For a foreign buyer, how the money travels matters as much as how much it is. Thai law requires that the funds a foreigner uses to buy a condominium arrive in Thailand from abroad, in foreign currency — and that the arrival is documented by a Thai bank. Get this right and the transfer is routine; get it wrong and the Land Department can refuse to register your ownership.
Why must the purchase money come from abroad?
Because bringing foreign currency into Thailand is what qualifies most foreign buyers to own a unit at all. Section 19(5) of the Condominium Act B.E. 2522 (1979) makes an alien who brings foreign currency into the Kingdom one of the categories entitled to hold a unit, and §19 ter requires that evidence to be produced to the competent official when ownership is registered. The practical effect: you must be able to show that at least the full purchase price entered Thailand from overseas in a foreign currency, in connection with your purchase.
What bank document does the Land Department need?
A Foreign Exchange Transaction form — widely still called the FET form — for a transfer of USD 50,000 or more, and a credit advice or confirmation letter from the receiving Thai bank for anything below that threshold. The threshold is the Bank of Thailand's reporting level for inward foreign-currency transfers, and it is the bank in Thailand, not the sending bank, that issues the document. Either form of paperwork states the amount, currency, sender, recipient and purpose, and either is what the Land Department accepts.
You can remit in several instalments; each one simply needs its own documentation, and together they must cover the price. Ask your Thai bank for the documents as each transfer lands rather than reconstructing them later.
How should the transfer be sent, and in whose name?
In foreign currency, from an account in the name of the person who will go on the title, with the condominium purchase stated as the purpose. Send foreign currency, not Thai baht: the conversion to baht should happen at the receiving bank in Thailand, because that is what makes the remittance qualify. Most international banks will let you specify that the transfer be sent in USD, EUR, GBP and so on rather than converted before departure.
Match the names. The cleanest arrangement is sender and beneficiary both being you, the person going on the title. Where the money comes from a joint account or a spouse, tell your bank and adviser in advance so the documentation can name the buyer correctly.
State the purpose. Ask your sending bank to include a purpose line such as 'to purchase condominium unit at [project name], Bangkok'. Banks and land offices read this line; a clear purpose prevents questions later.
Should the money go to my own Thai account or the seller's?
Usually to your own Thai account, from which you pay the seller. For a new development you may alternatively remit direct to the developer's company account — the developer then assists with the evidence — but the account name must match the seller named in your contract. For a resale, funds typically land in your own Thai account and the balance is paid by cashier's cheque at the Land Department on transfer day. Opening a Thai bank account as a non-resident takes some paperwork; allow time for it, or ask about the alternatives for your situation.
How long should I keep the remittance paperwork?
Permanently — the same evidence supports you on the way out. When you eventually sell, repatriating the proceeds in foreign currency is straightforward when you can show the funds originally came in from abroad. Keep the FET forms and credit advices with your title documents, keep a scan, and give a copy to whoever would act for you if you could not.
This guide is general information for foreign buyers, not legal advice. Rules, rates and procedures change and individual situations differ. Legal review available through Suwanvara Law Firm under a separate engagement.