Paying a Thai exporter from Russia: dollars or baht, details without an IBAN, the purpose-of-transfer form at a Thai bank, Songkran. Rate and fee before debit.
Estimate the minimum fee
The final fee and rate are fixed in the payment order
Minimum amount: 10,000 USD or equivalent
This is a minimum, not an offer or a rate lock. The final figure depends on the country, amount and the banks involved and is fixed in the payment order.
Request a quoteMost of all, Russian companies buy food here: fresh fruit (durian, mangosteen, mango, longan), shrimp and other seafood, canned tuna and pineapple, jasmine rice, coconut products. The second line is natural rubber and rubber products, including medical gloves. The third is car parts, cosmetics and herbal remedies made to local recipes.
Thailand’s currency is the baht (THB). Thai exporters price in US dollars; baht are less common on export invoices. Food suppliers sometimes ask for baht to avoid conversion losses. The agent transfers exactly the currency written in the invoice.
Thai accounts have no international IBAN. The sending bank needs only the account number, the SWIFT code and the branch name. A Thai company registers an English name alongside its Thai one, and the bank may hold it in a shortened form. Ask the supplier to send its name exactly as its bank writes it for payments from abroad: if the name in the payment does not match the bank’s version, the money may come back.
Company forms: Co., Ltd. and Public Co., Ltd. Each has a 13-digit registration number, which can be used to find the company in the public register of the Department of Business Development. The year on the extract is often given by the Buddhist calendar.
The Bank of Thailand monitors inflows of foreign currency. The recipient of a large incoming payment fills in a purpose-of-transfer form at its bank. If the payment reference is vague, the supplier will come back to you to clarify, and crediting will wait. So in the reference we write the contract number, the invoice number and the goods in the words used in the documents. You approve the text before the payment order.
For each invoice we look in our pool for an agent whose route in dollars or baht to the Thai beneficiary’s bank works on the payment date. The execution period is set in the agency agreement. The payment order includes that agent’s rate and fee, and you sign it before any roubles are debited. If you need a guarantee, the roubles wait in a special escrow account at a Russian bank until the supplier has received the money. We set this up on request, for an additional fee. You pay VEDmost nothing extra: the brokerage fee is covered by the agent.
The usual scheme for Thai exporters is an advance with the order and the balance against a copy of the bill of lading. For fresh fruit with a short shelf life, they often ask for full prepayment. Rubber and canned goods come in regular batches under one contract, and each batch is paid under its own payment order.
For shrimp, fish and other products of animal origin, check before payment whether the supplier’s plant is on the list of establishments approved for supplies to the EAEU. If it is not, the cargo will be stopped at the border, while the prepayment will already be with the supplier.
Banks are closed for Songkran in mid-April, on the birthdays of the King and the Queen Mother, and on Buddhist holidays set by the lunar calendar. The government also often adds days off to long holidays. During Songkran many factories stop for a week, and shipments shift. If the contractual payment date falls on these days, it is wise to send the payment early.
Five steps, the same for every country. Country specifics are described above.
Beneficiary's country, amount, currency, the invoice and the contract or bill, your company's and the beneficiary's details. We review the request before any documents are signed.
We select a network company and a route and prepare the documents. You sign an agency agreement with that company, which sets the execution period, and a payment order: amount, exchange rate and fee. All of this before you transfer your roubles.
You transfer roubles to the network company from your account at a Russian bank. If you need a guarantee, they wait for execution in a special escrow account, for an additional fee.
The agent sends the currency to the beneficiary under this payment order. A sub-agent is engaged only with your consent. The route does not change without a payment order.
We send you the payment confirmation, and a SWIFT confirmation on request. Then the completion certificate, the agent's report and the currency control package. The deal is not closed until the currency has been sent to the beneficiary.
If you need a guarantee, the payment goes through a special escrow account at a Russian bank: the roubles wait there until the agent sends the currency to the beneficiary and are released only upon execution. This scheme carries an additional fee, shown in the quote before the agreement.
The agent executes the payment within 3 business days: the period is written into the agency agreement.
If the beneficiary's bank accepts payment only from a specific payer, the agent engages a sub-agent. Only with your consent. Your agency agreement does not change.
For large volumes, on request, we assign an agent backed by a large exporter's surety; some companies in our network have one. It can be combined with escrow.
Tell us the rate you pay now or send your current agent’s documents. We’ll calculate the all-in cost with the FX markup and charges and look for a lower rate in our network. If there isn’t one, we’ll say so. The comparison is free.
With two payment orders under one agency agreement. The first covers the advance against the pro forma invoice, the second the balance once the supplier sends a copy of the bill of lading. The rate and the fee are written into each payment order separately.
The Bank of Thailand monitors foreign currency inflows, and the recipient of a large incoming payment fills in a form on the purpose of the transfer. If the payment reference matches the invoice, the supplier can fill it in easily, and crediting is not delayed.
The English name exactly as the bank records it, the account number, the SWIFT code and the bank branch. Thailand does not use IBANs.
In official papers, such as an extract from the company register, the year is often given by the Buddhist calendar: it is 543 higher than the familiar one. Export invoices are usually dated by the Gregorian calendar.
During Songkran in mid-April, on the birthdays of the King and the Queen Mother, on Buddhist holidays set by the lunar calendar, and on extra days off that the government announces during the year.
Describe the payment. We'll reply with a proposed route and terms. We name the agent in advance, and the rate and fee go into the payment order before your roubles are debited.