money transfer for condo purchase

[silvester2]

Let's say I want to buy a condo for 3 Mill THB, about 100000 USD.

The 100000USD will be transferred from abroad in to my local Thai bank account and converted to THB.

 

Is there a requirement to spent the money in a certain time?

Or can I make to transfer e.g in 2021 and buy a condo in 2022?

 

 

[Delight]

 Suggest that you open a bank account dedicated to this purpose.

 

Further

There is no reference in the Condo Act  to timescales between monies coming in-the issuing of the FET by your bank  -and monies spent

One obvious Q is can the FET be issued when the monies arrive ,or ,after a suitable property has been selected.

 

When I purchased my condo I had paid for it 99%  of total prior to transfer.

I moved in when  it was still in the developer's name.

 

A few months later the transfer was organised .

At that point I arranged the FET. In those days it was called a Tor Tor 3

 

So I am sure that the monies can be brought in early

Banks only keep records for 3 years

 

An up to date bank Book is essential.

 

[Peterw42]

There is no actual time limit, so long as the bank can go back through your records and see when the money came to Thailand, they can generate an FET, But why would you bring money over just to sit in a Thai account earning little interest. Unless you think the exchange rate may drop in the future ?

So long as you have online banking, you can bring money over anytime, nowadays the transfer can be instant or at worst, a day or so.