Using foreign credit card for down payments on a Condo

[andynyc2003]

I’m in a process of buying a condo in Sri Racha area. I paid a total of 840000 Bath using two separate US credit cards back on Jan 18. The condo is ready to be transferred, and the rest of the money already transferred from a foreign bank account.

 

Now the sales representative for the condo said local bank handle my credit card transactions said my cards are Thai credit cards and won't provide the paperwork.

 

I provided them with both of my credit card statements and the SMS that shows the transcriptions are an International transaction.

 

Is there anyone has the same kind of experience? What should I do?

 

 

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[Briggsy]

Stop the credit card transactions, perhaps.

[KneeDeep]

Someone is maybe BSing you. Contact the 'local bank' yourself.

[andynyc2003]

Stop the credit card transactions, perhaps.

It's too late. It's 11 months old transactions.


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[andynyc2003]

Someone is maybe BSing you. Contact the 'local bank' yourself.

I only see the credit card recipe has Kbank on it. What department should I talk to?


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[KneeDeep]

Kasikorn.

I don't know. Ask the developer as to which department has rejected your cards as local and go from there. Have they sent you any correspondence confirming that what they are saying has come from Kasikorn? 

I have contacts, but with other developers. 

So get the paperwork from them stating that Kasikorn is stating that they are Thai cards and then respond to the department listed on the correspondence directly.

 

[theguyfromanotherforum]

What builder would accept credit cards? It's like going to a car dealership and paying with a credit card. Unheard of and highly suspicious. 

[andynyc2003]

Kasikorn.
I don't know. Ask the developer as to which department has rejected your cards as local and go from there. Have they sent you any correspondence confirming that what they are saying has come from Kasikorn? 
I have contacts, but with other developers. 
So get the paperwork from them stating that Kasikorn is stating that they are Thai cards and then respond to the department listed on the correspondence directly.
 

Thanks for the suggestion. So far I haven't received any corresponding from the developer, all communications are done by line app between the sales representative and my Thai wife. I'll try to talk to the sales directly and work on it.


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[andynyc2003]

What builder would accept credit cards? It's like going to a car dealership and paying with a credit card. Unheard of and highly suspicious. 

Plus condos Sriracha by Serene Properties, it's a legit company.


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[theguyfromanotherforum]

3 minutes ago, andynyc2003 said:

Plus condos Sriracha by Serene Properties, it's a legit company.


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Where is this condo located? I normally stay at Oakwood as it is close to the mall.

 

 

[andynyc2003]

 
Where is this condo located? I normally stay at Oakwood as it is close to the mall.
 
 

Near MaxValue, facing Assusion college, the only tall buildings in that area.


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[andynyc2003]

Kasikorn.
I don't know. Ask the developer as to which department has rejected your cards as local and go from there. Have they sent you any correspondence confirming that what they are saying has come from Kasikorn? 
I have contacts, but with other developers. 
So get the paperwork from them stating that Kasikorn is stating that they are Thai cards and then respond to the department listed on the correspondence directly.
 

Could you PM me the contact with other developers? Maybe they have some experience with this kind of situation.


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[KneeDeep]

10 minutes ago, andynyc2003 said:

Could you PM me the contact with other developers? Maybe they have some experience with this kind of situation.


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Of course I cannot, unless you are willing to pay them for their time. 

 

You are a complete stranger yo them...and to me. 

[KittenKong]

3 hours ago, andynyc2003 said:

So far I haven't received any corresponding from the developer, all communications are done by line app between the sales representative and my Thai wife.

 

1. Paying with a credit card may not allow you to put the condo into farang (your) name as you need an FET form from the bank that converts your transfer into Baht, and as far as I know you will not get one for a credit card payment. OK, maybe you are putting it into your wife's name and so you dont care. If so you are much more trusting than I am, but good luck to you anyway.

 

2. Did you really pay money to some sales agent directly without ever getting any sort of correspondence or receipt or contract from the developer? If so, your level of trust is surprising.

 

Either way, I hope that all the balance is still in your bank account and not someone else's.

 

[andynyc2003]

 
1. Paying with a credit card may not allow you to put the condo into farang (your) name as you need an FET form from the bank that converts your transfer into Baht, and as far as I know you will not get one for a credit card payment. OK, maybe you are putting it into your wife's name and so you dont care. If so you are much more trusting than I am, but good luck to you anyway.
 
2. Did you really pay money to some sales agent directly without ever getting any sort of correspondence or receipt or contract from the developer? If so, your level of trust is surprising.
 
Either way, I hope that all the balance is still in your bank account and not someone else's.
 

1. I’m going to put condo under my name but the trust between my wife and I are not the issue here. We meet in Honolulu, HI and been happily married since 2005.

The only thing that I could think of is when charging the credit card, I choose Thai baths instead of US dollars, so the bank sees it as a local currency instead of US dollars. If that's the problem, I could ask for a refund for those transactions and charging the same amount to US dollars.

2. We have a detailed contract, in English and Thai.


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[KittenKong]

4 hours ago, andynyc2003 said:

The only thing that I could think of is when charging the credit card, I choose Thai baths instead of US dollars, so the bank sees it as a local currency instead of US dollars. If that's the problem, I could ask for a refund for those transactions and charging the same amount to US dollars.

That does sound like it could be the problem: funds being converted from foreign currency to THB is the sine qua non of farang-name purchase. But I'm surprised that they will issue an FET or other suitable confirmation at all for a credit card transaction. Maybe the developer has some influence with the local Land Office to smooth this through.

 

I like Si Racha a lot and have often thought of living there, and have checked out all the old and new condo buildings. But in the end I always decide that it is just a little bit too far away from the farang restaurants etc in Pattaya.

[andynyc2003]

That does sound like it could be the problem: funds being converted from foreign currency to THB is the sine qua non of farang-name purchase. But I'm surprised that they will issue an FET or other suitable confirmation at all for a credit card transaction. Maybe the developer has some influence with the local Land Office to smooth this through.
 
I like Si Racha a lot and have often thought of living there, and have checked out all the old and new condo buildings. But in the end I always decide that it is just a little bit too far away from the farang restaurants etc in Pattaya.

I really like the area, it's not too far from the airport, exactly 1hour drive without traffic, and 35 minutes to Pattaya. I bought a Nissan pick-up last year and I love to drive around. The Jpark and Pacific Park are our hang out place. The food court at Pacific Park is pretty good too.




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[NoBrainer]

You will just have to wire in the equivalent of the amount required, marked as for condo purchase, get the TaTaSam (Exchange Document) and take it to the land office to do the transfer.  You don't have to actually use those particular funds to pay for the condo, you just need to show that you imported that amount.

 

Alternatively, you may be able to ask the seller lower the contract price, as long as it is not below the minimum price stated at the land office, for that area, thereby lowering the amount of foreign exchange needed to complete the transfer.

[KittenKong]

2 hours ago, NoBrainer said:

You will just have to wire in the equivalent of the amount required, marked as for condo purchase, get the TaTaSam (Exchange Document) and take it to the land office to do the transfer.  You don't have to actually use those particular funds to pay for the condo, you just need to show that you imported that amount.

Yes, that's a valid option though they dont call it a Tor Tor Sam any more.

 

The money involved (under 1MB) could be used for other expenses, and this may also avoid extra costs due to exchange rate loss that might arise if he got the original card purchases refunded and reprocessed (assuming that is even possible after so long).

[Tony125]

theguyfromanotherforum

• Titanium Member

What builder would accept credit cards? It's like going to a car dealership and paying with a credit card. Unheard of and highly suspicious. 

 

Really? I worked for a Gov Agency (US) and had excellent credit. Bought my first car (not downpayment) on my credit card.

Edited November 22, 2018 by Tony125

[sawadeeken]

20 hours ago, theguyfromanotherforum said:

What builder would accept credit cards? It's like going to a car dealership and paying with a credit card. Unheard of and highly suspicious. 

I paid the down payment on a new Honda in the US with a credit card...... WHO SAYS IT CAN'T BE DONE??????????

[Gaet]

Good afternoon,

 

• Ask what price the developer will mention to land office during the transfer of ownership (most of them make it lower than what you actually paid). Had one client who paid 1,000,000 from a thai bank account (condo was worth 4,066,000 THB), he never had any trouble transferring it under his (foreign) name.

 

• Another solution: you might transfer that amount again from your home country to your Thai Bank account and ask a FET form (Foreign Exchange Transaction form) from your bank for this transaction. You then show THIS FET for transfer of ownership and that should probably work. Remember, the money MUST come from a bank account abroad, under the buyer's name AND in a foreign currency.

 

• Some bank also accept to make you a "fake FET" (which is the document you need), but it is not legal and might cost you between 10K and 20K THB per million.

 

Hope it helps.

 

Cheers.

[Time Traveller]

On 11/21/2018 at 5:19 AM, theguyfromanotherforum said:

What builder would accept credit cards? It's like going to a car dealership and paying with a credit card. Unheard of and highly suspicious. 

Buying a car with a credit card is not highly suspicious. Its quite common. 

 

However, I do agree that any property developer or seller that accepts credit cards for payment on property purchases is highly suspicious. Credit cards are essentially non-secured loans. It's illegal for Thai banks to write un-secured loans on the puchase of property. And it's probably likely that there is regulations applying to property developers as well. I doubt any legit property developer would accept payments on credit card. But it was a deposit, and the sale contract could be cancelled before transfer of title if the payment was stopped by the credit card company. So it may of happened as the OP said.

My advice would be to ask the property for a refund on the credit card payment, then wire them the amount for your foreign bank account as they requested.  

[andynyc2003]

Good afternoon,
 
• Ask what price the developer will mention to land office during the transfer of ownership (most of them make it lower than what you actually paid). Had one client who paid 1,000,000 from a thai bank account (condo was worth 4,066,000 THB), he never had any trouble transferring it under his (foreign) name.
 
• Another solution: you might transfer that amount again from your home country to your Thai Bank account and ask a FET form (Foreign Exchange Transaction form) from your bank for this transaction. You then show THIS FET for transfer of ownership and that should probably work. Remember, the money MUST come from a bank account abroad, under the buyer's name AND in a foreign currency.
 
• Some bank also accept to make you a "fake FET" (which is the document you need), but it is not legal and might cost you between 10K and 20K THB per million.
 
Hope it helps.
 
Cheers.

Thanks, the developers are working hard to get this final paperwork from the bank for me. I was going to wire more money to my Thai bank account, but they said that won't be necessary. Looks like the issue will be resolved soon.


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[andynyc2003]

Update, just did the transfer at the Land office yesterday, all paperwork accepted. I’m now a legit condo owner in Thailand!

 

 

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