Send money for condo

[tomauasia]

On 2/7/2021 at 12:33 PM, soi3eddie said:

 

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.

 

You robbed yourself huge money. TRANSFERWISE straight to any Thai bank close to real exchange rate 

[scubascuba3]

14 minutes ago, London Boy said:

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.

So about a £500 TransferWise fee? vs £25 fee from UK bank, it's a pity the Thai banks offer an average exchange rather than interbank rate

[PGSan]

4 hours ago, Brick Top said:

One I paid 3.6 Milion

Who paid 40,000 rent for something worth so little?

[PGSan]

4 hours ago, Brick Top said:

I have always made good money on when I have sold

Great.  So please can you sell mine for me?

[PFMills]

20 minutes ago, scubascuba3 said:

So about a £500 TransferWise fee? vs £25 fee from UK bank, it's a pity the Thai banks offer an average exchange rather than interbank rate

Right now I see that BB  TT Rate is 40.76.  TransferWise are offering 41.16    So you can work it out quite easily which is best.  

[jomtienisgood]

44 minutes ago, London Boy said:

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.

Where did you find your ' current ' value???? You can value as much as you like... As long as you find nobody to buy it it's worth , exactly as you said your HOME, nothing more or less....

[jomtienisgood]

13 minutes ago, PGSan said:

Who paid 40,000 rent for something worth so little?

A Newbie?????

[ffaarraanngg]

On 2/7/2021 at 4:05 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 
 

 

Transfer 1 euro, make sure it arrives.

 

Then transfer the rest.

[ffaarraanngg]

6 minutes ago, jomtienisgood said:

Where did you find your ' current ' value???? You can value as much as you like... As long as you find nobody to buy it it's worth , exactly as you said your HOME, nothing more or less....

If you read the British press, in the significant numbers of stories regarding individual people they will state the value of the persons home.

 

The price of ones property is a national obsession. (mental illness)

[soi3eddie]

2 hours ago, tomauasia said:

You robbed yourself huge money. TRANSFERWISE straight to any Thai bank close to real exchange rate 

 

Thanks. First time was in 2009 and Transferwise was not founded until 2011. Second time was 2017 and not sure if the transfer would have worked. My lawyer was very specific about the exact wording required on the transfer document to satisfy the Land Office. Get that wording wrong and Land Office could block the name change on the title deed! I would not take a chance with that. I do use Transferwise for regular remittances now and they are good. Not sure if they can be sure to add the full wording to their remittances for purchase of a condo.

  

[Brick Top]

5 hours ago, scubascuba3 said:

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

Bangkok Bank are actually partners with Transferwise , you try geting a Tor Tor Sam or Credit advise from another bank using Transferwise , impossible . 

I use Transferwise myself and its brilliant but for buying a foreign freehold Condominium unless your transfering to Bangkok Bank you wont be able to obtain the bank certificate thd land office requires. I just been through this exact same situation 

Edited February 8, 2021 by Brick Top

[Brick Top]

10 hours ago, Peterw42 said:

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.

 

 

Yes , exactly correct

[murraynz]

On 2/8/2021 at 12:45 PM, Brick Top said:

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

Im not anti thailand or condos ,like some people here..i,also have a condo here.

Im interested in the areas that you have bought in..i think its very rare to get cap gains on property in thailand,maybe some areas in bkk are ok ??

[LeeUklondon]

17 hours ago, murraynz said:

Im not anti thailand or condos ,like some people here..i,also have a condo here.

Im interested in the areas that you have bought in..i think its very rare to get cap gains on property in thailand,maybe some areas in bkk are ok ??

Surely capital gains is not the only reason to buy a property. If you are living in the

property long term you save a lot on rent. 

 

Pus your money is diversified. If the pound goes down/ market investments go down, you still have somewhere to live. 

[Brick Top]

19 hours ago, murraynz said:

Im not anti thailand or condos ,like some people here..i,also have a condo here.

Im interested in the areas that you have bought in..i think its very rare to get cap gains on property in thailand,maybe some areas in bkk are ok ??

Well I am in Phuket and as well as condos I have bought pool villas and townhouses , in total I have bought and sold just over 50 properties here and have always made money on them . I never used an agent to sell anything here , as I find them full off <deleted> and very inexperienced and expensive. 

I have often had to allow the buyers time to buy by offering them a payment scheme , normally over 1 to 3 years with transfer only on completion off payment.  

[CH1961]

3 hours ago, Brick Top said:

I have bought pool villas and townhouses

I guess you paid for pool villas and townhouses but you never owned this properties, so the profit made your wife or the thai company hold by a bar girl ????

[ianguygil]

Tonyfarang talk to me if you want to send via our London branch. As they say it is in the clear on our Website but I can put you in touch with our Branch Manager there, Khun Peeriyathep, and he will help you with the process and possibly getting a better rate if it is more than the street rate (over about 30,000 GBP). PM me an I will help. Thanks

[ianguygil]

Transfer money from the UK to Thailand via Bangkok Bank’s London branch is the URL

 

United Kingdom (bangkokbank.com) contact details for our London Branch including email and phone.

 

As I said I am happy to help. Sending direct will definitely be cheaper for a large sum rather than using an intermediary system. 

[Kiujunn]

On 2/8/2021 at 12:57 PM, Brick Top said:

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.

Which land office are you talking about? Which province?

[RAZZELL]

 

Which one do you use?

On the "Reasons for transfer" page on Transferwise one of the options is "Purchase of Property".

Or  "Funds for Long term stay in Thailand" ?

 

RAZZ

Edited March 12, 2021 by RAZZELL

[scubascuba3]

2 hours ago, RAZZELL said:

 

Which one do you use?

On the "Reasons for transfer" page on Transferwise one of the options is "Purchase of Property".

Or  "Funds for Long term stay in Thailand" ?

 

RAZZ

Bottom one for Intl

[John Singer]

Transfer(Wise) seems to not be a valid option any more as they advice themselves: "If you know you definitely need a FET, it’s best that you send a SWIFT transfer with your bank this time" as they can not guarantee that the partner bank they are going to use on your transaction will be able to issue a FET. https://wise.com/help/articles/2932335/guide-to-thb-transfers

 

They also have a transfer limit of 2M Baht per transfer. 

 

Any work-arounds or alternatives? I see a loss of more than 1% by the inferior transfer rates of the banks.