BANGKOK– The Bank of Thailand (BOT) and the Thai Bankers’ Association have announced new daily transfer limits for minors to crack down on online scams. Taking effect in September or October 2026.
The new rules will restrict minors aged 10-18 from transferring between 3,000 and 10,000 baht per day. The move aims to prevent scammers from using youth accounts as “mule accounts” for money laundering.
In a significant move to protect young people from the rising threat of online financial scams, the Bank of Thailand and the Thai Bankers’ Association have agreed to introduce stricter limits on electronic bank transfers.
The new regulations will cap the amount minors can withdraw or transfer from their accounts each day. These new limits are tiered based on the account holder’s age and are expected to be implemented between September and October of this year, pending necessary system upgrades by commercial banks.
Key Takeaways
- Transfer limits:Minors’ daily electronic transfers will be capped between 3,000 and 10,000 baht.
- Tiered approach:Limits are based on age groups: 10-12, 12-15, and 15-18.
- Implementation timeline:New rules are expected to start in September or October.
The primary driver behind this new policy is a troubling trend: cybercriminals are increasingly targeting young people. Scammers often deceive minors into opening bank accounts or use their existing accounts as “mule accounts” to launder illicit funds. Chayawadee Chai-anant, assistant governor and spokesperson for the Bank of Thailand , highlighted that many youths have already fallen victim to these predatory tactics.
By limiting the daily transfer amounts, the central bank aims to make it significantly harder for criminals to move large sums of money through these accounts. This proactive measure is designed to shield young people from being unwittingly involved in financial crimes. The tiered system ensures that the limits are appropriate for the typical financial needs of different age groups.
A Tiered System Based on Age
The new transfer limits are structured to reflect the varying financial independence and needs of minors at different stages.
- Ages 10 to 12:For the youngest group with electronic accounts (e-Money), the daily limit for withdrawals or transfers will be set at a maximum of 3,000 baht.
- Ages 12 to 15:Youth in this age bracket will be allowed to transfer up to 5,000 baht per day using both savings and e-Money accounts.
- Ages 15 to 18:The oldest group of minors will have a higher daily cap, allowing transactions up to 10,000 baht.
This tiered approach strikes a balance. It provides essential protection against large-scale fraud while still allowing young people to manage their daily expenses.
The Rise of Cybercrime in Thailand
This move by the Bank of Thailand comes amid a broader surge in online scams across the country. Financial fraud has become a pressing issue, with scammers constantly adapting their methods. As banks have tightened security for adult accounts, criminals have shifted their focus to more vulnerable targets, including children and the elderly.
The introduction of these transfer limits is part of a wider effort by financial authorities to crack down on these activities. It reflects a growing recognition that stronger preventative measures are necessary to safeguard the public’s finances. The central bank has previously implemented other security measures, such as requiring biometric authentication for large transfers, to combat this ongoing problem.
As the implementation date approaches, commercial banks and financial institutions will be responsible for notifying their customers about the upcoming changes. Parents and guardians should expect to receive communication detailing the specific limits that will apply to their children’s accounts.
It’s important to note that these new restrictions apply specifically to digital channels, such as mobile banking apps and internet banking. While the exact rollout date depends on the readiness of individual banks’ systems, the central bank anticipates that the new rules will be fully in place by October. The Bank of Thailand acknowledges the importance of convenient banking but stresses that security must be a priority, especially when it comes to protecting minors.
