Transferring Money to Thailand to Buy Property: FET Form, SWIFT and Common Mistakes

Thai law lets foreigners own condo units in several situations. The one most buyers rely on (Condominium Act section 19(5)) requires the purchase money to be brought into Thailand in foreign currency, or withdrawn from qualifying foreign-currency or non-resident baht accounts. The Land Office checks the evidence at transfer. Buyers with Thai permanent residence or BOI status qualify on other grounds and need separate advice.

For leasehold villas there is no such legal requirement, but the same documents protect you: they prove the source of funds for anti-money-laundering checks, they support the value you paid when you sell, and they make it easier to send money back out.

Documentary problems typically arise when money is sent in baht through a currency app, paid into a friend's or agent's Thai account, or split into many small transfers without a document for each. All of these are avoidable if the route is agreed in advance.

The Foreign Exchange Transaction form (FET), sometimes called Tor Tor 3, is issued by the receiving Thai bank. It states that a sum in foreign currency arrived from abroad, was converted to baht, and was for the purchase of a named condominium unit.

Thresholds and practice vary between banks, so ask the receiving bank in writing what it will issue for your amounts.

What the document must show

• Your name as the remitter (the buyer), not a relative or company, unless the lawyer has approved it.
• Foreign currency as the original currency.
• The purpose: purchase of condominium unit number X in project Y.
• The receiving account: yours, or the developer's account with your name and unit in the reference.

If the money goes straight to the seller's or developer's account, check that the bank will issue the FET in your name. Some will issue it only to the account holder, which would put the seller's name on it.

Russian-speaking buyers are one of the most active groups in Phuket: Russian condo transfers in Thailand rose 33% year on year in the first quarter of 2026, and Phuket recorded the highest value. Thailand has not imposed sanctions on Russia, and Thai banks receive SWIFT transfers from many banks in the region; reports in 2026 describe earlier SWIFT difficulties as eased.

What matters for the Land Office is the same for everyone: traceable, documented foreign-currency funds that the bank can certify. In practice that usually means a bank transfer in foreign currency from an account abroad, ideally in your own name. Buyers commonly pay from:

• a foreign-currency account at a bank in their home country that still sends SWIFT payments to Thailand;
• an account in the UAE, Kazakhstan, Armenia, Georgia, Turkey or another country where they live or bank;
• a European or Asian account they already hold.

We do not arrange or advise on routes designed to avoid sanctions or currency controls, and crypto, cash couriers or exchange-office transfers do not produce documents the Land Office accepts. Check your own country's currency rules and reporting duties with a local adviser before sending.

Chinese residents face a specific limit: the annual personal foreign-exchange purchase quota of USD 50,000 per person, administered by SAFE, cannot be used to buy property abroad. Buyers therefore pay from funds already held legally outside mainland China, for example in Hong Kong, Singapore or another jurisdiction where they earn or hold assets, or use other channels that are lawful for their situation.

The Thai side does not change: the transfer must arrive by SWIFT in foreign currency from an account in the buyer's name, so the Thai bank can issue an FET. Underground banking or splitting payments across relatives' quotas exposes the buyer to legal risk at home and usually leaves no document the Land Office can accept.

Take advice in China on what is lawful for you before committing to a purchase, and build the payment timetable around it.

International transfers have three costs: the sending bank's fee, intermediary bank charges, and the exchange margin when foreign currency is converted to baht. On a large purchase the exchange margin matters most: a difference of 0.5% on 15 m THB (≈ USD 448,000) is about 75,000 THB.

• Ask your Thai bank whether it converts on arrival or lets you hold foreign currency first; a foreign-currency deposit account can let you choose when to convert.
• Ask both banks for their all-in cost and which intermediary banks are involved.
• Ask the receiving branch for its charges for the FET or certificate and for incoming transfers.

Timing

Confirm with the actual receiving branch whether you can open an account, when the money is expected to arrive and how long the FET or certificate takes, then agree the completion date around those answers. Build in a margin: international transfers and document issuance can take longer than expected.

For off-plan purchases, each instalment needs its own document. Keep them all together; your lawyer will need the full set at completion.

Foreigners can send sale proceeds abroad. The bank will ask for the sale contract, the Land Office transfer documents and evidence of how the money originally came in; your FET is the simplest proof. Taxes due on the sale are deducted at the Land Office, so the net proceeds are what you remit.

For leasehold villas and company structures the same principle applies, but the paperwork is heavier, which is another reason to keep every transfer document from the start. Our selling guide covers the taxes and timeline, and our taxes and fees guide has worked examples.

If you are looking at freehold condos and want to sanity-check the payment route with a lawyer before signing, tell us your situation and we will connect you with an independent one.