The FET form: how to send money for a Thai condo purchase
Updated · ZODIAC Co., Ltd.
The Foreign Exchange Transaction form (FET, formerly Thor Tor 3) is a document issued by the receiving Thai bank confirming that foreign currency was brought into Thailand and converted to baht. The Land Office needs this evidence before it will register a condominium in a foreigner's name under the 49% quota. Banks issue a formal FET for transfers of USD 50,000 or more; smaller transfers are evidenced with a credit advice or bank letter.
Why the FET form exists
The Condominium Act allows foreigners to own units freehold, but only if they fall into one of the categories in Section 19. For most buyers the relevant category requires the purchase money to be brought into Thailand in foreign currency. The FET form is the bank's official record of that inflow. At transfer, the Land Office compares it with the sale price, the buyer's name and the stated purpose before registering the unit under the foreign quota.
Without acceptable evidence, the Land Office will not register freehold title in your name. That is why the money trail needs to be right from the first deposit, not only for the final payment.
The requirement comes from Section 19 bis of the Condominium Act and applies to foreigners buying under the foreign funds category. Other categories exist, such as foreigners with permanent residence, but most international buyers use this one. The evidence required is simple once you know what the Land Office is looking for: a clear link between foreign currency arriving in Thailand, the buyer named in the contract and the unit being purchased.
FET form or credit advice: the USD 50,000 threshold
Under Bank of Thailand practice, the receiving bank issues a formal FET form for a single inbound transfer equivalent to USD 50,000 or more. For smaller amounts the bank provides a credit advice or a confirmation letter showing the same information: the remitter, the beneficiary, the foreign currency amount, the baht amount and the purpose. Land Offices accept these documents for smaller payments such as reservation deposits.
Keep every document for every payment. If you pay a developer in six instalments over three years, you will need six sets of evidence at transfer, and you will need them again when you sell and want to take the proceeds out of Thailand.
How to word the transfer
Most FET problems come from the transfer instruction, not from the bank. Give your sending bank the following details and check the confirmation before you leave the branch or submit the online form.
Your home bank may limit the length of the reference or purpose field. If so, prioritise the words condominium purchase, the unit number and the project name. Send a copy of the reservation or sale agreement to the Thai recipient bank in advance where possible, so that it can match the incoming payment and issue the correct document.
- Send foreign currency, not baht. Let the Thai bank do the conversion so it can record the foreign currency inflow.
- Remitter: yourself, in the same name as your passport and the sale agreement. Transfers from a third party or a company are harder to use.
- Purpose: state that the funds are for the purchase of a condominium unit, with the project name and unit number, for example: purchase of condominium unit 1203, project name, Phuket.
- Beneficiary: either your own Thai bank account or the developer's or seller's account, as agreed in the contract.
- Amount: avoid splitting one large payment into many small ones without reason; it produces more documents to reconcile and may attract compliance questions.
Paying into your own account or the developer's
You can send money to your own Thai account and then pay the seller, or send it directly to the developer's account. If you use your own account, your bank issues the FET in your name and you control the paperwork. If you pay the developer directly, the developer's bank receives the funds and the FET or credit advice is obtained through the developer, so confirm in writing that they will request it in your name with the correct purpose and hand it over before transfer.
Opening a Thai account has become harder for foreigners without long-stay visas, so many buyers pay developers directly. That is workable if the developer is experienced with foreign buyers.
Stricter bank checks in 2026
Thai banks have tightened anti-money-laundering and know-your-customer checks. Industry reports note that since late December 2025 banks have been required to collect fuller supporting documents for large inbound transfers, particularly at USD 200,000 and above. In practice, expect to be asked for the sale agreement, a copy of your passport and sometimes an explanation of the source of funds. Sending the reservation agreement to the bank in advance saves time.
Requirements differ between banks and are updated periodically. If you are sending a large sum, ask your Thai recipient bank or the developer's finance team which documents they need before you send, rather than after the funds arrive and are held pending checks.
Common mistakes
The mistakes that cause problems at the Land Office tend to repeat. Most can be avoided with a short checklist before each payment.
If a mistake has already happened, speak to your lawyer before the transfer date. Depending on the problem, the bank may be able to issue a corrected document, or the Land Office may accept additional evidence, but it is much easier to fix before transfer day than at the counter.
- Sending baht from abroad instead of foreign currency, so the Thai bank cannot show a foreign exchange conversion.
- Leaving the purpose field blank or writing something vague such as investment or family support.
- Paying from a spouse's or partner's account when only you are named as buyer.
- Paying in cash or from money already held in Thailand.
- Losing documents for early deposits made years before completion.
Joint buyers and companies
If two people are buying jointly, each should ideally remit their own share, or the documents should clearly show the funds were sent for both names in the sale agreement. Where the remitter and the buyer differ, the Land Office may refuse to accept the evidence or require additional explanation. A foreign company buying a unit uses the quota as a foreign juristic person and must show the funds came from abroad in the same way.
The FET form when you sell
The FET form also matters at the other end. When you sell and want to send the proceeds abroad in foreign currency, your Thai bank will ask for evidence that the original purchase money was brought in from overseas. Keeping your FET forms and credit advices with your title deed makes repatriation straightforward.
What about villas and leases?
The foreign funds rule is a Condominium Act requirement for freehold units. A lease of land or a villa purchase does not use the condominium foreign quota, so the Land Office does not apply the same test. It is still sensible to remit in foreign currency with a clear purpose: it creates a clean audit trail, supports any later visa applications that rely on property investment, and makes repatriation easier. If you intend to use the purchase for the LTR visa or the newer investment-based extension of stay, ask in advance what evidence of funds the authority expects, because requirements differ between schemes.