How to transfer money to Thailand to buy a condo

Send the money by bank transfer (SWIFT) in foreign currency – dollars, pounds, euros – from your own account to the developer's or seller's company account in Thailand named in the contract. In the payment details, write the buyer's name and the exact unit. The receiving Thai bank then issues a confirmation of the foreign currency inflow, often called a FET; the Land Office needs it to register a freehold condo in your name. Some money transfer apps deliver money as a local payment, and then there is no such confirmation.

Of all the steps, this is where buyers who do everything themselves most often go wrong. The unit is chosen, the contract signed, the money sent. Then at the Land Office it turns out the money arrived as a local baht payment, and there is nothing to show that foreign currency came in.

So the order is simple: first agree how the money will travel and what document the bank will give you. Then pay the deposit. Not the other way round.

Why the transfer matters for freehold

The Condominium Act lets a foreigner own a condo unit if they brought foreign currency into Thailand for the purchase, or paid from a non-resident baht account or a foreign currency account. The Land Office checks this by the document from the Thai bank that received the money. Under section 19/3 of the Condominium Act, the confirmations must cover at least the price of the unit.

What this means in practice:

• Pay from abroad in foreign currency: dollars, pounds, euros, Swiss francs, Australian or Canadian dollars.
• The buyer pays from their own account. A transfer from a relative or a company raises questions.
• In the payment details: the buyer's name and the unit – project, building, floor, unit number.
• Get a bank confirmation for every payment. With a payment plan there will be several, and together they must cover the price.
• Cash does not work for freehold.

What is a FET today?

FET stands for Foreign Exchange Transaction form – the name people still use for the bank's confirmation of a foreign currency inflow. Since 2018 Thai banks issue this confirmation for any amount, and there is no single standard form any more: the document states who sent the money, the amount, the exchange rate, the date and the purpose. The old FET form is still accepted.

Ask for the confirmation right after the money arrives and check the buyer's name, amount and unit. Collecting confirmations for every payment just before the transfer is an unnecessary risk.

Wise and other transfer apps

This is the most common trap for buyers from the US, the UK and Europe. Wise itself says in its help centre that it sends money to Thailand through local partner banks as a domestic payment: the money "does not cross the border" and is not recorded as a foreign transaction, and Wise cannot issue a confirmation of an international transfer – only the receiving bank can. Whether that bank will issue one for such a payment, and whether the Land Office accepts it, depends on the bank.

For freehold, a normal bank SWIFT transfer in foreign currency is the safer route. If you still want to use an app, first get written confirmation from the Thai receiving bank that it will issue a foreign currency confirmation for that payment.

One more practical point: if intermediary banks take fees and the developer receives less than the contract price, the confirmations may not cover the full price. Buyers usually send slightly more.

Before the first payment, we check the recipient's details against the contract. Money goes to the developer's or seller's company account named in the contract – never to a personal account of a sales agent. If someone asks you to pay to a personal account, stop. Keep the original bank confirmations for as long as you own the unit: you will need them again when you sell and take the money out of Thailand.

How payments work

A finished unit is paid before the transfer: the deposit on reservation, the balance before the Land Office appointment. Send the balance early enough to have the bank confirmation in hand on the day.

An off-plan unit is paid in stages during construction. At Harmonia City Garden in Pattaya, for example: a deposit of about 100,000 baht, 50 % of the price on signing (including the deposit), another 20 % in instalments over 24 months. Every payment is made the same way – from abroad, in foreign currency, with payment details and a bank confirmation. How developer payment plans work and what happens if you pay late is in Contract and payment plan.

Can foreigners get a mortgage in Thailand?

Short answer: for a non-resident, no official mortgage exists as of November 2026, whatever your passport. UOB Thailand's home loan requires Thai citizenship; ICBC (Thai) states that housing finance for foreigners is not provided. According to the Thai government portal, banks lend to foreigners only for a condo within the foreign quota – never for houses or land – and only with a Thai work permit held for over two years, salary slips and six months of statements. Registering a mortgage costs 1 % of the loan.

Banks at home rarely lend against Thai property either. The route many Western buyers actually use is borrowing at home against their own home – a remortgage or a home equity loan – and transferring the money as foreign currency. It works for the bank confirmation, but it puts your main home on the line and adds currency risk.

The other route is a developer payment plan, usually interest-free during construction.

Do you need a Thai bank account?

Not for the purchase: you can pay the developer directly. You will need one later for building fees and utilities, for rent if you let the unit, and for the money when you sell. Each Thai bank sets its own rules for opening an account for foreigners, and they change. According to the Thai government portal, most banks ask for a work permit; without one, expect to show your passport, proof of a Thai address (TM30, a residence certificate or a lease) and one supporting document, such as an embassy letter, a pension certificate or a reference from your bank at home.

Reporting at home. Thailand exchanges account information under the CRS standard, so your home tax office may learn about a Thai account anyway. US citizens report a Thai account on FBAR once their foreign accounts exceed 10,000 dollars, and on Form 8938 above higher thresholds; the condo itself, owned directly, does not need to be reported. Canadians include foreign accounts in form T1135. Check your own country's rules with a tax adviser.

Common mistakes

• A payment with no details or a vague purpose like "services".
• No bank confirmation requested after the money arrived.
• Paying through an app that delivers money as a local baht payment.
• Paying from someone else's account.
• Confirmations add up to less than the contract price because of bank fees.
• Money sent to an agent's personal account instead of the company account.

FAQ