What is an FET form in Thailand?
FET stands for Foreign Exchange Transaction Form. It is a bank document recording a foreign-currency transaction into Thailand and the relevant remittance details. Older materials may also refer to the document as Thor Tor 3 or TT3.
For foreign condominium buyers, the FET is primarily associated with proving that purchase funds originated overseas. When ownership is registered, the Land Office requires acceptable bank evidence supporting the foreign-source funds used for the transaction.
The FET deals with the movement and origin of the purchase money. Foreign ownership quota is a separate legal issue governing whether a condominium unit can be registered in a foreign buyer's name. Buyers still choosing a property can browse condos for sale in Thailand in the LumiThai collection.
Why foreign buyers need proof of the transfer
For a standard foreign-quota condominium purchase, the financial trail should show that the money was sent from overseas, received in Thailand and connected to the specific property transaction.
The bank evidence typically records the amount, currency, sender, recipient and transfer purpose. These details allow the incoming payment to be matched with the buyer and the purchase agreement.
The receiving account may belong to the buyer, developer or another party involved in the transaction. The documentation should clearly connect the incoming funds with the buyer and the condominium unit being purchased.
How to transfer money for a condo purchase
In the standard structure, a foreign buyer sends funds from an overseas bank in a foreign currency. The receiving Thai bank converts the money into Thai Baht where applicable.
For a SWIFT transfer, the buyer's name should match the passport and the transfer instruction should clearly state the purpose. A typical wording is: For purchase of condominium unit [number] at [project name] for [buyer's full name].
Before sending a substantial amount, check the beneficiary details, spelling of the buyer's name and payment reference carefully. LumiThai's guide to safe payments and transfers for a Thai property purchase covers the wider transaction process.
What happens at the USD 50,000 threshold?
The USD 50,000 threshold, or its equivalent in another currency, is relevant to bank reporting and documentation for foreign-currency transactions. For incoming transfers at this level, Thai banks request supporting documents related to the purpose of the remittance and process the relevant foreign-currency transaction form.
For smaller transfers, the receiving bank may issue another form of evidence, such as a Credit Advice, confirmation letter or equivalent remittance certificate. The exact document name and procedure vary between banks.
The essential point is to retain bank evidence showing the overseas origin of the money, the currency, amount and stated purpose of the payment.
How to obtain the FET or bank confirmation
After the funds arrive, the buyer requests the required document from the Thai bank that received the transfer. The bank may ask for the buyer's passport, incoming remittance reference, purchase agreement or condominium details and the stated transfer purpose.
If the purchase money was sent directly to a developer's account, the supporting documentation is obtained through the bank that received the payment. The records should identify the buyer and connect the transfer with the relevant unit and purchase agreement.
The bank documents should be ready before ownership registration. LumiThai's guide to property ownership registration in Thailand explains the wider transfer process.
Common FET problems
Problems often arise when a transfer reaches Thailand as a domestic Thai Baht payment. In that situation, the receiving bank may have difficulty certifying the original overseas foreign-currency source.
Other common issues include vague payment references, inconsistent spelling of the buyer's name, payments from third parties without a clear connection to the purchaser and missing documentation for individual installments.
When using an intermediary payment service, confirm in advance how the transaction will appear to the receiving Thai bank and whether the bank can provide evidence of the foreign source of funds.
Why you should keep the FET after the purchase
Keep the original bank records and electronic copies together with the purchase agreement and ownership registration documents. They form part of the financial history of the acquisition.
This documentation may also be requested by a bank when a property is later sold and the owner transfers sale proceeds overseas.
Buyers still comparing options can explore current property in Thailand by location, price, completion status and ownership structure in the LumiThai catalogue.
