FET Form Explained: How to Transfer Purchase Funds from Abroad Correctly

What is the FET form and why does it matter?

The FET form is the bank's official record that a specific amount of foreign currency was received from abroad and exchanged into Thai baht. It matters for two reasons. First, the Land Office generally requires evidence of foreign-sourced funds to register a condo to a foreigner within the foreign quota. Second, when you eventually sell, the same paper trail supports taking the sale proceeds back out of Thailand. Without it, both registration and repatriation become harder.

Is the FET form required for every transfer amount?

Banks issue the full FET form for amounts at or above 50,000 USD equivalent. For smaller amounts, banks can issue a credit advice or letter that serves the same evidentiary purpose at the Land Office. Since a condo purchase is almost always above the threshold, plan on getting a proper FET form for each transfer, and ask the bank for it at the time of conversion rather than months later.

How do I transfer the funds step by step?

The clean flow looks like this: open a Thai bank account (or arrange the developer's or lawyer's escrow route where appropriate), instruct your home bank to wire the funds in your home currency with the purpose stated as a condominium purchase in Thailand, let the Thai bank convert to baht on arrival, then request the FET form showing your name, the foreign currency amount, the baht amount, the date, and the purpose. Repeat per installment, and reconcile the total against the contract price.

• Wire in foreign currency (USD, EUR, GBP and similar). Do not convert to baht before sending.
• Put a clear purpose remark on the wire, such as 'purchase of condominium unit [project name and unit number]'.
• Make sure the beneficiary name on the Thai account matches the buyer name that will appear on the title deed.
• Request the FET form from the receiving bank for each transfer as it happens.
• Keep original documents; scanned copies are useful but originals are what offices ask for.

What are the common mistakes that break the paper trail?

The classic errors: converting to baht offshore and wiring baht (no foreign exchange happens in Thailand, so no FET can be issued); sending funds to a friend's or agent's personal account; vague transfer remarks like 'investment'; using informal money transfer channels that do not produce bank documentation; and losing the forms between purchase and resale. Each mistake is cheap to avoid and expensive to fix after the fact.

Who should hold and receive the money?

The safest structure is a Thai bank account in the buyer's own name receiving the foreign currency, with payments to the seller made from there against the contract milestones. For off-plan purchases, developers often provide a project account and instructions designed to produce the right documentation; verify with the developer's bank that the FET will name you as the remitter's beneficiary. If a lawyer's client account is used, get written confirmation of how the foreign exchange documentation will be preserved.

What about exchange rates and transfer costs?

Your total cost is the wire fee at the sending bank, any intermediary bank fees, and the FX spread applied by the Thai receiving bank at conversion. The spread is usually the biggest piece, often well under one percent at major Thai banks but worth comparing. For large amounts, some buyers negotiate the conversion rate with the bank's treasury desk. Never hold the wire in foreign currency inside Thailand hoping to time the market without advice, because the conversion step is what generates your FET documentation.

Frequently asked questions