Glossary · The buying process
FET form
Also called: Foreign Exchange Transaction form, Tor Tor 3
In short
The Thai bank's certificate that foreign currency was brought into Thailand and converted to baht. A foreign buyer needs it, or a bank credit advice for smaller sums, to register a condominium unit freehold.
What it means
When foreign currency arrives at a Thai bank and is converted to baht, the bank can certify the transaction: the amount, the sender, the recipient and the purpose. For larger transfers, around USD 50,000 or more, this is the Foreign Exchange Transaction form. For smaller ones the bank issues a credit advice with a confirmation letter.
Why a buyer needs it
- The Land Office registers a condominium unit in a foreign buyer's name only against proof that the purchase money came from abroad as foreign currency.
- When you sell, the same documents show the bank where the money came from, so the proceeds can be sent out of Thailand.
How to get it right
- Send foreign currency, not baht, so the conversion happens in Thailand.
- Send from an account in the buyer's own name.
- State the purpose: purchase of a condominium unit, with the project and unit number.
- Collect the document for every instalment and keep the originals.