Buying Property in Thailand: How to Move Your Money Safely
Last updated: May 2026 • 10 min read
Buying a condo in Thailand is the dream for many British expats and investors. But moving £50,000-£200,000+ overseas for a property purchase is very different from sending a few hundred quid to your mates. Get it wrong and you could lose thousands to exchange rate markups — or worse, lose the lot to a scam.
Foreign Ownership Rules
Foreigners can own condominium units freehold in Thailand. You cannot own land directly. Key rules:
- Foreigners can own up to 49% of the total unit area in any condominium building
- You must bring the purchase funds from overseas in foreign currency
- The money must be recorded as incoming foreign exchange by the receiving Thai bank
- You'll need a Foreign Exchange Transaction form (Thor Tor 3) from the bank for amounts over $20,000
The Money Transfer Process
For property purchases, you need a specialist broker like OFX, Currencies Direct, or Moneycorp — not Wise. They ensure the SWIFT transfer includes the correct purpose code and generate the documentation the Land Department needs.
Steps:
- Contact the broker and explain it's for a property purchase
- Provide passport, proof of funds, seller's bank details, and purchase agreement
- Lock in the rate with a forward contract (up to 12 months ahead)
- Broker sends money via SWIFT with correct purpose code
- Get the Foreign Exchange Transaction form from the Thai bank
Provider Comparison for Property Transfers
| Provider | Rate Margin | Fee | FET Form | Forward Contract |
|---|---|---|---|---|
| OFX | 0.15-0.2% | None | Yes ✓ | Up to 12 months |
| Currencies Direct | 0.15-0.25% | None | Yes ✓ | Up to 12 months |
| Moneycorp | 0.2-0.3% | None | Yes ✓ | Up to 24 months |
| HSBC | 3-4% | £20-40 | Varies | No |
How Much You'll Lose to the Spread
Buying a condo for 5 million THB (about £115,000):
- OFX (0.15% margin): £173 over mid-market
- HSBC (3.5% markup): £4,343 over mid-market
That £4,170 difference is literally the cost of furnishing your new condo. Don't use a bank.
Escrow: Is Your Money Safe?
Thailand doesn't have mandatory escrow for property purchases. In most off-plan purchases, you pay the developer directly. Protect yourself:
- Only buy from established developers with completed projects
- Check the developer's escrow account with the Land Department
- Use a lawyer to hold funds until transfer is complete
- Never transfer full amount until you've checked the title deed
A good Thai property lawyer costs 20,000-50,000 THB (£460-1,150). Worth every penny.
Staged Payments for Off-Plan
Off-plan payments are typically staged: reservation fee (50,000-100,000 THB), down payment (10-20%), construction instalments (20-40%), and final payment (40-70%). Each instalment from overseas needs proper documentation.
Tax on Property Purchase
When you buy a condo, budget an additional 2-3% for: transfer fee (2%, usually split with seller), stamp duty (0.5%) or specific business tax (3.3% if seller owned less than 5 years), and withholding tax.