1. You don’t always need a Thai bank account
Recent changes mean tourist and Destination Thailand Visa (DTV) holders often can’t open new local bank accounts . But, you can still buy a condo—as long as payment is made via an international foreign-currency transfer to:
- The developer’s bank account, or
- A trusted escrow account held by your lawyer or agent .
The recipient then arranges the Foreign Exchange Transaction (FET) form required by the Land Office, even if you’re paying directly to them .
Topology clarified:
“You don’t need a Thai bank account to buy a condo. You can transfer payment directly to the seller.”
2. What the FET form does
Under the Condominium Act, if you’re not a Thai citizen, you must provide the FET form (or credit note for amounts under USD 50K) when registering foreign ownership . This proves:
- Money arrived from overseas in foreign currency,
- Was converted by a Thai bank into Thai baht,
- Purpose is explicitly for property purchase, and
- Names on transfer match the sales contract
3. When you do need a Thai bank account
Opening an account in Thailand is still useful in many cases—and easier if you meet requirements:
- Hold a long-term visa (Non-Immigrant B, O, ED, retirement, Elite) or have a work permit, Thai spouse, or Thai property already owned
- Tourist or DTV visa holders now face increased account restrictions and even account freezes .
4. Transfer options: with vs. without a Thai account
| Scenario | Steps to Get FET | Pros | Cons |
|---|---|---|---|
| Using Thai bank account | Foreign funds → Thai bank → issue FET form → pay seller | Controls funds, easier with local agent/legal | Must meet stricter visa/account rules |
| Direct transfer to seller/dev | Transfer abroad → recipient arranges FET form | No account needed | Requires trustworthy recipient, escrow preferred |
5. Tips & Cautions from Expats
“Pay directly to the seller or escrow and let them arrange the FET. Don’t mess with Thai baht conversions yourself.”
“Transfer must be foreign currency, converted in Thailand; Wise can work but bank must issue an FET “must check with the bank, before transfer”.”
“Developers often hold the FET certificates until land transfer, so you receive a copy only afterward.”
🚨 Important Takeaways
- No Thai bank account needed if you transfer directly in foreign currency to the developer, agent, or lawyer—they will get the FET.
- Stricter banking controls now block tourist visa holders with new account policies.
- If you can open an account, moving your own funds through it gives you better control.
- Always ensure FET is properly named and purposed—any mismatch leads to rejection at the Land Office.
✅ 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
