The method of transferring foreign currency to purchase assets in Thailand has clearly defined rules, regulations, and legal requirements for what may and may not be done. It must be processed through the channels of financial institutions or relevant agencies under the supervision of the Bank of Thailand.
     When a person receives money from abroad in accordance with the requirements of the Bank of Thailand, the purpose of the transfer must be stated, which is an official measure to prevent money laundering and other fraud. The regulations require that all banks in Thailand must request the sender to clearly state the purpose of the money transfer before depositing money into the recipient's account in Thailand; acceptable purposes include buying a condominium, investing in a business, or paying living expenses.
     Therefore, foreigners residing in Thailand who wish to purchase a condominium must transfer money to pay for the condominium from abroad and must also transfer money into Thailand in the form of foreign currency. The transferor must complete the transfer document format, called the T/T Form, of the originating bank, specifying the purpose of the transfer in English as follows: “For Purchasing Condominium” “Name of Condominium” “Unit number XXX under (buyer’s full name).”

    The transferor is also required to obtain a certificate, in a “Foreign Currency Transaction Form” whenever a financial transaction is carried out by the processing bank, because the buyer needs to present all certificates to the Land Department in order to register the condominium. In case of remittance in the amount of USD 50,000 or equivalent, the foreign exchange transaction form and supporting documents according to the purpose of remittance must be submitted, and the bank will issue a certificate, "Foreign Currency Transaction Form." For transactions with a value less than specified by the buyer, a certificate must be obtained from the bank itself.
    However, a foreign buyer that has permanent residence status in Thailand may buy a condominium using Thai baht without requesting a “Foreign Currency Transaction Form.”