Once they have chosen an apartment or a villa in Thailand, most buyers run into the same question: how do you transfer the money to the seller or the developer so that the deal goes through without delays or extra complications?
At first glance the task looks simple. Get the bank details, send the money, wait for confirmation. In practice, it is the payment stage that generates most of the practical questions.
Buyers have to confirm the source of their funds, agree the payment reference, supply documents relating to the deal, and obtain confirmations needed for the property paperwork that follows.
Let's go through the main points worth paying attention to before you send the money.
Which documents you will need to pay for property in Thailand
The list of documents depends on the type of property and how the deal is structured.
As a rule, the buyer needs to have:
- the sale and purchase agreement;
- the reservation agreement;
- an invoice or payment notice;
- the payment schedule;
- the recipient's bank details.
Before you transfer, check that the recipient's details in the documents match the payment details you have been given.
Why stating the payment reference correctly matters
One of the most common mistakes when paying for property is a payment reference that carries no information about the property.
A developer receives a stream of transfers from buyers in different countries every day. If the reference does not state the unit number, the contract number or some other identifier for the property, tracing and identifying the payment can take extra time.
That is why it is worth agreeing the payment reference with the receiving party before you send the money.
In most cases the reference states:
- the unit number;
- the contract number;
- the reservation number;
- the buyer's details.
The more detail the transfer carries, the easier it is for the developer to confirm that the money has arrived against a specific property.
What risks arise when a payment is set up incorrectly
In practice, problems come not from the property itself but from mistakes in how the settlement is organised.
The most common situations are:
- the money is sent to the wrong bank details;
- the reference contains no information about the property;
- the buyer has not kept confirmation of the transfer;
- the information across the documents does not match;
- the developer cannot identify the payment quickly.
Mistakes like these can delay confirmation of payment and lead to follow-up queries from the other parties to the deal.
Which documents to obtain after paying
Once the payment has gone out, keep a complete set of supporting documents.
Depending on how the deal is structured, these may include:
- the bank's confirmation of the transfer;
- the SWIFT MT103;
- confirmation that the funds have been credited;
- payment documents for the deal;
- documents from the developer acknowledging receipt of the payment.
You may need these documents at later stages of the property paperwork.
Why it pays to agree the settlement structure in advance
Many questions are easier to settle before the money leaves your account.
Before paying, it is worth checking:
- the recipient's bank details;
- that the payment reference is correct;
- the developer's requirements;
- the list of documents needed for the rest of the deal;
- the procedure for confirming that funds have arrived.
This approach heads off most of the practical difficulties.
How EAST PAY helps with property payments in Thailand
On property deals, EAST PAY specialists help set up the payment around the requirements of your specific transaction.
Before the transfer is made, we check the payment parameters, agree the payment reference — including the unit or contract number — and assemble the set of supporting documents for the operation.
The client receives documents evidencing the settlement, including the SWIFT MT103 and other payment confirmations that the developer, the real estate agency or the lawyers handling the deal may ask for.
That clears up most questions about identifying the payment and documenting the deal before they arise.
Conclusion
Paying for property in Thailand is more than an international money transfer. To close the deal successfully, you need to set the payment up correctly, state the property details, keep the supporting documents and agree the receiving party's requirements in advance.
If you already have a contract, an invoice or the developer's bank details, EAST PAY specialists will help you check how the deal is structured and organise the payment with the documentation it needs.