Buying a condo and transferring money from overseas

[karl2007]

I am planning to buy a condo next year. I have been working in Thailand and have saved all the money I need from my salary. Which I will use to make the purchase. However, I was going to transfer my money from my Thai bank account to my Barclays Bank and then back into my Thai Bank account. However, that Barclays account has now been closed.

 

What are my alternatives to have proof that I have transferred my money from overseas? I will be uses a Law firm to help with the purchase but just wondering about the money transfer. I would like to be extra careful as this is a large amount of money to transfer.

Edited November 4, 2023 by karl2007

[Thailand J]

After the money is received, go to your Thai bank to ask for a print out of the detail of the transfer.

 

[Mike Lister]

If you don't have an overseas bank account and the money that you intend to use for the purchase was earned in Thailand, it seems as though it doesn't qualify.

 

One alternative is to talk to the head office of your Thai bank and explain the situation, they will, for a fee, bed and breakfast your funds from Thailand, via their overseas account and then back again. That fee is likely to be similar to the amount of the currency exchanges that are involved. I would strongly advise against using a Thai lawyer for this purpose, the lawyer is not a bank and is not to be trusted in the same way.

[jayboy]

In view of the possibility resident expatriates remittances from overseas will be taxed with effect from 2024 (details still vague I know) how will transfers of this sort be treated I wonder? In other words transfer of substantial amounts derived from savings to purchase high value items such as a condo.Surely this kind of transfer will not be taxed but I don't see how the Thai Revenue Department system will be able to differentiate from it from investment income etc

[scubascuba3]

13 minutes ago, jayboy said:

In view of the possibility resident expatriates remittances from overseas will be taxed with effect from 2024 (details still vague I know) how will transfers of this sort be treated I wonder? In other words transfer of substantial amounts derived from savings to purchase high value items such as a condo.Surely this kind of transfer will not be taxed but I don't see how the Thai Revenue Department system will be able to differentiate from it from investment income etc

Obviously not taxed, see other thread

[OneMoreFarang]

One important issue seems to be that the money has to arrive in Thailand in USD or EUR, etc. Not in THB!

When you transfer the money something like "purchase of condominium in Thailand" is good enough. You don't need a building name or anything like that.

 

[TimeMachine]

1 hour ago, Mike Lister said:

If you don't have an overseas bank account and the money that you intend to use for the purchase was earned in Thailand, it seems as though it doesn't qualify.

 

One alternative is to talk to the head office of your Thai bank and explain the situation, they will, for a fee, bed and breakfast your funds from Thailand, via their overseas account and then back again. That fee is likely to be similar to the amount of the currency exchanges that are involved. I would strongly advise against using a Thai lawyer for this purpose, the lawyer is not a bank and is not to be trusted in the same way.

So true. Law offices scattered around the place. But I wouldn't trust one of them. Go to your provincial court and chase up a lawyer there that has an official lawyer registration card. Pattaya has help desk on level 2 that will help. And I guess if they become untrustworthy, god help us.

[Peterw42]

OP, depending on who you are buying from, developer, agent etc, they can often provide a solution. Developers can generate the FET documents from their accounts and agents "know a guy in the bank" etc.

Otherwise, your bank will probably be able to help.

Also, any other money (car purchase etc) you may have bought into Thailand over time can generate an FET.