The short answer

To buy a condo as a foreigner, send the purchase money from your own account abroad, in pounds (or another foreign currency), to a Thai bank account — yours or the developer's — with a reference naming the condo and unit. The receiving Thai bank converts it to baht and issues a Foreign Exchange Transaction (FET) form for transfers of USD 50,000 or more; for smaller transfers, keep the credit advices and ask for a bank letter. You hand the FET to the Land Office on transfer day.

Don't use a service that delivers baht — no FET is issued when baht arrives. And compare exchange rates carefully: on a ฿5 million condo, a rate 3% below the mid-market costs about £3,500 more than the same transfer at 0.5%.

Why the money has to come from abroad

Thailand's Condominium Act lets foreigners own condo units, but only on conditions. Two matter here:

• The 49% foreign quota. Foreign owners together may hold no more than 49% of the total floor area of all units in a building, measured when the condominium was registered. If the quota is full, a foreigner can't buy there, however the money arrives.
• Proof of foreign funds. Section 19 ter of the Act requires a foreign buyer to give the Land Office documentary evidence that the purchase money was brought into Thailand in foreign currency. The Supreme Court has upheld that without correct evidence, the sale can't be registered.

In practice, "evidence" means the FET form from the bank that received your money. Ask the developer or seller to confirm in writing that the unit falls within the foreign quota before you send anything.

The FET form, explained

The Foreign Exchange Transaction form — formerly called the Tor Tor 3 — is the receiving Thai bank's record that foreign currency came into Thailand and was converted into baht. It isn't a tax document or a permit; it's evidence.

What makes an FET work at the Land Office is the detail on it. Four things matter most:

1. The sender is you. The money should come from an account in the buyer's own name. If it comes from a company, a parent, a spouse or a friend, the FET names them, not you.
2. It arrives in foreign currency. Pounds, dollars or euros, converted by the Thai bank. If baht arrives, there's no FET.
3. The purpose is specific. "Purchase of condominium unit 1205, The Example Residence, Bangkok" — not "investment", "gift" or nothing at all.
4. You check it early. Get the form or bank letter while the deal is still in progress and check every detail; correcting it after the transfer is booked can be difficult.

Ways to send the money — and which give you an FET

How common transfer methods line up with the Land Office requirement. Always confirm with the receiving bank before you send.

Based on ThaiLawOnline's FET guide (updated 28 September 2026). Banks and Land Offices differ in practice; check with both, and your lawyer, before sending.

Do you need your own Thai bank account?

Not necessarily for the purchase itself. Many buyers — especially of new-build condos — send the money straight to the developer's Thai bank account, and the developer's bank issues the FET. On a resale, the money often goes to the buyer's own Thai account first, and the buyer then pays the seller with a bank cheque on transfer day.

But you will want a Thai account for owning the property: paying the common-area (juristic) fees, the sinking fund, utilities and any rental income. Owning a condo is one of the recognised routes to opening an account — Bangkok Bank, for example, accepts property owners even when they don't hold a long-stay visa, usually with the title deed or purchase contract.

For the basics of opening an account, see our guide to opening a Thai bank account as a foreigner.

The costs on transfer day

The standard government costs when a condo changes hands at the Land Office. Who pays which is negotiable and should be in your contract.

Standard rates as summarised by Aster of Asia (2026) and widely published elsewhere. The 1 July 2026 – 30 June 2027 reduced transfer fee applies only to Thai individuals buying property valued at ฿7 million or less; foreign buyers pay the standard 2%. Confirm the assessed value and split with your lawyer and the Land Office.

Getting a good exchange rate on a large sum

On a ฿5 million condo — about £112,700 — every 1% on the exchange rate is worth roughly £1,100. That's why the rate matters more than almost any fee in the process.

Because the money has to arrive in pounds and be converted in Thailand, the rate you get is usually set by the receiving Thai bank, unless you use a currency broker that sends foreign currency at a rate agreed in advance. A few things help:

• Ask the receiving bank what rate it will apply to a large inward transfer, and whether it can be improved for the amount.
• Get broker quotes for sending pounds or dollars, and compare the baht that will arrive — not the headline fee.
• Consider fixing the rate if you have a firm completion date. Some brokers can lock a rate for a future transfer.
• Move money in stages for off-plan purchases, matched to the payment schedule, rather than all at once.

Whatever you choose, the essentials don't change: send from your own account, in foreign currency, with a clear purpose — and keep every document.

Financing a purchase: why most foreigners pay cash

Most foreign buyers in Thailand pay for their condo outright. Thai banks lend to foreigners only rarely — usually to people with a work permit, a Thai income and a long history with the bank — and the terms tend to be tighter than for Thai borrowers. If you don't live and work here, assume a Thai mortgage isn't available.

That leaves a few common routes, each with its own banking implications:

Whichever route you take, the pounds should leave an account in your own name and arrive in Thailand as pounds. A loan paid directly from a lender to a Thai account, or money routed through a relative, can produce paperwork that doesn't match the buyer.

Letting the condo out

If you plan to let the condo, set up the banking for it from the start. Rent paid by Thai tenants will arrive in your Thai account, in baht. That rental income is Thai-source income and taxable in Thailand whether or not you live here, and it may need declaring in the UK too, depending on your residence.

• Use one account for the condo: rent in, fees and bills out. It makes the tax return simple.
• Check the building's rules on short-term letting before you buy; many condos restrict it.
• Keep receipts for fees, repairs and furnishings.
• Insure for letting — a standard contents policy may not cover a tenanted property.

The mistakes that hold up a sale

1. Sending baht. Using a service that converts in the UK and delivers baht means no FET. Fixing it can mean sending the money out and back again.
2. The wrong sender. Money sent by a partner, parent or company produces an FET in their name, not the buyer's.
3. A vague reference. "Investment" or a blank purpose field may not link the money to the purchase in the Land Office's eyes.
4. Splitting to stay under the threshold. Many small transfers mean many documents to reconcile, and look odd. Send the amount you need.
5. Checking the FET too late. Errors spotted on transfer day are hard to fix. Check the form as soon as it's issued.
6. Ignoring the foreign quota. If the building's 49% is used up, the money is in Thailand but the unit can't be registered to you.

Running costs once you own it

After transfer day, the bank account becomes the place your condo's running costs come from: common-area (juristic) fees, usually billed annually or quarterly; electricity and water; internet; and building insurance for your unit and contents. If you rent the condo out, rental income arrives here too — and it's Thai-source income, taxable in Thailand.

Building insurance arranged by the juristic person usually covers the structure and common areas, not your contents, fixtures or liability. A separate home and contents policy is worth having, especially if you let the property or leave it empty for months.

If you're moving here rather than buying to let, the rest of the move follows: schools, healthcare and settling in with a family or pets.

When you sell: getting the money back out

The FET isn't only for buying. When you sell a condo you bought with foreign funds, the original FET and purchase documents help show that the money came in from abroad, which supports sending the sale proceeds back out. Banks will ask for the sale documents and the purpose of the transfer, and the seller's taxes are deducted at the Land Office on the day of sale.

Keep a file with the original FET or bank letters, the purchase contract, the title deed (chanote), and every transfer record for as long as you own the property. It's the paper trail you'll need when the money leaves again.

How we researched this guide

We based this guide on ThaiLawOnline's guide to the FET form (published August 2026, updated September 2026), which cites the Condominium Act and Supreme Court Decision 7500/2552; a 2026 summary of Thai property transfer costs and the July 2026 fee reduction; and published bank information on foreign currency accounts. Bank and Land Office practice varies by branch and office. Checked 12 October 2026. This guide is general information, not legal or financial advice — use an independent Thai lawyer for any property purchase.