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Best way to send money to pay for a Condo

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I'm from the UK, looking to buy a Condo in my name and would appreciate any tips on how best to send the money over. 

 

Torn between an Off-Plan Unit or an existing Condo, in either case I would send the money directly to the Developer/Estate Agent (Both are well known brands so not concerned there) but I'm struggling to see how I would send the exact amount required without getting my UK Bank to do the currency conversion for which they charge an "Up To" 2.75% fee!

 

 

Options seem to be:-

  1. Pay the Swift fee 
  2. Send the Developer/Estate Agent an approximate (making sure it's over) amount to cover the Condo then get the remainder back from them. 
  3. Open a GBP Foreign Currency account with my Thai Bank, send it to myself then pay them from there.
  4. Use a CHAPS payment (I think I need to physically go into my UK bank to do this).

NB. Wise is not an option as they have a 2Million cap on transactions + no guarantee it will end up as a Foreign Transfer.

 

 

To anybody who has bought a Condo in their own name, how did you send the money over?

 

 

47 minutes ago, SamSpade said:

I'm from the UK, looking to buy a Condo in my name and would appreciate any tips on how best to send the money over. 

 

Torn between an Off-Plan Unit or an existing Condo, in either case I would send the money directly to the Developer/Estate Agent (Both are well known brands so not concerned there) but I'm struggling to see how I would send the exact amount required without getting my UK Bank to do the currency conversion for which they charge an "Up To" 2.75% fee!

 

 

Options seem to be:-

  1. Pay the Swift fee 
  2. Send the Developer/Estate Agent an approximate (making sure it's over) amount to cover the Condo then get the remainder back from them. 
  3. Open a GBP Foreign Currency account with my Thai Bank, send it to myself then pay them from there.
  4. Use a CHAPS payment (I think I need to physically go into my UK bank to do this).

NB. Wise is not an option as they have a 2Million cap on transactions + no guarantee it will end up as a Foreign Transfer.

To anybody who has bought a Condo in their own name, how did you send the money over?

I bought a condo this year from a large developer, AP Thailand. I found the best way is to send using SWIFT directly to Developer's Thai bank. If you send the money to your Thai bank, then you are responsible for getting the FET Foreign Exchange Transaction form from your bank to give to the Developer for the Land office. If you send directly to the Developer's Thai bank, they will get the form. Send in GBP and let the Thai bank do the conversion. Most Thai banks charge a max 500 baht fee for incoming wire xfers and the conversion rate is TT Buying rate which is pretty close to the spot rates. Check the conversion rates for when you send, and send slightly more to make sure you send enough. You will need to send enough to cover the full purhcace price plus any fees even if you already paid a deposit/down payment because the FET form needs to show the full amount or more. The Developer will give you back what you overpaid. They call it a Happy Refund. Just check with the Developer for their bank routing info, how much to send and instructions. Good luck.

3 hours ago, SamSpade said:

To anybody who has bought a Condo in their own name, how did you send the money over?

 

I sent from UK to my bank account by swift, there was a charge but it guaranteed it was shown as International.

 

I wouldn't buy off plan, over priced plus a risk of losing your money, i know of 3 near me where people lost everything, court cases are either a waste of time or take years or both

  • Author
2 hours ago, JohnnyBD said:

I bought a condo this year from a large developer, AP Thailand. I found the best way is to send using SWIFT directly to Developer's Thai bank. If you send the money to your Thai bank, then you are responsible for getting the FET Foreign Exchange Transaction form from your bank to give to the Developer for the Land office. If you send directly to the Developer's Thai bank, they will get the form. Send in GBP and let the Thai bank do the conversion. Most Thai banks charge a max 500 baht fee for incoming wire xfers and the conversion rate is TT Buying rate which is pretty close to the spot rates. Check the conversion rates for when you send, and send slightly more to make sure you send enough. You will need to send enough to cover the full purhcace price plus any fees even if you already paid a deposit/down payment because the FET form needs to show the full amount or more. The Developer will give you back what you overpaid. They call it a Happy Refund. Just check with the Developer for their bank routing info, how much to send and instructions. Good luck.

Thanks Johnny, my preferred plan was to overpay in GBP via Swift, let their bank do the conversion & get a refund from the Developer/Estate Agent 🙂   

  • Author
11 minutes ago, scubascuba3 said:

I sent from UK to my bank account by swift, there was a charge but it guaranteed it was shown as International.

 

I wouldn't buy off plan, over priced plus a risk of losing your money, i know of 3 near me where people lost everything, court cases are either a waste of time or take years or both

Looking at Once Wongamat, no doubts about the developer & by buying 4 years before completion date (Sept 2029) pretty sure it will be worth more than I pay for it before it's completed. 

 

Problem is waiting till Sept 2029 before we can move in so we're looking at buying an existing unit as an alternative.

Buy an existing condo that you can see - as others have said too much uncertainty with an off plan in thailand and I think you can get a better discount with a re sale if you find the right seller.  Sending the money is easy - you send in foreign currency (so GBP) in your case you can see the banks rough conversion on the day so you shouldn't need to overspend.  Note it is only the purchase price and not the taxes that need to come from overseas

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