Ask here about the pleasures and pitfalls of buying, selling or renting property and real estate in Hua Hin. Building, design and construction topics welcome. Commercial or promotional posts for real estate companies or private properties are forbidden.
I WISH TO PERCHASE A CONDO LATER THIS YEAR AND HAVE READ SOME WHERE THAT I SHOULD
TRANSFER MONEY FROM ENGLAND TO MY THAI BANK IN STERLING AND THEN ASK MY THAI BANK TO
CHANGE TO THAI BAHT AND ISSUE ME WITH A T3 ????? TO PROVE MY FUNDS ARE FOR A CONDO/
PROPERTY PURCHASE.
IM NOT SURE IF THIS RIGHT OR OLD HAT, ANY ADVISE WOULD BE GREAT.
Certainly the first part re transfering in Sterling is right. UK and for that matter Aus bank fees to exchange to Baht are much higher than in Thailand. No doubt others can fill you in on T#
When you transfer money you are in effect buying the other currency. It makes much more sense to buy the THB in Thailand. In other words, send your currency to Thailand to purchase the THB in Thailand is the way to go.
The Thai bank will change it to THB automatically in order to deposit it into your Thai bank account - they do not have foreign currency accounts at the retail banking level.
Once it is in your account go to the bank and ask for the FX form. Used to be US$20K to get the form but I think this has now been upped to US$50K.
What we did, was transfer the money directly to the Developers account and specify what it is for in the "notes" section of the transfer. (Condo Name, Condo number address, etc.) This takes care of all the necessary declaration so in the future if you sell you can repatriate the money back home. By transferring directly, you avoid time delays and get credit quicker. You do not need an account here to do that. You just have to set up your international transfer facility back home. You may want to check this out. You will find that different banks have different rates of conversion. If your personal bank (or bank you are thinking of using) has a better conversion rate than your builders bank, with such a large amount it may be beneficial to pay the extra charges to transfer it to your account and then have a bankers check issued for them for payment. This will delay your handover date a few more days. As said before, transfer in Sterling and let the conversion happen on this end.
I wouldn't have to manage my anger if people could learn to mange their stupidity!
You want to do this right so that if you want/need, you always have the option to repatriate the money to your home country .
Transfer to Thailand in Sterling into your foreign currency account, and if you like, wait for the exchange rate to be favorable before exchanging to Baht. Banks do have foreign currency accounts for expats. I have one, and this shows the best proof that the money is yours, and came from overseas in a foreign currency.
If you want to repatriate the money, the bank wants to see the land transfer documents that show you sold the condo, and will then complete the forms that say the money came from overseas in a foreign currency and was used to purchase the condo.
advocate wrote:If you want to repatriate the money, the bank wants to see the land transfer documents that show you sold the condo, and will then complete the forms that say the money came from overseas in a foreign currency and was used to purchase the condo.
I've recently brought money from the UK for house and car purchase. When it arrived at Kasikorn Bank, they phoned me to tell me the current 'special' rate of the day, which was slightly better than you would normally get. They then gave me the option of converting it immediately, or keeping it in Sterling until a better rate came about.
hi
you can open a sterling account in the bank of bangkok and transfer money to it from england as little or as much as you like and it stays in sterling then you can deside when to change it if you think the exchange rate is going to get better or not theres no charge to convert it to baht and a small charge in england to send it, hope this is of some help to you
I think that applies to all Thai Banks. Certainly, it's the same option that I was offered by Kasikorn - just fortunate that my money arrived as the Pound hit a bit of a high, so I converted immediately.
Apologies for resurrecting an old thread, but the topic is the same....
I'm still a bit confused about this whole process.
I am about to buy a condo in Cha Am. I need to make a substantial down payment now, with the balance due on completion.
I previously transferred a large sum from the US (HSBC) to my Bangkok Bank account here that was clearly annotated "For purchase of condominium". However, since the amount was just under the legal limit (US$50,000), no foreign exchange certificate was required. I would like to use this money for the down payment. Is there some document I can get from Bangkok Bank showing that this was a foreign transfer so that I will not have to transfer the full purchase price of the condo when the balance is due?
I should note that the funds were transferred first to Bangkok Bank's New York branch from which they were automatically sent to my local Bangkok Bank branch. So, the originating bank has no idea that this ended up being a foreign transfer. Of course, the internal transfer (from Bangkok Bank in New York to Bangkok Bank in Thailand) will not contain the "condo purchase" annotation.
