Deutsche Bank and XTransfer Work Together to Promote Thai Baht Trade in Thailand
By conducting the first Thai Baht (THB) exchange onshore in Thailand, XTransfer and Deutsche Bank have accomplished a major milestone in their partnership and made cross-border transactions easier.
Feb. 8, 2024, Hong Kong /PRNewswire/ — The top B2B cross-border trade payment platform in the world and China, XTransfer, is pleased to announce a significant development in its collaboration with Deutsche Bank. Using the most recent iteration of the Bank of Thailand’s Non-Resident Qualified Company (NRQC) regulations, Deutsche Bank has performed XTransfer’s first onshore Thai Baht (THB) trade in Thailand with remarkable success
Under the NRQC program, XTransfer can now receive local payments from Thai buyers on behalf of export companies. In a seamless process facilitated by Deutsche Bank, THB payments are converted to HKD and RMB before being transferred to XTransfer’s international accounts. From there, XTransfer can efficiently distribute the funds to its export clients, ensuring smooth cross-border transactions.
Deutsche Bank helped XTransfer (as a non-Thai company) receive approval for NRQC status through its Bangkok branch. Key benefits include a higher THB limit for accounts (more than THB 200 million) and shorter FX settlement time.
