What currency should I use to travel to Thailand? How do I pay for real estate from abroad? Can foreigners open a bank account if they do not have a long-term visa? What is the FET form and when is it needed? Experts from Thai Exotic Property company Svetlana Kasatkina and Olga Kostenko share financial life hacks that will help you save money. The material is relevant for Russian citizens and beyond.
Thai Baht Exchange Rate
The Thai currency (THB) has been stable for decades. Since the beginning of 1998, the baht has maintained its value against the dollar better than any other currency in the world, with the exception of the Swiss franc.
Over the past 15 years, the exchange rate of the baht has fluctuated between 32-36 per dollar. In 2024, it strengthened again.
The stability of the national currency and low inflation (up to 3% per year) make Thailand attractive for long–term investments in real estate and beyond.
What currency should I take with me
You can travel to Thailand with any popular currency – dollars, euros, yuan.
Over the past couple of years, there have been more opportunities to exchange rubles. Thais know that guests from Russia have problems accessing currencies, and they are trying to provide convenient services. By the way, according to our customers, it is more profitable to come here with rubles than to buy dollars in Russia and double convert into baht.
Currency exchange offices are well developed in the resort regions: banks, specialized street exchangers, points in hotels, shopping malls, airports.
The course varies from place to place, but only slightly. Commissions are usually not charged.
Phuket Currency Exchange Office
How to pay Russians in Thailand
Most payments in Thailand (at least in Phuket) are non–cash – they are made by bank cards or using applications in phones. Even markets and makashnitsy (street food outlets) accept payment by QR code.
Russian bank cards of Visa, MasterCard and Mir systems are not valid in Thailand. There remains the Chinese UnionPay payment system, whose cards are issued by several Russian banks.
Another option for Russians is to use a card from any foreign bank, such as a Kazakh, Armenian, or Georgian one.… You can also open an account with the Bank of Thailand. There are no specific restrictions for Russians here, they are treated the same as all other foreigners.
Thai banks are the most popular
There are 14 commercial banks in Thailand (mostly with state capital). Subsidiaries of foreign financial organizations are also open here. The full list is available on the website of the Central Bank of Thailand.
Locals jokingly call the most popular banks in Thailand by the colors of their logos.:
- Bangkok Bank – Blue bank,
- Kasikorn Bank – green bank,
- Siam Commercial – purple bank,
- Krungsri Bank is a yellow bank.
They all work with foreigners.
ATMs of popular banks at Phuket airport
How to open an account for a foreigner
The general requirement is that in order for a foreigner to open a bank account in Thailand, he must have a long–term visa – student, pension, work, etc. With such a visa, you can apply to any branch of any bank.
An exception to the general rule: foreigners without a long-term visa are also allowed to open accounts, but under special conditions and not in all branches.
For example, real estate buyers can apply for this. They need to submit a purchase contract (or a certificate of ownership, if the facility is built), pay for the issue of the card and its annual maintenance (about 200 baht). Banks also ask you to purchase medical insurance through them for a year, which costs about 6 thousand baht (after a year, the policy may not be renewed, the account will not be closed).
Documents for opening a bank account for Russians
- Passport with a stamp on entry to Thailand
- Russian-issued driver’s license
- Proof of residence in Thailand (for example, a contract for the purchase / rental of real estate)
- Thai SIM card
With these documents in hand, you contact the bank branch. Thai staff help you fill out the necessary forms and install the banking app on your phone.
Customer requirements differ not only between banks, but also within the same group – between branches. Therefore, foreigners need to know which office to contact.
Income tax on foreign income
Tax residents of Thailand, that is, people who spend more than 180 days a year here, should be aware of the new rules for calculating personal income tax on foreign income, which entered into force on January 1, 2024.
If you transfer money received from a foreign source to a Thai bank account, then this amount must be included in the tax return.
For example, if you permanently live in Thailand, rent out an apartment in Moscow and transfer this income to a Thai account, you must report to the tax service. This applies to any income – salaries, pensions, annuities, dividends, royalties.
Another example: You have an account with a local bank and use it for international payments, but you are not a Thai tax resident. You do not need a declaration.
Reporting to the tax service does not automatically mean paying income taxes.Thailand has signed agreements on avoidance of double taxation with 61 countries. Russia, Belarus, and Ukraine are on this list (see the full list of countries on the tax service’s website).
However, you have an additional obligation: to submit documents on the payment of taxes in the country where the income was received. This procedure itself can cause difficulties for foreigners, as declarations are filled out in Thai.
Bank branch in Thailand
All real estate payment methods
In the contract, the value of the property is always fixed in Thai baht. However, the developer can issue an invoice in any convenient currency – dollars, euros, yuan, some are ready to accept payments in rubles.
Clients often ask if developers in Thailand have foreign currency accounts. No, most Thai companies, including our holding company, have accounts in local currency. The money is automatically converted to baht at the time of receipt.
There are many questions about how to send money to Thailand from Russia. There are still opportunities.
1. SWIFT transfer from a Russian bank
According to the laws of the Russian Federation, Thailand is recognized as a friendly country, which means that Russian banks can send payments there without obtaining permission from a special government commission.
For transactions in the primary market, money is sent directly to the developer’s account; in the secondary market, it is more reliable to use the accounts of law firms, which, after completing all the formalities, will transfer funds to the seller.
Currency transfer through a bank is the basis for issuing a FET certificate, which a foreigner will need to register a transaction with a freehold.
There are various offers for transfers from Russia to Thailand in dollars, euros, yuan or Thai baht. In a personal consultation, we will tell you which options are currently working in practice.
2. SWIFT transfer from a foreign bank
Many Russian clients have accounts with foreign banks, and money can also be transferred from them. There are no obstacles to this from Thailand: funds can be transferred from the buyer’s account in any country in the world; in this case, a FET certificate will also be issued.
3. Payment in rubles to the developer’s representative
Over the past couple of years, many Thai developers have opened representative offices in Russia. If you choose an object of such a company, then you can pay for the transaction in rubles within the country. The partner will then transfer the money to the Thai company.
In this case, you save on currency conversion and bank fees for international transfers, but you can only register the property with a leasing company, since they do not issue a FET form for such a transaction.
4. Payment in cash
In Thailand, unlike many European countries, there are no restrictions on paying for real estate in cash – you can at least deposit the entire amount at the developer’s office.
In this case, it is necessary to take into account the restrictions on the export of cash from Russia. There is a limit of $10,000 per person for any currency other than rubles. Rubles can be exported without restrictions; for amounts starting from $10,000 in equivalent, a declaration is required.
Thai customs will also need to fill out a declaration if the amount of all foreign currencies exceeds $20,000 per person.
Money on accounts and bank cards is not declared.
5. Payment in cryptocurrency
Some developers in Thailand accept payments via USDT and other cryptocurrencies. In this case, the money is transferred to the developer’s (or intermediary’s) crypto wallet, then converted into Thai baht and transferred to a regular account.
Advantages of the method: speed, anonymity, low costs.
Cons: it is not used in all projects, it is only suitable for registering an object in a lease, since you cannot get a FET certificate for such a transfer.
We help our clients deal with tax planning, opening bank accounts, and making payments. Please contact us!
Real estate examples in
€ 238,709 Apartments on Bangtao beach, Thailand 53 m2 1 1 Apartments in Phuket / BT-342P The apartment owner becomes a resident of the club, thereby receiving discounts on the entire infrastructure of the area — in restaurants, bars, spas, discounts in the golf cube and equestrian club, etc. Object details: Delivery: 2015 To the sea: 300 m Bedrooms: 1 – 2 Bathrooms: 1 – 2 Living area: 53 – 75 m2 Income:… Exotic Property
1,697,545 € Villa on Bangtao Beach, Thailand 625 m2 4 4 Luxury villas with panoramic views of Phuket / BT-325P The epitome of high-end luxury living, and this is what this project is famous for. These villas are surrounded by picturesque hills and tropical jungles, but they are only a 5—minute drive from Phuket’s prestigious Laguna area. Object details: Delivery: 4th quarter of 2025…. Exotic Property
139 167 € Apartments on Bangtao beach, Thailand 43 m2 1 1 Apartments in Phuket / BT-322P Ready-made apartment complex next to the prestigious Laguna Phuket resort complex. An ideal place to live with the opportunity to earn income from rent. Object details: Delivery: May 2015 To the sea: 900 m Bedrooms: 1 – 2 Bathrooms: 1 – 3 Living area: 43 – 140 m2 Income: Installment plan: In the complex:2 separately… Exotic Property 
123 333 € Apartment on Karon beach, Thailand 34 m2 1 1 Apartments in Phuket / KR-611P Proximity to the developed infrastructure of Karon district with an abundance of supermarkets, bars and restaurants. Object details: Delivery: 2024 To the sea: 1000 m Bedrooms: 1 – 2 Bathrooms: 1 – 1 Living area: 34 – 67 m2 Income: guaranteed rental income Installment plan: installment payments for the construction period… Exotic Property
78 243 € Apartments in Phuket, Thailand 24 m2 1 1 Apartments in the center of the island / PHT-1210P Modern residential complex in the city center, offering apartments for a comfortable life. The complex is located 15 minutes from Patong Beach and next to Prince Songkla University. There are swimming pools, a gym, a restaurant and parking spaces on site. The owners are provided with favorable rental conditions…Exotic Property
148 530 € Apartments in Phuket, Thailand 30 m2 1 1 Apartments with a guaranteed income of 8% per annum/ RW-927P The complex is located in a very convenient location – between the beaches of Nai Harn and Rawai. Another advantage of this area is Promthep Cape, the most beautiful sunset spot in Phuket. Guaranteed income of 8% per annum for 3 years. Object details: Delivery: July 2020 To the sea: 250 m Bedrooms:… Exotic Property
225,448 € Apartments on Karon Beach, Thailand 56 m2 1 1 Apartments in Phuket / KR-610P The complex is located on Karon beach on an elevation surrounded by a tropical forest. It will be operated by the international hotel operator Meliá Hotels and Resorts 5*. A 10-year rental program! Guaranteed income of 7% per annum for a period of 3 years. Object details: Delivery: 2026 To the sea: 1000 m Bedrooms: 1-2… Exotic Property
2,121,865 € Apartments on Bangtao beach, Thailand 280 m2 2 3 Apartments in Phuket / BT-353P The apartment owner becomes a resident of the club, thereby receiving discounts on the entire infrastructure of the area — in restaurants, bars, spas, discounts in the golf cube and equestrian club, etc. Details of the facility: Delivery: start 2019 To the sea: 10 m Bedrooms: 2 Bathrooms: 3 – 3 Living area: 280 – 301 m2 Income:… Exotic Property
152 509 € Apartments on Karon beach, Thailand 42 m2 11 Apartments in Phuket / KR-609P Proximity to the developed infrastructure of Karon district with an abundance of supermarkets, bars and restaurants. Object details: Delivery: May 2019 To the sea: 600 m Bedrooms: 1 – 2 Bathrooms: 1-2 Living area: 42-68 m2 Income: Guaranteed income of 10% per annum for 3 years. Next, the rental program is 60/40% (60% of income… Exotic Property
848 746 € Villa in Phuket, Thailand 280 m2 2 3 Luxury villas 5 meters from the sea and the service of the 5*/ PG-1503P hotel are a unique complex on the coast offering a combination of luxury and comfort. The complex includes modern two- and five-bedroom villas, equipped with private pools and surrounded by tropical gardens. Guests will be able to enjoy an exceptional level of service, privacy and… Exotic Property
174 142 € Apartments on Bangtao Beach, Thailand 34 m2 1 1 Residential complex for living and income / BT-350P The complex is located in a prestigious area near Bang Tao beach, 500 meters from the Andaman Sea. The complex has 171 apartments in a building of 7 floors, 2 communal pools, one of them is located on the roof with a magnificent view of the beach, a children’s pool, a lobby, a restaurant, a fitness center, a kids club, 24-hour… Exotic Property
€ 14,853,061 Villa in Phuket, Thailand 4885 m2 7 8 Villas in Phuket / LN-218P 15 luxury villas with ocean views and access to Layan Beach, one of the best beaches in Phuket. The complex is managed by a 5* hotel, which makes it possible to use the entire infrastructure and services of the hotel. Object details: Delivery: 2015 To the sea: 200 m Bedrooms: 7-8 Bathrooms: 8 Living area: 4885 m2… Exotic Property 
344,803 € Apartments on Bangtao beach, Thailand 183 m2 2 2 Apartment in Phuket / BT-304R Object details: Rental: To the sea: 400 m Bedrooms: 2 Bathrooms: 2 Living area: 183 m2 Income: Installments: In the apartment: stylish 2-bedroom apartment on the ground floor of the building, with its own tropical garden, swimming pool and sunbathing area. Fully furnished, modern built-in kitchen…. Exotic Property
424 373 € Apartments on Kamala beach, Thailand 85 m2 1 2 Luxury Apartments on the shore / KM-419P Project of the Hong Kong investment fund Arshcapital. Luxury apartments on Kamala beach, 5 meters from the sea. The complex was designed by Singapore-based studio Tierra Design. The facade of the buildings is decorated with specially grown New Zealand pine, and the interior of the apartments is admired for its conciseness and… Exotic Property
107 101 € Apartments on Kamala beach, Thailand 35 m2 1 1 Apartments in Phuket / KM-411P are a ready-made object of a major developer. Proximity to the developed infrastructure of Kamala district with restaurants and bars. A great option for living or earning a rental income. Object details: Delivery: 2019 To the sea: 800 m Bedrooms: 1 – 2 Bathrooms: 1 – 2 Living area: 35 – 70 m2 Income: Actual income from… Exotic Property
129 964 € Bangtao Beach Apartment, Thailand 37 m2 1 1 Apartments in Phuket / BT-405P is part of the hotel complex, the owners have the opportunity to sign a contract with the management company for rental. Object details: Delivery: 2019 To the sea: 1000 m Bedrooms: 1 – 2 Bathrooms: 1-2 Living area: 37 – 110 m2 Income: Guaranteed income from 4 to 6% or a division of the actual… Exotic Property
273 190 € Naiharn Beach Apartments, Thailand 38 m2 1 1 Studios managed by a global hotel chain next to the beach / NH-819P Welcome to the oasis of luxury in the south of Phuket. Enjoy your stay in modern apartments surrounded by magnificent pools and unique nature. Inspired by the beauty of Phang Bay, this complex offers the highest comfort and unsurpassed service…. Exotic Property
1,109,669 € Villa on Naiharn beach, Thailand 596 m2 3 3 Villas in Phuket / NH-802P The villa complex is located in an amazing location on a plot of land over 16 hectares, the architect’s credo is an individual approach to the client, offering a design different from others, preserving perennial trees on each plot of land. Object details: Delivery: 2016 To the sea: 800 m Bedrooms: 3 Bathrooms: 3 Living room… Exotic Property
779,785 € Villa in Phuket, Thailand 360 m2 2 3 Villas in Phuket / NT-154P 18 villas of five different types, with an area of 300-700 sq.m., arranged in terraces at different heights to provide panoramic sea views Object details: Delivery: 2024 To the sea: 600 m Bedrooms: 2 – 4 Bathrooms: 3 – 5 Living area: 360 – 630 m2 Income: actual rental income by installments: for a period… Exotic Property
132 616 € Apartments on Bangtao beach, Thailand 33 m2 1 1 Apartments in Phuket / BT-305P Ready-made complex next to the sea on Bang Tao beach. The entire project is distinguished by high-quality finishes and comfortable apartment layouts, all apartments are fully furnished. The management company guarantees a rental income of 7% per annum for 9 years with prolongation. Details of the facility: Delivery: November 2018 To the sea: 900 m… Exotic Property
FET Help in Thailand – what is it
The Foreign Exchange Transaction (FET) certificate is a document by which the bank confirms that the money came from abroad from the personal account of the buyer of the property and was legally converted into Thai baht.
This certificate is necessary for registration of the object in the Land Department in full private ownership (freehold) under a foreign quota.
Only a bank can issue a FET certificate (a crypto exchange, for example, does not have such authority), which limits payment options for buyers relying on a freehold.
There are no restrictions when buying a property for long-term lease (leasehold).
Confirmation of the source of funds
In Thailand, neither developers nor banks ask foreign property buyers for confirmation of the source of funds.
However, this may be required when making a payment through your country’s bank.
For example, in Russia, banks are asked to provide the basis for an international transfer (purchase and sale agreement) and documents confirming the source of funds.
See also: Phuket Real Estate market SWOT Analysis: pros and cons, opportunities and risks
How can we help you?
The Exotic Property real estate agency is part of the Exotic Group holding, which also has tourism, transport, and accounting companies. This allows us to provide customers with a service at all stages.
Consulting services
- Selection and display of objects
- Calculation of purchase and maintenance costs
- Financial consulting
- Transaction support
Agreeing on the best deal terms
- Checking the contract, making changes
- Control of the construction process
- Acceptance of the object, registration
After-sale service
- Furniture
- Opening a bank account
- Legal, visa, and tax issues
- Business relocation assistance
- Help with choosing a kindergarten or school
Loyalty Program
- Fast track at the airport and accelerated passport control
- A personal concierge who will solve any issue during your stay in Thailand
- Discounts when booking hotels, villas, yachts
- Special prices for booking excursions
Advertisement. Exotic Property, registration number 3033521443, erid: 2SDnjed23rT
Exotic Property specialists are ready to advise you – please contact
Thailand, Phuket, 131/111 Moo 7, Wichitsongkram Rd., Kathu
https://exoticproperty.ru/
info@exoticproperty.ru
+66 62 226 9009
Contact the company
Photo: Asian Development Bank, Phoebus 28, ADwarf, CEphoto, Uwe Aranas
Conditions for quoting materials Prian.ru
Share Material: Print
Источник
English 
Russian 
German 
Polish