Sending foreign currency to buy condo.

[chrisatchch]

Hi there, I am from New Zealand, I recently opened thai bank account to transfer money from NZL to buy condo.  The guidelines says money should be send from original currency,not in thai bhat.   My NZL online bank only offers 2 currencies to send to Thailand,  Thai bhat and US dollars.   If I want to send as NZ dollars I need to go bank,or call and the fee is 3 times more than internet banking, my question is it ok to send as US dollars or does it need to be NZ dollars? Thank you.

 

[theoldgit]

The question is not about a visa to another country, so I'll move it to banking where you might get a better answer.

[moontang]

I always sent dollars, but I am from USA.

[Democracy74]

You can send in any foreign currency, so USD will be fine regardless of where you reside.

[euthanax]

Bro any currency will be fine, but make sure you send THB maybe you'll get more according to the rate. 

[donim]

I sent the local currency and it is converted over the ocean on mid market rate.

Arrives as THB on my bank account in Thailand, shows up as FTT

 

Done this before and for the house I used Kasi, got cheques with the seller name as receiver which I handed over to the seller after the deed was transfered.

I choosed Kasi, as they were assisting me greatly, watching the procedure so that the international transfer would be 'seen as meant to' buying property, instead of income. Went all fine and no need for a 'special document'.

 

Done.

[YT3k72Em]

Send it in NZD.  The increased fee is more than likely much less than what you are going to lose on the exchange rate by converting it to USD first.

[mokwit]

2 hours ago, euthanax said:

Bro any currency will be fine, but make sure you send THB maybe you'll get more according to the rate. 

I have always understood for property it has to be converted to THB by a Thai bank in Thailand, secondly you will always get a better rate for THB in Thailand - there may be a slight advantage in converting from NZD to USD in NZ and sending USD - I imagine much better rate for NZD in NZ (it will be converted first from NZD to USD and then to THB - two sets of forex spreads to pay - it is not converted directly from NZD to THB)

 

I mean seriously why post "advice" if you don't actually know. Anybody following your advice would have the funds invalidated for property purchase.

 

as per 'The guidelines says money should be send from original currency,not in thai bhat.'

Edited April 9, 2019 by mokwit