Chiang Mai Real Estate and Overseas Fund Transfers — FET Form and What to Prepare

Chiang Mai Real Estate and Overseas Fund Transfers — FET Form and What to Prepare

For foreign nationals buying property in Chiang Mai, transferring funds from overseas must follow the correct procedure to protect legal rights.

What Is the FET Form?

The Foreign Exchange Transaction Form (FET Form), officially called ทบ.2, is a bank document recording the exchange of foreign currency into Thai Baht for amounts of USD 50,000 or more (or equivalent).

Why Is the FET Form Critical for Foreign Buyers?

For purchasing Freehold condos in a foreign national's name, the FET Form is legally required proof that the purchase funds originated from overseas. Without it, the foreign national may be unable to transfer condo title into their own name.

Correct Overseas Fund Transfer Process

Step 1: Transfer from overseas account — in foreign currency (USD, EUR, SGD, GBP etc.) to a Thai bank account. Must specify purpose as "Purchase of Condominium" or "Property Purchase"

Step 2: Bank exchanges to Baht and issues FET Form — the Thai bank automatically issues the FET Form for qualifying amounts

Step 3: Keep the FET Form safely — it must be presented at the Land Department on transfer day

Required FET Form Information

Recipient's name (must match the buyer's name exactly), amount transferred (must cover the full purchase price), purpose (must specify property purchase), issuing bank name

Common Problems and Prevention

Problem 1: Wrong stated purpose — "Personal Savings" instead of "Property Purchase" renders the FET Form unusable. Prevention: Confirm correct purpose wording with the bank before transferring.

Problem 2: Name mismatch — FET Form name must match the sale contract and title deed name exactly

Problem 3: Transferring via someone else's account — causes a name mismatch

Problem 4: Exchanging to Baht outside Thailand — no FET Form is generated

Additional Notes

For amounts below USD 50,000: Some banks issue a Credit Note instead — verify Land Department acceptance before proceeding.
Transfer funds at least 1-2 weeks before the scheduled transfer date.

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