Depositing over a million USD into Thai bank for condo purchase

[Rentier28]

I opened an account in Bangkok Bank on a tourist visa because I already purchased one condo in BKK.

Now I’m looking for more deals and negotiating with developers but I would prefer to have money ready in my Thai account instead of paying from my foreign account directly to the developer like I did with my first purchase.

 

I’m planning to send money to my Thai account in chunks from 2 different foreign accounts in my name. Preferably in $100-200k chunks. 
 

do you think that Thai bank can require additional information if I deposit more than a million USD let’s say during 2-3 weeks time?

 

I know about rules so each transfer I’ll title as money for purchase of a condo. 
 

but now I’m a bit worried if I for example change my mind about buying and decide to transfer out on a later date, will they make any issues?

[GrandPapillon]

money will definitely be blocked for each 100k by the BoT,

 

you need some kind of document from the condo developer or the bank saying you are buying a condo,

 

be very careful here, compliance for international wire transfer, above all from the US, is not what it used to be even 5 years ago

 

FACTA will also be an issue, and if your THAI bank account isn't FACTA compliant, they are going to ask all kind of documents first, or they will shut it down. If you are a US resident, it's possible that the account was already shutdown if you didn't fill the right paperwork for FACTA

[Rentier28]

I’m from the EU. Before I was paying directly to the developer and they will take care of FETs.

 

wow I had no idea that I can run into trouble by sending wires to my own account if I down have paperwork from developer yet.

 

So I can’t just deposit $1m from overseas into Thai bank without paperwork?

[gamb00ler]

I am not sure what @GrandPapillonis referring to in his post but I have never had issues transferring from US to Thailand.  I have been doing it for at least 17 years.  The process has not changed.  The only step that is different is when the transfer exceeds 2M ฿ the Thai bank may call the recipient and ask for the intended use of the transfer proceeds.  The bank may also allow you to hold the incoming funds for a few days before conversion to ฿.

 

I only have experience with Bangkok bank and Kasikorn bank as the receiving bank.  I have transferred to my own account and to a Thai (dual citizen) family member.  The process remained the same.

[lkn]

I have an account with Krungthai, also opened on tourist visa, and also from the EU.

 

Never had a problem transferring large amounts, but as @gamb00ler says, if the amount exceeds ฿2M (I was told it was 50,000 USD, but it comes to about the same), then there is an extra check. For me, that meant going to the bank and signing a document and giving them a copy of my passport, no questions asked about purpose.

 

Also, when I bought my condo, I needed FET form *or* letter from the bank. Since I never bothered with the former, I went to the bank and asked them for this letter, and they went though two years worth of transactions, for two different accounts I had with them, and then listed everything that was “from abroad” in this letter that they signed, and I could show at the Land Office.

 

Never tried to transfer money out of Thailand, but all my interactions with Thai banks so far have been positive, and if it is clear the money are from abroad, it should not be a problem to transfer them out again.

 

But I would go to your bank and ask for a currency account, if you are unsure whether or not the money should stay in Thailand, and then delay exchanging them to THB, otherwise you stand to lose a noticeable amount due to bank’s exchange rate cut and possible depreciation of the Thai baht.

[SCOTT FITZGERSLD]

10 hours ago, Rentier28 said:

So I can’t just deposit $1m from overseas into Thai bank without paperwork?

bangkok bank has this form for new accounts. did'nt ou sign it when opened the account?

i think it is sufficient.

do not worry about FATCA because thailand is not part of the reporting world.

[Duke007]

"FATCA because thailand is not part of the reporting world."

 

Any source to confirm this statement?

[gamb00ler]

12 minutes ago, Duke007 said:

"FATCA because thailand is not part of the reporting world."

 

Any source to confirm this statement?

LH Bank seems to be worried about FATCA because they have a question on their new account application (via mobile app) to determine if the applicant is subject to FATCA reporting.