Buyer guide
Paying from abroad: transfers, documents and financing
How the money arrives in Thailand matters as much as the amount. To register a condominium unit in a foreign buyer's name, the Land Office wants proof that the purchase money came from abroad in foreign currency. Get this right from the first instalment.
Why the route matters
A foreign buyer can register freehold ownership of a condominium unit only by showing that the money for it was brought into Thailand as foreign currency. Money sent as baht from abroad, or paid from a Thai account without that history, does not qualify. The same documents are what later let you send the money out of Thailand when you sell.
How to send it
- Send foreign currency, not baht. The conversion to baht must happen at the receiving bank in Thailand.
- Send it from an account in your own name. The sender's name must match the buyer's name on the contract.
- State the purpose in the transfer instruction: the purchase of a condominium unit, with the project and unit number.
- If two people are buying, the transfers should reflect both names in the way the receiving bank asks for.
- Tell your own bank in advance. Large transfers to Thailand are sometimes stopped for checks.
The documents to collect
For larger transfers, around USD 50,000 or more, the receiving Thai bank issues a Foreign Exchange Transaction form. For smaller amounts it issues a credit advice together with a confirmation letter. Ask the receiving bank what it will issue for each of your transfers and how to request it.
Collect the document for every instalment as you go, check the name and the stated purpose on each, and keep the originals with your title deed.
The exchange rate
The price is fixed in baht; what it costs in your own currency is not. Over a plan of two or three years the rate can move by more than any discount you negotiated. Some buyers convert in stages or fix a rate in advance through a currency provider. Whether that suits you is a question for a financial adviser, not for a property site.
Financing
Thai banks rarely lend to foreign buyers who do not live and work in Thailand. A small number of lenders do offer loans, on stricter terms than local buyers get: a lower share of the price, shorter terms and higher interest. What is on offer changes, so confirm every term with the lender itself.
Most foreign buyers therefore pay from their own funds or borrow in their home country against assets there. A developer's payment plan spreads the price over the building period; it is not a loan and does not continue after transfer. If you depend on a loan for the balance, have it approved before you commit.
Taking the money out when you sell
When you sell, the bank that sends the proceeds abroad will ask where the money originally came from. The bank documents from your purchase and the sale papers from the Land Office are the evidence. Without them, sending the proceeds home is slower and harder.