Q1: Our Thai company who owned by foreigner for 49% will apply and hold “Money Exchange License” in Thailand, I focus to locate in Pattaya Area.

Panwa: You an apply the Money Exchange License in Pattaya area but this company must have capital with minimum of Baht 10 million and do business in Tourism with the license of hotel or TAT license and also the shareholder must be only individual.

Q2: I would like to apply for Money Exchange License which will cover for exchange counter and online transfer. Can assist us for this one?

Panwa: Please note that money exchange license only covers for the counter cash exchange (offline). However, if you plan to do online transfer same as Western Union it is not cover under this Money Exchange License.

Q3: If my company would like to operate for money exchange business, in step of company registration can we specify the related business objective about money exchange, as well as use the company name indicating our money exchange business or not (Our company previously had the tourism company that must apply for the license first before it can operate and we are afraid that we will have to do the same).

Panwa: Please note that you can register the company first, provide the related names and specify your purpose regarding receiving or exchanging currency, after that apply for a license.

Q4: If we open a currency exchange shop and applied for money exchange license already under our company’s address, when we operate, can we do it on another location (from our company’s address)?

Panwa: It is impossible due to in the process of applying the money exchange license, you have to provide the layout and photographs moreover, the bank of Thailand officer will investigate at your office after submit the application forms around 1 month and interview the business owner. Moreover, it is clearly stated that the shop/counter must be the same place where the permission is given

Q5: In case already have the money exchange license, if we would like to apply for the license for the branch office, is it possible and what are the procedure?

Panwa: Yes, you can add the branch however, the company must follow the conditions of Bank of Thailand as follow:

1. The company must have 10 million Baht capital with fully paid and register branch office at Department of Business Development and inform the Bank of Thailand within 15 days after registering branch office and the company can prepare the documents for approval of using the license under the branch office in one time.

2. The head office must have the financial transactions and according to Bank of Thailand’s regulations, the company must submit the report to bank of Thailand every month since the company obtained the head office license.

3. The approval period for using the license under the branch office is approximately 30 working days. After approval, the money exchange license of the head office can be used directly for the branch office, due to the Ministry of Finance will not issue the license for the branch office. Anyway, such license will be shown via electronic/displayed electronically only.

Q6: In case the money exchange license is lost or damaged, can we obtain the replacement and how?

Panwa: Yes, the company can proceed to request the replacement of license which the authorized person need to submit the related forms for requesting the replacement from the Ministry of Finance through Bank of Thailand within 30 days from the date of acknowledgment of the loss or damage of license, which this process will take approximately 45 working days for consideration and approval. The required documents are as follow:

• Application form for request replacement of the money exchange license as signed by the authorized director and affix company seal (if any)
• Signed copy of ID card of authorized director
• Copy of company’s affidavit & objectives as signed by the authorized director and affix the company seal (if any)
• The notification of loss from the police

Q7: In case applying for money exchange license, does it cover for exchange cash and online transfer?

Panwa: Please note that the money exchange license allow to exchange cash at the shop only not include the transfer service such as Western Union that need to request for another kind of license.

Q8 – Currently the company operates the currency exchange business and has only one shop (head office) which currently we would like to add 2 branch offices for this business. Moreover, the company has Baht 10 million registered capital and one managing director since its registration. We would like to know if after we finish adding branch offices with Bank of Thailand, the company can appoint another person as a managing director to have the authority to manage the currency exchange shop of different branches; one person per one branch?

Panwa: Please note that the person who has the authorization to manage the money exchange business is a managing director who registered and received the permission from the Bank of Thailand when apply for the money exchange license only. However, the company cannot appoint another person to be a managing director to manage the shop separately due to there are limitations of the authority of the managing director which it must be the same person even if the company has many branches. This is except for the case of change the authorized director of the company, which for such case, it can be changed which the company must also provide a letter specifying that such person does not have prohibited characteristics according to Section 2 of the announcement of the Foreign Exchange Control, as per the rules and procedures of conducting money exchange business. Moreover, the company need to inform such change to the official in writing along with the relevant documents within 15 days from the date of registration with the Department of Business Development.

Q9 – We opened the restaurant in Pattaya however, we would like to operate another business for currency exchange under the same existing company which the client can exchange and receive cash and we can assist to transfer the money to overseas as well. Can we do that? If so, how to do?

Panwa: Please note that for the nature of money exchange business in Thailand, it only covers for the direct exchange of currencies by cash at a physical currency exchange shop or counter; such business does not cover any forms of transferring of money. So, in case you would like to do both businesses, you must do the following:

1. Add the new objective (1st for money exchange business) at Department of Business Development.

After you already added the new objective, the company can apply for money exchange license with the Bank of Thailand, which can apply for only 4 periods in a year: March, June, September and December. Moreover, the company will have time to apply within 1 month, and it will take time to obtain the license around 3 months.

2. For the second business of transferring service, your company have to contact the Bank of Thailand directly due to there are details that must be presented on a case-by-case basis and it is not easy to approve. We cannot provide for this 2nd case.

Q10 – Our company has 2 directors and the authorization is one director can sign and affix the company’s seal. In case we would like to apply for the money exchange license, in step of submit the application forms to the Bank of Thailand, can we appoint 2 directors to have the authority to manage and sign any documents related to money exchange or they allow only one director? If cannot, do we need to register with DBD to have only one director too?

Panwa: According to the regulations of Bank of Thailand for apply money exchange license, the company can appoint only one managing director to have the authorization to manage and sign the documents related to money exchange business. For the case of the company has 2 directors must appoint the authorization for management and signing to only one director and for another director can be appointed for other duties the business such as has a responsibility to take care of financial, accounting etc. but no authorization on management and signing. Moreover, even if the company has 2 directors, you still can apply for the money exchange license as normal without amending any information on company’s affidavit.

Q11 – My company has conducted the Money Exchange Business for more than 4 years already which our head office is located in Bangkok. If I wish to increase the branch for money exchange in Hat Yai (Songkhla province), what are the procedures and what are the departments and areas that my company needs to proceed for open money exchange branch?

Panwa: According to the regulations of Bank of Thailand, in order to increase the branch office of money exchange, the authorized money changer must have the following conditions:
1. Must have a registered capital of Baht 10 million with fully paid-up
2. Must submit the report to Bank of Thailand every month to ensure that the company truly operated this business.
If falls under those conditions, the company can proceed for register branch office for money exchange at the Department of Business Development and within 15 days after registration, must inform and submit the requirement to the Bank of Thailand which both departments must be registered in Bangkok follow the head office location. After the Bank of Thailand officer approves for open branch office, the company can use the same license of the head office to show at the branch office through electronic file.

Q12 – If the company requires to increase money exchange branch, is it necessary that it must be located in the same area with the head office?

Panwa: Please note that it is possible to increase the money exchange branch in the same area with the head office and can also in other area or province that the location is suitable for operating the business. However, in step of informing for increase branch office to the Bank of Thailand officer, it must be done at the Bank of Thailand in Bangkok follow the head office address only.

Q13 – In case of increasing branch office for money exchange and after the officer approves already, will the Bank of Thailand issue another license for the branch office?

Panwa: For the authorized money changer who has many branches of money exchange, please note that after receive the approval for open branch office, the officer will not issue another license which all branches will need to use the same license with the head office and the same license number and the branch office must show the license by electronic instead such as display via LED or open the scanned file through a computer screen. Moreover, a photocopy cannot be used and displayed.

Q14 – My company applied for the money exchange license for the first time with Baht 10 million registered capital, fully paid and we also have the tourism license, which we have a foreign shareholder participate in the company. If we require to increase the money exchange branch, can we proceed directly or it does have other requirements and how long is the Bank of Thailand’s approval?

Panwa: Please note that the company can proceed for open branch office directly by register branch office at Department of Business Development and inform the Bank of Thailand due to the company has already completed the requirements for increase branch office for money exchange. Moreover, after submit the required documents to Bank of Thailand, the officer will take around 30 business days for approval.