Moving Funds

[catinthehat]

Is there a reccommended "best" way to transfer house purchase downpayment (3MB) funds from U.S to Thai account without being fee'd to death?

[Gary A]

Is there a reccommended "best" way to transfer house purchase downpayment (3MB) funds from U.S to Thai account without being fee'd to death?

You go to your Thai bank and explain that you want to wire transfer funds from the US to purchase a property here in Thailand. That prevents having to contribute to the 30 percent government holding fee. You wire the funds in US dollars so you will pay a bank fee for the wire transfer. Citibank charges a flat US $30. I think the maximum charge from Siam Commercial is 500 baht. You will get the onshore exchange rate and that's the best rate available. Actually quite painless.

[naka]

Make sure the sending bank states on the supporting documentation that

the funds are for a House/Condo purchase.

When the funds arrive (3-4 days normally) then ask the receiving bank

for a copy of the transfer documentation.

Do not allow your U.S. bank to convert to Baht at source.

Naka.