shochu

bangkok bank

I suggest you get in touch with the man in charge at the main branch of bangkok bank.

I was told I will be getting an official bank letter that will confirm the funds were transfered from my bank overseas to my bank in thailand - and this would be sufficient - along with copies of my transfer documents with the carefully written words that state it is for a specific condo purchase.

Make sure you keep and bring all documents that prove all the transfers and info to verify all of the above.

I am suprised how many times this very same topic comes up.

Not all countries can transfer their currencies directly to thailand so this requirement that it has to be a foreign currency is not true. The funds must come from your account - meaning in the same name as the name of the pruchaser of the condo - and it must come from outside the country - so if you just transfered some money out of thaliand and then tried to transfer it back - perhaps some red flags will flash. I transfer in thai baht from where I live becasue it is cheaper for me to do so - and I have confirmed this is okay with the man in charge at bangkok bank.

And you do not have to transfer a minimum $20,000U.S. at one time. If you read the above info carefully, and based on what I also know - it states that the you need this amount - but nowhere does it state that it has to be trasnfered at one time. And this is only if you want this particular form. There are other documents you can obtain. This I also confirmed from the man in charge at bangkok bank! How else do people purchase condo's that cost less?

The bank of england is a privately owned institution. - much like the fed. If one understands how they work - then you would not have written the many pages of fodder I have just glimpsed over.

If they had to step in - you can bet your house that there is a major crisis brewing.

Will this crisis go away - maybe for now.

Use marine products (for boats) as they are made for more extreme weather conditions and exposure to the elements. They also tend to be more expensive, but will require less maintenance than your everyday products for typical home applications. It also helps to use specially (factory) treated woods which again are more expensive.

In developing countries many mid-rise buildings are built with a lifspan of - depending - about 25-30 years. But this is more for the books. Having said that - most of these buildings will last much, much longer. The problem arises out of things such as the mixture of the concrete. and in very wet places the type of steel used for re-inforcing, and the exterior protection against the elements - as mentioned by a previous poster. However, in buidlings that have passed a few years - there are tell tale signs of possible problems.

I wouldn't worry about it too much - as even if the building is in rough shape - it will generally stand with the exception of outside forces or severe weather surges. As another poster has mentioned - look at the old buildings not just in chinatown- but throughout asia that are still standing. Look at places like angkor wat.

As always - buy in desireable locations and when the building - should you let it get into disrepair - can always be demolished and rebuilt into a high rise for profit - and developers will be jumping at the opportunities during boom times - for the profit of course. This rebuild option is most often reserved for mid-level buildings - as high rises will need to be substantially tougher to meet stricter guidelines for wind load and such and thus be less susceptable to failure, and the profit margins are less - unless the sky is the limit in terms of how high you can go.

Buildings with damage can also be repaired - as many older buildings in new york and many other cities are undergoing this process now.

Amazing what a thin layer of mud will do for a building and some fresh paint on top!

The scary thought is how do you dismantle a skyscraper. Err maybe bring it down with some planes since it will cost more to repair or demolish it.

Your bigger worry is the foundation!!

And yes - if done right - concrete does get harder with time!

Although oldhand means well, I will say this for the last time here - it is not fully accurate.

1) It does not matter how much money is transfered in at one time although it should be enough to not be a hassle. For instance - if one travels frequently out of the country, in particular my country where I live here in asia - then I am allowed to transfer less than US10,000 without it being recorded - every time I venter out of the country - which to me is not such a bad thing.

2) It does not matter if the money is transfered in another currency or thai baht. With me - I have to transfer into baht first as it can not be done in thailand.

All that matters is that you keep things consistent so that when you go to your bank for the letter you can show them all the bank transfer receipts from your bank where you live and the title which should mention that the funds are being transfered for the purchase of a particular unit. The names of the accounts - if you are transfering from your account overseas to your account in thailand should bear the same name - or at least the account name from where the funds are being transfered.

I recieved all this info from the person directly in charge of overseas transfers at bangkok bank.

pkrv,

Have already looked into it. Unfortunately my currency is strenghtening against most except the baht. After the conversions - I will be no better off and the problem then is getting approval as it is easier when the same transactions have been carried out for the letter for the right to buy the condo. I have a baht account in LOS that I can draw on for the condo I bought - except for the final payment - and by then - I expect things to have worked itself out back in my favor one way or another as I am also hedging some other investments to eliminate any losses I may incur in the final payments. And I also expect this offshore/onshore to go away before I have to make the final payment. I think we are in for some interesting months ahead in terms of currencies and economies so I wait!

thanks for the input,

But unfortunately - the currency I am transfering has to be done offshore as LOS can not do it onshore - so this onshore/offshore does not apply to me.

My primary concerns are two-fold: 1) I want a reasonably constant rate for the next few years, and 2) I expect my currency to strengthen in the coming months against the baht.

So, it is a waiting game which I don't mind because as lessons learned - it is better to not be the one who really wants something. I like the condo I looked at - and - without touching my other investments - I can easily pay it off in a few years from my earnings so it is just a form of savings for me to work towards. There is no way I would go for the 20 year payment schedule which works out to paying close to double for the unit after the initial deposit. At the same time - I don't want to lose 10% or more if I don't have to.

Samran,

The agent said that everyone who had bought this condo with prices ranging from about 6 - 15 mil. were financing with all the buyers thai except for two units. Half the units have been sold in this mid-rise condo. And surpringly a yound mid 20's girl came in to buy one for herself - she is from the provinces, but obviously from a well to do family as she was off to grad school overseas and the condo would be ready when she got back. The agent also said that most of the buyers already had homes in the burbs and were buying because they work in the city. A part time home during the week and also using it as an investment/bank much like myself.

Bingo-matic,

I find myself agreeing with you here.

I am holding off on buying more condos - not because I am worried about the long term outlook - but because as you have so nicely pointed out - the baht is affecting my entry point. I don't want to pay an extra xx% on something I will hold long term. I am not worried about renting it out as that is not the main concern as opposed to putting cash to use. Rental income would be a bonus. Besides it's a phsychological thing. If I buy more property - I have less discretionary funds - so it is a forced savings on my part.

As I type this - the markets are crashing - how fitting!

Every case will be different.

Although there is some good info. here from some very knowledgeable people - I wouldn't take everything you read here as the only facts/truths.

I was offered financing when I went condo looking/buying recently. I do not live in LOS, am not married to a thai, and am on a tourist visa when I visit. They wanted me to buy it and they were willing to offer me financing. This came about as I was asking many questions like who was buying, and how they were financing. Their reply was everyone was financing and they could offer me financing as well. I got the inference that there were two options 1) from UOB for foreigners and 2)from the developer. Obviously you need to qualify such as have a required min. income ...

In terms of showing remittance from a foreign source - this is not a problem as long as your loan payments for the financing come from an outside source. As well, there is some erroneous info. (not on this topic directly but in general on topics here in TV) here regarding amount of remittance as some have stated that there is a min. 20G's requirement - wrong - as long as the source is from outside the country - it doesn't matter how much it is - so in theory you could just wire the monthly payments every month, or multiples of it - but it does not have to be the min. 20G's that every here likes to quote. As long as it follows the guidelines - then it's fine.

So - yes - financing is available - as long as you qualify.

If they want to sell to you - they will find a way!

If you ant to buy - then you have to find a way!

Ms. VIC,

To borrow from one of your posts - it appears - we are seeing your true colors.

I can not but reply when you state you have provided facts - when all you have done is regurgitate daily news. Please try and re-apply some of this with your own astute knowledge of financial matters and then - we will give you a wee bit of credit - but only if you offer us something that alludes to some modicum of above 2-digit intelligence regarding financial matters.

And your knowledge of gold is - how shall I say this - textbook!

kdvsn,

Please speekish engleeshish - using a logical line of reasoning.

I tried to understand your logic the first time - and - this second time again - but alaas - I give up.

I don't know what is so hard to understand about inflation/currency erosion over time against perceived highs - but - you win for trying to make the simplest thing sound so ineligible.

Dr. Naam,

You said that you went and asked the hotel for a fan because the hotel air con was not working so well - your own words.

I believe you are renting and yes - I can easily access ALL your info if i choose to !

Vic,

Rather than answering intelligently, you bring yourself to the level of an angry child - how befitting!

And, your knowledge of economics is mindboggling. And only a simpleton would bring the discussion down to the level you have.

Cheers and do try to have a nice one - both of you since your days/life seem to be ...

Lanna,

Fair enough.

Dr. Naan,

Am I supposed to be impressed by a house that costs a fraction of what mine does. So again - if you are such a wiz with investing - why can't you afford a decent hotel room - YOUR OWN WORDS FROM ONE OF YOUR POSTS!

VIC,

I have witnessed many people losing their entire life savings when I used to be in the biz - mostly retired or close to being retired. If anything - I hope you take a good hard look at your info. because you may be joining them in the not too distant future. Not somtheing I would wish on anyone!

Funny - even with a strong baht - thailand is exporting volumes - Did you hear that bingo-MATIC - volumes with their exports up - VOLUMES!

Sorry - couldn't help myself with the bingster.

Baht was always stronger to the dollar than even now and I expect it to rise against the dollar perhaps to the old region of 20-1.

I find it humorous that so many have this mistrust for the place they inhabit.

I see many foreigners - whether they be Indian, Chinese, Korean, Japanese, Middle Eastern - all with businesses doing well here and never making these complaints.

So - one has to wonder and ask - Whaz up!

Vic,

My boy - you sem to have a hard time foloowing a simple discussion.

First of all, I never said the chinese market was not bubbled up. It is and will burst - but then go right back up.

Second, I find it funny that you would say the U.S. media is the freest in the world. Is that why some large investors are trying to buy up all the small dailies in small towns that are not really internet savy so they can offer them free news - or might it be to control what they get? Oh, by the way - they are doing this more or less under the radar. Why are the big boys trying to corner the news in the states where they can? And so you really believe everthing in the U.S. media. I feel sorry for you if you do - poor sheep.

Third, do you understand how the fed calculates unemployment numbers? If you did - then you would not be making such ridiculous statments.

Fourth, If you really, really understood how the markets and the the whole social economic model worked - you really wouldn't be making such funny statements.

Fifth, the only reason the U.S. has any modicum of superiority is really because they have the world by the balls so to speak in that they control the international currency for trade. But this is about to come to an end - and when it does - then you can kiss your pension and the whole jingo jango good-bye.

Sixth, I have a pretty good idea what is going on in thailand - do you?

Seventh, looks like you are the one with your panties in a bunch - AND - setting things right - I have always been ME and there has never been any hidden tone with me - I treat people the way they deserved to be treated - BUT - it seems we are seeing you for who YOU really are.

Eight, I am pretty financially secure - and all my investments are doing well except for one - but this is only in the short term and I had no choice as I have an account which I draw on.

PCA,

You are correct - ever since the infamous meeting on Jekyll Island - the country has been in the hands of the bankers and their cronies. Unfortunately - most amercians don't know this. Imagine having to pay for the priviledge of usinf yourown currency. a most dastardly crime on the people of the U.S.

kdvsn,

(During delfation things get cheaper - but - they have been getting more expensvie for the average american)

Your argument is moot - as the only thing that matters is the U.S. dollar is losing buying power because of the flood of dollars on the market. The building boom and all things booming are directly related to the world holders of this worthless fiat currency trying to get rid of it for something they hope will have longer lasting value as the dollar is on its way down. Nobody wants to be left holding this paper and it seems a race to the bottom is being played out. After the dust has settled - would you rather have dollars that aren't worth the paper they're printed on or a devalued piece of something tangible. Imagine what will happen when the boomers start retiring in numbers and their pensions which are tied to the markets implode under the weight - or should I say evaporate into thin air. I guess that's why all the insiders have been exiting the markets.

Hey - but what do I know.

Lanna,

I hope you don't really believe that - because it is a simplistic way of looking at things - it is a metaphysical approach - it is a way of valuing something but not representative of the nature of the two items. When you figure out the nature of the two things - then perhaps you will understand.

Dr. Naan,

You seem to enjoy taking shots at people but when your called on it - you always never reply - so - again - If you are such a great investor - then - why can't you afford a decent hotel room???

Mr. VIC,

You are a funny sheep - please continue to trumpet your rhetoric as I'm sure some fellow sheeple will appreciate the calling of their fellow brother in arms!

As I am tired of repeatng myself - go to the other topic where I have replied with a bit more words.

Your take on the U.S. is so text book - one has to wonder how you profit by it!

Ignorance is never appreciated by those that suffer from it the most!

VIC,

I find it laughable that you think the U.S. is doing well job wise. Perhaps you should look around you a little more - if you are in the states - then you would see things as they really were and not regurgitate the planned media diet that most sheeple there seem to believe.

Inflation at only 2.5% - Am I reading this correctly. Do you actually go out and buy things on a daily basis??? Perhaps you should stop reading the garbage the media feeds the unsuspecting public and try to do some research on your own.

The stock market at all time record highs??? Am I reading this correctly??? Perhaps you should try to do some simple math using inflation and currency depreciation to see just exactly where wall street is historically.

Give it a little time as fed insiders have just released a major report to all the industry players saying their economy is about to take a right hook and your lovely wall street and their cohorts in the major industries are about to go down for the count.

Just give it some time and we shall see ...

Look at the fundamentals -and they will speak volumes for the future of where china and where america will be. I hope you can figure out this part on your own as it will take some work.

If I have reacted at all - it is because whenever anyone says something that is not overly thai negative many people seem to think the person an anomoly - BUT - when someone says anything negative ala thai - every monkey on the board who agrees jumps in like its a party. I guess seeing things as they are is just too much for some sheeple to handle.

I'm sure yur investing prowess is allowing you to live the good life!

Dr. Naam,

A little too hot for ya?

This from the man who can't even afford to get a decent room in a decent hotel with decent air con.

Now that is laughable!!

A man who borrows ideas from other posters!!!

Now that is even more laughable!!!!

VegasVic,

Are you refering to me?

I am not pro thai or pro anything - just seeing things as they are.

I find it laughable how you can consider inflation negating oil - as it is a part of everything in life - hence can not be excluded. EVERYTHING is effected by the price of oil - PERIOD. The way YOUR handy economists use their inflation numbers is to make idjuts like yourself to think they are still ahead of the game by tossing numbers that exclude the most important elements in the equation. To base things in such as way explains you are the newspaper reading armchair economist I know you to be.

America will do fine in your words. NOW that is laughable. If you have read anything I have said - I have said so many times - thailand will have problems in the short term - but in the long term their economy looks good based on fundamentals. How is this so hard to understand? Where do I say their economy is doing well despite all indications???

Are we having a difficult time here understanding.

Perhaps you should take off those gypsy rose glasses with the jingoistic tinting of all things great and mighty U.S.A.

Oh, by the way - the U.S. war machine is the largest single user of oil in the world!

And inflation is clocking in at way over the base 2 digits. AND I don't have to tell a hardened economist like yourself what this really means - now do I.

And yes - America will be great - tell that to the growing masses of underemployed, overextended sheeple. Oh, and if you have an incling of the future or can grasp the direction the world is headed in - then I wish you luck in your utopian U.S.A. - BECAUSE you will most definitely need it!!!

Once the free ride of having everone use their currecny comes to an end - then you can tell me how great things are for the U.S.

I think it's fair to say - that the U.S, Britain, and some other countries like australia are running huge deficits - and they must pay sooner or later. Japan has even biiger debts - but the difference is the japanese are indebted to themselves (their people) whereas the others are indebted to others (not their people) so any hint of trouble will cause a mass exodus. Who will cause it? Will someone get scared and run? to cut their losses. Or is it a slow boat sinking with everyone on board?

The figures are misleading - as they are only tools to make people think what they want you to think.

The U.S. is bleeding jobs right now and their economy - as I have pointed out before is really in bad shape - it is only the figures (???) that make it seem to be doing okay - such as the profits from overseas operations that are not being taxed and huge amounts of dollars in offshore accounts being used under the radar - hence no more M3 reports.

Don't rely on any market figures because with the REAL MATH - they are all down.

I have heard a rumour - don't know how true it is - that there is another U.S. dollar in the wings - for outside the country marked with red - that will be introduced when there is a substantial currency collapse - so one for the citizens and one for the foreigners.

Any dollar depreciation will benefit the U.S. in lowering the debts and allowing them to compete for goods again - but the problem is - if it is a collpase - then....

I would not be holding too much of any currency right now - I have been buying things that I think will hold value and only keeping enough cash to keep me right for a couple of years - that I can stretch out to a few years. Everything else is invested in REAL things.

Arran,

I don't follow the stock markets BECAUSE I never invest in them. Having said that, I know they are a rigged game - really a ponzi scheme made to get investors to put their hard earned money in while the insiders take it - after moving the markets up. They do this time and again and the simple folks have a short memory as they fall for it time and again. Having said that, you can make money if you time it right BUT and this is a big BUT - it really is gambling. There are better things to invest in. Look at any chart over time and they will tell you the truth. The stock markets really don't offer any growth when calculated over time factoring in inflation and other things. However, some people do make it lucky and I use the word LUCK because really, unless you have inside info. that is all it really is. If you could really make money on the markets - then the pros would be really rich and any one who really studied the markets would be too. However, the only people who seem to make money CONSISTENTLY are the inside players and their little group.

Having said that - if you have the money to burn - I would suggest investing no more than say 10% in the markets in the hopes of making it lucky. But then you need to get out or you will lose it. Timing is as they say everything.

By the way, I'm sure there are others here who know the markets better since I don't follow them exept to see the overall picture!

Backflip,

Is that all you can come up with???

Arran,

As you pointed out, I try not to look at the short term and more at the long term. I think your concerns about the chinese construction boom is real and short term as there are always corrections - but if you look more long term at things like the urbanization of a young maturing country - then irregardless of any crash - however severe will only be a correction - the nature of demand, migration, maturing economy/workforce, etc. ensure that china will follow the path other mature economies have traveled - as will thailand.

If you have noticed - thailand has been building bridges into laos - not because of laos but beyond into the vietnam = china factor. Also, there is work on Asia Highway 1 which will connect all the way from western asia to japan. There is real development in the region because the region is coming up and maturing. The consensus is that the entire region will become a great trading block including russia - along with the other great trading blocks of south america and europe. Whatever happens with crashes, and any unexpected stuff - there really is only one way for things to go - and that is continued growth - however sporadic, up and down and what have you.

In the short term = as I have stated many times - I expect a correction soon - and thailand will be in a good position because they are not as bubbled up as other economies in the region - whcih means they will have less of a correction - but if you look at all the ingredients they share with china, such as a young maturing economy with a young workforce which equals a class of workers who will eventually all move out and buy things for the first time as opposed to an economy of replacers.

What can stop it? A huge unexpected event - but again only temporarily (a year - many years) as the law of nature dictates all things grow unless impeded, but nature is tough and eventually will find a way to overcome the impediment - unless it is too strong - then... well we don't want to go there!

I won't talk about the U.S. as I think it will be only in the past tense and I don't like to look back!