How Should Foreign Buyers Pay for a Condominium?

For a typical foreign freehold purchase, the purchase funds generally need to be remitted to Thailand from overseas in foreign currency, in accordance with applicable legal and banking requirements.

Important points:

• State the purpose clearly: The transfer instructions should indentify the funds as payment for a condominium purchase.  Where possible, include the condominium project name, unit number, and buyer's name.  Clear payment details can help the receiving bank identify the transaction and prepare the relevant supporting documents.
• Keep the bank documents: Retain all transfer receipts and obtain the appropriate bank evidence, such as a Foreign Exchange Transaction (FET) Form or other supporting documentation, as applicable.  These documents may be important when demonstrating the source and purpose of the funds during the ownership transfer process.
• Check the Land Office Requirements: The documents must meet the requirements of the Land Office responsible for registering the ownership transfer.  Buyers should confirm in advance which documents are required and whether the names, amounts, and transaction details must match the purchase agreement and other supporting records.

Additional considerations

Before transferring any funds, the buyer should coordinate with the receiving bank and the relevant Land Office.  This is particularly important when payments are made in several instalments or the funds are already held in Thailand.

For example, if a buyer pays a booking fee, a deposit, and the remaining puchase price at different times, the buyer should keep a clear record of each payment and confirm how the funds will be documented.  Different payment arrangements may require different supporting evidence, so buyers should not assume that a single bank receipt will always be sufficient.

Buyers should also confirm the payment arrangements with the seller or developer before remitting funds.  The payment schedule, recipient account, and purpose of each transfer should be consistent with the agreed transaction.  If funds are already in Thailand, or if a third party will make a payment on the buyer's behalf, the buyer should seek guidance from the receiving bank and the relevant Land Office before proceeding.