International transfers into Thailand above roughly USD 50,000 (or equivalent) generally require a Foreign Exchange Transaction (FET) form, which banks issue automatically for qualifying inbound transfers and which is important documentation for condo purchases (foreign ownership of condos requires proof funds were remitted from abroad in foreign currency). Outbound transfers from Thailand are subject to Bank of Thailand reporting and, for larger amounts, supporting documentation on the purpose of the transfer. Wise, Revolut, and traditional SWIFT transfers via Thai banks are all commonly used; Wise generally offers better exchange rates and lower fees than traditional bank wire transfers for both directions.
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
Inbound transfers of USD 50,000+ (or equivalent) typically trigger automatic issuance of a Foreign Exchange Transaction (FET) form by the receiving Thai bank.
The FET form (or a Credit Note/Confirmation for smaller amounts) is required by the Land Department to register foreign condo ownership under the Condominium Act.
Outbound international transfers may require documentation of purpose (e.g. invoice, contract) for larger amounts, per Bank of Thailand AML/FX reporting rules.
Wise and similar fintech transfer services generally beat traditional bank wire transfers on both exchange rate margin and fixed fees for cross-border transfers.
PromptPay (Thailand's real-time domestic payment system) does not support international transfers directly — only SWIFT wires or fintech transfer services do.
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.
Required Documents
Foreign Exchange Transaction (FET) form or bank credit note (for larger inbound transfers)
Purpose-of-transfer documentation for outbound transfers of significant sums
Passport and account details for both sender and recipient
Common Mistakes
Not specifying the correct purpose when wiring money for a condo purchase, resulting in a bank document that the Land Department later rejects.
Assuming PromptPay can receive international transfers — it is a domestic-only system; international money must arrive via SWIFT or a licensed transfer service.
Using a traditional bank wire for large recurring transfers without comparing to Wise's typically lower total cost.