Define Thai FET-form - Money Exchange Transaction Form
The FET form or foreign exchange transaction form relates to the official statement by an authorized financial institution (Thai bank) of exchanging foreign currencies into Thai baht. The authorized bank in Thailand exchanges a quantity of foreign currency for a quantity of Thai baht and issues a FET form of the conversion of foreign currency into Thai baht.
This documents (FET-form) formally known as 'Thor Tor 3'. The FET form is among others required when buying and registering ownership of a condominium unit as a non resident foreigner in Thailand
The original FET form must be shown to the land department in order to register a condominium in a non-resident foreigner's name. To obtain a FET form the money transfer document (i.e. to buy a condominium) must show the foreign purchaser's name either as the sender or receiver of the money from the overseas bank.
A FET form will only be issued by the handling bank for amounts exceeding 20,000 USD, for lower amount the financial institution will issue a letter of proof of foreign currency transferred, similar to a credit note.
Whenever transferring money out of Thailand the tax free amount of transferring money out of Thailand is determined by the initial amount transferred into Thailand as stated in the FET form or credit note.
Tags: 'Buying a condominium in Thailand
Bank of Thailand: Changes in Reporting Requirements of Foreign Exchange TransactionsIn order to reduce the paperwork required for foreign exchange transactions (buying, selling, depositing, withdrawing foreign currencies) between financial institutions and their non-interbank customers, the Bank of Thailand has consolidated and simplified all relevant Notices into a new Notice of the Competent Officer effective from April 1, 2004 Changes are summarized as follows:
Bank of Thailand 31 March 2004 |
