Buying an inexpensive condo. Money transfer using transferwise.

[khaepmu]

I am thinking of buying a condo, quite inexpensive, not more than 400,000 Baht. My small bank in the US doesn't transfer money to overseas banks so I am hoping that  a money from the US to my bank in Thailand using transferwise will meet any of the Land Department's requirements  for money transfers for Condos. I went to my Thai bank and they said all they need to do is write a letter on company stationery  guaranteeing that the money came from the US. Is that it I wonder.

[lopburi3]

11 minutes ago, khaepmu said:

My small bank in the US doesn't transfer money to overseas banks

They are not able to route overseas using a third party bank?  Sorry can not help with your questions.

[khaepmu]

I got the quote below from Siam Legal regarding purchasing a condo in Thailand. It seems to me that transferring money from my US bank to transferwise and then from transferwise to my bank in Thailand, that this would meet the Land Department's requirements. My Thai bank would know that the money came from the USA and would the write the appropropriate document guaranteeing the authenticity of the transfer. 

 

 

"In the case where foreign currency is remitted into the country by bank transfer from April 1, 2004 to the present: if the amount of money transferred is at least $50,000 USD or the equivalent, then evidence in the form of a Foreign Exchange Transfer form may be offered. If the amount is less than $50,000 USD, the evidence from the bank certifying the purchase of foreign currency or the transfer of foreign currency into a foreign deposit account may be offered."

[alianware]

So, whats the problem ? Just transfer your money to your thai bank account withouth any letter needed from thai bank or local Gov.  Tranferwise is better than bank. Its cheaper and more speed. Do it twice transfer. 

I had experience with transferwise by transfering more millions bath. And i know exactly how it works.

Edited November 17, 2020 by alianware

[Peterw42]

OP, if the amount is under $50k US, then banks usually do a letter instead of an FET for the land office. If the bank says they can do a letter from your transferwise deposits then its all good.

Maybe a quick check with the land office to confirm but the letter should be fine

[scubascuba3]

Some dodgy posts above. Some TransferWise transfers are not classed as International so your bank won't issue the letter to confirm the funds came from abroad, the land office need it to register in foreign name. 

 

If you have a Bangkok Bank account it should be classed as International but you need someone from the US to confirm that. From UK it's fine. If it's incorrect it will be painful to sort it out