Disclaimer:
This article is based on real-world experiences shared by Reddit users as well as personal insights from previous clients who have successfully purchased property in Thailand. While we’ve taken care to provide accurate and practical information, always consult directly with your Thai bank and legal advisor before making financial decisions.
Buying property in Thailand as a foreigner requires careful attention to the money transfer process, especially when complying with local laws to obtain the Foreign Exchange Transaction (FET) form or Foreign Currency Transaction Form (FCTF). One increasingly popular method is using Wise (formerly TransferWise), which offers low fees and competitive exchange rates. But is Wise the best method for property purchases, or should you stick to traditional SWIFT bank transfers?
Here’s what real users have experienced — and what you should consider before transferring money into Thailand to buy property.
🔑 Key Legal Requirement: Funds Must Enter as Foreign Currency
Thailand requires that funds used for a property purchase by a foreigner must be transferred into Thailand in foreign currency (e.g. USD, EUR, GBP) and converted into Thai Baht (THB) within Thailand. This is critical because:
- It ensures that your bank can issue the FET form, which is necessary for registering property ownership with the Land Office.
- Transfers sent already in THB from abroad are not eligible for an FET form.
✅ Best Practice:
Send the funds in a foreign currency to your own account in Thailand, and let the Thai bank handle the conversion into THB.
💸 Using Wise for Property Purchases
Wise is attractive because it offers low fees and great FX rates. However, Wise typically converts the currency outside of Thailand before depositing THB into the recipient’s Thai account — which may disqualify the transaction from getting an FET form.
Two Ways to Use Wise:
- Convert EUR/USD → THB and send
- Funds arrive in Thailand as THB.
- ❌ Not ideal for property purchase (no FET form issued).
- Transfer in EUR/USD and let Wise convert during the transaction
- Still ends with THB reaching the Thai bank.
- ❌ Also may not qualify for an FET form.
🧾 What’s on the Receipt:
- In both cases, the Thai bank receives Thai Baht, and you may not be able to document that the money entered as foreign currency.
- Only the amount in THB appears on the receiving bank’s records, not the original foreign currency, which is required for FET documentation.
🧠 Redditor Insight:
“To buy property the money must not be sent into Thailand as THB. It must come in as some other currency and then exchanged to THB inside Thailand.” – u/tonyfith
🏦 SWIFT Transfer: Still the Gold Standard for Property Buyers
Despite the rise of fintech, many Reddit users who successfully bought condos or homes in Thailand recommend using a traditional SWIFT transfer for large sums. Why?
- You can instruct your foreign bank to send funds in USD/EUR/GBP directly to your Thai bank.
- Your Thai bank handles the conversion and can issue the FET form.
- You can later use this FET to legally register the purchase under your name.
Yes, fees might be slightly higher (~$20–50 per transfer), but you’re ensuring full legal compliance.
🧠 Redditor Insight:
“I used a normal SWIFT transfer directly to my account in Bangkok Bank. Costs were not too high, and it was stress-free. They allowed me to combine multiple transfers into a single FET certificate.” – u/tonyfith
📝 Wise vs SWIFT: Quick Comparison
| Feature | Wise | SWIFT Bank Transfer |
|---|---|---|
| Fees | Low | Medium to High |
| Exchange Rate | Excellent | Bank markup (1-3%) |
| Speed | Fast | 1–3 days |
| FET Form Eligible | ❌ No (if sent in THB) | ✅ Yes |
| Best For | Small transfers, personal use | Large sums, property purchases |
⚠️ Final Advice
While Wise is excellent for sending personal remittances, property transactions require documentation that Wise currently doesn’t guarantee. If you’re sending money for a condo or home purchase, your safest bet is to:
- Open a foreign currency account in Thailand (USD/EUR/GBP).
- Use a SWIFT transfer from your home bank to your Thai bank in foreign currency.
- Let the Thai bank handle the exchange to THB and issue the FET form.
Don’t risk the legality of your property ownership over a few dollars in fees.
📌 Pro Tip: Talk to Your Developer and Bank
Some developers now accept Wise, but always confirm that they or the receiving bank can support FET documentation. If not, go the traditional route.
✅ Need Help Buying Property in Pattaya?
Whether you’re looking for a beachfront condo, investment property, or long-term rental, we’re here to help.
📧 Email: contact@centralcityproperty.com
📱 WhatsApp: +66 95 992 0345
