The FET form (Foreign Exchange Transaction form) is the documentary evidence that purchase funds for a Thai condominium came from outside Thailand in foreign currency. It is the bridge between the foreigner’s home-country bank account and the Thai Land Office’s requirement that foreign condo registration be funded by foreign-source money.
For foreign condo buyers, the FET is mandatory: no FET, no condo registration. The mechanics are straightforward but timing, freshness, and documentation matter.
What the FET form is
A FET form (formerly called Tor Tor 3, ธ.ต.3) is issued by a Thai bank when foreign currency enters Thailand and is converted to Thai baht. It documents:
- Buyer’s full name (matching passport)
- Amount in original foreign currency (USD, EUR, SGD, etc.)
- THB equivalent received by the bank after conversion
- Purpose code identifying the transaction (typically “purchase of condominium” or equivalent)
- Issue date and bank reference
The form is on Bank of Thailand-prescribed paper, with the Thai bank’s stamp and signature. It serves as official confirmation that foreign-source funds have entered Thailand and been converted to baht.
Why the FET matters
Section 19 of the Condominium Act requires a foreign condo buyer to bring purchase funds in from abroad. The Land Office uses the FET form as the documentary proof. Without it, the Land Office refuses to register the unit in the foreign buyer’s name.
The requirement is the cleanest implementation of the Act’s foreign-funds rule: rather than tracing bank transfers and currency conversions through complex documentation, the Thai bank certifies the inbound transfer with a standardized form. The Land Office accepts the form; the requirement is satisfied.
The FET also has a second purpose: at eventual sale, the FET helps the foreigner repatriate sale proceeds back abroad without exchange-control complications. The original FET evidences inbound foreign currency; sale proceeds up to that amount can flow back out as repatriation rather than as new outbound currency export.
How to get an FET form
The standard process:
1. Wire foreign currency from your home bank to a Thai bank. The receiving Thai bank can be:
- Your own Thai bank account (in your name)
- Your lawyer’s escrow account
- Seller’s account (less common for FET purposes; usually own account is cleanest)
2. Specify the purpose code. The wire instruction should identify the purpose as “purchase of condominium” (or equivalent code per the bank’s system). The purpose code triggers the FET issuance flow.
3. Currency must be foreign. USD, EUR, SGD, GBP, AUD — not THB. THB-denominated transfers from outside Thailand don’t qualify; the funds must be foreign currency that the Thai bank converts.
4. Receive FET. Single wires above USD 50,000 trigger automatic FET issuance. Smaller amounts may require a written request to the receiving Thai bank. The form is typically issued within 1–3 business days of the wire being received.
5. Keep the original. Bring the original FET (not a copy) to the Land Office on transfer day. Keep additional copies for your records.
Common FET issues
1. Stale FET (older than ~6 months). Some Land Offices challenge FET forms more than ~6 months old. If your transfer is delayed beyond that window, arrange a fresh inbound transfer through the same bank — even a small amount (USD 5,000–10,000) is enough to generate a fresh FET that establishes recent foreign-source activity.
2. Wrong recipient name. The FET must show the buyer’s name as it appears on the title registration. If the wire was sent to your lawyer’s escrow with the lawyer’s name as recipient, the FET shows the lawyer, not you — Land Office may not accept. Use your own Thai bank account where possible.
3. Wrong amount. The FET should show foreign currency amount and THB-converted amount, with THB equivalent at least equal to the purchase price (or a documented portion of it for partial-FET situations).
4. Missing purpose code. If the original wire didn’t specify “purchase of condominium” purpose code, the bank may not issue FET automatically. A written request to the bank with supporting documentation can resolve this.
5. Multiple smaller transfers. If purchase funds came in several smaller wires rather than one large one, you may have multiple smaller FETs that aggregate to the purchase price. Most Land Offices accept this; verify with your specific Land Office in advance.
Timing — when to send the funds
For a smooth transfer day:
- 5–10 business days before transfer day: send the wire from your home bank. International wires can take 1–3 business days to settle and be available for FET issuance.
- 3–5 days before transfer day: confirm FET has been issued by the Thai bank. Pick up the original.
- 1–2 days before transfer day: arrange cashier’s cheques from the same Thai bank for the price balance and transfer fees.
- Transfer day: bring FET original and cashier’s cheques to the Land Office.
The most common transfer-day failure mode: funds wired too late, FET not yet issued, transfer delayed.
When FET isn’t required
The FET requirement applies specifically to foreign-name freehold condo registration. Other situations don’t require FET:
- Leasehold registration (foreigner takes a registered lease): different requirements, FET sometimes required, sometimes not
- Thai-spouse purchase (Thai spouse buys land in own name): no FET required (the Thai spouse’s purchase isn’t a foreign transaction for Land Office purposes, though the Thai-spouse declaration has its own requirements)
- Section 96 bis investment-based foreign land purchase: different documentation, FET equivalent for the THB 40M investment
- Inheritance transfers: different rules
For each non-condo-freehold structure, your lawyer will advise on the equivalent inbound-funds documentation requirements.
What this means for buyers
For foreign condo buyers in Phuket:
1. Plan FET timing 5–10 days before transfer. Wire the funds with margin; don’t leave it to the last minute.
2. Use your own Thai bank account. The cleanest path — your name, your account, your FET. Avoid routing through lawyer’s escrow unless specifically advised.
3. Specify the purpose code clearly. “Purchase of condominium” or equivalent. The bank needs this to issue FET.
4. Keep the original FET. Required at the Land Office on transfer day. Also keep copies for your records — you’ll need it again at eventual sale to repatriate proceeds.
For broader transaction context: How to buy property in Thailand — step-by-step guide for foreigners and Land Office transfer day in Thailand — what actually happens. For the underlying Condominium Act framework: Condominium Act of Thailand — the law behind foreign condo ownership and Foreign property ownership in Thailand — what you can and cannot own.