Banking
Thailand — Banking: International Transfers
Buying, selling, depositing or withdrawing foreign currency in Thailand must go through persons licensed by the Minister of Finance, mainly commercial banks, authorised money changers and money transfer agents. A Bank of Thailand notice in 2010 raised the threshold for submitting a Foreign Exchange Transaction Form from USD 20,000 to USD 50,000, with smaller amounts handled by a bank transaction record; confirm the current threshold with your bank, as For transactions of USD 200,000 or more, authorised banks ask customers for supporting documents unless they have completed know-your-business checks on the customer.
Why this matters
The Foreign Exchange Transaction form is not optional paperwork — for foreigners buying a condo, it's the single most important document proving funds were legally brought in from abroad, without which the Land Department will not register foreign ownership.
Key facts
- Foreign exchange transactions must go through persons licensed by the Minister of Finance: commercial banks, authorised money changers and money transfer agents.
- A 2010 Bank of Thailand notice raised the Foreign Exchange Transaction Form threshold from USD 20,000 to USD 50,000; confirm the current threshold with your bank.
- For transactions equivalent to USD 200,000 or more, authorised banks request supporting documents unless they have completed know-your-business checks on the customer.
Steps
- Specify the purpose of the transfer — When sending money into Thailand for a property purchase, ensure the sender specifies the purpose (e.g. 'purchase of condominium') so the bank issues the correct FET/credit note documentation.
- Request the FET or credit note — For amounts at or above the threshold, request the Foreign Exchange Transaction form from the receiving bank immediately after the transfer clears.
- Retain documentation — Keep the FET form/credit note permanently — it is required at the Land Department when registering foreign condo ownership.
Common mistakes
- Sending large amounts through an unlicensed channel — foreign exchange must go through licensed banks, money changers or money transfer agents.