Transferring money to buy a House in Thailand

[AndyAndyAndy]

I want to transfer money from Europe to Thailand to buy a house in wifes name (yes, I'm aware, no need to warm me).

 

I have 3 questions:

 

1. does the money have to be send from European bank account in my name? (e.g. my brothers European account sending me money via Wise.com)

 

2. can I use Wise.com for the transfer? (With Wise it might not arrive in foreign currency/be shown as an international transfer. This guy (link to discussion lower) was buying condo in his own name and it was required (but I'm buying it in my wifes name so not sure).

 

3. Wise used to have as a purpose of transfer something like "Funding my life on marriage visa in Thailand" and "Purchase of property in Thailand". But now it is missing? See screenshot. What should be used in these 2 scenarios?

 

 

 

 

 

Edited July 11, 2022 by AndyAndyAndy

[doosyhindleg]

I can say that over the recent past weeks we have successfully sent 6 million thb in total so far using the wise transfers from my Australian bank account to the wife's Bangkok Bank Account with 2 million THB limits each transaction. Not sure what bank your wife uses in Thailand but all good using either Kasikorn or BKK bank for 2 million transactions. I just clicked purchase of property in drop down menu for reason. The money is converted to THB and just take out what's needed. This is what works for us but others may have better ideas. 

[howerde]

Sorry deleted thought you were putting in your name

Edited July 11, 2022 by howerde

[yeahbutif]

Itse not the in its the outs

.some have limit amount going at time from places like wise

...but best to transfer From your bank to your bank as this will show money in From abroad

.....as with me when I sold the house I could only transfer back what was shown on statment transferred in...

[Peterw42]

OP, the money only needs to come from outside Thailand, and be accounted for "IF" you are buying a foreign title condo in your name. A house in wifes name is a Thai person buying a house, the money can come from anywhere, and no need to tell wise (or anyone else) what its for.

Edited July 11, 2022 by Peterw42

[stoner]

1 hour ago, AndyAndyAndy said:

I want to transfer money from Europe to Thailand to buy a house in wifes name (yes, I'm aware, no need to warm me).

you are aware yet think....this one is different. 

 

smh.

[AndyAndyAndy]

25 minutes ago, Peterw42 said:

OP, the money only needs to come from outside Thailand, and be accounted for "IF" you are buying a foreign title condo in your name. A house in wifes name is a Thai person buying a house, the money can come from anywhere, and no need to tell wise (or anyone else) what its for.

Yes, this makes sense. And what I was hoping for.

[Kinnock]

17 minutes ago, Peterw42 said:

OP, the money only needs to come from outside Thailand, and be accounted for "IF" you are buying a foreign title condo in your name. A house in wifes name is a Thai person buying a house, the money can come from anywhere, and no need to tell wise (or anyone else) what its for.

Yep - no special currency or reason requirements unless you are buying a condo in your own name, and only if doing that, you need to transfer in foreign currency and convert to THB in the Thai bank, plus reason for transfer is buying property, then you get a certificate from your bank.

 

But for buying a house for your wife, just go for best currency conversion option, and use any general reason for the transfer.

 

Did the same thing last year ..... and yes, mine's different too, and I want her to have property in her own name for her future security.

[Jerno]

Don't need to prove foreign funds for wife to purchase a  house.  You are not even in the picture as it's all hers and where she gets the money the Seller could care less.

[KIngsofisaan]

12 hours ago, Kinnock said:

Yep - no special currency or reason requirements unless you are buying a condo in your own name, and only if doing that, you need to transfer in foreign currency and convert to THB in the Thai bank, plus reason for transfer is buying property, then you get a certificate from your bank.

 

But for buying a house for your wife, just go for best currency conversion option, and use any general reason for the transfer.

 

Did the same thing last year ..... and yes, mine's different too, and I want her to have property in her own name for her future security.

Refreshing to hear stories of men wanting to ensure their wives future security!

 

I spend a good amount of time planning, so my family with never need or want for anything.

 

Cannot put a price on what my wife and son mean to me.

[DrDave]

You might want to check the total fees for sending a bank wire versus wise. While a bank wire probably has a slightly lower exchange rate (e.g. the rate offered by your Thai bank for converting your foreign funds to Thai baht), there are usually no other fees other than a flat amount wire fee. Wise, on the other hand generally offers a better exchange rate compared to your Thai bank, but adds a fee which is a percentage of the amount sent. For large amounts, sending a bank wire is almost always cheaper.

I recently sent the equivalent of 3 million baht in USD via a bank wire, and upon comparison I saved a couple of hundred USD as opposed to Wise.

[Stocky]

2 hours ago, DrDave said:

For large amounts, sending a bank wire is almost always cheaper.

That depends on the currency pair.

 

For USD the margin between buy and sell is so tight Wise is more expensive above about USD10,000. But for most currencies the margin is wide enough, that even including Wise's percentage fee, Wise still wins regardless the amount being sent. This is certainly true of the two currencies that concern me, Singapore $ and GBP. 

 

But it pays to do your own homework.

[Delight]

Just out of curiosity.

Is the house:-

A new build

B In a Thai name

C In a Thai company name i.e controlled by a foreigner

[AndyAndyAndy]

Older thai house in thai name going to wife's name.

[Delight]

15 hours ago, AndyAndyAndy said:

Older thai house in thai name going to wife's name.

Very Simple . You will just have to pay transfer fees

[eastbaybob]

On 7/22/2022 at 4:54 PM, Delight said:

Just out of curiosity.

 

A new build

B In a Thai name

 

My case is 100% the exact same as the OP, but mine will be a new build, does this effect the transfer payment or anything?