Bringing Money into Thailand: Transfers, Rates and Records
How you move money into Thailand affects what it costs, how quickly it arrives, whether it counts for a visa or a condo purchase, and how it is taxed. A little planning covers all four.
The short version
- Specialist transfer services are usually cheaper than a bank SWIFT transfer for regular amounts.
- Compare the total cost: fees plus the gap between the rate you get and the mid-market rate.
- For a condo purchase, money must arrive from abroad in foreign currency, in your name, with the purpose stated.
- Transfers of US$50,000 or more come with a Foreign Exchange Transaction (FET) form.
- Keep records of when money was earned: it matters for Thai tax since 2024.
Bank transfer or specialist service?
A bank SWIFT transfer is reliable for large one-off sums but often carries sending, intermediary and receiving fees and a weaker rate. Specialist transfer and multi-currency services are usually cheaper and faster for regular amounts. For very large sums, a currency specialist can fix a rate in advance.
Rates, fees and timing
Compare what actually arrives in baht, not the advertised fee. Monthly transfers smooth out currency swings; a lump sum is simpler and can be cheaper per baht. If you have income in one currency and costs in baht, think about how much currency risk you can live with.
Large transfers and property
To register a condo in a foreign name, the purchase money must come from abroad in foreign currency, be converted in Thailand, arrive in your own name and state its purpose. For US$50,000 or more your Thai bank issues an FET form; for smaller amounts you need a bank confirmation letter. Baht sent from an overseas account can fail this test.
Keep records: visas and tax
Some visas need money held in a Thai account for set periods, and banks may ask where large sums came from. Since 2024, foreign income brought in while you are tax resident can be taxable, but savings earned before 2024 are not, so keep statements that show when the money was earned.
Transfer mistakes to avoid
Check what arrives in baht.
Send foreign currency.
State it clearly.
Keep records for tax.
Everything on moving money in
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Questions newcomers ask
What is the cheapest way to send money to Thailand?
For regular amounts, specialist transfer services are usually cheaper than a bank SWIFT transfer. Compare the baht that actually arrives.
What is an FET form?
A Foreign Exchange Transaction form issued by a Thai bank for transfers of US$50,000 or more. It is used to show a condo purchase was funded from abroad.
Is money I bring into Thailand taxed?
Foreign income earned while you are tax resident can be taxed when remitted, since 2024. Savings earned before 2024 are not.
