What Currency Should I Use to Buy Phuket Property?

Why Currency Matters for Property Ownership

In Thailand, how you pay for a condo determines your legal ownership rights. This is not bureaucracy — it’s the mechanism that makes foreign freehold ownership possible.

The rule: To own a condo in the 49% foreign quota (freehold, with Chanote title in your name), the purchase funds must:

1. Be transferred from a bank account outside Thailand
2. Arrive in Thailand in a foreign currency (not THB)
3. Generate a Foreign Exchange Transaction (FET) certificate from your Thai bank
4. Be converted to THB by the Thai bank (not by you)

If you pay from a THB account in Thailand (funds already in Thailand), you do not generate the FET certificate and cannot register as a foreign quota freehold owner. Your only option in that case would be the Thai quota (not available to non-residents).

What the FET Certificate Is

The FET certificate (also sometimes called a Thor Tor 3 form) is issued by your Thai bank whenever foreign currency is converted to THB for the purpose of property purchase.

It records:

• The amount transferred
• The originating foreign currency
• The exchange rate applied
• The purpose of transfer (property purchase)
• Your name as the recipient

This certificate is submitted to the Land Office at the time of title transfer as proof that you are entitled to foreign quota ownership. Keep all FET certificates from every milestone payment — you will need the full set at transfer.

Which Currency to Transfer

USD is the most practical choice for most buyers:

• Most Phuket properties are priced in USD
• USD wire transfers are accepted by all major Thai banks
• USD-THB is a liquid pair with good rates

EUR and GBP are equally accepted:

• European buyers typically transfer in EUR or GBP
• Your Thai bank converts at the daily mid-market rate
• The FET certificate is issued in the same way regardless of the source currency

AUD, SGD, HKD, JPY — all accepted without issue

RUB (Russian Ruble) — accepted by some Thai banks but conversion routes have been more complex since 2022. Russian buyers often use intermediary USD or USDT conversion steps.

THB from a Thai account — do NOT use. This is the one scenario that blocks freehold ownership.

Practical Transfer Instructions

Step 1: Open a Thai bank account You need a personal Thai bank account to receive the property purchase transfer. Kasikorn Bank (KBank), Bangkok Bank and SCB are the most foreigner-friendly. Requires: passport + visa + sometimes a utility bill or embassy letter. Process takes 1–2 days.

Step 2: Send the wire transfer from your home bank In the transfer purpose/reference field, specify: “For the purchase of condominium unit [unit number/project name], Phuket, Thailand.”

This purpose description is important — it helps the Thai bank correctly classify the FET and issue the certificate with the right purpose code.

Step 3: Receive and retain the FET certificate Within 1–3 days of the Thai bank receiving your funds and converting to THB, they issue the FET certificate. Request a physical or digital copy and save it securely. Repeat for every milestone payment.

Currency Risk: Managing Exchange Rate Exposure

Phuket properties are quoted in USD, but most buyers earn in non-USD currencies. The exchange rate between your home currency and THB (via USD) will fluctuate during the construction period (2–4 years), creating currency risk.

Example: A buyer paying €180,000 (≈$197,000 at 1.10 EUR/USD) for a condo. If EUR weakens to 1.05 EUR/USD, the same dollar amount now costs €190,000 — an extra €10,000. Over a 3-year construction period, this exposure is real.

Options for managing currency risk:

• Natural hedge: if you earn USD or invest in USD assets, quote in USD and pay in USD
• Forward contracts: some buyers use currency brokers (Wise, OFX, HSBC FX) to lock exchange rates for future milestone payments
• Accept the exposure: for many buyers, the property appreciation and yield more than offset currency fluctuation risk

What This Means for Buyers

The currency process for Phuket property is simpler in practice than it sounds. Open a Thai bank account, transfer funds in foreign currency from your home bank, and your Thai bank handles the conversion and FET certificate automatically.

The critical rule to remember: never transfer THB — always send in foreign currency to generate the FET certificate and protect your freehold ownership rights.

MORE Group’s client services team walks every buyer through the bank account setup and transfer process as a standard part of our onboarding.

Frequently Asked Questions

What is a FET certificate (Thor Tor 3) in Thailand? +

A Foreign Exchange Transaction certificate issued by your Thai bank when you transfer foreign currency for a property purchase. It proves funds arrived from abroad and is legally required to register freehold (foreign quota) condo ownership at the Land Office.

Can I pay for a Phuket condo with cash? +

Not in THB cash — you need the bank-to-bank foreign currency transfer to generate the FET certificate. Some developers accept USD or EUR cash for reservation deposits, but the main purchase payments must go through the banking system.

Do I need a Thai bank account to buy property? +

Yes. You need a personal Thai bank account to receive foreign currency transfers and generate FET certificates. Opening a Thai bank account takes 1-2 days with a passport and valid visa.

What exchange rate do I get when transferring money to Thailand? +

Your Thai bank applies the daily mid-market rate for your currency pair. Using a currency broker (Wise, OFX, Western Union) to send the initial transfer can sometimes secure a better rate than a direct bank wire.

Is there a minimum transfer amount for the FET certificate? +

No formal minimum — FET certificates are issued for any foreign currency inward transfer designated for property purchase. Some banks have informal minimums for issuing the formal certificate vs. a simple confirmation; ask your bank in advance.