The FET form or foreign exchange transaction form relates to the official statement by an Thailand authorized financial institution (licensed Thai bank) confirming the exchange of foreign currencies into Thai baht inside Thailand. Transfer and exchange of foreign currency into Thai baht with an equivalent of USD 50,000 or over must be reported by the financial institution in the FET-form and submitted to the Bank of Thailand.
The FET-form replaced the previous used Thor Tor 3 form.
An original FET form issued by the bank that handles the exchange into Thai baht inside Thailand is among others required as proof of the exchange of foreign currencies in Thailand when buying and registering ownership of a condominium unit in Thailand as a non resident foreigner. The FET-form contains the following information:
- The transferred amount in foreign currency
- The transferred amount in Thai Baht
- The name of money sender
- The name of money receiver
- The purpose of transferring
A FET form will be issued for each remittance and exchange of foreign currency with an equivalent of 50,000 USD or more. For lesser amounts of foreign currencies transferred and exchanged the authorized financial institution inside Thailand can issue a FOREX confirmation of remittance letter to the foreigner containing all the information according to the Foreign Exchange Transaction Form. Such letter issued by the financial institution can be used as proof of remittance and exchange of foreign currency and withdrawal of Thai baht inside Thailand, similar to the official FET-form.
When buying a condominium in Thailand the original FET form or confirmation of remittance of foreign currency letter must be shown to the land department in order to register ownership of a condominium as a non-resident foreigner. The foreign exchange transaction form must show the foreign purchaser’s name either as the sender or receiver of the money from the overseas bank.
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.
Changes in Reporting Requirements of Foreign Exchange Transactions
In 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:
Revoke all Notices of the Competent Officer and related circulars by issuing a new Notice for easy reference.
All types of transactions are to be reported in a single foreign exchange transactions forms replacing Thor.Tor 3, Thor.Tor 4, and Thor.Tor 5.
Foreign exchange transactions amounting to an equivalent of USD 20,000 or over have to be reported in the Foreign Exchange Transaction Form.]
SWIFT documents that have all the information according to the Foreign Exchange Transaction Form can be used as the Foreign Exchange Transaction Form in order to facilitate nonresident customers.
Exporters and importers are no longer required to submit Thor.Tor 1 and Thor.Tor. 2 as the information are already reported in the Custom Declaration Form.
Foreign exchange transactions of exporters and importers arising from trade amounting to an equivalent of USD 20,000 or over have to be reported.
Financial institutions will submit report on foreign exchange transactions and data to the Bank of Thailand in electronic forms instead of paper form.
Reduce paperwork on foreign exchange transactions of government and government agencies.
Thailand FET-form (TT3) Sample
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