Should you need to transfer money to purchase a property in Thailand, all funds need to be sent by Telegraphic Transfer (T.T.) with a document identifying the name of the purchaser, and it must be stated clearly in the transfer instructions that the purpose of this money is to buy a condominium unit in Thailand.
Alternatively, it is possible for the buyer to ask a third party to transfer the money for them to buy the property by identifying themselves as the receiver.
The receiving bank of the foreign currency Telegraphic Transfer will issue a Foreign Exchange Transaction Form, which contains the following information:
- The date of transfer
- The exchange rate
- The transferred amount in foreign currency
- The transferred amount in Thai Baht
- The name of the money sender
- The name of the money receiver
- The purpose of the transfer
If the money receiver is an individual but wants to put the unit in the names of two people, the sender must instruct the bank to specify the names of the two people together with the purpose of buying a condominium.
The Land Department can also accept the transfer even if the sender’s name and the receiver’s name are not the buyer’s name but the sender should instruct the bank to put the purpose as being “for the purchase of the condominium by (Purchaser’s name)”.
The amount of money must be equal to or higher than the selling price declared to the Land Department.
In order to obtain a Foreign Exchange Transaction Form, the amount of money must be above US$50,000; lesser amounts require the purchaser to obtain a bank certificate from the receiving bank.