How To Send The Money For A Condo Purchase

[Scottbiker1976]

Hi,

I already set my mind on a condo in Jomtien that i would like to purchase very soon.

I have no bankaccount in Los, to who can i safely transfer the money too, my real estate agents coorporate account or the owner of the condo ? I know i have to transfer the money from abroad and ask for the T.T.3 form for if i ever want to repatriate the funds back overseas.

All answers and advice welcome......;

Scottbiker

[samtam]

First of all get a lawyer. Second of all open a bank account. Don't transfer money to the real estate agent or the condo owner. I don't know where you're from, but I don't think you'd buy a property in that country without having a lawyer to go through the sale and purchase agreement. Why would you even think about it here?

[samtam]

Failing doing what I've suggested, why don't I give you my bank account details and you can send the money directly to me.

It would be about as silly.

[Scottbiker1976]

Sorry guys,

but they asked me how i wanted to arrange the payment, through the owner or my real estate agent. Everything is under contract with my own thai lawyer in Los, i don't worry about that. I just look for the easiest way and want to hear some opinions.

I am not in the possibility to go to Los now and everything can be arranged by fedex and authorized signatures, all other stuff is already checked at landoffice for the 49%.

Scottbiker

[mark lamai]

STOP

do not do it.

wait til you can come here and get an account in your name.

not enough information.

have you seen the apartment for real?

are you paying far too much?

you need to do a final inspection before handing over money.

do not trust lawyers.

etc etc.....

[Livinginexile]

Hi,

I already set my mind on a condo in Jomtien that i would like to purchase very soon.

I have no bankaccount in Los, to who can i safely transfer the money too, my real estate agents coorporate account or the owner of the condo ? I know i have to transfer the money from abroad and ask for the T.T.3 form for if i ever want to repatriate the funds back overseas.

All answers and advice welcome......;

Scottbiker

Hi Scott

Mate, if you are buying a condo get a lawyer. They are not that expensive and well worth the money as many things can go wrong.

I have a farang lawyer company that i use in Bangkok and they check everything. I transfer the funds into my lawyers company accounts.

Good luck mate

[FRM-BKK]

Hi Scott,

I posted the enclosed article over a year ago and again a few weeks ago for people in the same position as you are now. All of the points raised are still valid today, I hope it will be of some help, if not, it might give further clarification.

Some good advice has already been given by previous posters. I too would strongly recommend that you come over to Thailand and set up the necessary bank account and payment scheme. The use of a solicitor is not common in Thailand, most property purchasers use a real-estate agent who conducts business on their behalf.

In my case, the real-estate agent also happened to be a property lawyer.

PS. You cannot bring in the cash from abroad, it has to be remitted through an international money transfer. As explained in the article.

Tor Tor 3 has been abolished since May 2004 and replaced by what the authorities now use:

Foreign Exchange Transaction Form

To get the FETF's (foreign exchange transaction form) you will need to stick to some basic principles.

1

Money has to be remitted from abroad, in a NON THAI currency, so sterling, dollars anything but not Thai baht.

2

The amount you remit in one transaction has to be for at least USD 20,000 or equivalent. If you send less, the amount does not qualify for a FETF form, so make sure you remit enough to get you over 20,000 USD equivalent. ( over 12,000 pound sterling?)

If your condo is not yet ready, and you are required to make regular payments, which are smaller than 20,000 USD send several payments at once, so to get you over the 20,000 USD amount.

Also I would only pay monies into my own Thai bank account, not the account of the developer or solicitor....only your own!! This is just for safety and security. Also keep in mind the vality period of FETF's I have no experience with this as my transaction was completed in 8 weeks.

3

When you send the money from your home country, or wherever it is coming from, the remitting bank must put on the electronic wire form some crucial information..............without this the bank or land department will refuse.

First on the wire instructions it must contain your full name. exactly as in your passport. It must also contain the purpose for the remit: "for purchase Condominium" These two items are vital. I had the bank in the UK also put on my passport number, just so to tie everything in with me only.

4

Once the money is in Thailand, go to the bank and ask them to issue you with the FETF. If you are dealing with a local branch who do not seem to know what to do, go to their head office. I did everything through the Bangkok Bank HQ on Silom Road in Bangkok. That is where I have my accounts. They knew exactly what was needed and got me sorted out in about half an hour. I had remitted 3 payments to Thailand.

I did have to pay for the FETF's about 200 baht each letter.

5

The FETF form should contain the following:

in section 1

your full name and passport number

in section 2

the name of the bank that sent the money to Thailand

in section 4

the purpose of the transaction, with the code 318069 (i assume this is a standard code for condo buying)

and this section will also specify that the reason is for: "purchase of Condominium"

in section 6

date and your signature

in section 7

a stamp and signature from the authorized financial institute (your bank)

That is it.

You will need additional bits and pieces for the land registry department.

You will need copies of the passports of both your father and your mother. If they are no longer alive, you must give their full names, registered postal address when they were alive and the date they died.

If you want any more help or info, just PM me.

I went through the whole process in June 2004. It all went without a hitch. I had done a lot of research before I proceeded. All in all, it paid off. From final payment to the seller to getting the title deeds was 2 days!!

Good luck,

FRM-UK

[backflip]

Apparently, this is at the same level as cracking the atom. Try these simple steps:

1. Open a bank account in Thailand.

2. SWIFT the money from the US to your account in Thailand - be sure to have it noted that the money will be used to purchase a condo.

3. When the money arrives, you'll be notified, and you decide when to convert the USD to THB.

4. You will get a form from the receiving bank detailing the transfer. The TT3 has not been used for years.

5. You will use a series of bank checks to settle the purchase.

It is just that simple.

If you transfer the money to any other account than your own (developer, attorney, bargirl/GF, friendly-Thai-guy-who-insists-he-can-save-you-money-by-bribing-officials), you should be living at home with mom and dad, and you should stay away from sharp and pointy objects.

[mbkudu]

These days it's very difficult to open a bank account in Thailand on a tourist visa; maybe not possible anymore. I was told by Siam Commercial Bank a few years ago that if an account is needed to remit money for a condo, a letter from one's embassy is needed to show intent to buy and proof of funds abroad. I couldn't believe my ears when I heard that. I went to Kasikorn Bank and they simply opened a savings account for me. It's difficult to understand why they (Who is they I wonder?) make it so cumbersome to

bring investment money into Thailand.

[Livinginexile]

Hi Scott,

I posted the enclosed article over a year ago and again a few weeks ago for people in the same position as you are now. All of the points raised are still valid today, I hope it will be of some help, if not, it might give further clarification.

Some good advice has already been given by previous posters. I too would strongly recommend that you come over to Thailand and set up the necessary bank account and payment scheme. The use of a solicitor is not common in Thailand, most property purchasers use a real-estate agent who conducts business on their behalf.

In my case, the real-estate agent also happened to be a property lawyer.

PS. You cannot bring in the cash from abroad, it has to be remitted through an international money transfer. As explained in the article.

Tor Tor 3 has been abolished since May 2004 and replaced by what the authorities now use:

Foreign Exchange Transaction Form

To get the FETF's (foreign exchange transaction form) you will need to stick to some basic principles.

1

Money has to be remitted from abroad, in a NON THAI currency, so sterling, dollars anything but not Thai baht.

2

The amount you remit in one transaction has to be for at least USD 20,000 or equivalent. If you send less, the amount does not qualify for a FETF form, so make sure you remit enough to get you over 20,000 USD equivalent. ( over 12,000 pound sterling?)

If your condo is not yet ready, and you are required to make regular payments, which are smaller than 20,000 USD send several payments at once, so to get you over the 20,000 USD amount.

Also I would only pay monies into my own Thai bank account, not the account of the developer or solicitor....only your own!! This is just for safety and security. Also keep in mind the vality period of FETF's I have no experience with this as my transaction was completed in 8 weeks.

3

When you send the money from your home country, or wherever it is coming from, the remitting bank must put on the electronic wire form some crucial information..............without this the bank or land department will refuse.

First on the wire instructions it must contain your full name. exactly as in your passport. It must also contain the purpose for the remit: "for purchase Condominium" These two items are vital. I had the bank in the UK also put on my passport number, just so to tie everything in with me only.

4

Once the money is in Thailand, go to the bank and ask them to issue you with the FETF. If you are dealing with a local branch who do not seem to know what to do, go to their head office. I did everything through the Bangkok Bank HQ on Silom Road in Bangkok. That is where I have my accounts. They knew exactly what was needed and got me sorted out in about half an hour. I had remitted 3 payments to Thailand.

I did have to pay for the FETF's about 200 baht each letter.

5

The FETF form should contain the following:

in section 1

your full name and passport number

in section 2

the name of the bank that sent the money to Thailand

in section 4

the purpose of the transaction, with the code 318069 (i assume this is a standard code for condo buying)

and this section will also specify that the reason is for: "purchase of Condominium"

in section 6

date and your signature

in section 7

a stamp and signature from the authorized financial institute (your bank)

That is it.

You will need additional bits and pieces for the land registry department.

You will need copies of the passports of both your father and your mother. If they are no longer alive, you must give their full names, registered postal address when they were alive and the date they died.

If you want any more help or info, just PM me.

I went through the whole process in June 2004. It all went without a hitch. I had done a lot of research before I proceeded. All in all, it paid off. From final payment to the seller to getting the title deeds was 2 days!!

Good luck,

FRM-UK

Isn't it essencial to have the exact name, condo unit number and address on the TT3 and bank remittance?

My lawyer has told me that this is esencial

I hope you are not giving the wrong advice.

[FRM-BKK]

Hi Livinginexile,

I understand your concern, however, I believe my posting to be correct based on the following information:

I remitted a large amount of non Thai currency into my Bangkok Bank account, prior to making a commitment to buy a condo. I received a Foreign Exchange Transaction Form (Tor Tor 3 no longer exists) for the amount remitted.

I later remitted more money, in 3 separate quantities, for which I received a FETF. Condo detail were only detailed in the contract that was drawn up between the buyer, seller, and the agent.

My FETF forms, four in total, did not mention any condo details, only details as I have described in the my article.

You will need copies of you parent's passports, as mentioned in the article.

Please let me know if things have changed........

FRM-UK

[shochu]

okay,

first, to open a bank account.

went to many banks and they all said no. they said to go to your counsulate and get a letter verifying who you are - this will do.

went to embassy and paid the 1600bt and they gave me a letter, went downstairs to the bangkok bank and they happily opended a bank account using the counsulate as my home address.

second, regarding the remittances.

i went in and talked to a bank official who phoned the man in charge of issuing the document at the main bangkok bank branch and he said that any amount of transfer is okay, and that i could also transfer in thai baht from overseas as this is cheaper for me. all that matters is that the money comes from overseas and that i keep all copies of the remittance if the transfer is less than $20,000U.S. and show them when I come in. he wil issue the document to me then.

also, it is very important that the wording be right and exact - such as -

To Purchase A Condominium Unit No. XXXX (name of condo) Condominium.

this is mainly for the officials down at the land office.

[shochu]

one more thing,

make sure the name of the remitting bank account and the name of the condo puchaser is the same

[bkkandrew]

Why not withdraw it in cash in your home country and then shovel it manually down a drain? It would cut out the stress of discovering all the ways you will lose your "investment" when you arrive here...

Edited January 8, 2007 by bkkandrew