Options: Transferring Funds From UK For Condo Purchase - Advice Needed

[littlepig]

Hi Everyone, hoping some of you may be able to help in way of advice for the following:

 

I will shortly be transferring funds from UK to my BangkokBank account.

 

I understand that for a condo purchase here the funds have to be shown to have been sent from abroad.

 

My bank in the UK, NatWest, whilst not charging fees for such transfers, do show a shockingly bad exchange rate (well below 40 Baht / £). The other issue is that the max daily transfer amount is 10k, which means I would be making the transfer at least 10 times over 10 days, taking  serious hit on each.

 

The far more cost-effective option would be to use Wise (already have an account here). They state a flat fee, with a far more decent exchange. Just wondering if any of you have transferred this way? Also, with Wise, is there a daily max to how much can be sent? The final part is that, does a transfer this way show up in my Thai bank as a Foreign Transfer, which I believe it must to satisfy requirements at the Land Office here?

 

Any help, advice if you've had a similar dilemma would be much appreciated - many thanks in advance.

[worrab]

All I can say is that I use Wise and the max that can be sent is 2 million baht in any one exchange. This never makes sense to me as there is no limit as to what Bangkok Bank will accept.

 

Have you looked into your UK bank sending pound sterling to your Bangkok Bank? They will then hold and exchange to baht in 7 days and it is a good exchange rate. The only reason I know this is because of having inheritance money sent to me which is well over the 2 million baht limit and I made enquiries with my manager at Bangkok Bank. No harm in asking yours.  

[Foxx]

I would be extremely surprised if NatWest didn't support SWIFT payments.  There is no limit on the amount that can be sent.  Send in Sterling and get Bangkok Bank to do the conversion to Baht for you.

[Henryford]

I am sure SWIFT payments can be made over 10k (i did) upto the amount you require. And ALWAYS send Sterling and get Bangkok Bank to do the conversion. Can WISE give you the necessary documents to satisfy the Land Office. WISE also have a percentage fee so for a large amount is likely to be more expensive.

[scubascuba3]

A swift transfer from Natwest, sending £ not baht would be ok, unlikely to be free usually up to £25 by some banks.

 

2nd option is use Wise but if you don't do the transfer correctly it won't be shown as International, and even if you do it correctly occasionally it still won't be shown as International 

[blackcab]

1. You must send pounds sterling, and it must be exchanged into baht by a bank in Thailand. Do not, under any circumstances, get your British bank to send Thai baht.

 

2. Your bank can transfer any amount of money, but perhaps not by using your banking app. Call customer services and see if you have to go into the branch to complete the transfer.

[littlepig]

Thanks for replies so far.

 

Of course Natwest do support SWIFT payments - have done so before - but only for relatively small payments.

 

I fully accept your advice blackcab to ensure transfer is in £ which would then be exchanged to Baht by BangkokBank - thanks for pointing out.

 

I'm in Thailand now so online would be the only option - unless I have to go back to a snowy UK to go physically into a branch.

 

Just wondering if anyone has actually done it online with their UK bank?

[Mike Lister]

As Blackcab states, all true and correct, call your bank and send in Pounds ONLY.

[Mike Lister]

1 minute ago, littlepig said:

Thanks for replies so far.

 

Of course Natwest do support SWIFT payments - have done so before - but only for relatively small payments.

 

I fully accept your advice blackcab to ensure transfer is in £ which would then be exchanged to Baht by BangkokBank - thanks for pointing out.

 

I'm in Thailand now so online would be the only option - unless I have to go back to a snowy UK to go physically into a branch.

 

Just wondering if anyone has actually done it online with their UK bank?

I regularly transfer from HSBC UK online, to my Thai bank account of record, but rarely do I need to transfer amounts over 10k Pounds, I believe however there is a maximum I can transfer that way..

[Tom H]

Wise: You can download bank statements in which you mention: “Investment for Condominium”. Check statements in you wise account to understand.

 

Wise: Better exchange rate. Transfer 100 pounds with both possibilities and you will see the difference.

 

Bkk Bank exchange? not as good as Wise from my expieriences.

 

 

[Tom H]

each bank in T. defines own limits since 2 years!

[Keep Right]

Buying a condo in Thailand will most likely be the worst investment of your life. Condo prices have continually depreciated for decades in Thailand. In twenty years, you will be living in a slum as the Thais do not maintain their buildings.

[Foxx]

5 hours ago, littlepig said:

I'm in Thailand now so online would be the only option - unless I have to go back to a snowy UK to go physically into a branch.

 

Don't you have a mobile 'phone? At least 'phone them to explore the options.

 

Edit:  this website suggests that with NatWest 'phone banking the transfer amount is unlimited.

 

https://wise.com/gb/blog/international-transfer-natwest-uk#:~:text=Using telephone banking,to the amount

Edited December 3, 2023 by Foxx

[scubascuba3]

4 hours ago, Keep Right said:

Thais do not maintain their buildings.

My condo is 30 years old and maintained so guess what, choose wisely

[scottiejohn]

4 hours ago, Keep Right said:

Buying a condo in Thailand will most likely be the worst investment of your life. Condo prices have continually depreciated for decades in Thailand. In twenty years, you will be living in a slum as the Thais do not maintain their buildings.

What a sad generalist comment!

I assume you must now, or did in the past, live in such a slum building and if so what did you do about it and what was the outcome?

 

 

 

Edited December 3, 2023 by scottiejohn

[worrab]

7 hours ago, Tom H said:

Bkk Bank exchange? not as good as Wise from my expieriences.

Actually checked this in my Bangkok Bank last week and their exchange rate was better than Wise!  I was very surprised but that was the case.

[treetops]

10 hours ago, Keep Right said:

Buying a condo in Thailand will most likely be the worst investment of your life. Condo prices have continually depreciated for decades in Thailand. In twenty years, you will be living in a slum as the Thais do not maintain their buildings.

Perhaps it's not being bought as an investment but as a place to live?

[topt]

11 hours ago, littlepig said:

I'm in Thailand now so online would be the only option -

As others have said contact the bank and see what they say. I did this years ago with another bank and had to send a signed fax at the time. 

With telephone banking and relevant security questions I am sure there is a way to send whatever amount you want.

Ask your bank!

[soi3eddie]

10 hours ago, Keep Right said:

Buying a condo in Thailand will most likely be the worst investment of your life. Condo prices have continually depreciated for decades in Thailand. In twenty years, you will be living in a slum as the Thais do not maintain their buildings.

Nice try to derail the topic. I write this from my 2 bed/2bath condo near Victory monument, purchased in 2009. As good today as it was then. The management has been superb (Plus Management) and the building so far from a slum that top consultants from local hospitals bought and live here. I guess I've got only 5 years before it turns into a slum :) Until then I'll continue to enjoy sunsets from our rooftop pool.

Not everyone is fixated on profit. Some of us would rather enjoy our lives in a nice community with certainty that we will not be evicted or have rents increased to ridiculous levels. We can also decorate and furnish and maintain our condos to comfort that I've never seen in any rented property.

 

[sinthavee]

13 hours ago, littlepig said:

Hi Everyone, hoping some of you may be able to help in way of advice for the following:

 

I will shortly be transferring funds from UK to my BangkokBank account.

 

I understand that for a condo purchase here the funds have to be shown to have been sent from abroad.

 

My bank in the UK, NatWest, whilst not charging fees for such transfers, do show a shockingly bad exchange rate (well below 40 Baht / £). The other issue is that the max daily transfer amount is 10k, which means I would be making the transfer at least 10 times over 10 days, taking  serious hit on each.

 

The far more cost-effective option would be to use Wise (already have an account here). They state a flat fee, with a far more decent exchange. Just wondering if any of you have transferred this way? Also, with Wise, is there a daily max to how much can be sent? The final part is that, does a transfer this way show up in my Thai bank as a Foreign Transfer, which I believe it must to satisfy requirements at the Land Office here?

 

Any help, advice if you've had a similar dilemma would be much appreciated - many thanks in advance.

 

13 hours ago, littlepig said:

Hi Everyone, hoping some of you may be able to help in way of advice for the following:

 

I will shortly be transferring funds from UK to my BangkokBank account.

 

I understand that for a condo purchase here the funds have to be shown to have been sent from abroad.

 

My bank in the UK, NatWest, whilst not charging fees for such transfers, do show a shockingly bad exchange rate (well below 40 Baht / £). The other issue is that the max daily transfer amount is 10k, which means I would be making the transfer at least 10 times over 10 days, taking  serious hit on each.

 

The far more cost-effective option would be to use Wise (already have an account here). They state a flat fee, with a far more decent exchange. Just wondering if any of you have transferred this way? Also, with Wise, is there a daily max to how much can be sent? The final part is that, does a transfer this way show up in my Thai bank as a Foreign Transfer, which I believe it must to satisfy requirements at the Land Office here?

 

Any help, advice if you've had a similar dilemma would be much appreciated - many thanks in advance.

Please make sure that you get a document from the Thai bank stating the total amount was transferred from abroad for the purchase of Condo XYZ. Herein XYZ is the Condo number as appearing on the registration document. I understand that this is very important & is required by the Land department during the condo transfer to a foreign buyer.

Probably, you may have to mention it when the amount is transferred to Thailand from abroad( then only the Thai bank will issue such a document).

[soi3eddie]

@littlepig

1. Send from your UK bank to Thai Bank in GB Pounds only. Your Thai bank will do the conversion. I send from Llloyds at only £9.50 per time no matter how much. Takes 2 days.

2. VERY IMPORTANT IMO - To ensure that Land Department allow the property title transfer - The transaction statement reference from your UK bank must state that the funds are for "Purchase of Condo at exact address and developement details". Ask your lawyer or conveyancer what the land department require. The last thing you need is for a rejected property title transfer. Some say that full address not needed only "For purchase of Condo in Thailand". Maybe, but why take that chance when you know the exact details? Also, send for more than the total price including any transfer tax etc. If it is 1 satang less than the total then the land department could reject it.

3. Enjoy your new home in Thailand!

I have bought two condos here in Bangkok and about to buy a third. 

 

Edited December 3, 2023 by soi3eddie

[newnative]

On 12/3/2023 at 1:03 PM, Keep Right said:

Buying a condo in Thailand will most likely be the worst investment of your life. Condo prices have continually depreciated for decades in Thailand. In twenty years, you will be living in a slum as the Thais do not maintain their buildings.

Rubbish.

[koolkarl]

Any funds transferred into Thailand will have to reported on a Thai tax return. 

[Phulublub]

2 hours ago, koolkarl said:

Any funds transferred into Thailand will have to reported on a Thai tax return. 

Hogwash.  Reference please, or go away.

 

PH

[Phulublub]

On 12/3/2023 at 10:54 AM, littlepig said:

Thanks for replies so far.

 

Of course Natwest do support SWIFT payments - have done so before - but only for relatively small payments.

 

I fully accept your advice blackcab to ensure transfer is in £ which would then be exchanged to Baht by BangkokBank - thanks for pointing out.

 

I'm in Thailand now so online would be the only option - unless I have to go back to a snowy UK to go physically into a branch.

 

Just wondering if anyone has actually done it online with their UK bank?

I bought last year, using two WISE transfers to BKK Bank, both marked "for property purchase".  No issues at all with Land Office.  I did a comparison with using bank (rate and fees) against WISE - there was actually little in it. For msaller amounts, WISE wins by a mile, but as their fee is a percentage as opposed to the (usual) flat fee of a bank, it will eventually be more expensive.

 

PH

[soi3eddie]

32 minutes ago, Phulublub said:

I bought last year, using two WISE transfers to BKK Bank, both marked "for property purchase".  No issues at all with Land Office.  I did a comparison with using bank (rate and fees) against WISE - there was actually little in it. For msaller amounts, WISE wins by a mile, but as their fee is a percentage as opposed to the (usual) flat fee of a bank, it will eventually be more expensive.

 

PH

Thanks. That's useful to know. 

 

[crazykopite]

Join WISE you can hold as much as you like in there account this time last year I transferred £25 k from my NW account to buy a vehicle it sat there for three weeks while I was waiting for the purchase documents to be sorted when I transferred it over it was a Friday morning the money was in the dealership account within 5 minutes.  My account in Thailand is Kasikorn does not matter what province you travel to they don’t charge you any transfer fees unlike my SCB which charges 30 baht if I’m in another province on top of that there is no limit to what I can send from the U.K. with Kasikorn not sure with Bangkok bank . Check the exchange rates each day with Wise because sometimes you can make a tidy sum on the exchange rate Hope  this helps . When you send the money over Wise will ask what it’s for it gives you a choice I think one is property purchase 

[crazykopite]

1 minute ago, crazykopite said:

Join WISE you can hold as much as you like in there account this time last year I transferred £25 k from my NW account to buy a vehicle it sat there for three weeks while I was waiting for the purchase documents to be sorted when I transferred it over it was a Friday morning the money was in the dealership account within 5 minutes.  My account in Thailand is Kasikorn does not matter what province you travel to they don’t charge you any transfer fees unlike my SCB which charges 30 baht if I’m in another province on top of that there is no limit to what I can send from the U.K. with Kasikorn not sure with Bangkok bank . Check the exchange rates each day with Wise because sometimes you can make a tidy sum on the exchange rate Hope  this helps . When you send the money over Wise will ask what it’s for it gives you a choice I think one is property purchase , you could also send the money in smaller batches if the exchange rate is good let it sit in your Thai bank 

 

[Jumbo1968]

Rent not buy, you only need a few bad neighbours or a poor management company and life can be hell, renting gives you more options, dead money but condos can be a poor investment.

[samui99]

Earlier in the year I sent £45k by Lloyds in £s and £45k via Wise at the same time. The nett result for sums of this size was about 2000thb difference. Wise winning, but very close in my opinion when doing large amounts. Just make sure you send £s to your Thai bank.