Mantix

Mantix values your privacy

We only require your identity when prescreening for sanctioned and politically exposed persons and as part of our anti-money laundering procedures. View our privacy policy here.

Transaction Process

Mantix Steps

You are ready to purchase an asset or service in Thailand and want to pay with cryptocurrency.

Step 1

Click "Start"

and fill out the short form and we provide an initial quote.

Step 2

Complete identity verification

as required under our KYC (Know Your Customer) policy, and provide source of funds documentation.

Step 3

E-sign the contract

and schedule a time to submit payment with stablecoins.

Step 4

Pay invoice

by sending stablecoins to Mantix.

Step 5

Mantix makes the payment

Checks and Land Office FET documents are made available for condo purchases.

Start

FAQs

Frequently Asked Questions.

How are you compatible with the Thailand Condominium Act?

A foreign buyer can own a condominium unit in Thailand if the unit falls within the building's foreign quota (not exceeding 49% of the total area of all units in the building). While the law specifies several categories of foreigners who are qualified to own condominium units, most foreigners qualify by remitting foreign currency into Thailand, which is then converted to Thai Baht at or above the condo’s purchase price.

Documentation of this remittance and conversion is necessary to register the transfer of the condominium unit to this category of buyer. Mantix handles the foreign currency remittance and issues payments as needed for each condo purchase. One cashier's check is made out to the seller, and we also handle the other payments at the Land Office for fees and taxes. Mantix's banking partner provides the required documentation of the remittance and conversion in the name of the buyer. For convenience, Mantix provides a single bundled package to you, which includes all required checks and banking documents.

How is this legal in Thailand?

Purchasing goods and services with cryptocurrency is banned in Thailand. Mantix only utilizes cryptocurrency for the first part of the transaction, which occurs outside of Thailand with a regulated foreign entity. Additionally, Mantix is not available to Thai citizens.

Legal Disclaimer: In compliance with Thai regulations, all transactions involving Thai entities, Thai citizens, or persons residing in Thailand, are settled with fiat currency. Cryptocurrency liquidation and fiat remittance into Thailand is facilitated by Mantix, via a contractual relationship between non-Thai citizens and a European VASP-registered entity. No cryptocurrencies or digital assets are used as payment under Thai jurisdiction.

How much does the service cost?

Mantix's service fees are comparable to credit card processing or international ATM withdrawal costs, generally around 3% from the mid-market exchange rate. This may be higher than typical OTC desks or CEX off-ramps because we facilitate cross-border fiat transfers, unlike traditional exchanges or OTC desks that primarily operate within single jurisdictions and do not require international wires. SWIFT transfers involve increased costs due to banking regulations and compliance requirements.

How long does the process take?

The timeframe for using Mantix involves a few key stages. Typically, Mantix can initiate the Euro wire transfer to Thailand within a few hours of receiving the buyer's cryptocurrency payment. However, the international wire transfer itself may take several business days to arrive in Thailand. For condo purchases, the Foreign Exchange Transaction (FET) paperwork and necessary checks are generally prepared a few days after the wire transfer is received.

It's important to note that prior to payment, the buyer must complete compliance procedures, including KYC (Know Your Customer) and AML (Anti-Money Laundering) checks. This compliance process usually takes one to two days but could be longer if additional documentation is required from the buyer.

How do you handle exchange rate fluctuations?

Mantix utilizes SWIFT for international money transfers, which can take several business days to complete. For Thai condo purchases, the common practice has been for the buyer to send excess foreign currency into Thailand to cover any exchange rate changes that result in less Thai Baht converted. Mantix adds an additional 8% to the purchase price, paid in stablecoins, to act as a reserve pool. Mantix will use this reserve pool to cover any losses (if any) due to exchange rate fluctuations while waiting for the wire transfer to complete. The reserve pool balance is refunded back to you at the completion of the transaction.

Do you require KYC (know your customer)?

Yes, as a regulated entity our policies require us to know the buyer’s identity to check against sanctioned persons, politically exposed persons, for combating the financing of terrorism as well as anti-money laundering. Mantix complies with applicable law. Mantix takes confidentiality very seriously. Mantix does not share your identity with banks or government agencies unless compelled by law.

What documents do I need to prepare?

You will be provided a link to complete KYC (know your customer) information and must have a valid government ID. Additionally, as part of our anti-money laundering policy, you will need to provide SOF (source-of-funds) documents to demonstrate a legitimate source of the digital assets to be used for your purchase. Seon, a respected compliance solution, provides a good definition, background as well as examples of source-of-funds documents, which can be seen here.

Do you charge any taxes related to my use of crypto as payment?

Mantix does not charge any taxes on cryptocurrency since the tax treatment of digital assets varies significantly across jurisdictions. You are solely responsible for determining and fulfilling any tax obligations related to your use of digital assets as payment for transactions facilitated by Mantix, including but not limited to capital gains taxes or income taxes.

Which cryptocurrencies do you support?

We support USDT and USDC on ERC-20.

Which countries do you service?

Currently, the Mantix service is designed for foreigners purchasing goods and services within Thailand. Thai citizens are not eligible to use the service at this time.

Will I need to use my bank account for the service?

No, the THB will be paid directly to the seller using the payment method of your choosing.

Can Mantix help me buy crypto (on-ramp)?

No, Mantix is an off-ramp option for using crypto as a payment method. We are not involved in the on-ramp process and do not directly offer any options for purchasing crypto with fiat. We may be able to recommend options or refer you to someone but this is dependent on the jurisdiction.

I am a realtor / seller, how can I utilize Mantix for my buyers?

If you're a seller, there's no need to directly onboard with Mantix. Simply contact us if you have a buyer interested in using crypto to purchase a condominium or other asset/service. Please provide the buyer's contact details and a brief description of the purchase. Our team will then take over and work directly with the buyer to complete the transaction.

MAKE PURCHASES WITH CRYPTO

Purchase condominiums and other high-end assets in Thailand with cryptocurrency.

Mantix is for buyers

Mantix values your privacy

Mantix Steps

Frequently Asked Questions.