The Foreign Exchange Transaction (FET) form remains, as of 2026, the single document that allows a foreign national to register a freehold condominium title in Thailand. Without a valid FET, the Land Office will refuse to record the transfer - whether the unit in question is a studio priced at 3 million THB in Rawai or a penthouse at 35 million THB on Surin Beach. Our analysts have tracked this process across multiple transaction cycles and consistently find that more than half of the complications foreign buyers encounter stem from errors in the wire transfer itself, not from issues with the property.
The FET is a certificate issued by the receiving bank in Thailand, confirming that funds equivalent to at least 50,000 USD (or the equivalent in another foreign currency) have arrived in the account from abroad. The governing principle is straightforward: money must enter Thailand as foreign currency and be converted into Thai baht only after it arrives in the Thai banking system. The document serves two distinct purposes - it is required to register ownership at the Land Office, and it is the instrument that later permits the repatriation of sale proceeds abroad.
Quick answer
- The FET is required for inbound transfers equivalent to 50,000 USD or more, received by a Thai bank account from an overseas source
- Funds must be sent in a foreign currency (EUR, USD, GBP) - converting to THB before the wire disqualifies the transaction from FET eligibility
- The SWIFT payment reference must state the purpose: 'purchase of condominium unit' and the buyer's name exactly as it appears in the passport
- Without a correctly issued FET, the Land Office in Phuket and Koh Samui will not register a freehold transfer to a foreign national
- Processing time for the FET at a Thai bank is typically 1-3 business days after the funds are credited
- The FET is also required at the point of capital repatriation - without the original document, the Thai bank will not process an outgoing wire from property sale proceeds
Options and scenarios
Scenario 1: Direct SWIFT wire from an overseas bank
This is the most straightforward route we observe among foreign buyers. The investor instructs a SWIFT payment in EUR or USD from a personal overseas account to their own account at a Thai bank (Bangkok Bank and Kasikornbank are among the most commonly used). Based on our monitoring, the fixed fee for an international wire typically ranges from the equivalent of 80-200 PLN (or similar amounts in other European currencies), plus the sending bank's currency spread, which we observe at 0.3-1.5% depending on the institution and transaction size. Settlement time: 2-5 business days.
The most common mistake at this stage is sending the funds in the buyer's domestic currency rather than EUR or USD. If money arrives in Thailand in a currency that Thai banks do not actively trade, the receiving bank may decline to issue an FET or process the payment with significant delays. Our on-the-ground contacts in Phuket confirm this is an ongoing operational friction.
Scenario 2: Currency broker plus SWIFT wire
A buyer converts their home currency into EUR or USD through a specialist FX broker (such as Wise, OFX, or comparable EU-licensed platforms) at a tighter spread - typically 0.1-0.5% against the mid-market rate - and then initiates a SWIFT payment to Thailand. The total cost is lower than a bank-to-bank transfer, but it involves two steps: the conversion and the wire. Based on our estimates, on a transaction of 10 million THB, the saving compared with a standard bank spread can reach 3,000-8,000 PLN equivalent, making the optimisation materially relevant for yield calculations.
Scenario 3: Developer instalment plan
Many developers across Bang Tao, Layan, and Kamala in Phuket, and in Bophut and Maenam on Koh Samui, structure payments across the construction period. A typical schedule runs: 30% at reservation and contract signing, 30-40% in construction-linked tranches, and 30-40% at handover. Each inbound tranche that exceeds the 50,000 USD equivalent threshold requires a separate FET. For smaller tranches, the Thai bank may issue a Credit Advice document rather than a full FET - buyers should clarify this with their bank before the first payment, and confirm with the relevant Land Office whether Credit Advice is accepted for title registration in that province.
A cost that developers rarely highlight: the instalment pricing typically embeds a margin for deferred payment. Based on our analysis of Phuket market data, full cash payment at contract signing can achieve a price 5-10% lower than the published instalment schedule.
Scenario 4: Mortgage from a Thai bank
Mortgage options for foreign nationals in Thailand are narrow. As of 2026, only a small number of banks - including UOB Thailand and ICBC Thai - offer products to non-residents. Entry thresholds sit at a minimum loan amount of 10-20 million THB, with a required down payment of 30-50% and interest rates in the range of 5-7% per annum. Income documentation in English, typically with apostille, is required. An alternative some buyers use is to borrow against existing assets in their home country (property equity or an investment portfolio) and wire the proceeds to Thailand as cash - in which case the standard FET procedure applies.
Comparison table
| Parameter | Direct SWIFT from overseas bank | FX broker plus SWIFT | Developer instalment plan | Thai bank mortgage |
|---|---|---|---|---|
| Currency spread | 0.3-1.5% | 0.1-0.5% | Depends on payment currency | Not applicable (loan in THB) |
| Transfer fee | Approx. 80-200 PLN equiv. | Approx. 30-100 PLN equiv. plus SWIFT | Multiple wires required | Bank origination fee |
| Settlement time | 2-5 business days | 1-3 business days | Per agreed schedule | After loan approval |
| FET required | Yes (above 50,000 USD equiv.) | Yes (above 50,000 USD equiv.) | Yes, per tranche above threshold | No - funds are domestic |
| Own capital required | 100% | 100% | 30% at signing | 30-50% |
| Key hidden cost | Bank spread | Two-step process | Developer margin 5-10% | Interest 5-7% per annum |
| Availability | Any standard overseas bank | EU-licensed FX platforms | Most developers | 2-3 banks, min. 10 million THB |
Risks and mistakes
Incorrect payment reference is the most common issue our analysts document. If the SWIFT reference omits the purpose ('purchase of condominium'), the unit number, or the buyer's name as it appears in the passport, the Thai bank may issue an FET with incorrect details or decline to issue one at all. Correcting this requires correspondence between both banks and routinely delays the Land Office registration by several weeks.
Converting to THB before the wire is a critical error. Some overseas banks offer the option to send the payment pre-converted into baht. If funds arrive in Thailand already denominated in THB, the receiving bank has no basis to issue an FET, since no foreign currency transaction has taken place. Buyers must instruct the payment in EUR, USD, or another major foreign currency.
Currency rate exposure between the buyer's home currency and THB is a tangible financial risk when payments are spread across 12-24 months. Indicatively, the PLN/THB rate fluctuated in a range of approximately 8.5-9.5 THB per PLN during 2025 (our analysts note this is indicative; current rates should always be verified). On a 5 million THB purchase spread over 18 months, a 10% rate shift translates to a cost difference in the range of 50,000-55,000 PLN equivalent. Buyers committing to instalment schedules should consider a forward contract with an FX broker to lock in the rate for future tranches.
Sending from a third-party or corporate account creates registration complications. The Land Office requires that the name of the wire sender matches the prospective owner on the title deed. A transfer from a spouse's account, a company account, or any other party's account will trigger requests for additional notarised documentation and may delay or block registration.
Losing the original FET has consequences that only materialise years later. When a buyer sells the condominium and wishes to repatriate the proceeds, the Thai bank will require the original FET from the initial purchase. Without it, the outgoing wire will not be processed. We recommend storing the original in a bank safe deposit box or another secure facility.
FAQ
What exactly is the FET form and who issues it?
The FET (Foreign Exchange Transaction form) is a certificate issued by the recipient's bank in Thailand, confirming that foreign currency funds of at least 50,000 USD equivalent have arrived from abroad. It is produced by the Thai bank where the buyer holds their account, not by any government authority.
Can I send the payment in my home currency if it is not EUR or USD?
We advise against it. Currencies other than major traded pairs are not actively handled in the Thai interbank market. Banks in Phuket and Koh Samui either do not accept them or process such transfers with significant delays and inconsistent FET issuance. Sending EUR or USD eliminates this uncertainty.
What should the SWIFT payment reference say to ensure a valid FET?
The reference field should include: the purpose ('purchase of condominium unit'), the project name or number, the specific unit number, and the buyer's full name exactly as it appears in the passport. Incomplete references are the leading cause of FET errors in our data sets.
How much does an international wire to Thailand typically cost?
Costs vary by method. A direct bank SWIFT transfer carries a fixed fee (roughly 80-200 PLN equivalent) plus a currency spread of 0.3-1.5%. An FX broker route typically charges 0.1-0.5% spread plus a smaller fixed SWIFT fee. On a 10 million THB transaction, the difference between the two approaches can reach 3,000-8,000 PLN equivalent, based on our estimates.
Can a foreign national obtain a mortgage from a Thai bank?
Options are limited. As of 2026, only a small number of Thai banks offer mortgage products to non-residents, with minimum loan amounts of 10-20 million THB, down payments of 30-50%, and rates of 5-7% per annum. Most foreign buyers finance purchases in cash.
How can a buyer manage currency rate risk across an instalment schedule?
The most effective tool is a forward contract arranged through an FX broker, which locks in an exchange rate for a specified future date and amount. For buyers making a single full payment, the rate risk is contained to one transaction date.
Is the FET required for purchases below 50,000 USD equivalent?
For inbound transfers below that threshold, the Thai bank will typically issue a Credit Advice document rather than a formal FET. Buyers should confirm directly with the relevant provincial Land Office - in Phuket or on Koh Samui - whether Credit Advice is accepted as sufficient documentation for freehold title registration.
What happens if the original FET document is lost?
A Thai bank can in principle issue a replacement, but the process is time-consuming and requires full documentation of the original transaction. Without a valid FET (original or certified copy), repatriation of sale proceeds abroad will be blocked. Secure storage from day one avoids this risk.
Should I send the wire from a personal account rather than a company account?
Yes. The Land Office requires that the wire sender and the registered owner are the same person. A transfer from a corporate account requires additional notarised documentation linking the company to the individual buyer. Sending from a personal account in the buyer's own name is the cleanest approach.
How long does the full process take from wire to freehold registration?
Based on our tracking: the SWIFT wire settles in 2-5 business days; the FET is issued within 1-3 business days of the funds being credited; and the Land Office title registration in Phuket or Koh Samui typically takes 1-2 business days once the complete document set is submitted. End-to-end, from sending the wire to receiving the title deed: approximately 5-10 business days.
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