Bank Transferring Money To Thai Gf To Buy Land -advice Please

[typhootea]

Afternoon...........

I am in the process of purchasing some land outside Pattaya with my long term partner, the amount 850000 Bht/ 24500 US (approx).

The plan is to internet transfer it from my Offshore UK, USD account pre-converted to bht direct to a new account she has opened in the BKK Bank (see comment 4.).

However I have been advised wrongly or rightly, by different parties which is adding to the grey hair

1) I Should not detail anything on the transation details of the 'notes' for her bank records when transfering the money

2) In contrast been told to detail 'for the purchase of house or land'

Eitherway I feel both options could instigate some form of investigation and hold up the transfer as it is over 20K USD for a start and I cant purchase the land, and if I detail a house.....then they may question 'what house'

3) To add to the stress factor (and I havent even considered building anything yet, if went anything like the house in the Uk - still not finished, I ll be bald by time Im 38) another colleague has said detail it down as 'a loan to buy land OR a house OR just loan' in the transfer note.

This way in the event we build properties and sell any she can off set some profit assigned to her in any agreements made under the Usufructs which is suggested for her to assign a new chanote title for the area of land to enable a house to be sold and also then her to pay off or pay part some the 'loan'........thus returning my investment and reducing any personal tax liabilities..........can any of this be done and is legal and worth doing or does this pose too mucf of a risk? (the hope us for us to have enough money to build dream house..long term plan..can dream!)

4) Finally i have read that it is better to transfer any amount to her account account in foriegn currency, her bank will change it automatically to baht even though her account is in baht.....is this right, she doesnt have to hold a USD account?

I will probably get a better exchange rate than the HSBC offers (never difficult!), but again I feel this may raise eyebrows as I assume this will go through the Bank of Thailand.

So at the moment I am stuck in catch 22 situation, send the money without details and be damned, send the money with details and be damned, or send it as a loan and could be a win win for both of us......if anyone can suggest what to do next it would be welcomed before I have to got out and purchase a few litres of 'back to black'

Or overall am I just being paranoid and should detail what I want and transfer for the money?

Apologies if long winded, but need to get the grey matter clear...

Cheers

Paul

Edited May 19, 2007 by Rabi

[Mid]

don't do it ......................

ok , that out of the way ,

TWO transferres both less than the $20k limit is a winner .

DON"T DO IT .

[endure]

DON'T transfer it pre-converted to Baht. Transfer it as dollars and let the Thai bank do the conversion otherwise you'll get a much poorer rate.

[Mobi]

Never have any offshore (overseas) bank convert to Baht.

Always transfer foreign currency to Thailand - you will get a much better rate that way.

As others have said, if you transfer less than 20k US you should have no problems. If for any reason you wish to transfer 20K or more, I suggest your girlfriend go to her bank and ask them what documentaoion will be required to free up the money. Every bank and every branch is different and she should speak to the manager - not just a bank clerk.

The safest way is two transfers of 12K.

I hope you are doing a 30 year lease back or a usufruct?

Or can you walk away from it if things go wrong one day?

[MTW]

I have been in the process of buying a home in Thailand for the last few months. I am American and have had a savings account at Bangkok Bank for about 3 years. I always have kept a minimal amount of money in it, usually 40-80K baht since it pays something like 1% interest. Used it one time to send a larger amount when I bought a car here.

First, the people who say to send the money in $ or whatever your money is, are right, as you will get the best exchange rate, here, onshore. Next, I haven't had any problems getting the money out and didn't send myself less than $20,000 USD or whatever the banks were considering it important to do according to the financial controls.

And, although I was prepared to say this was only for living expenses, as the bank warned me to do, I was never asked in the US what I wanted the money for, so didn't have to say anything. And as I have gone to take out parts of the money, large parts, was also not asked what I was going to do with it once it was in Thailand.

[Lickey]

I decided to come to Thailand and live with GF, so i done a swift payment of 1,00.000bht into her acc stating that is was for renting/view to buy appartment, when i arirred, oppened bank acc, transferred money from hers into my new acc, I can still use internet banking to move money around as i wish, but big payments, i always use Swift money transfer, its always worked for me, good luck..

[typhootea]

Cheers everyone very much appreciated for your prompt response

Going for the usufruct title seems safer bet at the moment with the business law situation, although looking at another plot near one of the golf clubs so may have to go down that route later

Anyway thanks again.....just popped up a comment for a lawyer in pattaya, anyone have any good or bad comments - do's or donts....

Cheers again

Paul

[samran]

I'd transfer the money to an account that is in your name only, and that no one can have access to. Don't risk putting it into someone elses name.