Taking money out of Thailand

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jingjoe
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Re: How to get money back to U.K.

Post by jingjoe »

aragon wrote:
HHTel wrote:........Selling a condo implies that you have a Foreign Exchange Transfer document when you bought it. This allows you to send the value of the sale back to your country of origin.
When we bought our house we transferred money directly from our UK bank to the developer's Thai bank, as we didn't have a Thai bank account at the time, as such we have no FET document, so can anyone advise how this would affect us trying to transfer the money out if we sold our house?
at one stage I was looking at transferring my money out of Thailand using another bank other than kasikorn.
The Bangkok bank outside of market village said I could transfer as much money as I wanted without proof of money coming into the country.
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Re: How to get money back to U.K.

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Bluesky wrote:
aragon wrote:
HHTel wrote:........Selling a condo implies that you have a Foreign Exchange Transfer document when you bought it. This allows you to send the value of the sale back to your country of origin.
When we bought our house we transferred money directly from our UK bank to the developer's Thai bank, as we didn't have a Thai bank account at the time, as such we have no FET document, so can anyone advise how this would affect us trying to transfer the money out if we sold our house?
If I may ask has the Full title (Chanot Nor Sor 4,) been registered and completed by the Provincial land titles office and if so what document was used if it was not a Foreign Exchange Document (FET, Thor Tor 3?)
Both myself and my wife are farangs, therefore we are buying the house through the developer on a 30 year revolving land lease, though we haven't made the final payment yet and currently only have the Yellow Book, so can't answer you question Bluesky :oops:
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Re: How to get money back to U.K.

Post by aragon »

jingjoe wrote:
aragon wrote:
HHTel wrote:........Selling a condo implies that you have a Foreign Exchange Transfer document when you bought it. This allows you to send the value of the sale back to your country of origin.
When we bought our house we transferred money directly from our UK bank to the developer's Thai bank, as we didn't have a Thai bank account at the time, as such we have no FET document, so can anyone advise how this would affect us trying to transfer the money out if we sold our house?
at one stage I was looking at transferring my money out of Thailand using another bank other than kasikorn.
The Bangkok bank outside of market village said I could transfer as much money as I wanted without proof of money coming into the country.
That sounds like a deal jj, have you actually tested it, or has anyone else? :thumb:
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Re: Taking money out of Thailand

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The Bangkok bank outside of market village said I could transfer as much money as I wanted without proof of money coming into the country.
We transferred several million baht to the U.S. from that bank with no problem.
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Re: Taking money out of Thailand

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hhfarang wrote: We transferred several million baht to the U.S. from that bank with no problem.
Thanks for the info hhf, that's good to know :thanks:
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StevePIraq
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Re: How to get money back to U.K.

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aragon wrote:
Bluesky wrote:
aragon wrote:
Both myself and my wife are farangs, therefore we are buying the house through the developer on a 30 year revolving land lease, though we haven't made the final payment yet and currently only have the Yellow Book, so can't answer you question Bluesky :oops:
I think you will find a 30 year revolving lease is not legal, the lease is only legally recognized for 1 x 30 year period. I would suggest you check with a lawyer.
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Re: Taking money out of Thailand

Post by Bristolian »

^^ if my understanding is correct 30 years is the maximum lease allowed under Thai law. However i believe that it is possible to have a second legal document/agreement between the parties that the lease can be renewed after the 30 years is completed.
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Re: Taking money out of Thailand

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that's right but it can only be signed upon completion of the first 30 year lease. Go see David at Hua HIn Lawyers at Macro, I have discussed this with him just last week. Many people get this wrong and believe developers
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Re: Taking money out of Thailand

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Just wondering what fees are charged here by the banks
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Re: How to get money back to U.K.

Post by aragon »

StevePIraq wrote:
aragon wrote:
Bluesky wrote:
I think you will find a 30 year revolving lease is not legal, the lease is only legally recognized for 1 x 30 year period. I would suggest you check with a lawyer.
Steve, I think my use of the word "revolving" is probably not in the right context. You are correct, the current lease is for 30 years only, however the understanding is that it will be renewed after the initial period. Having said that, I take your point and will discuss this with a lawyer when next in HH. :thumb:
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Re: How to get money back to U.K.

Post by jingjoe »

aragon wrote:
StevePIraq wrote:
aragon wrote:
I think you will find a 30 year revolving lease is not legal, the lease is only legally recognized for 1 x 30 year period. I would suggest you check with a lawyer.
Steve, I think my use of the word "revolving" is probably not in the right context. You are correct, the current lease is for 30 years only, however the understanding is that it will be renewed after the initial period. Having said that, I take your point and will discuss this with a lawyer when next in HH. :thumb:
My problem with this scenario is, do you really believe the owner of the land is going to lease it again in 30 years for nothing? the land now has a house on it.Why wouldn't they just say "thanks for the 30 year land rental, we will keep it for our grandchildren, unless of course you would like to rent it again for 30 years at todays prices"
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Re: Taking money out of Thailand

Post by jingjoe »

maccastime wrote:Just wondering what fees are charged here by the banks
the transfer fee is 1300bht whichalso fixes the exchange rate at the days price.
Make sure you send the money in your countries currency eg pounds if England, aud if Australia otherwise it could be 10% or more worse in baht
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Re: Taking money out of Thailand

Post by hhfarang »

maccastime wrote:Just wondering what fees are charged here by the banks
I don't remember the exact fees, but I do remember being shocked at how little it was. It was much less than transferring the other way... from the U.S. to Thailand.
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StevePIraq
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Re: Taking money out of Thailand

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I was charged 400Baht for 1.5M Baht transfer
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Re: Taking money out of Thailand

Post by Bluesky »

StevePIraq wrote:I was charged 400Baht for 1.5M Baht transfer
Really good rate rate. Was that through Kasikorn?
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