Transferring Money from Abroad to Buy Chiang Mai Property — Process and Key Cautions

Transferring Money from Abroad to Buy Chiang Mai Property — Process and Key Cautions

For foreigners and overseas Thais wanting to buy property in Chiang Mai, transferring money from abroad must follow the correct process for the transaction to be legally complete.

Why Does the Correct Transfer Process Matter?

For foreigners buying Freehold condos in Thailand, the law requires that purchase funds be transferred from abroad in foreign currency, with a FET Form as evidence.

Without a correct FET Form or transfer:
- Cannot be used as Freehold ownership evidence for a foreigner
- Cannot transfer sale proceeds back abroad in the future
- May face difficulty proving the fund's origin

Step-by-Step Transfer Process

Step 1: Prepare documentation
- Overseas bank statement, valid Passport, proof of fund origin if required

Step 2: Choose the transfer method
Correct channels: Bank wire transfer (best standard), SWIFT Transfer, or Wise/Revolut in some cases
Avoid: Third-party transfers, bringing cash into Thailand above the declaration threshold (THB 450,000+)

Step 3: Transfer to a Thai bank account
Popular banks for foreigners in Chiang Mai: KBANK, SCB, BBL
Documents to open account: Passport, valid visa, proof of address

Step 4: Exchange to Thai Baht and obtain FET Form
- Inform the bank the purpose is property purchase
- Bank issues the FET Form (TorTor 3 or SWIFT Confirmation)
- Keep all FET Form documents permanently

Step 5: Use Thai Baht to pay for the property
Proceed with normal deposit and purchase payment

Key Cautions

Exchange rate risk: Rate on transfer day may differ from expectations — consider locking the rate in advance if possible
Transfer fees: SWIFT transfers typically carry fees on both sending and receiving ends — check both
Transfer amount: Send enough to cover purchase price, transfer fees, and transfer day costs — slight excess is safer than shortfall
Recipient account verification: Verify the correct account before sending — never transfer via an unexplained third party

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