The FET (Foreign Exchange Transaction) form remains, as of 2026, the sole document confirming that funds used to purchase a condominium in Thailand arrived from abroad in foreign currency. Without it, the Land Office will refuse to register a freehold condo unit in a foreigner's name. Our analysts have monitored this process over several years and consistently find that errors in SWIFT transfer details are the leading cause of delays in closing transactions, whether in Phuket (Bang Tao, Kamala, Rawai) or Koh Samui (Bophut, Maenam, Chaweng).
A Thai receiving bank issues the FET form after an inbound foreign transfer of 50,000 USD or more (or the equivalent in another currency). For amounts below that threshold, the bank issues a credit advice, which serves an equivalent function at the Land Office registration stage. Critically, the SWIFT transfer reference must clearly state the purpose: the purchase of a specific condo unit.
In practical terms, every baht allocated to the purchase must physically cross Thailand's border as foreign currency (USD, EUR, GBP, or another foreign denomination), be converted into THB by a Thai bank, and leave a documentary trail in the form of an FET or credit advice. A domestic Thai transfer from a personal THB account does not satisfy this requirement.
Quick answer
- The FET form is issued by a Thai bank upon receipt of a foreign transfer of 50,000 USD or more, confirming the origin and purpose of the funds
- Without an FET (or credit advice for smaller amounts), the Land Office will not register a freehold condo in a foreigner's name
- The SWIFT transfer reference must include: the buyer's full name as shown in the passport, the unit number, the project name, and the word 'purchase' or 'condo purchase'
- An FET is also required for capital repatriation - without it, a Thai bank can refuse to transfer sale proceeds abroad
- A SWIFT transfer from an overseas bank typically takes 2-5 business days; sending-side fees are approximately 80-250 PLN plus a currency spread (as of 2026)
- Foreign exchange brokers (such as Wise or OFX) offer spreads 0.5-1.5 percentage points lower than retail banks, but not all support the extended transfer reference format required for a valid FET
Options and scenarios
Scenario 1: SWIFT transfer from a retail bank overseas
This is the most straightforward path. The buyer instructs a foreign-currency wire from their home bank account directly to the developer's Thai bank account or to their own account in Thailand. The sending bank converts the source currency at its own rate (spread typically 2-4% against the mid-market rate). Transfer fees on the sending side run approximately 80-200 PLN (or equivalent), plus potential correspondent bank charges of 15-25 USD per intermediary. Processing time: 2-5 business days.
Advantage: Full control over the transfer reference field; the bank issues a confirmation with complete data.
Disadvantage: Wide currency spread. On a condo purchase of 5 million THB (approximately 570,000 PLN at an indicative rate of 0.114 PLN/THB), a 3% spread adds roughly 17,100 PLN in conversion cost alone.
Scenario 2: FX broker conversion followed by SWIFT
The buyer converts their home currency to USD or EUR through an FX broker (Wise, OFX, or similar platforms) at a spread of approximately 0.3-0.8%, then instructs a SWIFT wire to Thailand. Based on our estimates, the spread saving on a 570,000 PLN transaction can reach 10,000-15,000 PLN compared with a retail bank.
Advantage: Meaningful reduction in conversion cost.
Disadvantage: Not all brokers allow a sufficiently detailed transfer reference containing a unit number and project name. We always verify this before instructing the transfer, because a truncated reference can prevent the Thai bank from issuing a valid FET.
Scenario 3: Developer instalment schedule
Developers in Phuket and Koh Samui frequently offer phased payment schedules tied to construction milestones - for example, 30% on reservation, 30% on foundation completion, and 40% on handover. Each instalment requires a separate international wire with a correctly worded reference. The Thai bank issues an FET or credit advice for each payment, depending on whether it meets or falls below the 50,000 USD threshold.
Advantage: Payments are spread over time with no explicit interest (the cost is typically built into the price).
Disadvantage: Currency exposure accumulates across tranches. Based on our estimates, exchange-rate movement over an 18-24 month construction period can shift the total cost in home-currency terms by 5-12%.
Scenario 4: Mortgage from a Thai or regional bank
Mortgage availability for foreign nationals in Thailand is highly restricted. Certain banks - including some Singapore-headquartered institutions with Bangkok offices - extend home loans to foreigners, but typically require a 40-50% down payment, documented overseas income, and charge 5-7% per annum (indicative figures, as of 2026). Approval processes run 4-8 weeks.
Advantage: Financial leverage without encumbering assets abroad.
Disadvantage: High interest rates, demanding documentation requirements, and limited accessibility for buyers holding non-regional passports.
Scenario 5: Leveraging assets in the buyer's home country
Some investors take a mortgage or secured loan against property in their home country (indicative rates around 7-9% per annum in several European markets as of 2026) and wire the proceeds to Thailand via SWIFT. From an FET standpoint, this scenario is identical to Scenarios 1 or 2 - funds arrive in Thailand from abroad in foreign currency.
Advantage: Potentially lower interest rate than a Thai bank mortgage; familiar banking procedure.
Disadvantage: Dual currency risk (loan serviced in home currency, asset denominated in THB) and a requirement to hold mortgageable property at home.
Comparison table
| Parameter | SWIFT from home bank | FX broker + SWIFT | Developer instalments | Thai/regional mortgage | Home-country leverage |
|---|---|---|---|---|---|
| Currency spread | 2-4% | 0.3-0.8% | 2-4% per tranche | n/a (loan in THB) | 2-4% or 0.3-0.8% |
| Transfer fee | 80-250 PLN equiv. | 30-100 PLN equiv. + SWIFT | 80-250 PLN x tranches | n/a | 80-250 PLN equiv. |
| Processing time | 2-5 days | 1-3 days + SWIFT | Multi-month schedule | 4-8 weeks approval | Depends on home bank |
| Down payment required | 100% | 100% | 100% (phased) | 40-50% | 100% of transfer |
| FX risk (home currency / THB) | One-off | One-off | Spread over time, higher | None (THB loan) | Ongoing (loan servicing) |
| Reference field control | Full | Limited | Full (each tranche) | n/a | Full |
| FET obtainable | Yes | Yes (if reference is correct) | Yes (per tranche) | Not required | Yes |
Risks and mistakes
Incorrect transfer reference - in our monitoring this is the single most common problem. The reference must include the buyer's full name as it appears in the passport, the condo unit number or designation, the project name, and the transaction purpose (for example 'purchase of condo unit A205, Project Name'). A missing element can result in the Thai bank declining to issue an FET or requiring an amendment - which typically delays Land Office registration by 2-4 weeks.
Transfer to a non-Thai bank account - funds must arrive at an account held with a Thai bank. A wire sent to a developer's account at an overseas bank (Singapore, Hong Kong, or elsewhere) does not generate an FET in Thailand.
Splitting a large transfer into multiple smaller amounts - some buyers break a large transfer into smaller tranches assuming it reduces reporting obligations. This does not eliminate the FET requirement and may trigger additional compliance inquiries from both the sending and receiving banks.
Losing the FET document - the FET is needed not only at the initial registration but also at any future sale and at the point of repatriating proceeds. Without the original, a Thai bank may decline to send sale proceeds abroad. Our analysts recommend keeping both a certified paper copy and a digital backup.
Exchange-rate risk on instalment schedules - at an indicative rate of 0.114 PLN/THB (as of 2026), a 5 million THB condo costs approximately 570,000 PLN. If the home currency depreciates 10% over an 18-month construction schedule, the final tranche of 2 million THB would cost approximately 251,000 PLN rather than 228,000 PLN - a difference of around 23,000 PLN on a single payment. These figures are indicative; we recommend consulting a currency specialist before committing to an instalment structure.
Exceeding the 49% foreign-ownership quota - under Thailand's Condominium Act B.E. 2522, foreign nationals may collectively hold a maximum of 49% of the total floor area in any given project. A correctly obtained FET provides no remedy if this quota is already exhausted. We verify the current quota utilisation at the Land Office before any recommendation.
FAQ
What exactly is the FET form and who issues it?
The FET (Foreign Exchange Transaction form) is a document issued by a Thai commercial bank upon receipt of an inbound international transfer of 50,000 USD or more. It confirms that funds entered Thailand from abroad in foreign currency and were converted to THB. For amounts below 50,000 USD, the bank issues a credit advice, which serves an equivalent role in freehold condo registration.
Is an FET required to register a condo in a foreigner's name?
Yes. The Land Office requires an FET (or credit advice) as evidence that the purchase funds originated from abroad. Without this document, freehold title registration in a foreign national's name cannot proceed.
What should the SWIFT transfer reference say to obtain a valid FET?
The reference should include: the buyer's full name as shown in the passport, the unit number or designation, the project name, and the nature of the transaction - for example, 'purchase of condo unit A205, Project Name'. Any missing element risks a rejection or processing delay at the Thai bank.
How much does an international SWIFT transfer to Thailand cost?
Sending-side fees at a retail bank typically run 80-250 PLN (or equivalent) plus a currency spread of 2-4% against the mid-market rate. Correspondent bank charges add approximately 15-25 USD per intermediary. An FX broker reduces the spread to 0.3-0.8% but may apply a transfer fee. All figures are indicative as of 2026.
Can funds be sent from a home-currency account?
Yes. The wire can originate from a home-currency account. The Thai receiving bank will convert the incoming amount to THB at its prevailing rate. The FET will be issued on the basis that funds arrived from abroad in foreign currency, regardless of the source denomination.
Why is the FET needed again at the point of sale?
The FET underpins capital repatriation. Without the original document, a Thai bank can refuse to send the proceeds of a condo sale abroad. The repatriable amount is generally capped at the sum documented in the FET.
Do all FX brokers support the full transfer reference format?
Not all. Some brokers restrict the length or format of the reference field, which can make it impossible to include all the data a Thai bank requires. We recommend confirming the broker's reference-field capabilities before instructing any transfer.
How can exchange-rate risk be managed on an instalment schedule?
The most direct approach is a single upfront transfer of the full amount, which eliminates ongoing currency exposure. Where an instalment structure is unavoidable, a forward contract with an FX broker can lock in a rate for future tranches. Indicative hedging costs run approximately 0.5-1.5% of the contract value.
Can a foreign national obtain a mortgage from a Thai bank?
Options are very limited. Selected banks, including branches of Singapore-headquartered institutions in Bangkok, offer mortgages to foreigners with a 40-50% down payment and at rates of approximately 5-7% per annum. Approval takes 4-8 weeks and requires extensive income documentation (indicative figures, as of 2026).
What is the foreign-ownership quota in Thai condominiums?
Under the Condominium Act B.E. 2522, foreign nationals may collectively own a maximum of 49% of the total usable floor area in any single project. We verify the current quota utilisation at the Land Office before making any project recommendation.
Based on our analysis, the most reliable approach for an international buyer acquiring a freehold condo in Phuket or Koh Samui is a single full-amount transfer via an FX broker with a precisely worded reference, followed by confirmation that the FET issued by the Thai bank is correct - before the Land Office registration date. This eliminates both currency risk and the most common documentation pitfalls in one step.
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