Plenty of buyers have already found a condo they like and are ready to pay, only to discover the bank, the conveyancer, and the developer keep asking about the FET. The real question usually isn’t “do I need one,” but “how does this money need to be wired, to where, and in what document form, before it can be used for the transfer.”
Get any step of this wrong earlier on, and the title registration can get stuck later. The FET is not a supporting document you can add afterward — it is a critical step that has to be designed correctly at the moment you remit the funds.
The Short Answer
The FET (Foreign Exchange Transaction Form) is a foreign-exchange confirmation issued by a Thai bank. Its legal basis is Section 19 of Thailand’s Condominium Act: a foreign buyer must remit the full purchase price from abroad in foreign currency, convert it to Thai baht at a Thai bank, and the bank then issues the FET or an equivalent document — without which the Land Office will not process the title registration.
In common bank practice, when a single remittance reaches USD 50,000 (or the equivalent in another foreign currency) or more, the bank issues a formal FET form. (The USD 50,000 form threshold dates from a 2010 Bank of Thailand rule; the current Bank of Thailand notice asks for transaction details on every foreign-currency transaction and treats the bank’s transaction evidence as the prescribed form, so ask your bank what it will issue.) Below that threshold, the bank does not issue a formal FET form automatically, but if you request one, it will usually issue a credit note or a confirmation letter, either of which the Land Office also accepts.
For a foreign buyer, the safest approach is to confirm, before remitting, that the receiving account, the remitter’s name, the currency, and the stated purpose all match what registration requires. Funds that don’t arrive from abroad in foreign currency, a receiving name that doesn’t match the passport, or a currency or purpose description that’s off, can all result in a document that isn’t usable.
In other words, the FET isn’t something you can fix later with an extra piece of paper — it has to be done correctly from the moment you remit. If the bank’s or the developer’s answers are vague, don’t rush to pay; get the document format and process clear first.
A Practical Checklist
1. Confirm the Receiving Party and the Document Process
- Is this the same account that will be used for the eventual registration? If you’re remitting in installments, does each one need its own supporting record?
- Will the bank issue a FET or an equivalent document automatically? What fields appear on it? Do you need to apply for it at the bank yourself, or is it issued automatically?
- Does the developer or lawyer require a specific document format? Will they accept several remittances combined into one document?
- If paying in installments, can each installment keep its own matching record?
2. Confirm the Remittance Format Requirements
| Item | Requirement |
|---|---|
| Currency | Must be sent in foreign currency (US dollars, euros, pounds, etc.); a baht remittance cannot produce an FET |
| Remitter’s name | Must exactly match the passport, including spelling and name order |
| Stated purpose | The transfer memo should state specifically: “For purchase of condominium unit [unit number] at [full condominium name] for [full name as on passport]” |
| Receiving account | Confirm it is the account that will actually be used for land registration, not an intermediary account |
| Amount threshold | The bank issues a formal FET only for a single remittance of USD 50,000 or more; below that, request a credit note or confirmation letter from the bank |
3. Keep the Full Set of Documents Once Issued
After converting the foreign currency, the bank typically issues three documents at once: the FET form, a Credit Advice, and a receipt. Keep all three together — the Land Office sometimes asks to verify the complete set. Don’t discard the original FET after the transfer completes, either: if you resell later or remit funds back overseas, this document is your key proof that you originally bought with funds from abroad.
Answers That Should Make You Cautious
“No problem, we’ll sort the paperwork out later.” If someone can’t name the document, the conditions for issuing it, or what it’s used for at registration, that usually means the process hasn’t actually been worked out yet.
“Just wire it into any account for now.” Not every deposit counts as usable proof for a property purchase. An FET can only be issued when foreign currency is remitted directly from abroad into a Thai bank and converted to baht at that bank. If the funds are converted to baht first, or moved between Thai accounts before being used for the purchase, the bank has no foreign-exchange conversion record to issue an FET against.
“Don’t worry about whether the name is exactly right” / “the bank should sort that out for you.” The name on the FET must match the passport and the land registration. Once there’s a spelling mismatch or a name inconsistency, it usually can’t be fixed afterward — you would need to remit again.
“Pay first, we’ll deal with the paperwork after.” If a developer refuses to explain how the payment will map to the formal documentation, pause and get the document process clarified before paying.
How to Decide on the Next Step
Confirm all four of the following before moving to payment and keeping records:
- The funds will be remitted in foreign currency directly from abroad into a Thai bank
- The receiving account is correct and matches the account that will be used for land registration
- The remitter’s name matches the passport, and the transfer memo includes the property and buyer information
- If paying in installments, each installment can keep its own matching record
If you can’t confirm any one of these, don’t remit yet — once something goes wrong, it usually isn’t a simple matter of supplying an extra document afterward. If the bank, the developer, and the lawyer give conflicting answers, use “will this complete the Land Office title registration” as the standard, not “this is how everyone does it.”
FAQ
Q1: Does the bank always issue the FET automatically?
Not necessarily. A formal FET form is only issued automatically when a single remittance reaches USD 50,000 or more. Below that amount, you need to actively request a credit note or confirmation letter from the bank — it will not be provided automatically. Whichever document applies, it’s best to apply for it at the bank as soon as the remittance completes, rather than chasing it just before the transfer.
Q2: Can I wire the money into my own Thai bank account first, then move it to buy the property?
Usually not. An FET can only be issued when foreign currency undergoes a recorded foreign-exchange conversion at a Thai bank. If the funds are converted into baht before entering Thailand, or moved between Thai accounts, the bank has no matching foreign-exchange record and cannot issue an FET or equivalent document. The safest approach is to confirm before remitting whether this route will be accepted, rather than explaining it after the fact.
Q3: Can I bring in cash and handle this in person?
Yes, but you must declare the foreign cash to Thai customs on entry; once you convert the customs-declared cash to baht at a Thai bank with the customs document, you can proceed with the FET process. Banks generally will not accept large foreign-cash deposits without an accompanying customs document.
Q4: If the FET was issued incorrectly, can it still be fixed?
In some cases, yes — through a fresh remittance or by asking the bank to correct it — but not every case can be resolved. If the document can no longer be matched to the transaction, you typically need to stop the next step and confirm a workable option with the bank or a lawyer first. It is far better to get it right the first time than to rely on fixing it afterward.
If you have questions about a Thailand visa, long-stay status, or entry requirements related to a property purchase, ask Zagdim — Zagdim can help clarify your purpose of stay, entry history, income sources, and the visa routes that may apply, and connect you with relevant Thailand visa and relocation services through ZDelp where useful.
Disclaimer
This article provides general information only and does not constitute legal, tax, or investment advice. For an actual transaction, rely on the latest confirmation from the remitting bank, the developer’s document requirements, and a qualified professional.
Have a question about this guide? Leave a comment below, or ask Zagdim directly.
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Sources
- Thailand Government – Department of Lands guideline on foreign-exchange documentation for property purchases
- Bank of Thailand – Regulations on foreign exchange transactions (FET)
- Major Thai commercial banks – Foreign-currency inward remittance and FET issuance guidelines
- Thai real-estate legal commentary – Practical notes on FET for foreign condo buyers
