Payment Instructions when Purchasing a Foreign Freehold Condo in Thailand

Payment Instructions when Purchasing a Foreign Freehold Condo in Thailand

When buying a foreign freehold condominium in Thailand, it’s important that your funds are sent correctly to comply with Thai property law and to ensure you can register the condo in your name at the Land Office.

Follow these steps carefully:

1. Transfer from an Overseas Account (Not a Thai Bank Account)

• Funds must be sent from your bank account overseas directly into Thailand.
• Transfers from a Thai account (even in your name) do not qualify as foreign currency brought into Thailand and cannot be used for freehold registration.
• Use your name exactly as it appears on the condo sales & purchase agreement.

2. Send the Money in Foreign Currency

• Always transfer in a foreign currency (USD, EUR, GBP, AUD, etc.) — not Thai Baht.
• The Thai receiving bank will convert the funds into Thai Baht upon arrival and issue the required documentation.

3. Include the Correct Transfer Purpose

When making the transfer, specify this reason in the notes or payment purpose field:

“For the purchase of a condominium in Thailand under the name [Your Full Name]”

This ensures the bank knows the purpose and issues the proper Foreign Exchange Transaction Form (FET) or Foreign Currency Deposit Slip, which is required by the Land Office.

4. Use the Developer’s or Lawyer’s Holding Account

• The funds are typically sent directly to the developer’s account (if buying new construction) or to your lawyer’s holding account (for resale units).
• Confirm the account name and details in writing before sending.
• Always verify that the account matches the developer’s company name listed in the contract.

5. Obtain a Foreign Exchange Transaction Form (FET)

• The FET form (sometimes called a “Credit Advice”) is proof that foreign currency was brought into Thailand for property purchase.
• The developer’s bank will issue this document.
• You’ll need to present it to the Land Office on transfer day — it’s a legal requirement for foreigners to register ownership in their name as foreign freehold.

6. Keep All Documentation

Save copies of:

• Your SWIFT transfer confirmation
• The bank receipt/FET form
• The purchase agreement
• Your passport copy

These documents may also be useful later if transferring funds back overseas when you sell the property.

7. Phuket Realtor’s Assistance

We guide all our buyers through this process to ensure funds are transferred correctly and fully compliant with Thai regulations. Our team will double-check your transfer details and coordinate with the developer and bank to ensure your FET form is properly issued and accepted by the Land Office.

✅ Summary Checklist

• Send funds from your personal overseas account
• Transfer in foreign currency (not THB)
• Include “for the purchase of condominium” in transfer notes
• Receive and keep your FET form
• Use matching name on transfer and sales & purchase contract