Condo purchase using Transferwise

[scubascuba3]

I've got Bangkok Bank set up for Transferwise so transfers should be shown as International Payment. Has anyone used this to fund a condo purchase? and it gets recorded correctly as foreign? and not an issue at the land office?

 

 

[stubuzz]

Transferwise asks the reason for the transfer. Property purchase is on the list.

[scubascuba3]

54 minutes ago, stubuzz said:

Transferwise asks the reason for the transfer. Property purchase is on the list.

Yes but does that trigger it being classified as an International payment? I know by using reason "for retirement living expenses" or something similar to that it does show as International

[CLS]

Send a few bucks for a trial run.

 

“When the money is sent to Thailand, the purchaser needs to include in the transfer instructions that the purpose is to buy a condominium unit.”

https://www.cbre.co.th/guides/bangkok-condo-transferring-money

[timendres]

Personally, for an amount of this size, I would use an international bank wire.

[scubascuba3]

10 minutes ago, timendres said:

Personally, for an amount of this size, I would use an international bank wire.

Yes i am considering that, but If i did use Transferwise I'd send several smaller amounts, my UK bank recommended that as it gets delayed if over a certain size

[timendres]

3 hours ago, scubascuba3 said:

Yes i am considering that, but If i did use Transferwise I'd send several smaller amounts, my UK bank recommended that as it gets delayed if over a certain size

Every transfer involves fees and exchange spreads. Add to that the fact that transfers can involve issues/errors. Increasing the number of transfers simply increases all of these factors. My preference on large transfers is bank-to-bank wires. Fewer hands, fewer chances for error, and well established.

[rhodie]

On 7/9/2020 at 5:46 PM, scubascuba3 said:

Yes i am considering that, but If i did use Transferwise I'd send several smaller amounts, my UK bank recommended that as it gets delayed if over a certain size

Scuba, did you go ahead bringing money this way, Transferwise, and did it work?

[scubascuba3]

45 minutes ago, rhodie said:

Scuba, did you go ahead bringing money this way, Transferwise, and did it work?

For the condo purchase i did a UK Bank transfer but i used TransferWise for a 800k+ transfer and it settled fine as FTT.

 

Now, i would use Transferwise if less than 2m baht. Send a small test amount first to ensure it is processed  as FTT, also it means sending a much bigger amount the transfer details are already set up so less likely for error. Ensure the "reason for transfer" is correct

[Puccini]

Can you get the Foreign Exchange Transaction Form from the Thai bank for a remittance received via TransferWise?

[scubascuba3]

26 minutes ago, Puccini said:

Can you get the Foreign Exchange Transaction Form from the Thai bank for a remittance received via TransferWise?

People have mentioned they got it from Kasikorn, but if you use Bangkok Bank and process the correct way it will be classed as International FTT so no need for form

Edited May 10, 2021 by scubascuba3

[rhodie]

19 hours ago, scubascuba3 said:

For the condo purchase i did a UK Bank transfer but i used TransferWise for a 800k+ transfer and it settled fine as FTT.

 

Now, i would use Transferwise if less than 2m baht. Send a small test amount first to ensure it is processed  as FTT, also it means sending a much bigger amount the transfer details are already set up so less likely for error. Ensure the "reason for transfer" is correct

OK, I will give it a go when I am ready. It will be less than US$50k which seems to be a benchmark of sorts. But I will speak to the bank first and see what they say.