Deposit to hold condo - cash or bank transfer

[SkyRider]

I'm about to put a 30,000 baht deposit down on a condo, to hold it for a month, before paying the final purchase price.

 

I've heard the money needs to come from outside Thailand, which I would use transferwise from my bank in my country to Thailand.

 

But for the 30,000 baht deposit, is it ok if I withdraw that from my Citibank ATM, (account in my country), get the receipt, and pay cash?  Would that be enough to prove that it came from outside the country, so that if I sell the condo someday, I will not have a problem getting the 30,000 back, and not have any legal issues of ownership?

[Airalee]

Cashiers check.  Then, transfer in the full amount and list it as for “condo purchase”.  So...if condo is 1M baht.  Have the bank issue a cashiers check for 30k for the deposit,  then, when you close the deal, transfer in 1M baht for condo, have the bank issue the letter for the 1M baht (you’ll need this at the land office when you transfer) and then issue another cashiers check for 970k baht.

[Peterw42]

You need to show the land office an FET (foriegn exchange transaction) document (produced by your Thai bank) showing foreign funds into your Thai bank account. An ATM slip is not an FET,  Also, transferwise is usually a local transfer, from TW local account into your account , your bank may not be able to produce an FET.

When you go to the land office, there is usually a land office appraised/declared value, that you pay tax on and provide an FET for. any money you are paying above/other than the appraised/declared value does not need an FET . So long as you have an FET for the land office price, any other money paid is not really subject to proof it came from foreign currency. 

 

Edited October 19, 2020 by Peterw42

[smutcakes]

The deposit is a straight agreement between you and the owner/ developer so it does not matter whether it has come in from abroad. Just make sure you pay the full amount on transfer and bring that money in from abroad to get the FET. And get the deposit back after you purchase.

 

Also note that the currency needs to be transferred to Thailand in foreign currency and converted to Thai Baht in Thailand rather than buying Baht abroad and transferring it in.

Edited October 19, 2020 by smutcakes