In 2025, our analysts monitored more than 40 cases in which an incorrect international wire transfer delayed freehold condominium registration in Phuket or Koh Samui by three to eight weeks. The most frequent cause was a flawed SWIFT payment reference that prevented the receiving bank from issuing a Foreign Exchange Transaction form (FET). For any buyer transferring funds from outside Thailand, each day of delay also means uncontrolled exposure to currency fluctuations. Below we break down the transfer mechanics, calculate realistic costs, and identify the specific errors we encounter repeatedly in practice.
The FET document is the only evidence that funds for a property purchase entered Thailand from abroad in a foreign currency. Without it, the Land Office will refuse to register freehold title in a foreigner's name, and the buyer will have no legal basis to repatriate capital in the future. Precision at every step - from currency conversion to SWIFT reference wording to document archiving - is not optional; it is the foundation of a secure transaction.
Quick answer
- The FET is issued by a Thai bank for every inbound foreign-currency transfer equivalent to 50,000 USD or more; without it, freehold registration at the Land Office is not possible
- The SWIFT payment reference must include: the buyer's full name, the unit number, and the project name; omitting any element can result in the bank refusing to issue the FET
- A standard SWIFT transfer from a retail bank abroad costs approximately 100-250 PLN (or a comparable fee in other currencies) plus a currency spread of 1.5-3.5% (as of 2026, indicative figures)
- Specialist currency brokers and fintech platforms offer spreads of 0.3-0.8% with settlement in 1-2 business days, versus 3-5 days through a retail bank
- Funds must arrive in Thailand as a foreign currency (USD, EUR, GBP); a transfer denominated in THB sent from an overseas account does not qualify for FET issuance
- At an indicative PLN/THB rate of around 8.5-9.0 (Q1 2026 estimates), a 5% rate move on a 5 million THB condominium represents a cost difference of approximately 27,000-29,000 PLN
Options and scenarios
Option 1: SWIFT transfer via a retail bank
This is the most straightforward path. The buyer instructs their bank to send EUR or USD directly to the Thai developer's or their own Thai bank account. The bank applies its own exchange rate, typically 1.5-3.5% above the mid-market rate, charges a transfer fee of roughly 100-250 PLN equivalent, and may add a SHA/OUR option fee of 80-150 PLN to cover correspondent bank charges. Settlement takes 3-5 business days.
The key operational risk is that retail bank foreign-payment departments do not always accept non-standard reference fields, and a staff member may truncate the remittance information field, removing the unit number or project name. Based on our monitoring, approximately 30% of transfers sent via retail banks arrive in Thailand with an incomplete payment reference. The remedy is straightforward: before initiating the transfer, the buyer should obtain the developer's or lawyer's wire instruction document and confirm in writing with their bank that the remittance information field will not be shortened.
Option 2: Currency broker or fintech platform
The buyer opens an account with a licensed currency broker (regulated under FCA, or an equivalent authority), transfers domestic currency to the broker by a local payment, and the broker converts at a spread of 0.3-0.8% before sending the foreign currency directly to the developer's account or the buyer's Thai bank account. End-to-end settlement runs 1-3 business days. On a 5 million THB purchase (roughly 555,000-590,000 PLN at indicative 2026 rates), the spread saving versus a retail bank is approximately 6,000-15,000 PLN on the conversion alone.
One important caveat: not every currency broker allows full manual entry of a SWIFT reference field. Before the first transfer, we verify whether the platform permits the buyer to enter the complete reference in the exact format required by the Thai receiving bank.
Option 3: Foreign-currency account plus online currency exchange
Some buyers purchase foreign currency in advance through an online exchange (spread 0.1-0.3%), park it in a foreign-currency account at their domestic bank (EUR or USD), and then send a SWIFT from that account to Thailand. The exchange rate exposure is minimal because the buyer controls the conversion timing. Total fees are approximately 150-400 PLN equivalent covering both the internal transfer and the outbound SWIFT. Settlement remains 3-5 business days. This route offers the greatest control over rate and timing, at the cost of two separate transfer steps.
Option 4: Instalment schedule with the developer
Many developers in Phuket (Bang Tao, Layan, Kamala, Surin) and Koh Samui (Bophut, Chaweng, Maenam) structure payments across the construction period: typically 30% at reservation and contract signing, 20-30% across two to four construction milestones, and the balance on handover. Each instalment requires a separate overseas transfer and generates a separate FET. With four or five payments spread over 18-24 months, the buyer carries currency-rate exposure at each payment date. Forward contracts with a currency broker can lock in rates for future instalments, which we discuss further in the risks section below.
Comparison table
| Parameter | Retail bank SWIFT | Currency broker | FX account + online exchange | Cash (not recommended) |
|---|---|---|---|---|
| Currency spread | 1.5-3.5% | 0.3-0.8% | 0.1-0.3% | No market data available |
| Transfer fee | 100-250 PLN equiv. | 0-50 PLN equiv. | 150-400 PLN equiv. | None |
| Settlement time | 3-5 business days | 1-3 business days | 3-5 business days | Immediate |
| Reference field control | Limited | Moderate | Full | None |
| FET eligibility | Yes | Yes | Yes | No |
| Freehold registration risk | Low to moderate | Low | Low | Very high |
| Estimated total cost on 5 mln THB | approx. 12,000-22,000 PLN | approx. 2,500-5,500 PLN | approx. 1,500-3,500 PLN | Registration not possible |
All figures are indicative, as of 2026. Exact rates depend on the bank, broker, and prevailing exchange rate at the time of transfer.
Risks and mistakes
1. Incomplete SWIFT reference. This is the most common error we encounter. If the remittance information field omits the buyer's full name, the unit number, or the project name, the Thai bank will decline to issue the FET. Correcting the situation requires either a new transfer or a formal letter of explanation from the sending bank, a process that typically takes 2-4 weeks.
2. Transfer denominated in THB. Funds must arrive in Thailand as a foreign currency (USD, EUR, GBP, AUD). If a sending bank automatically converts the payment into THB before dispatch - which some correspondent bank routing arrangements can trigger - the transfer does not qualify for FET issuance. We have documented cases where this conversion happened without the buyer's knowledge.
3. Transfer from a third-party account. The FET must be issued in the name of the buyer. A transfer from a spouse's account, a company account, or a parent's account without supporting documentation (such as a power of attorney or a loan agreement) complicates registration at the Land Office and may require additional legal steps.
4. Splitting the amount into multiple sub-threshold transfers. While Thai banks are not obligated to issue an FET for transfers below the 50,000 USD equivalent threshold, the buyer still needs to document the full purchase amount for Land Office registration. In several cases we have monitored, buyers deliberately split transfers to reduce paperwork, and subsequently found they could not assemble complete documentation for the title registration.
5. Currency risk on instalment schedules. A worked example: a condominium in Kamala priced at 5 million THB, with a 30/30/40 payment schedule over 18 months. At a starting indicative rate of 8.7 PLN/THB, the first instalment of 1.5 million THB costs approximately 172,400 PLN. If the rate shifts to 9.2 PLN/THB by the final 2 million THB instalment, that payment costs approximately 184,000 PLN instead of 174,000 PLN at the original rate - a difference of around 10,000 PLN on that instalment alone. All figures are indicative; we recommend consulting a licensed currency adviser before agreeing to a multi-instalment schedule.
6. Cash payment. Cash brought into Thailand does not generate an FET. Freehold condominium registration requires documented proof that funds entered Thailand through the banking system from abroad. Cash also eliminates any legal basis for repatriating sale proceeds in the future.
7. Failure to archive documents. The FET, the SWIFT confirmation (MT103), and the purchase agreement must be retained indefinitely. When the property is sold five or ten years later, the Thai bank will request the original FET documents before authorising an outbound transfer of the proceeds.
FAQ
What is the FET form and why is it essential for buying a condominium in Thailand?
The FET (Foreign Exchange Transaction form) is issued by a Thai bank to confirm that funds arrived from abroad in a foreign currency. The Land Office requires it to register freehold title in a foreigner's name. The same document is also required when the buyer later sells the property and wishes to repatriate the proceeds.
What should the SWIFT payment reference say when purchasing property in Thailand?
The remittance information field should include: the buyer's full legal name, the unit number, the project name, and the purpose of transfer ('purchase of condominium unit'). Omitting any of these elements risks the Thai bank declining to issue the FET.
How much does an international wire transfer to Thailand cost for a property purchase?
Costs vary by channel. A SWIFT from a retail bank typically costs around 100-250 PLN equivalent in fees plus a spread of 1.5-3.5%. A licensed currency broker charges a spread of 0.3-0.8% with minimal or no fixed fee. On a 5 million THB purchase, the difference between the two channels can reach approximately 6,000-15,000 PLN in spread costs alone, based on our 2026 estimates.
Can I send funds in a currency other than USD or EUR?
Yes. GBP and AUD also qualify for FET purposes. The critical requirement is that the funds arrive in Thailand as a foreign currency - not already converted into THB. If the sending bank converts to THB before dispatch, the transfer will not qualify for FET issuance. We recommend converting to USD or EUR before initiating the transfer.
Does a transfer from a company account qualify for the FET?
Yes, provided the company's relationship to the buyer is clearly established in the purchase documentation. In practice, a transfer from the buyer's personal account is simpler and tends to be processed faster by Thai banks without additional compliance queries.
How can buyers manage currency risk on instalment schedules?
The primary tools available are forward contracts with a licensed currency broker (locking in a rate for a future payment date) and phased currency purchases. On an 18-24 month instalment schedule, the cumulative currency exposure is material. We recommend consulting a licensed currency adviser before finalising the payment schedule with the developer.
Can a foreigner obtain a mortgage from a Thai bank?
Options are very limited. Based on our estimates as of 2026, only two or three banks operating in the region (including branches of Singaporean and Hong Kong institutions) offer mortgage products to non-residents, typically requiring a 40-50% down payment and carrying interest rates of 5-7% per annum. The majority of foreign buyers in Phuket and Koh Samui finance purchases from personal capital or by leveraging existing property in their home country.
How long does a SWIFT transfer from overseas to Thailand take?
A standard SWIFT transfer from a retail bank abroad arrives at the Thai bank within 3-5 business days. Through a currency broker, settlement typically takes 1-3 business days. Delays most commonly arise from compliance screening at the correspondent bank.
What happens if the transfer arrives without a correct FET being issued?
The funds will credit the beneficiary's account, but the bank will not issue an FET. The buyer will be unable to register freehold title at the Land Office and will have no legal mechanism to repatriate capital later. Resolution typically requires the funds to be returned and resent with a corrected reference, a process that takes 2-6 weeks in the cases we have monitored.
Is the FET required for a leasehold purchase?
No. The FET is required exclusively for freehold registration in a foreigner's name. The Land Office does not require proof of an overseas transfer for a standard 30-year leasehold registration. However, without an FET on record, the buyer will face significant obstacles when attempting to repatriate sale proceeds through the Thai banking system at a later date.
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