About transferring money from overseas. Condo purchase.

[Topah]

Hi. I am buying a new condo (to my name) start of next year and I am aware of that I need to make a bank transfer from overseas in foreign currency. In my case, it will be Euros.

 

I have few questions.

 

1. When doing online transfer the limit from my EU bank is 50000e/transfer. So I need to do couple transfers (I am planning 30000e and 35000e, total 65000e). Is this an issue?

2. I got information that I have to make sure that the transaction is for the purpose of condo purchase. How can this be done with online banking? Or I just transfer money to my bank account in Thailand and the bank in Thailand will make the FET form?

 

I just dont want to mess up the transaction from EU so I would like to have some help. I went to Kasikorn and they did not know anything about FET forms etc.

Thanks in advance for the answers.

 

 

[watcharacters]

 

When I asked about a FET at a local KBank branch the Lady bank officer was unaware of such a thing.

 

[Peterw42]

1) Never heard of a bank limiting the transfer amount, means you will need to pay the fees twice.  I dont think multiple transfers would be a problem, at worst it may mean 2 separate FETs to show the land office. Amounts under $50,000 US and the bank usually does a letter instead of an FET, so maybe one letter.

 

2) Most cover this by putting Condo purchase when you transfer the funds, there is usually a field asking reason for transfer. Its not enforced or even required when you get to the land office but may come into play later if you are exporting the funds after selling a condo. The information is more for the bank as they need to report all incoming funds to Bank of Thailand.

 

Dont forget to send as Euros, dont convert at home and send baht

 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/Pages/InwardFAQs.aspx

 

See points 7 and 16 in above link

Edited June 20, 2018 by Peterw42

[Topah]

2 hours ago, Peterw42 said:

1) Never heard of a bank limiting the transfer amount, means you will need to pay the fees twice.  I dont think multiple transfers would be a problem, at worst it may mean 2 separate FETs to show the land office. Amounts under $50,000 US and the bank usually does a letter instead of an FET, so maybe one letter.

 

2) Most cover this by putting Condo purchase when you transfer the funds, there is usually a field asking reason for transfer. Its not enforced or even required when you get to the land office but may come into play later if you are exporting the funds after selling a condo. The information is more for the bank as they need to report all incoming funds to Bank of Thailand.

 

Dont forget to send as Euros, dont convert at home and send baht

 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/Pages/InwardFAQs.aspx

 

See points 7 and 16 in above link

1. Actually I asked about the limit and it is 30000e/time with online banking using the service sending euros. Well the fee is only 6.75e / transaction.

 

2. I will put the info about condo purchase to the message fiels.

[rickthailand]

Making to transfers is no problem your bank will add them up and give you a letter(not fet anymore) just make sure you mention for condo purchase on the transfers

 

Rick

[KittenKong]

Never heard of a bank limiting the transfer amount, means you will need to pay the fees twice.

I think that most banks impose limits for online transfers, which was what the OP was talking about. All my banks certainly do, and the limits vary from GBP10,000 to GBP100,000. They also tend to have different limits for international transfers originated online.

Anyone wanting to send more is expected to go to a branch in person, with ID, or at least contact their branch by phone/letter and pass some extra security questions. It's mostly to do with protecting customers from possible fraud, and I have no objection to it.

UK banks will also ask questions about large cash withdrawals made in person, especially if the account holder appears at all vulnerable.

[Peterw42]

15 minutes ago, KittenKong said:

I think that most banks impose limits for online transfers, which was what the OP was talking about. All my banks certainly do, and the limits vary from GBP10,000 to GBP100,000. They also tend to have different limits for international transfers originated online.

Anyone wanting to send more is expected to go to a branch in person, with ID, or at least contact their branch by phone/letter and pass some extra security questions. It's mostly to do with protecting customers from possible fraud, and I have no objection to it.

UK banks will also ask questions about large cash withdrawals made in person, especially if the account holder appears at all vulnerable.

I have come across a personal daily limits, that you can set for your account and online transfers etc. The bank often sets this at a default limit as a security measure for your safety. The amount can usually be varied upon request. I haven't come across an upper limit set by the bank. 

I can log into my Australian online banking today and my overseas daily transfer limit is currently set at $50k US.  (in case someone gets hold of my banking app). A couple of extra security measures, SMS, higher level password etc, and I can up or down that limit with no restrictions.

I think the OP is possibly confusion the preset (but variable) security limits with an upper limit imposed by the bank.

[topt]

6 hours ago, Peterw42 said:

I think the OP is possibly confusion the preset (but variable) security limits with an upper limit imposed by the bank.

Not necessarily. Your bank may be different but as @KittenKong mentions, and I have personally experienced, some banks do have upper limits. My UK bank certainly does and even an offshore international bank I use has a maximum online limit above which you have to go to telephone banking.

[uffe123]

Dont buy anything in Thailand, you will regret it. You cant own anything, and it can be confiscated at any time . the country is run by a dictator.

[fantom]

Watch out for the transfer rates charged by the banks, you may want to consider using Transferwise to send the euros to your Thai account. That way you will get the rate on day of transfer.

Much quicker too, I sent money from my Australian account on Wednesday and it arrived in my Uk account today, Thursday. Rate was 1AUD = 0.5613 GBP.

[Peterw42]

18 minutes ago, fantom said:

Watch out for the transfer rates charged by the banks, you may want to consider using Transferwise to send the euros to your Thai account. That way you will get the rate on day of transfer.

Much quicker too, I sent money from my Australian account on Wednesday and it arrived in my Uk account today, Thursday. Rate was 1AUD = 0.5613 GBP.

Transferwise arrives in your account as a local transfer in Thai baht, tranferwise or the bank cannot issue the required FET. Transferwise doesn't actually transfer any money (in your name), you deposit into their local account at home and they deposit from their local account in Thailand to your account.

Edited June 22, 2018 by Peterw42

[Peterw42]

16 minutes ago, uffe123 said:

Dont buy anything in Thailand, you will regret it. You cant own anything, and it can be confiscated at any time . the country is run by a dictator.

Not sure if you have noticed but 100,000s of foreigners legally own property in thailand, its never been confiscated and the chances of it being confiscated are probably the same as any western country, 0%.

[rickthailand]

23 minutes ago, uffe123 said:

Dont buy anything in Thailand, you will regret it. You cant own anything, and it can be confiscated at any time . the country is run by a dictator.

bla bla bla

[uffe123]

Please tell me that I can by a house, or a condo and own it forever? No BS

[Peterw42]

Just now, uffe123 said:

Please tell me that I can by a house, or a condo and own it forever? No BS

You can own a condo and own it forever, No BS.

 

You can own the physical structure of a house but foreigners cannot own land.

[Fairynuff]

33 minutes ago, uffe123 said:

Dont buy anything in Thailand, you will regret it. You cant own anything, and it can be confiscated at any time . the country is run by a dictator.

Did you know that paranoia is treatable with medication?

[britishrepublican]

The mind boggles. A seemingly intelligent person who has enough funds to buy a condo in cash yet cannot even execute a simple bank transfer.

 

Who ties your shoe laces each morning?

[essox essox]

Stay away from the Kassikorn bank they are absolutley useless...I know from experience

[newnative]

4 hours ago, uffe123 said:

Dont buy anything in Thailand, you will regret it. You cant own anything, and it can be confiscated at any time . the country is run by a dictator.

I've bought condos many times in Thailand and I certainly have no regrets.

[newnative]

1 hour ago, britishrepublican said:

The mind boggles. A seemingly intelligent person who has enough funds to buy a condo in cash yet cannot even execute a simple bank transfer.

 

Who ties your shoe laces each morning?

    My mind is boggling with your mean-spirited post.  I find the OP to be quite wise to gather the information he needs in advance. You may think it's a 'simple bank transfer'--and it may well be the second time you do it--but the first time is not always that simple.

[Oztruckie]

Sign up to an international money transfer company, they can transfer all your money in one hit, most of those big co transfer millions everyday of the week, you'll probably get a much better rate with them rather than using your own bank, world first, world remit, transfer wise are a couple than come to mind, you can see their ex rates and fees before you commit to a transfer, I've used world first couple of times, I found Macquarie in Oz gives me the best x rate. 

[Tacuisse]

5 hours ago, Peterw42 said:

You can own a condo and own it forever, No BS.

 

You can own the physical structure of a house but foreigners cannot own land.

1/ You can't own anything forever, unless you have discovered the secret of immortality.

2/ Admittedly the probability is very small. However, governments can and do move the goal posts for their own purposes. For example, there was a time when Americans could not legally own gold.

[Sprigger]

Don’t do it, they’re not worth a carrot. 

[emobob93]

7 hours ago, fantom said:

Watch out for the transfer rates charged by the banks, you may want to consider using Transferwise to send the euros to your Thai account. That way you will get the rate on day of transfer.

Much quicker too, I sent money from my Australian account on Wednesday and it arrived in my Uk account today, Thursday. Rate was 1AUD = 0.5613 GBP.

totally agree. Transferwise is much quicker. Rate is realtime and the charges are cheap too. 

[mauroest]

yes Transferwise is quite good, but one legal office told me not to use it to purchase condo.  Must be from EU bank to TH bank.  Why?
Anyway TW charge 350 € commission to transfer 50.000 €

[Topah]

I have all the answers I need to make the transfer the way it should be done. 

 

Thank you for all the people who gave real information and who comment with negativity... I have one sentence which might help you out also ?

 

He who asks a question is a fool for five minutes; he who does not ask a question remains a fool for a lifetime

 

For the people who want to buy condo:

 

1. You need to transfer the money to the bank account in your name (the exact buyer name).

2 Get credit advise from your Thai bank eveytime you transfer money (lets say you transfer 3 times, you get credit advice 3 times). You can transfer money as many times you want. Always in foreign currency.

3. You also need passport, signed agreement about the condo purchase and your account book bank.

4. Bank will write FET (or similar) when you transfer the money to buy the condo.

5. And after this the land department can write the condo to your name.

 

I guess this was very obvious right? Sorry to be so stupid asking ?

 

 

 

Edited June 23, 2018 by Topah