FET form - time limit ? other purposes?

[mja1906]

After receiving funds in a Thai bank account, how long can you wait until asking the bank for an FET Form? As I will received funds for property, but haven't found a suitable property yet. Also,  what are the other purposes of the FET form? How else can they be used? Say for example, if I wanted to transfer these funds out of Thailand in the future (because I had changed my mind and don't want to buy property), - would an FET help in this case?

[KittenKong]

You asked similar questions in the real estate forum, and I answered them there.

 

Basically:

 

Why wait? Get the FET as soon as the transfer is done.

 

Yes, the FET will allow you to export the money later. It is precious. Keep it safe.

 

The exchange rate offered by your Thai bank for large transfers is negotiable. So negotiate.

 

You can do whatever you want with any money than you import, but if you want to buy a condo then ideally the transfer form should mention "for condo purchase". Not the end of the world if it doesn't though. If in doubt, just put "for condo purchase" as the reason for any incoming transfer. There is no requirement to prove the foreign origin of funds when buying anything other than a freehold condo as you cant officially own any other property in your name.

[Topah]

I can only transfer 20000€/time with overseas online banking. If you do several transfers like I do, ask credit advice (credit advice is a piece of paper which shows what was the exchange rate and total amount in your currency and THB) to each purchase and when you buy the condo, a bank will write the FET for all the transactions combined.  I think banks here don't even do FET for transfers under USD50000 so I need to combine many overseas transactions to one FET. I also put to description field "For the purpose of buying condo" text.

 

Previous info was given to me after the sales department from Pruksa developer called to Kasikorn Central Rama 9. I tried to ask this at the branch in person, but they don't know what to do.

 

I will have about 6 months between first transaction and time when I buy the condo.

Edited August 6, 2018 by Topah

[dotpoom]

7 hours ago, KittenKong said:

Not the end of the world if it doesn't though. If in doubt, just put "for condo purchase" as the reason for any incoming transfer

Thank you for all the useful information. ...One thing I'm not sure on though.. Re: the above...

  I was under the impression that when bringing in money to buy a condo....It had to be the "exact" amount of the purchase price as stated in the cortact to satisfy the Land Office?

 

[Topah]

1 minute ago, dotpoom said:

Thank you for all the useful information. ...One thing I'm not sure on though.. Re: the above...

  I was under the impression that when bringing in money to buy a condo....It had to be the "exact" amount of the purchase price as stated in the cortact to satisfy the Land Office?

 

Me too but actually it just needs to be at least that amount. Just transfer some amount over.

[KittenKong]

3 minutes ago, dotpoom said:

I was under the impression that when bringing in money to buy a condo....It had to be the "exact" amount of the purchase price as stated in the cortact to satisfy the Land Office?

No. It just has to be at least the declared amount of the purchase.

 

Multiple transfers/FETs are entirely acceptable, at least in Pattaya.

[mja1906]

8 hours ago, KittenKong said:

You asked similar questions in the real estate forum, and I answered them there.

 

Basically:

 

Why wait? Get the FET as soon as the transfer is done.

 

Yes, the FET will allow you to export the money later. It is precious. Keep it safe.

 

The exchange rate offered by your Thai bank for large transfers is negotiable. So negotiate.

 

You can do whatever you want with any money than you import, but if you want to buy a condo then ideally the transfer form should mention "for condo purchase". Not the end of the world if it doesn't though. If in doubt, just put "for condo purchase" as the reason for any incoming transfer. There is no requirement to prove the foreign origin of funds when buying anything other than a freehold condo as you cant officially own any other property in your name.

I guess my questions are, if I get the FET form now, but say are not ready to purchase property until 2years time, does the FET have an expiry? Also, when you get the FET you have to fill in the purpose of funds. So if I put something vague like 'property' then change my mind and don't  purchase property and want to take the funds out of Thailand - then what ? will I still be allowed to? 

Good tip about negotiating rates. Generally if the money is sent from the UK bank in GBP, and I let the Thai bank transfer it to THB - will I get better rates? (thank letting the UK bank transfer in THB).  Thanks for your help so far

[jippytum]

I had this problem last week at Bangkok Bank . When your foreign fund arrive request a FET form from the bank within three months . I use internet banking and didn't update my book and only requested a FET certificate when i applied for my immigration letter .Apparently you must apply to head office if you apply after three months . 

[zeekgarcia]

What is a FET form what does it mean and what is the name of this form in Thai?

 

Is this form online?

[KittenKong]

55 minutes ago, mja1906 said:

I guess my questions are, if I get the FET form now, but say are not ready to purchase property until 2years time, does the FET have an expiry? Also, when you get the FET you have to fill in the purpose of funds. So if I put something vague like 'property' then change my mind and don't  purchase property and want to take the funds out of Thailand - then what ? will I still be allowed to? 

Think I covered this in one of the other topics you started.

 

The FET does not expire. As long as you have the FET (or transfer advice) you can normally export the same funds without difficulty, regardless of why you imported them. So there is no reason not to get it immediately.

 

It makes no difference whatsoever what reason you put the for the transfer except that if you want to use it to buy a condo it should say "condo purchase". In practice this also seems to be optional.

 

There is never any requirement to actually use funds for the purpose given at the time of transfer.

 

[mja1906]

2 minutes ago, KittenKong said:

Think I covered this in one of the other topics you started.

 

The FET does not expire. As long as you have the FET (or transfer advice) you can normally export the same funds without difficulty, regardless of why you imported them. So there is no reason not to get it immediately.

 

It makes no difference whatsoever what reason you put the for the transfer except that if you want to use it to buy a condo it should say "condo purchase". In practice this also seems to be optional.

 

There is never any requirement to actually use funds for the purpose given at the time of transfer.

 

Thanks for all your help. When I discussed this with a lawyer, she said that she often waits up to 1 year until after receipt of funds to get the FET (but maybe its more difficult then as you said, because have to apply to head office) . But she seemed to suggest that its better to wait (if I'm still unsure whether to buy a condo or property leasehold), until you know what you will use the money for, before you fill in the FET form. And that its better to put something vague like just 'property', rather than something specific, so that we're not locked into anything. 

[KittenKong]

19 minutes ago, zeekgarcia said:

What is a FET form what does it mean and what is the name of this form in Thai?

Is this form online?

The form indicates that you have made a foreign exchange transaction: ie that you have imported some foreign currency and converted it to Baht locally. The form shows the recipient's (your) details and the amounts and fees and exchange rate and dates.

 

You can only get it from your bank. They should issue it for free.

 

The form replaces another form that was called a Tor Tor Sam (TT3) and some people still call it by that name, though as far as I know all banks just call it an FET.

[KittenKong]

3 minutes ago, mja1906 said:

When I discussed this with a lawyer, she said that she often waits up to 1 year until after receipt of funds to get the FET (but maybe its more difficult then as you said, because have to apply to head office) . But she seemed to suggest that its better to wait (if I'm still unsure whether to buy a condo or property leasehold), until you know what you will use the money for, before you fill in the FET form. And that its better to put something vague like just 'property', rather than something specific, so that we're not locked into anything. 

I dont think your lawyer makes sense. Why wait?

 

The purpose of the transfer is indicated at the time of transfer. Your bank fills in the form, not you or your lawyer.

 

The only time you ever need to stipulate a particular reason for a transfer is if you want to buy a freehold condo in your name. Apart from that it makes no difference what reason you put and in all cases you are NEVER required to actually use the money for the purpose indicated.

 

I have FETs and credit advices for several transfers, all of which say "personal expenses".

[huberthammer]

Small side question - does it have to be foreign currency that you transfer or can it be THB to get the FET?

 

[KittenKong]

21 hours ago, huberthammer said:

Small side question - does it have to be foreign currency that you transfer or can it be THB to get the FET?

It must be foreign currency. THB is not acceptable.

[topt]

On 8/6/2018 at 10:42 AM, KittenKong said:

I have FETs and credit advices for several transfers, all of which say "personal expenses".

For general info KK, not specifically directed at you, but if you may ever want to repatriate funds it was suggested to me that you not use "personal expenses" or living expenses or similar.

 

Most of my FETs say either vehicle/property purchase or "for investment" when in fact the majority have been used for living expenses.

[KittenKong]

12 hours ago, topt said:

For general info KK, not specifically directed at you, but if you may ever want to repatriate funds it was suggested to me that you not use "personal expenses" or living expenses or similar.

That's certainly something to consider, but it seems unlikely to me that any outgoing transfer would be rejected simply because of the reason given for the original incoming transfer. A rose by any other name etc. Who knows?