Obtaining Tor Tor 3 For Small Condo Purchase

[FarangNoi21]

which condominium are you talking about? are these in the vicinity of the bts/mrt?

[pkrv]

...I definitely don't have a FET, but the letter/receipt looks the same as your example...Sunbeltasia...told me it's OK - they've checked with the Land Department. So, I don't need a FET. Does this sound right?

Even though you do not need the FET for the Land Department, I suggest you ask your bank to give it to you just the same. If ever you want to send the money out of Thailand again in the future it will be better to have one document too many than one too few. But there is the problem now that your UK bank sent THB, not GBP, and therefore it is not a foreign exchange transaction for Bangkok Bank and you cannot get the FET.

So that's it: you don't need the FET, and you can't get it.

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Maestro

True the funds have to come from of-shore but you can take the 10% tax, but why?

[Sophon]

Sorry I make that a rate of 63.14 (GBPTHB=) You have been given the offshore rate, I am not in the office at this moment but the onshore rate is something more like 68.79. You need to take this up with Bangkok Bank - please let us know of the outcome - this is what I feared, if we club together we may all be able to assist each other.

I will try to take it up with the Bangkok Bank but my branch (Emporium) are fairly clueless! The receipt I received for the transfer doesn't even show an exchange rate. Where do you suggest I start? Presumably it's going to be difficult to chage the situation now, but I'd cerrtainly like to try.

I don't think you will have any luck taking it up with Bangkok Bank. It sounds very much like the money was transferred in THB and not in GBP as you asked for. If that's the case then Bangkok Bank has done nothing wrong, and there is nothing they can do to correct the matter.

You would have to contact Lloyds Bank and have them investigate the matter. It probably won't help you with the FET certificate, but at least you can ask them to reimburse your for the loss you have incurred by them not sending GBP as instructed. Had the money been sent in GBP you would have received a rate of around 68.97 (BBL's rate from the 24th) instead of the offshore rate of 63.15. I make that a loss of more than THB 360,000.

Sophon

[Maestro]

True the funds have to come from of-shore but you can take the 10% tax, but why?

Tax? What tax are you talking about? There is no tax involved here, as far as I know.

--

Maestro

[pkrv]

Sorry I make that a rate of 63.14 (GBPTHB=) You have been given the offshore rate, I am not in the office at this moment but the onshore rate is something more like 68.79. You need to take this up with Bangkok Bank - please let us know of the outcome - this is what I feared, if we club together we may all be able to assist each other.

I will try to take it up with the Bangkok Bank but my branch (Emporium) are fairly clueless! The receipt I received for the transfer doesn't even show an exchange rate. Where do you suggest I start? Presumably it's going to be difficult to chage the situation now, but I'd cerrtainly like to try.

I don't think you will have any luck taking it up with Bangkok Bank. It sounds very much like the money was transferred in THB and not in GBP as you asked for. If that's the case then Bangkok Bank has done nothing wrong, and there is nothing they can do to correct the matter.

You would have to contact Lloyds Bank and have them investigate the matter. It probably won't help you with the FET certificate, but at least you can ask them to reimburse your for the loss you have incurred by them not sending GBP as instructed. Had the money been sent in GBP you would have received a rate of around 68.97 (BBL's rate from the 24th) instead of the offshore rate of 63.15. I make that a loss of more than THB 360,000.

Sophon

I agree with Sophon start with your original request to Lloyds, was your transfer completed to your instructions? All of us can then assist.

Edited September 24, 2007 by pkrv

[brewsterbudgen]

I have now received a fax of the Lloyds-TSB International Moneymover form used for the transfer.

My mother has authority for my UK bank account and she completed the form with my (emailed) instructions and advice from Lloyds-TSB. I emphasised that the transaction should be made in sterling and not Thai baht. However, the "currency equivalent" box was ticked and although the amount was shown in GBP (62,000), "Thai baht" was written in the currency name box. Strangely, although the "sterling" box was not completed, the bank have typed "STERLING" in the currency box in the Sterling section.

Lloyds also print a warning on the form, next to the Sterling section, which reads:

"Sending sterling may result in delays and additional charges". This may have been the reason why my mother/the bank thought they were doing me a favour by transferring the currency equivalent instead.

The mistake is therefore mine (I can hardly blame my 78 year old mother!) although I am disappointed (to say the least) that Lloyds-TSB were not aware of the ramifications of ticking the wrong box.

Do I have any recourse? I have emailed Sunbeltasia (I am buying my condominium through them) but I fear there is not much that they can do. Am I right?

I will also write to Lloyds-TSB as I do feel they should have been aware of the procedures for transferring large sums to Thailand (having said that, the form was completed at the, very small, Sherborne branch, although it was sent from Lloyds-TSB main branch).

It would seem that I have lost in the region of 300,000 baht due to the wrong box being ticked! I am also kicking myself as I only read the pinned advice on this subject after making the transfer (it's pinned in the business/financial forum rather than the property forum so I had overlooked it - maybe it can also be pinned in the property forum?).

I also now have a problem with the Foreign Exchange Transaction certificate, as the money was received in Thai baht. The Bangkok Bank have provided me with a letter/receipt showing the money is for a condominium purchase and Sunbeltasia have told me this is sufficient for the Land Department. However, when I come to sell the condo and take the proceeds out of Thailand, will the lack of a FET certificate cost me?

I haven't really come to terms with the fact that I have lost in the region of 300,000 baht but it's slowly sinking in!

Any advice would be most gratefully received.

Thanks.

[pkrv]

Sorry to hear this news, but thanks for the courage in sharing this with us. My broker has been World First who has been quite good in the past. When I discussed this issue with them they said they warned on large Thai Baht transfers and turned away the business, I still use them for small transfers, its less hassle than having to fly out and open an account.

Although you (your representative) dealt with a small local Lloyds branch that transaction would have rapidly ended up with an FX broker (it's possible this was outsourced don't really know). However there should have been a warning from any professionally run organisation that it was not in your interests to trade at off-shore rates, especially on such a large amount.

I think you should write to Lloyds (Head Office) about this, the form itself appears to be confused. You may (or may not) get some form of compensation.

Sorry I too am new to this much of this is being handled by The Park's developer, I transfer directly to their account, and they handle the paperwork.

PS I used the word Tax - it's just more emotive than capital control - the money went somewhere, most likely to Lloyds FX broker/BOT, so not an accurate description, just more descriptive.

<Edit>

You should also copy the letter to the FSA and Financial Ombudsman - Google the addresses.

<\end edit>

Edited September 25, 2007 by pkrv

[brewsterbudgen]

Thanks pkrv. I have just faxed a letter to Lloyds-TSB and will see what their initial response is. I'd be happy to send you a copy of my letter if you're interested. If it has little effect I will certainly consider writing to the FSA etc.

[pkrv]

Thanks pkrv. I have just faxed a letter to Lloyds-TSB and will see what their initial response is. I'd be happy to send you a copy of my letter if you're interested. If it has little effect I will certainly consider writing to the FSA etc.

No problem - If you wish please PM - To be honest I too have a relatively large amount to transfer in the near future (10m THB), I need the experience of dealing with and resolving any potential 'troubles' so am interested (OK selfish, sorry )- PKRV