Flexibility with FET/Bank Letter to buy a Condo?

[aldriglikvid]

Hi, 

 

I've made a couple of transfers to Thailand this year - not a single big one - and I wonder if the bank would still be able to create a Bank Letter of the aforementioned transfers that the Land Office accepts? 

The first unit I was about to buy earlier this year fell through, and the second unit I'm about to buy is somewhat more expensive. All in all three (3) transfers. It would save me a decent buck if I wasn't forced to FX it out of the country, and then FX it back again. 

Bless. 

[chiang mai]

Yes they will, it's not uncommon 

[aldriglikvid]

6 minutes ago, chiang mai said:

Yes they will, it's not uncommon 

Good news! 

A small follow-up: are Wise transfers considered international transfers? 

Obviously I'm the clown here, not making proper arrangements and research before transferring. 

[chiang mai]

5 minutes ago, aldriglikvid said:

Good news! 

A small follow-up: are Wise transfers considered international transfers? 

Obviously I'm the clown here, not making proper arrangements and research before transferring. 

Don't know about Wise.

 

The transfers should all state the purpose as buying property 

 If the purpose was living expenses, that money is deemed spent.

[OneMoreFarang]

Why don't you ask your bank to do that and look how they react?

It does not really matter what the banks of other people did. It matters to you what your bank will do for you in this case. 

[Peterw42]

16 minutes ago, aldriglikvid said:

Good news! 

A small follow-up: are Wise transfers considered international transfers? 

Obviously I'm the clown here, not making proper arrangements and research before transferring. 

 

Unless otherwise specified, a lot of wise transfers can be local transfers into your account. From memory, you can specify when transferring that its shown as international transfer. (you can chase up wise after the fact and they will give you documents to verify int transfer)

Otherwise, your bank should be able to add up past international transfers and give a letter/FET for the land office.

Stating that the money is to buy a condo is a Thai central bank requirement, not a land office requirement.

I have purchased two condos and never put "to buy a condo" on the transfers, in fact I used my original 800k transfer for retire visa as part of the shown transfer funds.

 

 

[chiang mai]

8 minutes ago, Peterw42 said:

 

Unless otherwise specified, a lot of wise transfers can be local transfers into your account. From memory, you can specify when transferring that its shown as international transfer. (you can chase up wise after the fact and they will give you documents to verify int transfer)

Otherwise, your bank should be able to add up past international transfers and give a letter/FET for the land office.

Stating that the money is to buy a condo is a Thai central bank requirement, not a land office requirement.

I have purchased two condos and never put "to buy a condo" on the transfers, in fact I used my original 800k transfer for retire visa as part of the shown transfer funds.

 

 

But the banks are BOT agents, assigned to execute BOT policy.

[aldriglikvid]

28 minutes ago, Peterw42 said:

 

Unless otherwise specified, a lot of wise transfers can be local transfers into your account. From memory, you can specify when transferring that its shown as international transfer. (you can chase up wise after the fact and they will give you documents to verify int transfer)

Otherwise, your bank should be able to add up past international transfers and give a letter/FET for the land office.

Stating that the money is to buy a condo is a Thai central bank requirement, not a land office requirement.

I have purchased two condos and never put "to buy a condo" on the transfers, in fact I used my original 800k transfer for retire visa as part of the shown transfer funds.

 

 

That's very helpful. I'll contact Wise and see if they can provide me with documents to verify it has indeed been international transfers. Also, I'll visit my Bangkok Bank branch and see if they can produce the aforementioned letter; most reasonably I can't be the only one in this situation. 

Thanks all! 

[treetops]

1 hour ago, aldriglikvid said:

That's very helpful. I'll contact Wise and see if they can provide me with documents to verify it has indeed been international transfers.

 

They can't.

 

It's all explained here:

 

https://wise.com/help/articles/2932335/guide-to-thb-transfers