Cash services - Thailand

23.03.2021

Cash payments

When cash payments are to be settled by cheque, customers should ensure that their counterparty indicates on the cheque, as beneficiary data, CBL, the customer and the customer account number.

Customers are recommended to instruct their cash correspondent to pre-advise the payment to CBL’s cash correspondent, Standard Chartered Bank (Thai) Public Company Limited. Customers should include in their pre-advice to CBL the name of their cash correspondent in field :52A: of their SWIFT MT210 message. Failure to do so will lead to late credit of funds in the customer's CBL account.

Use of DMS purpose codes in cash withdrawal (90) instructions

In April 2004, the Bank of Thailand implemented an electronic reporting system called the “Data Management System” (DMS). When instructing CBL to withdraw THB from their account, customers must use specific DMS purpose codes as follows:

Cash withdrawal (90) instructions out of CBL in THB in favour of Thai resident or non-resident beneficiaries must indicate the DMS purpose code as follows:

318158

FX outright spot transactions

318162

Purchases of equity instruments a

318159

FX outright forward transactions

318163

Purchases of debt instruments b

318160

FX swap transactions

318164

Other reasons

318161

Derivatives transactions

a. For example: common stock, preferred stock, unit trusts.
b. For example: bonds, debentures, certificates of deposit, treasury bills etc.

Note: Instructions that include DMS code 318164 must specify in free-format text the reason for the transfer. For example: 318164, nostro transfer

Transfers of funds to a Thai resident beneficiary where the payment is related to a securities transaction must, in addition to providing a DMS purpose code from the above list, include the following details in free-format text:

  • The instrument type (for example, common stock, preferred stock etc.);
  • The security's listing status on the Thailand Stock Exchange (listed or unlisted); and
  • The period remaining until maturity of the security (fixed income only: x months or x years).

For example: 318163, corporate bond, listed, 27 months.

Instruction formats

Depending on the connectivity medium used, customers must comply with instruction formats as follows:

Connectivity mediumField for account number of final beneficiaryField for DMS code and additional information

CreationOnline

Beneficiary Institution

Details of Payment

Creation via SWIFT and CreationDirect:

MT202 financial institution transfer

Tag :58a:

Tag :72:

MT103 customer payment
(non-financial institution transfer)

Tag :59a:

Tag :70:

Limit on THB aggregate account balances

The Bank of Thailand imposes a daily limit of THB 200 million outstanding at the end of the day on Thai Baht (THB) cash balances in the accounts of non-residents.

This limit applies to aggregate account balances held by any non-resident entity with any Thai bank, including the total cash balance held in our Non-Resident Baht Account for Securities (NRBS) where amounts are not split according to the underlying beneficial owners.

In order to comply with this limitation, we must enforce the following measures:

  • Customers must keep their THB balances strictly at the lowest amount.
    If this is not observed, we may be forced to perform an automatic same-day foreign exchange, without advice and charged at a penalty foreign exchange rate, on those underlying accounts that have the largest balances. The foreign exchange will consist of a sale of THB against USD with same-day value date.
  • THB payments to our account with Standard Chartered Bank (Thai) Public Company Limited must be related to an immediate purchase of securities.

Note: Standard Chartered Bank (Thai) Public Company Limited may reject any unadvised incoming funds.

Clean payments

Clearstream Banking’s cash account no. 00100869378 with Standard Chartered Bank (Thai) Public Company Limited is an NRBS account.

Customers’ cash accounts with Clearstream Banking are considered to be NRBS accounts. Therefore, customers must ensure that clean payments to fund settlement transactions, corporate events and warrants execution are paid to the Clearstream Banking NRBS account.

Customers withdrawing their THB cash balances can only instruct their NRBS account and must ensure that the receiving cash account is a designated NRBS account. Payments from the NRBS account to an NRBA account are not permitted and will fail at market level.

Customers are strongly requested to comply with the regulations as Clearstream Banking cannot be held liable for failed or late payment execution due to non-compliance with the aforementioned regulations.

Foreign exchange

Foreign exchange services for THB are available.