Bringing money into Thailand correctly: the FET form, step by step

Moving your purchase funds into Thailand sounds simple, but the one step most buyers skip at the time is the one that causes trouble years later: correctly requesting the Foreign Exchange Transaction (FET) form from the receiving Thai bank. Miss this, and repatriating your money when you sell becomes significantly harder.

What the FET form is

The FET form — formerly known as Thor Tor 3 (ต.ท.3) — is an official certificate issued by an authorised Thai bank. It records that foreign currency arrived from abroad, was converted to Thai baht, and was received for a stated purpose. The Bank of Thailand uses it to track inbound foreign exchange. For a property buyer it has two practical functions: it proves the funds came from outside Thailand (a requirement for condo registration), and it is the document you present to your bank when you eventually want to repatriate the sale proceeds.

When it is required

• Condominium purchase — the Land Office will not register a condo in a foreign buyer's name without the original FET form. It is non-negotiable for this transaction.
• Leasehold villa — the Land Office does not always require the FET form for lease registration itself. But you still need it to take your proceeds out of Thailand when you sell — so 'not required at the desk today' is not a reason to skip it.
• Transfers under USD 50,000 — for amounts below the threshold, the bank issues a credit note or bank letter of guarantee instead of an FET form. These contain the same information and serve the same legal purpose. Keep them equally carefully.

Step by step: how to get it

• Transfer funds from abroad in foreign currency. Send by SWIFT from your overseas bank account to the Thai bank account designated for the purchase — your personal Thai account, the lawyer's escrow account, or the developer's account. The funds must arrive as foreign currency (USD, EUR, GBP, etc.), not as pre-converted baht.
• Include the correct purpose statement. In the SWIFT transfer instructions, state the purpose clearly: for example, 'Purchase of property — [property address or unit reference] — [your full name as per passport].' The Thai bank uses this to populate the FET form correctly.
• The receiving Thai bank converts the currency to baht. Once the SWIFT arrives, the Thai bank converts it at the prevailing exchange rate and credits the baht to the designated account.
• Request the FET form from the bank. Visit or contact the branch that received the foreign-currency transfer and request the FET form. Bring your passport. The bank issues the form based on the conversion record — amounts, your name and the stated purpose.
• Verify the form before you leave. Check: your full name matches your passport exactly; the foreign currency amount is correct; the purpose wording matches the property being purchased; the baht conversion amount is stated.
• Keep the original permanently. You will need it again when you sell. A photocopy is not sufficient for repatriation; Thai banks require the original.

What the form must show

The FET form must contain: your full legal name (matching your passport exactly), the foreign currency amount transferred, the Thai baht amount after conversion, the sending bank and account, the receiving bank and account, and the stated purpose of the transfer. If issued for a specific property, the reference should appear on it. A name mismatch between the FET and the title or lease registration is a problem — check this immediately.

Wise, third-party platforms and smaller transfers

For smaller transfers, services such as Wise are commonly used and generally cheaper on exchange rates. Wise routes funds through correspondent banking, and the money arrives at a Thai bank. The FET form (or credit note for amounts below USD 50,000) is still issued by the receiving Thai bank, not by Wise. If you transfer to a lawyer's or developer's account rather than your own, the FET will name them as recipient — request the bank confirmation document yourself, or ensure your lawyer secures and passes it to you.

Using the FET to repatriate proceeds when you sell

When you sell and want to wire the proceeds abroad, the Thai bank's compliance team will ask for: the original FET form from your purchase, the Land Office sale agreement (the stamped transfer document), and the Land Office tax and fee receipts. Together these prove the original investment was foreign-sourced and that the proceeds are the return on that foreign capital. Present them as a bundle — the bank will not initiate a foreign outward transfer without them. For the full picture of taxes when you sell, see Costs, taxes and the FET form and Selling your leasehold villa.

If you think you have lost it

Contact the issuing Thai bank directly. Banks maintain records of foreign exchange transactions, and some branches can issue a certified replacement letter confirming the original transaction — though this is at the bank's discretion and not guaranteed. Keeping a high-resolution scan in cloud storage alongside the physical original is strongly recommended.