Foreign Currency Transfer for Condo Purchase.

[Abilene]

I understand I need a letter from the bank to present to the Land Office regarding foreign currency coming into Thailand so that my condo purchase can go through OK.

Bit of a complication.  I have been paying off my Thai vendor monthly over the past four years, sometimes from the UK and sometimes when I've been on holiday here.  I've contacted the bank receiving the payments but now I know what pass the buck Thai style means.

 

Any suggestions on how to get this document please?

 

 

[Delight]

 When you gave monies to the vendor -did you get some kind of official company receipt?

I assume that all payments were in Thai Baht. Am I correct?

From the bank's position it is impossible for them to distiguish between condo payment and general living expenditure.

Do you have evidence to support the idea -'This money is strictly for condo payments-?

[simoh1490]

Ouch, that's ugly, did you not understand the rules at the outset?

 

Regardless, unless you can provide proof to the bank of those foreign funds being transferred in I don't see a way forward, perhaps others do.

[KittenKong]

53 minutes ago, Abilene said:

I have been paying off my Thai vendor monthly over the past four years, sometimes from the UK and sometimes when I've been on holiday here.

You are much more trusting than I am. Do you have a sale contract or receipts?

 

You can get FET forms for anything that you sent from the UK, assuming it was sent in GBP and converted to THB here. You will not get a form for anything that you paid in THB, either from abroad or in person. Whilst it is preferable that the transfer orders include the mention "for condo purchase", this is not normally verified and you would be very unlucky to be dealing with a Land Office that insists on this.

 

And are you saying that this is a resale condo and that the current owner is Thai? If so, you may not even be able to buy it in your name at all if, in the building, foreigners already own 49% of the total. This is a common situation in buildings/areas that are popular with foreigners.

[Ks45672]

A lawyer or a bank manager can help you if you have a good relation with them

 

Bkk bank can wire the money to their Singapore office and back again (even though it probably never leaves) 

 

A lawyer will probably ask  for 1% to wire the money from somewhere abroad to your Thai account so you can get the fet certificate 

[KittenKong]

12 minutes ago, Ks45672 said:

A lawyer or a bank manager can help you if you have a good relation with them

Bkk bank can wire the money to their Singapore office and back again (even though it probably never leaves)

A lawyer will probably ask  for 1% to wire the money from somewhere abroad to your Thai account so you can get the fet certificate 

Yes, I think that most banks can do this sort of "bed and breakfasting", for a fee.

[Abilene]

Thanks for replies.  I did have a contract of sorts drawn up and email tos and fros confirm the vendor's obligations. I don't see a problem there.  Also Foreign ownership is OK.   I'll try the b and b angle.  Failing that maybe I'll ask the vendor to put it up for sale in his name and give him something out of the proceeds.  Switching to renting might not be a bad idea anyway!

[smutcakes]

Sounds like it is going to be very difficult to rectify to get an FET form to get foreign ownership. Looks like the money has come into the country in multiple ways, i doubt transferred as foreign currency and converted here, and also over a period of time. Would be a nightmare to unravel that in my opinion.

[Suradit69]

Per Bangkok Bank, at the time of transferring money:

 

Quote

 

For buying a condominium in Thailand, you can transfer funds from an overseas bank via SWIFT to your Bangkok Bank Thai Baht account or Foreign Currency Deposit account (FCD). Please specify the purpose of your funds transfer instruction as “To purchase a condominium.”

 

Upon receiving the funds, you can contact the Bangkok Bank branch where you maintain your account and request the documents you will need to present to the Department of Lands when registering ownership.

 

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/FAQs