Wise transfer to buy condo, anybody did it ? Can you get the document showing that money is transferred from abroad with WISE ?

[thaitorrent1]

hola, do you know if Wise can be used to transfer the money to buy a condo in Thailand ?

Can you get the document showing that money is transferred from abroad with WISE ?

 

thank you

[LarrySR]

My recent WISE transfer to Bangkok Bank shows the FTT next to the deposit in the bankbook. 

My last transfer to Krungsri show a TN next to the deposit.

 

I understand that recent changes at WISE will only allow large transactions go thru Bangkok Band and Kasikorn Bank. 

 

[OneMoreFarang]

1 hour ago, thaitorrent1 said:

Can you get the document showing that money is transferred from abroad with WISE ?

I don't know the answer but I suggest you should be careful.

Recently I transferred money from a bank outside of Thailand to a bank inside of Thailand to buy a condominium.

Before I did this I asked my Thai bank about the requirements. They told me is should be clear on the transfer description that the money is for the purchase of a condominium. And the money must arrive in Thailand in the foreign currency, not in THB.

Fine, I did this, the description was on the transfer and they issued a document with that information.

I thought: Fine, all done.

 

No

 

When I planned to go to the land office to buy the condominium an experienced person helped me with that. And she told me I need another document from the bank. I asked my bank and they told me there is only the one document. Then my expert found a sample of what I need and we showed this to my bank. Oh, that is what you want. Ok we can do this for you. An hour later I had that additional document and all was fine.

 

So if you think you get the right document make sure it is really the document which you need...

And sorry, I don't have the sample because another person handled that for me.

 

 

[howerde]

No wise is not a bank and they do not provide the form that is needed show money from abroad is for house/condo purchase,  you need this should you sell and want to transfer the money abroad(well easily anyway) .

It is on the Wise website, though hard to find it is there, the sending money to Thailand so that it shows as ftt, is another matter

[scubascuba3]

Op, what thai bank account have you got? only works for Bangkok Bank and Kasikorn, must select reason for transfer "long term stay" or buying a property", max amount per transfer 2m baht, can do multiple transfers.

 

Test with a small amount first

[thaitorrent1]

So no FTT for wise ?

annoying...

 

[scubascuba3]

1 hour ago, thaitorrent1 said:

So no FTT for wise ?

annoying...

 

i described above how to get FTT with Wise

[phetphet]

Apart from needing the foreign exchange certificate as proof of incoming funds, the other thing you might want to look at is the exchange rate from Wise compared to other companies or methods.

 

While Wise give excellent rates for smaller sums, larger sums incur larger charges which can make them less competitive compared to others.

 

Perhaps what you should be asking is, " Which companies can give the best rates for larger sums of money transferred into Thailand for purpose of buying property?'

 

HTH

Edited April 10, 2022 by phetphet

[Moonlover]

All the information you need is right here @thaitorrent1

 

https://wise.com/help/articles/2932335/guide-to-thb-transfers?origin=search-buying+property+in+thailand

[Puccini]

4 hours ago, Moonlover said:

All the information you need is right here @thaitorrent1

 

https://wise.com/help/articles/2932335/guide-to-thb-transfers?origin=search-buying+property+in+thailand

Thank you for this link.

 

The critical and important part is in the last paragraph on that web page:

 

Quote

 

If you know you definitely need a FET, it’s best that you send a SWIFT transfer with your bank this time. SWIFT is a more expensive method, because it’s not a local transfer. But it does mean you’ll be able to prove that the money came from abroad.

Source (highlighting with background colour is mine): https://wise.com/help/articles/2932335/guide-to-thb-transfers?origin=search-buying+property+in+thailand#:~:text=If you know you definitely need a FET

 

Edited April 10, 2022 by Puccini

[Moonlover]

2 minutes ago, Puccini said:

Thank you for this link.

 

The critical and important part is in the last paragraph on that web page:

 

Source: https://wise.com/help/articles/2932335/guide-to-thb-transfers?origin=search-buying+property+in+thailand#:~:text=If you know you definitely need a FET

Glad to help. Moral of the story is: always ask the right people. That way you'll get the right answer. ????

[scubascuba3]

1 hour ago, Puccini said:

Thank you for this link.

 

The critical and important part is in the last paragraph on that web page:

 

Source (highlighting with background colour is mine): https://wise.com/help/articles/2932335/guide-to-thb-transfers?origin=search-buying+property+in+thailand#:~:text=If you know you definitely need a FET

 

Except swift is not essential for it to be processed as International

[Moonlover]

1 hour ago, scubascuba3 said:

Except swift is not essential for it to be processed as International

Yes, but did you read through hoops one might have to jump through to get the evidence one needs. Even though I'm a fan and regular user of Wise, I'd be tempted to follow their own advise and use SWIFT.

[scubascuba3]

5 minutes ago, Moonlover said:

Yes, but did you read through hoops one might have to jump through to get the evidence one needs. Even though I'm a fan and regular user of Wise, I'd be tempted to follow their own advise and use SWIFT.

you don't need evidence, it settles as International and the bank looks at it and says it's International and issues you a letter for condo purchase, it's that easy

[mtls2005]

Probably best to suck it up and pay the International SWIFT Wire Transfer fee?

 

Why dick around with WISE on such an important transfer and purchase?

 

 

From the U.S. the wire transfer fee might be $50 maximum.

 

Right now: $25,000 USD

 

SWIFT  834,159

 

WISE  834,811

 

 

via Bangkok Bank

 

[KannikaP]

20 hours ago, Moonlover said:

All the information you need is right here @thaitorrent1

 

https://wise.com/help/articles/2932335/guide-to-thb-transfers?origin=search-buying+property+in+thailand

Some of this is a bit confusing.

 

 

You can’t currently send money from THB. 

 

You can send up to 2 million THB per transfer.

Please note that you’ll only be able to send 50,000 THB or above per transfer to the following banks starting from 7 January 2022 due to regulatory changes:

• Bangkok Bank Public Company

• Kasikorn Bank

• Siam Commercial Bank

Edited April 11, 2022 by KannikaP

[Moonlover]

43 minutes ago, KannikaP said:

Some of this is a bit confusing.

 

 

You can’t currently send money from THB. 

 

You can send up to 2 million THB per transfer.

Please note that you’ll only be able to send 50,000 THB or above per transfer to the following banks starting from 7 January 2022 due to regulatory changes:

• Bangkok Bank Public Company

• Kasikorn Bank

• Siam Commercial Bank

Why do you find it confusing?

[KannikaP]

8 minutes ago, Moonlover said:

Why do you find it confusing?

What does 'You can’t currently send money from THB.' mean? 

 

I convert my GBP into THB inside my Wise Account and send to Bkk Bank as THB.

 

And to which banks CAN you send 'up to Bht 2M' ?

 

Edited April 11, 2022 by KannikaP

[mtls2005]

Edit

 

From the U.S. the wire transfer fee might be $50 maximum.

 

Right now: $25,000 USD

 

SWIFT  834,159 835,750

 

WISE  834,811

 

 

 

Sorry forgot the cap was 500 baht.

Edited April 11, 2022 by mtls2005

[Moonlover]

7 minutes ago, KannikaP said:

What does 'You can’t currently send money from THB.' mean? 

 

I convert my GBP into THB inside my Wise Account and send to Bkk Bank as THB.

It's a one way trip. Wise are not authorized to make transfers out of Thailand.

 

Wise do not convert you GBP into THB in the UK. What you see it's what's known as a 'notional amount'.

 

No money actually crosses borders. Thai Baht's always remain in Thailand.

 

20 minutes ago, KannikaP said:

And to which banks CAN you send 'up to Bht 2M' ?

Totally confused???? The answer to that is in your post!

 

[KannikaP]

2 minutes ago, Moonlover said:

It's a one way trip. Wise are not authorized to make transfers out of Thailand.

 

Wise do not convert you GBP into THB in the UK. What you see it's what's known as a 'notional amount'.

 

No money actually crosses borders. Thai Baht's always remain in Thailand.

 

Totally confused???? The answer to that is in your post!

 

The quote from Wise tells which banks you can only send Bht50k, and not to which you can send Bht 2M. Is it all the the other Thai banks?

[G Rex]

you're reading it a#@e about - those 3 banks (BB,KB,SBC) can receive more than 50k, up to 2million - all others can only receive less than 50k 

[KannikaP]

2 minutes ago, G Rex said:

you're reading it a#@e about - those 3 banks (BB,KB,SBC) can receive more than 50k, up to 2million - all others can only receive less than 50k 

Thanks, re-read it.

[Moonlover]

22 minutes ago, KannikaP said:

The quote from Wise tells which banks you can only send Bht50k, and not to which you can send Bht 2M. Is it all the the other Thai banks?

Huh?

 

1 hour ago, KannikaP said:

Please note that you’ll only be able to send 50,000 THB or above per transfer to the following banks starting from 7 January 2022 due to regulatory changes:

• Bangkok Bank Public Company

• Kasikorn Bank

• Siam Commercial Bank

 

[KannikaP]

23 minutes ago, KannikaP said:

The quote from Wise tells which banks you can only send Bht50k, and not to which you can send Bht 2M. Is it all the the other Thai banks?

Sorry, I read it wrongly.

[KannikaP]

2 minutes ago, Moonlover said:

Huh?

 

 

As just said in your other post, I mis-read it. 

I wish I had Bht 2M to send!   LOL

Edited April 11, 2022 by KannikaP

[Moonlover]

10 minutes ago, KannikaP said:

As just said in your other post, I mis-read it. 

I wish I had Bht 2M to send!   LOL

We got there at last (minus the 2M THB bit) ????

[KannikaP]

2 minutes ago, Moonlover said:

We got there at last (minus the 2M THB bit) ????

Do you know if this 'notional amount' is the same with a Revolut account in which I have a THB balance, but can use it as a THB debit card, as I can my Wise card?

[Moonlover]

2 hours ago, KannikaP said:

Do you know if this 'notional amount' is the same with a Revolut account in which I have a THB balance, but can use it as a THB debit card, as I can my Wise card?

Sorry I haven't heard of Revolut and I do not have a Wise card. 

[KannikaP]

9 minutes ago, Moonlover said:

Sorry I haven't heard of Revolut and I do not have a Wise card. 

They are both multi-currency debit cards.