Checks, costs & money
How to send money to Thailand to buy property, why the FET form matters for condo buyers, how to get it right first time, and how it helps you take money home when you sell.
In short
- To register a freehold condo, a foreign buyer must show the money came from abroad in foreign currency.
- The Thai bank documents this with a Foreign Exchange Transaction (FET) form for larger transfers, or a credit advice for smaller ones.
- Send funds from your own account, in foreign currency, and state the purpose and unit on the transfer.
- Every instalment needs its own record.
- Keep the paperwork safe: it supports sending sale proceeds abroad later.
Getting the money trail right is one of the simplest parts of buying in Thailand, and one of the most expensive to get wrong. A condo buyer who sends baht, or pays from someone else’s account, can find the Land Office won’t register them as owner. This guide explains what to do, step by step. It applies most strictly to freehold condos, and is good practice for every purchase. See also buying a condominium in Thailand.
General information, not financial or legal advice. Banks’ procedures and thresholds change; confirm with your Thai bank and your lawyer before you send money.
Why it matters
The law
A foreigner may own a condominium unit if the purchase money is brought into Thailand in foreign currency, or paid from a foreign-currency or non-resident baht account, among other qualifying routes.
Condominium Act B.E. 2522, section 19
The Land Office needs evidence that this condition is met before registering a foreign buyer on an Or Chor 2 condo title. The evidence is the bank’s documentation of the incoming transfer.
The FET form and the credit advice
- The FET form (Foreign Exchange Transaction form, sometimes called Tor Tor 3) is issued by the receiving Thai bank for larger incoming transfers, confirming the foreign currency received and its purpose.
- For smaller transfers, banks issue a credit advice or a bank letter instead, showing the same details.
- The threshold and the exact document depend on the bank and current rules. Ask the receiving bank before you send.
How to send the money correctly
- Send from an account in your own name, outside Thailand. Joint buyers should send from accounts in the buyers’ names.
- Send foreign currency, not baht. Let the Thai bank do the conversion.
- Pay into the right account: your own Thai bank account, or the developer’s or seller’s account named in the contract.
- State the purpose in the transfer reference, for example “Purchase of condominium unit 305, [project name], Koh Samui”.
- Ask the receiving bank for the FET form or credit advice, in your name, showing the purpose.
- Check the document before the transfer date: your name exactly as in your passport, the amount and the purpose.
Paying in instalments
Off-plan condo purchases are often paid in stages. Each instalment needs its own transfer from abroad and its own FET form or credit advice. At transfer, the documents together must cover the purchase price. Keep them in a single folder.
Villas, land and leases
Leasehold villas and land leases don’t have the same legal requirement as freehold condos. It is still good practice to send funds from abroad in your name, state the purpose and keep the records. It makes the purchase transparent and helps when you sell.
Taking money out when you sell
When you sell, you’ll usually want to send the proceeds home. Your Thai bank will ask for:
- the sale contract and the Land Office transfer documents;
- your original FET forms or credit advices showing the money you brought in; and
- your passport.
With these, transferring the proceeds abroad is normally straightforward. Without them, it can be slower and require more documentation. See selling property in Koh Samui.
Exchange rates and fees
- Compare providers. Banks and currency specialists can differ significantly on exchange rates.
- Consider timing. Over a long off-plan build, currency moves can change your real cost. Some buyers fix rates for scheduled payments.
- Check the receiving bank’s fees, and that the full amount arrives.
Tax residency
If you spend 180 days or more a year in Thailand, you are a Thai tax resident, and foreign income you bring into Thailand can be taxable depending on when it was earned. Money that is savings or capital is treated differently. Take advice before transferring large sums if you live in Thailand. See property taxes and transfer fees.
Common mistakes
- Sending baht from abroad, or converting before sending.
- Paying from a company, friend’s or relative’s account.
- No purpose stated, or the wrong unit number.
- A name on the FET form that doesn’t match the passport.
- Losing the documents before selling years later.
Frequently asked questions
A bank document confirming foreign currency was brought into Thailand for a stated purpose, such as buying a condo. The Land Office uses it to register a foreign condo owner.
Not in the same strict way as a freehold condo, but it’s good practice to keep the same records.
The bank issues a credit advice or letter instead, which serves the same purpose. Ask the bank before you send.
It should come from your own account. Payments from third parties can cause problems at registration.
Usually yes, with your sale documents and the records of the money you brought in.
Planning your transfer?
We’ll walk you through the paperwork before you send a single payment.
General information only, not financial or legal advice.