Tor Tor Sam

[a269652]

"A Tor Tor Sam (3) is an official bank document issued by the receiving bank upon the receipt of foreign currency into your bank account in Thailand. You must request a Tor Tor Sam from your bank when you are remitting funds to Thailand for the purpose of purchasing a condominium, and the Tor Tor Sam must specify that the remittance is solely for the purpose of purchasing a property - Code 5.22."

"Purchasing a condominium is the easiest way to own property in Thailand as you can purchase in your own name without having the hassle of nominees. Foreigners are permitted under Thai law to own up to 49% of the units in any condominium block. You will also have to prove that the money for the purchase arrived from abroad as a foreign currency or as traveller's cheques. This is done at the receiving bank by use of a Tor Tor 3 form issued upon converting the foreign currency to Thai Baht. You cannot buy a condo without a Tor Tor 3 form, so when transferring money for the purpose of purchasing a condominium in Thailand ensure that the transferring bank does not convert to Baht prior to the transfer. When you have chosen your preferred Condo, obtained your Tor Tor 3 form you can then go ahead with your purchase."

I am required to pay 105,000 baht (booking & contract signing fee), which will be deducted from the total cost of the property. I plan to get the 105k sent over to my Thai bank from abroad and have the balance sent over in 2 months.

As the 105k is a portion of the cost of the property, do I need to get a Tor Tor 3 for this small amount or just the balance? And just who is it that issues the TT3?

Thanks!

Edited June 26, 2007 by a269652

[backflip]

The Tor Tor Sam hasn't been used for a long while. It has been replaced by a "Foeign Exchange Document", or something like that. I believe that the FX document is only done for amounts greater than $20K US - you can't get this document for small transfers. You'll probably be forced to transfer in a larger sum of money - you didn't mention what the total price is - and then draw from that.

[Tyke]

Hi,

I have only just got back from my bank with just such an enquiry. For sums greater than 20,000 US dollar you can get a FET which you need at registration when buying a condo. For sums less than this you can get what is called a 'Foreign Currency Purchase form' for each separate currency transfer, which stipulates that you are purchasing a condo with the transferred funds. I queried this form as it seems it is an application form to buy foreign currency with Thai baht, but my bank (Citibank) were quite adamant that this is the form they provide when u have transferred less than 20000 US dollar from abroad. Anyway, several authoritative independent sources I have consulted, and including a thread on ThaiVisa, state that you can use this completed form from your bank along with any further FET forms to the sum total of the cost of your condo at the registry office when u transfer the condo as long as they state that the sums were transferred for the purchase of a condominium (and you must state that when you ask your overseas bank to make the transfer). Hope this helps.

[a269652]

^ & ^^. Thanks! It would seem then that whatever amount I transfer, I should:-

a.) Transfer in USD/ GBP etc. (not THB)

b.) Get the appropriate form from the bank, ensuring it states that the funds are for the express use of purchasing a condo

Edited June 27, 2007 by a269652