About the Thai Baht
The Thai baht is the currency of Thailand, issued by the Bank of Thailand. Thailand's decision to float the baht in July 1997, after it could no longer defend its dollar peg, set off the Asian financial crisis.
Tourism and exports of cars, electronics and farm products are major sources of foreign currency, so the baht reacts to visitor numbers and to global trade. The Bank of Thailand limits how much baht non-residents can hold and borrow, to discourage speculation.
The Bank of Thailand targets inflation of 1% to 3%, and its Monetary Policy Committee meets six times a year.
Paying in THB
- Account details
- Thailand does not use IBANs. A baht payment needs the account number, the account holder's name exactly as the bank holds it, and the bank's SWIFT/BIC code.
- Purpose and forms
- Thai banks ask for the purpose of incoming international payments, and larger amounts need a foreign exchange transaction form. Include a clear payment description.
- Domestic clearing
- Baht payments within Thailand go through PromptPay, which sends payments within seconds and can use a phone or ID number, or through BAHTNET, the Bank of Thailand's system for large payments.
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