel license.

The licensing procedure takes several months and goes through multiple stages.

First, a company is registered, and a package of documents is prepared: incorporation papers, passports of shareholders and directors, certificates of no criminal record, lease agreement for the premises, plans and photos of the site, and confirmation of paid-up capital.

The application is submitted to the Bank of Thailand within the established deadlines — four times a year: in March, June, September, and December. The review period is about three months. The regulator verifies the company’s financial condition, management qualifications, and sources of funds.

Once all conditions are met, the Ministry of Finance issues the license. It is tied to a specific address, so operations can only be carried out at the designated location. To open branches, separate approval from the Bank of Thailand is required, but a new certificate from the Ministry of Finance is not issued — electronic confirmation is sufficient.

After obtaining a license, the company is obliged to comply with a number of rules.

The premises must meet safety standards, have a designated customer service area, and a video surveillance system. The managing director is approved by the regulator and is responsible for the operation of all company exchange offices. Employees are required to undergo training in KYC/AML procedures and be able to properly identify clients for transactions exceeding established limits.

The company must submit monthly reports to the Bank of Thailand and keep complete records of all transactions. Supervisory authorities carry out planned, spot, and surprise inspections. For violations, penalties are provided, up to and including suspension of the license.

From a tax perspective, currency exchange operations are exempt from VAT (7%), but they are subject to the Specific Business Tax (SBT) at a rate of 3% plus a 10% municipal surcharge, which totals about 3.3% of revenue. In addition, corporate income tax at a rate of 20% is payable.

Obtaining a currency exchange license in Thailand is a complex, multi-stage process. It is crucial to take into account legal nuances, the requirements of the Bank of Thailand, preparation of the full document package, compliance with AML/KYC rules, technical safety standards, and tax obligations. Any mistake or oversight at any stage can result in delays or refusal of a license.

That is why it is advantageous for businesses to entrust the process to professionals. Khonsu Legal provides full support in obtaining currency exchange licenses in Thailand on a turnkey basis: we develop a step-by-step strategy, prepare all documents, liaise with regulators, advise on company structure and taxation, and take care of the entire process up until the license is issued.

Our lawyers and consultants have experience supporting international companies in Thailand and understand all the practical nuances — from company registration to branch approvals. Working with us, you receive not only legal support but also confidence that your project will be completed on time and in full compliance with Thai law.

Do you want to open a currency exchange office in Thailand and obtain a license without unnecessary risks and delays? Contact Khonsu Legal — and we will handle everything for you.