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Bank transfer currency - send in foreign currency


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Hello

 

For a foreigner freehold purchase, I understand the monies have to come from an account in my name outside of Thailand, and that intermediaries such as Transferwise cannot therefore be used. 
 

My bank accounts in the UK are offering me terrible exchange rates, but another option is that  I transfer in GBP £ via swift, and the money is converted  at the Thai end to Thai baht  by the receiver’s bank, in this case, my Thai lawyer’s escrow account. I’m guessing Thai banks will offer a more competitive rate, such is my experience to date at least!

 

Does anyone have any experience of this and could it Be the cheapest option. I’m looking at a cost of over  £2000 just for the conversion if I convert  to baht in the UK and send 🙁

thanks for any help

 

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You must received the money in Thailand in another currency, not THB!

The exchange must happen in Thailand.

These are, as far as I know, the rules.

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And better inform yourself about all the relevant rules.

I.e. with the transfer must be a comment like "for purchase of property in Thailand".

 

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As others have said, the money must be exchanged to Baht inside Thailand, ie: send foreign currency. (the rate is always better from thai banks no matter what the purpose)The name of the sending account is not relevant and doesn't need to be in your name, so long as money goes into a Thai account in your name. Don't transfer it straight into a lawyers account, it must arrive foreign currency into your account first.

Nowadays you can use TransferWise, they are aware of the requirements and will treat the transfer appropriately, if you inform them its for a condo purchase .

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4 minutes ago, Peterw42 said:

As others have said, the money must be exchanged to Baht inside Thailand, ie: send foreign currency. (the rate is always better from thai banks no matter what the purpose)The name of the sending account is not relevant and doesn't need to be in your name, so long as money goes into a Thai account in your name. Don't transfer it straight into a lawyers account, it must arrive foreign currency into your account first.

Nowadays you can use TransferWise, they are aware of the requirements and will treat the transfer appropriately, if you inform them its for a condo purchase .

I had understood that the sending account is very relevant, must be in my name and has to come from a foreign account. Furthermore it cannot come via a Thai bank account in my name, or needs to go direct to the escrow account for the purchase. Why are you saying it shouldn’t go direct to my lawyer’s account, an I misunderstanding??

 

 Thanks

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1 minute ago, sureno said:

I had understood that the sending account is very relevant, must be in my name and has to come from a foreign account. Furthermore it cannot come via a Thai bank account in my name, or needs to go direct to the escrow account for the purchase. Why are you saying it shouldn’t go direct to my lawyer’s account, an I misunderstanding??

 

 Thanks

That's completely wrong, where did you get that information ?

The land office wants proof that foreign currency funds arrived into your Thai bank account, your Thai bank will the generate a FET (Foreign Exchange Transaction), that you take to the land office as proof. You literally cannot buy a condo without a FET document. 

There is no need to even involve a lawyer, its a pretty straight forward procedure done at the land office.

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Posted (edited)
12 minutes ago, Peterw42 said:

That's completely wrong, where did you get that information ?

The land office wants proof that foreign currency funds arrived into your Thai bank account, your Thai bank will the generate a FET (Foreign Exchange Transaction), that you take to the land office as proof. You literally cannot buy a condo without a FET document. 

There is no need to even involve a lawyer, its a pretty straight forward procedure done at the land office.

Thanks for clarifying.

 

It sounds like you are talking about a circumstance where as you say, you don’t involve a lawyer or similar to act on your behalf. You go to the land office yourself perhaps. 

 

For my own reasons, I do want to appoint a lawyer, and I want him go to the land office on my behalf, even if it costs me more as a result. In that circumstance, it would be my lawyers escrow account where the conversion would take place. Are you still saying it has to come from my Thai bank account in that circumstance,


i understand you cannot use Transfer wise because their account is not in your name. It’s in the name of transfer wise, it’s just the reference that is unique to you. 

 

As an aside I do have a Thai bank account, but I’m in the crazy situation where the most I can transfer to it is 50k baht per day because it’s not one of the big two banks!

 

 Thanks again. 

Edited by sureno
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4 minutes ago, sureno said:

Thanks for clarifying.

 

It sounds like you are talking about a circumstance where as you say, you don’t involve a lawyer or similar to act on your behalf. You go to the land office yourself perhaps. 

 

For my own reasons, I do want to appoint a lawyer, and I want him go to the land office on my behalf, even if it costs me more as a result. In that circumstance, it would be my lawyers escrow account where the conversion would take place. Are you still saying it has to come from my Thai bank account in that circumstance,


i understand you cannot use Transfer wise because their account is not in your name. It’s in the name of transfer wise, it’s just the reference that is unique to you. 

 

As an aside I do have a Thai bank account, but I’m in the crazy situation where the most I can transfer to it is 50k baht per day because it’s not one of the big two banks!

 

 Thanks again. 

Up to you if you want to involve a lawyer but completely unnecessary, yes the lawyer can generate a FET via their account with you as the sender etc, funds still need to be sent as foreign currency and exchanged in Thailand.

If you visit the TransferWise website they have a section explaining how they do transfers to buy a Thai condo. I sold a condo a month ago and the buyer used TransferWise for the transfer. Its a box you tick when doing the transfer. But as you say, its only to certain banks.

 

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1 hour ago, sureno said:

Thanks for clarifying.

 

It sounds like you are talking about a circumstance where as you say, you don’t involve a lawyer or similar to act on your behalf. You go to the land office yourself perhaps. 

 

For my own reasons, I do want to appoint a lawyer, and I want him go to the land office on my behalf, even if it costs me more as a result. In that circumstance, it would be my lawyers escrow account where the conversion would take place. Are you still saying it has to come from my Thai bank account in that circumstance,


i understand you cannot use Transfer wise because their account is not in your name. It’s in the name of transfer wise, it’s just the reference that is unique to you. 

 

As an aside I do have a Thai bank account, but I’m in the crazy situation where the most I can transfer to it is 50k baht per day because it’s not one of the big two banks!

 

 Thanks again. 

Looks like you are ripe for scamming, be very careful, a few things you've said are dodgy. Lawyers have been known to run off with the money

Edited by scubascuba3
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2 hours ago, sureno said:

Thanks for clarifying.

 

It sounds like you are talking about a circumstance where as you say, you don’t involve a lawyer or similar to act on your behalf. You go to the land office yourself perhaps. 

 

For my own reasons, I do want to appoint a lawyer, and I want him go to the land office on my behalf, even if it costs me more as a result. In that circumstance, it would be my lawyers escrow account where the conversion would take place. Are you still saying it has to come from my Thai bank account in that circumstance,


i understand you cannot use Transfer wise because their account is not in your name. It’s in the name of transfer wise, it’s just the reference that is unique to you. 

 

As an aside I do have a Thai bank account, but I’m in the crazy situation where the most I can transfer to it is 50k baht per day because it’s not one of the big two banks!

 

 Thanks again. 

Its possible You are confused  and misinformed- and  surely your lawer should know the correct procedure  and protocols.

I'm not sure you should be considering  buying property here

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3 hours ago, scubascuba3 said:

Looks like you are ripe for scamming, be very careful, a few things you've said are dodgy. Lawyers have been known to run off with the money

What exactly is it I have said that is dodgy?  Thank you. 

 

3 hours ago, The Hammer2021 said:

Its possible You are confused  and misinformed- and  surely your lawer should know the correct procedure  and protocols.

I'm not sure you should be considering  buying property here

Thanks. It would be really helpful if you told me what is it that I am confused  and misinformed about?

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6 hours ago, sureno said:

What exactly is it I have said that is dodgy?  Thank you. 

 

 

I have some questions for you?

 

Are you in Thailand?

Are you buying offplan?

Condo?

Why does the lawyer say you have to pay direct to them?

 

You can transfer more than 50k into your thai bank account using swift

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