Procedure for selling a condo and transferring funds overseas

[joenzz]

Hi,

 

I'm planning to sell a condo I own on my name and I would like to transfer the funds received to my account overseas.

 

Could members here please clarify what documentation do I need? are there any special procedures I need to complete to be eligible for selling and for transferring funds overseas?.

 

Thanks

[observer90210]

Here you will find a good resumé and a link to download the FET form necessary to repatriate funds.

 

https://www.samuiforsale.com/condominium/foreign-exchange-transaction-form.html

 

 

[blackcab]

As a seller you need to obtain two documents from the condominium management:

 

1. A debt free letter stating your common fees, etc are paid up to date.

 

2. A letter stating the ratio of Thai to Non-Thai ownership.

 

The management office will be very used to preparing these documents.

 

You need to take these documents to the land office on the day of the sale, along with the title deed; the blue house book; your passport and enough cash to pay your share of the transfer fees.

 

To remit the cash out of the country you will need to show the bank a copy of the TT3/FET form you received when the cash entered the country, along with a copy of the sale contract provided by thr land office and a copy of the receipt for the land office fees.

[blackcab]

6 minutes ago, observer90210 said:

...and a link to download the FET form necessary to repatriate funds.

 

The OP needs a copy of the form issued by his bank when his funds entered the country as foreign currency in order to purchase the condo.

[observer90210]

16 hours ago, blackcab said:

 

The OP needs a copy of the form issued by his bank when his funds entered the country as foreign currency in order to purchase the condo.

ok thanks for the info...what if the funds were sent from abroad, directly to the account of the developper ? Who can arrange for the FET form in such a case ?

[blackcab]

1 hour ago, observer90210 said:

ok thanks for the info...what if the funds were sent from abroad, directly to the account of the developper ? Who can arrange for the FET form in such a case ?

 

Nobody, probably, which is one of the reasons it should not be done.

 

It's not the end of the world though. Someone in this situation can always exchange the baht at an exchange booth and hand carry the cash onto the airplane home.

[dotpoom]

On 2/25/2019 at 2:16 AM, blackcab said:

As a seller you need to obtain two documents from the condominium management:

 

1. A debt free letter stating your common fees, etc are paid up to date.

 

2. A letter stating the ratio of Thai to Non-Thai ownership.

 

The management office will be very used to preparing these documents.

 

You need to take these documents to the land office on the day of the sale, along with the title deed; the blue house book; your passport and enough cash to pay your share of the transfer fees.

 

To remit the cash out of the country you will need to show the bank a copy of the TT3/FET form you received when the cash entered the country, along with a copy of the sale contract provided by thr land office and a copy of the receipt for the land office fees.

I would have agreed 100% with you up until last year. I sold a condo and went armed with all those documents to my BKK bank to transfer 1 mb back home (have written about it a couple of times on here). To my surprise they didn't want to see any of the docs....just my passport and it was transferred without any problem?

[tpkhk]

Aside from all the requirements listed above by BlackCab - the bank may even ask you for proof that the transfer was recorded at the Land Department...ie wait till the sale is fully completed.  They seem to have a fair bit of discretion (FET forms are mandatory, but when I asked they didnt even want to see it)... and if I were to guess, it also depends on the amount involved.

 

Have a look at DeeMoney (Nana Branch probably most efficient) - if there are other non bank licensed transfer agents I am unaware.  Once you register, rates are better and fees are 150Baht, with no deduction on the other end.  I'd start with a few thousand baht for test purposes...and confirm receipt.  Different daily limits for different countries (eg. some countries are 400K+, some 250K and so on).  

 

You can also use their app, but that has a different set of limits ie. monthly total is capped.

[wreckingcountry]

Easiest thing to get large amounts of money transferred to Thailand , torture to get it out ! If you read the comments on Deemoney app ...maybe not such a good idea

 

 

Sent from my iPhone using Thaivisa Connect

 

[newnative]

     On a sort of related topic, I have sold a condo that was in foreign name, with money I sent from abroad for the purchase.  I would like to purchase another condo.  Is it possible to avoid sending more money from abroad and, instead, get a new FET (tor tor 3) using the money I sent for the first condo?   I seem to remember reading something about this but a search of Thai Visa didn't find anything.  I wonder what documents the bank would need if this is, indeed, possible.  Thanks in advance for any information.  

[crazykopite]

Deemoney Bangkok google it I believe it’s the easiest way to mover your Thai baht to your home country.

[YT3k72Em]

I don't think you need to get a new one. The old ones will still be valid for use on a new purchase, since they haven't been used to repatriate the money.

[Danny Png]

I bought a property in Pattaya three years ago and now proceeding to complete my ownership transfer. 

Developer told me my total purchase paid consists of 900k thb with TT3 status and other part of the 400k thb yet to provide TT3 proof which they could help to do with a fee of 11k thb. Any advise please. 

[kwonitoy]

Sold my condo in September

The FET from my purchase 10 years ago was never even brought into use.

You can transfer the sales amount that is put on your land transfer document, the one that you're transfer tax is calculated on.

This is the big document that the bank will use.

In my case the estate agent under reported the amount on the land transfer document to "help" me and the buy not pay as much transfer tax.

I did the remit for the full amount of the land transfer document after a one day wait for the cashiers cheque to clear.

No problem at SCB in Pattaya, bring your passport, SWIFT code for receiving bank, and IBAN number for receiving account.

Prepare to wait, took me upwards of 4 hours due to the size of the transfer freaking out the bank employees and phoning Bangkok many times to make sure everything was good.

Transfer took one day, and into my offshore account

The remainder of the amount was transferred the following week also by SCB.

You can transfer up to 50,000 USD per day legally 

I had photocopies of the two cashiers cheques, one for the land transfer amount and the second to top up for the full amount of the sales price.

So for the second transfer I showed the second cheque and said it was for the furniture in the condo

Not a problem and transfer done and in my account 4 hours later

 

There will be others who have had problems, this is Thailand but all in all my money transfer was as smooth as silk.

Sold at a nice profit also, due to the change in baht from 10 years ago to now.

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