Helping XTransfer execute its first onshore Thai Baht trade

Transaction paves the way for international payment companies to expand into Thailand

Deutsche Bank helped Shanghai-based XTransfer become the first foreign payment service provider in Thailand to execute an onshore Thai Baht (THB) trade, under the Bank of Thailand’s latest Non-Resident Qualified Company (NRQC) rules. By doing this, XTransfer is now able to offer a smooth cross-border payments service to its own clients who export goods to Thailand.

How it works

Deutsche Bank helped XTransfer (as a non-Thai company) obtain NQRC status which allows XTransfer to receive local payments from Thai buyers on behalf of export companies. Deutsche Bank then converts THB payments to Hong Kong dollars and Renminbi and transfers the funds to XTransfer’s offshore accounts, for onward payment to the export clients.

Key benefits of having NRQC status include a higher THB limit for accounts (more than THB 200 million) and shorter FX settlement times.

“We are committed to helping our clients maximise the opportunity in Thailand and facilitating the ease of doing business here,” said Pimolpa Simaroj, Chief Country Officer for Thailand.

We hope this landmark first will pave the way for more China and internationally based companies to expand their operations and grow in the Thai market. Pimolpa Simaroj

In 2023, Deutsche Bank Thailand was named Asiamoney’s ‘Best Corporate Bank’. It was also recognized by the Asset for ‘Best Payments and Collections Solution’ and ‘Best Structured Trade Finance Solution.’

About XTransfer

XTransfer provides cross-border payment solutions to Hong Kong and China based companies who export goods to markets internationally. Founded in 2017 XTransfer helps small and medium enterprises (SMEs) to significantly reduce the cost of global expansion.

Deutsche Bank’s Cross Border payments solutions

Deutsche Bank offers a robust suite of cross-border payment solutions to cater to the diverse needs of corporates and institutions.

It’s FX4Cash platform leverages Deutsche Bank's expertise in cash management to provide efficient solutions for cross-border payments. This platform streamlines and automates payment processes, offering benefits such as improved efficiency, competitive FX rates, and full transparency on payments in exotic currencies.

Additionally, Deutsche Bank's cross-border ACH (XB-ACH) platform facilitates low-value ACH clearing for global corporates, enabling cost-efficient cross-border payments in over 120 payment currencies. By offering a single pipeline for all cross-border payments and access to low-cost local clearing, Deutsche Bank's solutions aim to enhance efficiency, reduce costs, and provide transparent and streamlined cross-border payment services.