Exporting funds from condo sale

[cheeryble]

Hello

Obviously i had to provide evidence of funds from abroad to buy a condo some years ago.

I don't remember anything about a FETF form but think it was just the TT form had to have something like "For the purpose of purchasing a condominium" on it.

I know, I should have kept all the paperwork but it's been a long time and several moves, and I have doubts I could find it.

I've mentioned to the bank manager that someday if I sold I might like to export the money again, and would they have copies of original import I could get to back that up and allow it. The answer was "shouldn't be a problem."

But I have my doubts, and what I'm asking here is:

Is the fact that I was able to buy the unit here itself proof that I imported the money (as without proof of import I canot buy, right?) and can therefore export?

Would a purchaser (it would be a friend) be able to simply pay me abroad......is there any legal way this can happen but they get the deed transfer here OK?

 

Anything else I should think of?

 

Thanks v much.

 

[12DrinkMore]

2 hours ago, cheeryble said:

Is the fact that I was able to buy the unit here itself proof that I imported the money (as without proof of import I canot buy, right?) and can therefore export?

 

That reason won't work.

 

But I have had no problems transferring up to 1.5m out using the Bangkok Bank to an account in my own name. Above that there is some extra paperwork. Just need to state a reason, such as "education" or "holiday".

 

2 hours ago, cheeryble said:

Would a purchaser (it would be a friend) be able to simply pay me abroad.

 

Yes, but....

 

2 hours ago, cheeryble said:

is there any legal way this can happen but they get the deed transfer here OK?

 

No as the new purchaser has to show that the funds have been transferred inward.

 

 

 

[Sydneyboy1]

Sell your condo. Get the money into your thai account.  Buy bitcoin with Thai money. Sell bitcoin 30 minutes later. Put money into your home bank account.  Costs for transfer negligible.  

[scubascuba3]

Sell your condo. Get the money into your thai account.  Buy bitcoin with Thai money. Sell bitcoin 30 minutes later. Put money into your home bank account.  Costs for transfer negligible.  

But its pretty volatile isn't it? So by the time the trade is done you could be down or up

[cheeryble]

 
No as the new purchaser has to show that the funds have been transferred inward.
 
 
 

Very interesting info thanks


Sent from my iPad using Thailand Forum - Thaivisa mobile app

[cheeryble]

Sell your condo. Get the money into your thai account.  Buy bitcoin with Thai money. Sell bitcoin 30 minutes later. Put money into your home bank account.  Costs for transfer negligible.  

I guess this is why bitcoins taken off with Chinese etc wanting to export money.
I like to sleep well so would need to do it by the book


Sent from my iPad using Thailand Forum - Thaivisa mobile app

[chingching]

Sydney Boy Said "Sell your condo. Get the money into your thai account.  Buy bitcoin with Thai money. Sell bitcoin 30 minutes later. Put money into your home bank account.  Costs for transfer negligible."

ok except for "Put money into your home bank account"  Keep the bitcoin in bitcoin. Unless you have some drastic need to tell your governments what you make.

[catman20]

Is the fact that I was able to buy the unit here itself proof that I imported the money (as without proof of import I canot buy, right?) and can therefore export?

 

i think what you said makes scene but TIT. anyway they can make it harder for you to get the money out they will do. i just feel everything here is geared up against us. some of what goes on here is hard to believe its like dealing with somchai in the market.

[12DrinkMore]

20 hours ago, Sydneyboy1 said:

Sell your condo. Get the money into your thai account.  Buy bitcoin with Thai money. Sell bitcoin 30 minutes later. Put money into your home bank account.  Costs for transfer negligible.  

 What about the bitcoin exchange fees, which run at could reach 4% for selling baht, transfer, buying forex?

 

Plus the liquidity risk, exchange risk and volatility risk?

 

I should have made a punt when it all started with money I could afford to lose. But now I am not touching craptos with a barge pole. Once the exuberant enthusiasm falls away, then it will collapse. The only thing holding it up is the belief that owners will make a huge risk free profit.

 

Maybe the worst possible thing that could happen to bitcoin is that it stabilises. How many months would it take for the holders to get bored and cash in their bitcoins for real currency which can be used to pay taxes and buy stuff everyday, everywhere?

 

If it really did become a stable alternative to using the regulated and almost risk free banking system, would people hold bitcoin?

 

Why?

 

 

[Sydneyboy1]

23 hours ago, scubascuba3 said:

On Tuesday, January 02, 2018 at 2:43 PM, Sydneyboy1 said:

Sell your condo. Get the money into your thai account.  Buy bitcoin with Thai money. Sell bitcoin 30 minutes later. Put money into your home bank account.  Costs for transfer negligible.  

But its pretty volatile isn't it? So by the time the trade is done you could be down or up

It could go up or down  but not much in 30 minutes.  

[lkn]

6 hours ago, Sydneyboy1 said:

It could go up or down  but not much in 30 minutes.  

Average confirmation time for a blockchain transaction for the last 7 days was 686 minutes…

[Delight]

Your buyer cannot 'pay you abroad ' and expect to get a FET for himself. He will need the FET

 

As understand  it when you sell -you will obtain sufficient paperwork(from the land office) in order for your  bank to transfer the funds out of Thailand

 

Given that -where is the problem?

[GinBoy2]

Having done this the process it's this, and I'm assuming you are using realtor.

1. At the time of transfer at the Land Office, you obtain a copy of the FET used at the time of purchase (the land office has the original) and a copy of the sales contract
2. At the bank you deposit the cashiers check, which will take 24 hours to clear
3. Then you can do the wire transfer out.
4. The bank will want the copy of the FET + sales contract for the condo + passport to complete the wire


Thats it. I was actually shocked how simple it was
 

Edited January 3, 2018 by GinBoy2

[scubascuba3]

Its an idea to photograph the FET on your phone and save somewhere, backup on the cloud even, then hopefully that can be used in the future if the original goes missing years later

[cheeryble]

2 hours ago, scubascuba3 said:

Its an idea to photograph the FET on your phone and save somewhere, backup on the cloud even, then hopefully that can be used in the future if the original goes missing years later

Good idea of course wish I'd done before :)

 

However Ginboy (kindly) says I the LO will have a copy of it (although in my case i don't remember a FET think it was the TT form with "for buying a condo " on it

[Delight]

2 hours ago, cheeryble said:

Good idea of course wish I'd done before :)

 

However Ginboy (kindly) says I the LO will have a copy of it (although in my case i don't remember a FET think it was the TT form with "for buying a condo " on it

  No   -Ginboy says that the LO will have the orginal  and acopy of your original contract

 

LO have all you need !

Go and talk with them -Simple