Money transfer for buying condo

[donx]

On 2/28/2025 at 9:09 PM, Yellowtail said:

Kasikorn always calls me when I receive a swift transfer to confirm the exchange rate is acceptable and to state what the money is to be used for.

 

Swift transfers, in my experience typically take two days.

 

Update your contact info. 

 

Kasikorn won't accept changing my wife's contact information from her defuncted Thai phone number to her US phone number. We can change it to some other Thai phone number, but only if she appears in person at her Kasikorn bank branch. And then we will have the same issue if my wife changes her phone number again. She has to keep her old phone in order to use the Kasikorn App because the account App is associated with the phone's IMEI number, or perhaps it is the phone's EID number.

 

This all wouldn't be a problem if we lived in Thailand, but we don't and she only visits once a year or so.

[Agusts]

I was just in Bangkok Bank today, and asked one or two of them who could speak some English about exchange rates, I was told from my GBP foreign account there to my Baht account there they still use TT rate as mentioned in previous post. That's good news because that is far better than their advertised cash exchange rate. TT rate was 43.46 this morning when I checked. Although Wise still beat that on a £40k transfer, with all the cost it came to a 43.73 rate from my calculation, also this morning...! That's just over 10,000 baht difference in a £40k transfer. 

 

But for getting CFT the swift transfer is much better. I read on Wise website that Bkk bank need a lot of documents to verify a Wise transfer as foreign and give certificate for it...! 

[Agusts]

On 2/24/2025 at 7:28 AM, OneMoreFarang said:

The money must be transferred in EUR or USD (...) to the Thai bank account.

Years ago, I transferred it to my SCB THB bank account, and the exchange rate was reasonable.

You have to say the reason is something like "purchase condominium". Youd don't have to specify and name or address of the condo you want to buy.

 

I also thought it was like this, but I'm told now must specify on the money transfer reference from abroad, the condo unit #, project name, town (basically address)...!?!? 

 

So that money can only be used to purchase that specific condo as bank mentions this on their certificate of FET and the Land Registry office specifically verify this at the time of transaction...! 

 

Now if for some reason (and I can think of many) the deal did not go through. The money has to be expatriated to the original foreign bank, and to buy another condo, sent again with new details...!😳

 

That's just mindblowingly stupid if you ask me, imagine losses on fees and exchange sell/buy gap..., and imagine sellers knowing the buyer will lose a hell of a lot, try to sabotage the deal and ask for more money etc....!? I'm amazed we don't hear more about this... 

 

And I'm sure this crazy idea is again introduced to the benefit the Thai banks, I mean why would the money have to be attached to a specific condo unit when deal has not been done yet...!!!??? 

[donx]

20 hours ago, Agusts said:

 

I also thought it was like this, but I'm told now must specify on the money transfer reference from abroad, the condo unit #, project name, town (basically address)...!?!? 

 

 

Who told you this? Your bank? Your local land department?

[Agusts]

3 hours ago, donx said:

 

Who told you this? Your bank? Your local land department?

 

A lawyer and I saw on various web pages, I have feeling this is a new regulation...