Money coming from abroad for property purchase

[jakestevernson]

11 hours ago, rhodie said:

@scubascuba3

I can't be sure, but I think I read somewhere that both options show as international transfer. I did a test transfer last week and selected 'purchase property' to test. I have not updated my bank book yet to see the result. But, it is worrying that the OP's bank could not provide the correct forex form. I mean it is easy to trace the transaction for the bank and show the money came from abroad. OP says the fact that the money arrived in Thai Baht was the issue.

I am looking to buy in Pattaya so that is the Land Office that I am interested in. Would they accept a Wise transfer? Who knows but I have yet to see a confirmed report that it has worked.

 Rhodie,

 

If you want to avoid my mistake just follow what myself and Treetops have suggested. I selected property purchase on VFX and Transwire when I used both companies and the money landed in Thai baht. It stated International Transfer for property.  This was not sufficient for the Land Department for my purchase unless you are a Permanent Residence. In fact, if you are a Permanent residence your money doesn't even need to come from abroad.

 

Hope all works out for you, which it should do.

[scubascuba3]

10 minutes ago, jakestevernson said:

This may be the case in Pattaya and indeed other places, but in Bangkok they will usually need the money to land in Bangkok Bank in a foreign currency. The Bank will then change the money into Thai Baht and then will issue you a confirmation letter of this to show to the Land Department.

 

I know this as the Land Department told me this directly!

If the transfer at Bangkok Bank settles as FTT then it's International and it's sufficient. Bangkok Bank will then issue the International transfer letter which will be sufficient for the land office.

 

I appreciate this process makes some people's head spin so just do a bank transfer in foreign currency to your Thai bank, it will cost more, but your head won't spin as much

 

[rhodie]

2 hours ago, jakestevernson said:

 Rhodie,

 

If you want to avoid my mistake just follow what myself and Treetops have suggested. I selected property purchase on VFX and Transwire when I used both companies and the money landed in Thai baht. It stated International Transfer for property.  This was not sufficient for the Land Department for my purchase unless you are a Permanent Residence. In fact, if you are a Permanent residence your money doesn't even need to come from abroad.

 

Hope all works out for you, which it should do.

Cheers mate. Really not worth the risk.

[nerjaron]

May I ask a slightly different question regarding the transfer of money - my (Thai) wife and I are in the UK and hoping to relocate to Thailand as soon as all Covid restrictions are lifted. In preparation for this, in the last year I have made multiple small transfers to my wife's SCB account using Wise (as "living expenses"), with the intention of simply opening a savings account in my name when we arrive, taking the required 400,000 baht from my wife's account, which is actually my money sent from abroad. This 400k to season for the required 2 months before applying for the extension based on marriage. I was unaware that one could send UK currency to a Thai account to be converted over there, but either way I get the impression that I may run into serious difficulties with this plan when we arrive in Thailand. I read in a different thread that for the non-O route based on marriage it didn't matter where the 400k came from, but I would like some definitive advice based on my plan outlined above. One of my biggest concerns is the fact that I don't already have an account in Thailand. Any advice will be greatly appreciated.

[Cutty Shark]

I think that it's so important to have the condo in one's own name, that it would be worth the loss of sending the money back to the home country, then sending it back to Thailand again, this time following the good advice that's been offered here.

[Seeall]

On 5/30/2021 at 9:24 AM, jakestevernson said:

 

 

Sounds like good advice to me.

and you can barter the rate! and hold it then check the charts everyday and get the better rate and the more you do the more vip you are.. we been ringing in millions over 10 years.... NOTE! the what its for is silly..  we had a few purchases stated for condo purchas.. ahh no.. they wanted it say condo leasehold purchace... there are other tricks too, epec meters, pea, water, maint sinking fees... and dont think law office assist you, even if they know, all parties just want the sale to go through and comms in the pocket......  good luck

[scubascuba3]

1 hour ago, nerjaron said:

May I ask a slightly different question regarding the transfer of money - my (Thai) wife and I are in the UK and hoping to relocate to Thailand as soon as all Covid restrictions are lifted. In preparation for this, in the last year I have made multiple small transfers to my wife's SCB account using Wise (as "living expenses"), with the intention of simply opening a savings account in my name when we arrive, taking the required 400,000 baht from my wife's account, which is actually my money sent from abroad. This 400k to season for the required 2 months before applying for the extension based on marriage. I was unaware that one could send UK currency to a Thai account to be converted over there, but either way I get the impression that I may run into serious difficulties with this plan when we arrive in Thailand. I read in a different thread that for the non-O route based on marriage it didn't matter where the 400k came from, but I would like some definitive advice based on my plan outlined above. One of my biggest concerns is the fact that I don't already have an account in Thailand. Any advice will be greatly appreciated.

Maybe better if you start a new thread for that to get the best answers

[nerjaron]

50 minutes ago, scubascuba3 said:

Maybe better if you start a new thread for that to get the best answers

Many thanks, I have started a new thread as suggested.

[Chill27]

Does this same issue of funds needing arrive in Thailand as foreign currency, apply if someone is having a villa built and needs to make staged payments during the construction?

The end goal would be to get the building registered in my name, with Thai Girlfriend owning the land and providing me with a 30 year lease.

[mvdf]

On 5/30/2021 at 5:01 AM, jakestevernson said:

This might be something I could try and do later on if not to difficult. 

 

 

I'd cut my left leg, roast it and feed it to my huskies if she'd consent to that in the first place. 

 

[MadMuhammad]

On 5/30/2021 at 6:48 PM, scubascuba3 said:

Are you sure "purchase property" shows up as International transfer? usually you need to select "funds for long term stay" and only works with Bangkok Bank

I transferred the deposit for my house with that method via Wise in 2 transactions. BBL were kind to enough to include both transactions on my transfer advice document as well. 
I was even more surprised that they actually provided the form when asked as the contract and purchase for my home was entirely in my wife’s name. TiT
Obviously the document 

 wasn’t required at the land department but it’s handy to have for future repatriation of funds if required 

Edited June 1, 2021 by MadMuhammad

[scubascuba3]

5 hours ago, MadMuhammad said:

I transferred the deposit for my house with that method via Wise in 2 transactions. BBL were kind to enough to include both transactions on my transfer advice document as well. 
I was even more surprised that they actually provided the form when asked as the contract and purchase for my home was entirely in my wife’s name. TiT
Obviously the document 

 wasn’t required at the land department but it’s handy to have for future repatriation of funds if required 

A bit ambiguous that, did you select "purchase property" or "long term stay"?

[MadMuhammad]

1 hour ago, scubascuba3 said:

A bit ambiguous that, did you select "purchase property" or "long term stay"?

I selected purchase property