Send money for condo

[Tonyfarang]

Hi to all

im about to purchase a condo and I need to transfer money from abroad as requested. 
 

as I have money in euro do you suggest any good RELIABLE service that can convert to THB in good price and not with the well known bank exchange fees which are high? 
 

also if someone have the same experience for buying condo did this work properly? They told me because of freehold the amount needs to come from outside and write the unit number etc on the transfer details 

 

many thanks 
 

 

[beachproperty]

Title reminds  me of an old saying "a fool and his money are soon parted"

[Kwasaki]

Have you your own lawyer.

Freehold on a condo is that correct.

[sanuk711]

There is a special paper that you get from the bank---(I just can not remember the name of it) -  that states that you brought the money in to purchase condo. This allows you to take the money out of the country if you decide to sell and move.

Means of transferring money....your get lots of answers.

[soi3eddie]

 

I used a good lawyer to handle two condo purchases. Sent money in GBP from UK to Thai lawyer's client account and the Thai bank did the currency conversion. Be sure to send at least the price of the property and a bit more to allow for currency fluctuations (you'll need to pay fees and other expenses anyway anything left over the lawyer can return to you). The transfer document and the wire itself must state words to the effect of "for purchase of a condominium" but ask your lawyer exactly what is needed. I was told to have it say full address but others on this form have said just simply "purchase of condo". Your lawyer will need the inbound funds receipt from the Thai receiving bank to satisfy Land Department rules to get your name on the land register. I would not buy property here without using a lawyer to check all is in good order.

 

[CharlieH]

Moved to Banking forum

[Airalee]

When I transferred money to buy a condo last year, I just did a swift transfer from my bank in the US to Bangkok bank in USD and let Bangkok Bank do the Dollar to Baht conversion.  They actually gave me a better rate than their posted wire transfer rate which wasn’t so bad to begin with.  To me, using a “service” sounds like it just adds an additional middleman to the transaction and hence, additional fees.

[allane]

Make sure you get a paper receipt that you can keep. It should state that the money is for the purpose of buying a condo.   That is more important than a transfer that is faster, cheaper, or gives you a better exchange rate.

[rimmae2]

Have a look at Bangkok Bank's website. Same procedure as 20 years or so ago when I first bought a condo and clearly explained.

 

Fortunately I haven't had to follow this in terms of transferring money from overseas subsequently. 

[Andyfez]

You can't convert to Thai baht.

It has to arrive in foreign currency.

[scubascuba3]

Best to send by International transfer (swift) from your euro bank to Thai bank, send euros not Thai baht, it will automatically be classed as International and so obtaining the foreign transfer letter from bank will be easy. With these transfers you get the exchange rate when it settles not when you transact

 

Alternatively use TransferWise, a better exchange rate but higher fees, most I've transferred is 1m baht, it gets extra checks, anti money laundering etc, will delay settlement, mine was 2 days 

[Dogbarker]

20 hours ago, Kwasaki said:

Have you your own lawyer.

Freehold on a condo is that correct.

Yes you obtain a chanote which is what is considered a freehold. This is not a term lease for example of 99 years . 

 Be careful using third party bank accounts if bringing money in .  The document used to be known as a Tor Tor 3 but it is 10 years ago since I bought mine.. be careful with lawyers they can be very expensive and not always good. If you are in Thailand it would be worth visiting one of the land offices and work out a check list they can actually be very happy to assist you .  Really!! 

[PeachCH]

Best don't buy a condo now, especially in Thailand! 

[Peterw42]

7 minutes ago, PeachCH said:

Best don't buy a condo now, especially in Thailand! 

I don't think the OP asked if he "should" buy a condo.

If he wants to buy a condo, now is probably a great time to buy, prices are down from historic highs, exchange rates are up from historic lows. Now, is when he can find a bargain and bring the money over at a good rate.

 

[Peterw42]

OP, there are two aspects to transfers, the fees and the exchange rate, and the money has to arrive in your Thai bank as a foreign currency and be converted by your Thai bank.

 

There are a couple of options for transfers, all the transfer methods are reliable, its not like they forget to send it or it doesnt arrive. 

 

As others have mentioned, the normal bank swift transfers work fine, its usually a low and fixed fee (20-50 Euro) and you get the Thai bank daily TT rate for the exchange, Thai bank will have no problem generating an FET to show the land office. Swift transfers, during business hours, can be almost instant nowadays.

 

There are private companies like TransferWise, that also do transfers, they usually have a varying fee structure and a better exchange rate. Often they work out better for small amounts and closer to the banks for larger amounts. However, the money arrives in your account as a local Thai transfer and some extra running around to generate the required FET. TransferWise can take a couple of days.

 

 

Edited February 8, 2021 by Peterw42

[UncleMhee]

15 minutes ago, Peterw42 said:

 

There are private companies like TransferWise, that also do transfers, they usually have a varying fee structure and a better exchange rate. Often they work out better for small amounts and closer to the banks for larger amounts. However, the money arrives in your account as a local Thai transfer and some extra running around to generate the required FET. TransferWise can take a couple of days.

Bangkok Bank is TransferWise's preferred partner. If using this method there are two pages to advise reason for transfer. The first must me filled in. On the second page scroll to bottom; the option is "For long term stay in Thailand". By doing this it will always show as an International Transfer in your Bangkok Bank account.

Edited February 8, 2021 by UncleMhee

[1FinickyOne]

57 minutes ago, PeachCH said:

Best don't buy a condo now, especially in Thailand!

Pretty presumptive... There are advantages in being an owner, one of which is you can renovate as you want... 

 

And I assume you know nothing of the OP's finances.. a condo purchase might be a spit in the gulf for him... 

[CH1961]

57 minutes ago, Peterw42 said:

However, the money arrives in your account as a local Thai transfer and some extra running around to generate the required FET.

Is there any proof, someone got a tor tor 3 after a TransferWise transaction?

[Kwasaki]

1 hour ago, Dogbarker said:

Yes you obtain a chanote which is what is considered a freehold. This is not a term lease for example of 99 years . 

 Be careful using third party bank accounts if bringing money in .  The document used to be known as a Tor Tor 3 but it is 10 years ago since I bought mine.. be careful with lawyers they can be very expensive and not always good. If you are in Thailand it would be worth visiting one of the land offices and work out a check list they can actually be very happy to assist you .  Really!! 

Thanks, just thought what OP wrote sounded dodgy, didn't think there was freehold in apartment blocks. 

[Peterw42]

1 minute ago, CH1961 said:

Is there any proof, someone got a tor tor 3 after a TransferWise transaction?

People have mention it in other threads, it is possible. Not sure what the actual process is, I think some documents from TW and based on those documents bank will do an FET, or TW can arrange the FET .

[jomtienisgood]

On 2/7/2021 at 11:05 AM, Tonyfarang said:

Hi to all

im about to purchase a condo and I need to transfer money from abroad as requested. 
 

as I have money in euro do you suggest any good RELIABLE service that can convert to THB in good price and not with the well known bank exchange fees which are high? 
 

also if someone have the same experience for buying condo did this work properly? They told me because of freehold the amount needs to come from outside and write the unit number etc on the transfer details 

 

many thanks 
 

 

As far as I know , for doing so, you need to go by a Bank as they have to issue a Statement the money arrived from abroad in order to be approved to buy a property. Unless you have PR status.....

[jojothai]

Check and read any other posts.
Recently posted one that you may want to look at.

 

[murraynz]

2 hours ago, PeachCH said:

Best don't buy a condo now, especially in Thailand! 

Why not??

Now is a good time to buy if he does good research..prices are reduced substanialy..

But only buy if you intend to live in thailand long term..

[MadMuhammad]

I recently ‘imported’ 3mil baht for my property deposit. I used TransferWise to my BBL account and I was better off by 60000 baht over swift or bank transfers due to superior forex rates, even after fees. 
 

I presented my sale contract to BBL and they supplied me with an FET (foreign exchange transaction) that will allow me to easily ‘export’ the same amount in the future if I should decide to sell. 

[MadMuhammad]

2 hours ago, Peterw42 said:

People have mention it in other threads, it is possible. Not sure what the actual process is, I think some documents from TW and based on those documents bank will do an FET, or TW can arrange the FET .

I recently did just that. Very simple process ????????

[Brick Top]

4 hours ago, PeachCH said:

Best don't buy a condo now, especially in Thailand! 

What a stupid answer from an idiot who has no idea what hes talking about. I have lived here 21 years and bought and sold over 20 condos. One I paid 3.6 Milion and sold it for 18 Milion 14 years later after collecting 40,000 a month in rent for 13 years. Every other Condo I have bought here in Thailand , I have always made good money on when I have sold

Edited February 8, 2021 by Brick Top

[Brick Top]

On 2/7/2021 at 11:05 AM, Tonyfarang said:

Hi to all

im about to purchase a condo and I need to transfer money from abroad as requested. 
 

as I have money in euro do you suggest any good RELIABLE service that can convert to THB in good price and not with the well known bank exchange fees which are high? 
 

also if someone have the same experience for buying condo did this work properly? They told me because of freehold the amount needs to come from outside and write the unit number etc on the transfer details 

 

many thanks 
 

 

I would strongly advise not to use Tranferwise for this transaction. The reason being you will find it difficult to obtain the FET Certification. It's better to use your bank abroad and transfer directly to your Thai bank. Make sure you put the reason for transfer for buying the exact Condo your buying , include the building name , the floor and the exact address of the Condo. Things have changed over the past few years and the land office now requires the exact unit address of the Condo your buying. I have just had 2 years off hell trying to transfer a particular unit into my name , I had to get the bank FET Certification letter changed 3 times before the land office would accept it. In the past they would just accept the reason as " Buying a Condominium " but not any more , they now need the exact unit your buying including the floor , the price , the building name and exact address as shown on the title.

[scubascuba3]

4 hours ago, CH1961 said:

Is there any proof, someone got a tor tor 3 after a TransferWise transaction?

I got one from Bangkok Bank easy enough. said International transfer

[London Boy]

I just bought a condo in the Chong Nonsi area. paid 4.2 million for 94 sq meters. Two beds two bath. Spent another 400k refubing it. Current value is 5.5 million. More importantly its our home and as we had a baby girl 4 weeks ago, her home as well. Used Transferwise for the entire sum. As previous posters have mentioned, use the drop down box for 'long term funds' so it appears as a foreign transaction, and I also needed a certificate confirming this from Bangkok Bank to take to the land Registry dept. One other thing...you really dont need a lawyer.

[tomauasia]

On 2/7/2021 at 12:05 PM, Tonyfarang said:

Hi to all

im about to purchase a condo and I need to transfer money from abroad as requested. 
 

as I have money in euro do you suggest any good RELIABLE service that can convert to THB in good price and not with the well known bank exchange fees which are high? 
 

also if someone have the same experience for buying condo did this work properly? They told me because of freehold the amount needs to come from outside and write the unit number etc on the transfer details 

 

many thanks 
 

 

Only use Transferwise.... online superior exchange rate. And fair fee. The rest forget it