Buy a condo freehold transfert foreign funds from my business account ? not my personal one

[coollife99]

Hello,

Buying soon a condo ( Freehold unit in foreign quota ),  i understand i have to transfer from aboard the money on my Thai bank account, BUT is it ok if i transfer the money from my Busines Bank account ( HSBC HONG KONG ) who is under my company name, and not on my personal name.

 

My Thai bank account him is under my own passeport name.

 

did you guys already have this question, for the buyers, did you bring the money from a friend or family account ?

[coollife99]

ok i think i find the answer, if someone have more info of link let me know, seems ok to do so. They didnt talk about money who come from company account so still bit worried

 

 The Government Land Department can accept international transfers (FET/Bank Certificates) even if the Sender’s account name is not the same as the Beneficiary’s account name (Or in the case the condo is transferred into 2 individual buyer names).

However the purpose of transfer (On the remittance instructions), should clearly mention the buyer’s (Or multiple buyers) name.

Example:

“Money Transfer for the Purchase of [Unit Number], on [Floor], in Condominium [Full Condo Name] on behalf of [Mr. /Ms. Full Passport Name]”

 

 

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[KittenKong]

As far as I know there is no official requirement for the purpose of the transfer to be mentioned. Why not? Because there is no requirement that a particular transfer has to to be used for a particular purpose, and some people (like me) may have transferred the money long before they knew they would buy a condo at all let alone which condo they would buy.

 

My transfer was made 8 months before my purchase and the purpose was given as personal expenditure. No one batted an eyelid about it at the Land Office.

 

Also there is no requirement at all for the sender to be anyone in particular. Only the recipient matters. Plenty of people will have had money transferred to them by lawyers etc.

 

If in doubt, go to your Land Office and ask.

[YT3k72Em]

Use a personal account, trying to use a company account would be asking for problems.

[coollife99]

On 11/21/2018 at 3:24 PM, YT3k72Em said:

Use a personal account, trying to use a company account would be asking for problems.

Why ?

[YT3k72Em]

Because the money has to come into an account in your name.

[coollife99]

1 hour ago, YT3k72Em said:

Because the money has to come into an account in your name.

Yes the receiving account will be in my own name, juste the sending one gonna be my pro account

[YT3k72Em]

On 11/24/2018 at 8:08 PM, coollife99 said:

Yes the receiving account will be in my own name, juste the sending one gonna be my pro account

Should be no problem then. It doesn't matter where the money comes from as long it's from overseas, and you receive it then the bank can issue you a letter stating you personally received $X and it was exchanged for THBX. They don't mention the source of the money on the letter, just the dates and amounts.

[zappalot]

On 11/29/2018 at 1:06 PM, YT3k72Em said:

They don't mention the source of the money on the letter, just the dates and amounts.

Both Bangkok Bank as well as Krung Thai Bank mention the source, the name of the sender in their letter. But it is not important. In my case the sender was a friend, so it was not my name. The land department doesn't care. Money is coming from abroad independent from whom and everything is fine.

[Peterw42]

On 11/21/2018 at 12:09 AM, coollife99 said:

ok i think i find the answer, if someone have more info of link let me know, seems ok to do so. They didnt talk about money who come from company account so still bit worried

 

 The Government Land Department can accept international transfers (FET/Bank Certificates) even if the Sender’s account name is not the same as the Beneficiary’s account name (Or in the case the condo is transferred into 2 individual buyer names).

However the purpose of transfer (On the remittance instructions), should clearly mention the buyer’s (Or multiple buyers) name.

Example:

“Money Transfer for the Purchase of [Unit Number], on [Floor], in Condominium [Full Condo Name] on behalf of [Mr. /Ms. Full Passport Name]”

 

 

 

Any "purpose of transfer" information is a Bank of Thailand anti money laundering requirement not a Land office requirement. They literally dont give you enough characters to put all that information on a foreign transfer, go to your home banking website etc to trans money and it will usually offer generic choices from a pull down menu, business, personal etc. Leave it blank and the banks transfer desk will add a generic purpose.

 

The foreign transfer requirements are written, in broad terms, in the Thai Condominium act. Can be summarised as the following below.

 

A non-resident foreigner buying a condo in Thailand must be able to show a copy of the bank's issued FET-form or confirmation letter of remittance of foreign currency (credit note) to the land department in order to qualify and register foreign ownership of an apartment unit in the condominium. The foreign exchange transaction form must show the foreign purchaser's name either as the sender or receiver of the money from the overseas bank.

https://www.thailandlawonline.com/article-older-archive/condo-purchase-currency-fet-form-remittance

 

Notice it says sender "OR" receiver. 

You can show the land office an FET or a letter (if under $50k US) showing you as the sender (in the case of transferring straight to a developers account and they generate the FET), OR showing you as the receiver (in the case of sending account is a different name) or Both.

One of the main things to remember is dont let home bank do the conversion to Baht, send foriegn currency.

Edited December 3, 2018 by Peterw42

[chrisatchch]

Hi there, I want to ask a question about financing.   My plan is to open a savings bank account in Thailand, preferably Bangkok bank, then start sending money from New Zealand ( I currently live here) every month visa telegraph transfer,  once I save up to certain amounts,I will use it to buy condo.  I prefer save in thai bank as I may have distractions if I save in my home bank,  is it ok if I send numors transfers over the 2 years, as I m not able to transfer all at once. Thank you so much.