Sending Money To Thailand For Condo From England

[DrTony]

*Hallo everyone. I'm new to Thai Visa and think it is excellent. Your information is so valuable. You are all very helpful, I feel. I wonder if you could help me with my problem?

I am English (living in London) but have paid a deposit (while recently in Thailand with my gay Thai boyfriend) on a condominium (one unit: studio flat) in BKK. I shall return to Thailand in June. I hope to work and live there. Anyway, from next month (December) I need to start sending monthly installments of money to the housing firm to complete the purchase of my condo over the following 6 months. My question is: do I have to transfer the money directly to the condo company itself (under Thai law), or can I send a lump sum to my (very much trusted) friend in Thailand (to his bank account), and then he will administer the monthly payments to the housing company (but then it would be from his bank account, not mine - as I do not yet have one in Thailand)? Is there a Thai law that says the money from a foreign condo-purchaser must come from his/her own foreign (e.g. British) bank account?

Also, can I apply for a work visa in Thailand from outside Thailand (while still in London), or do I need to go to Thailand on some other kind of visa first and then apply for a work visa? Thanks very much if you can dispel my ignorance! All best wishes and thanks to you. From Tony (London).

[CWMcMurray]

I am sure someone with more experience on this issue will be by shortly but from what I have heard, you must prove that the money you used came from outside the country. I am sure that the housing company will be more than happy to give you their bank information and then you can simply send them the money on a monthly basis.

*Hallo everyone. I'm new to Thai Visa and think it is excellent. Your information is so valuable. You are all very helpful, I feel. I wonder if you could help me with my problem?

I am English (living in London) but have paid a deposit (while recently in Thailand with my gay Thai boyfriend) on a condominium (one unit: studio flat) in BKK. I shall return to Thailand in June. I hope to work and live there. Anyway, from next month (December) I need to start sending monthly installments of money to the housing firm to complete the purchase of my condo over the following 6 months. My question is: do I have to transfer the money directly to the condo company itself (under Thai law), or can I send a lump sum to my (very much trusted) friend in Thailand (to his bank account), and then he will administer the monthly payments to the housing company (but then it would be from his bank account, not mine - as I do not yet have one in Thailand)? Is there a Thai law that says the money from a foreign condo-purchaser must come from his/her own foreign (e.g. British) bank account?

Also, can I apply for a work visa in Thailand from outside Thailand (while still in London), or do I need to go to Thailand on some other kind of visa first and then apply for a work visa? Thanks very much if you can dispel my ignorance! All best wishes and thanks to you. From Tony (London).

[FRM-BKK]

*Hallo everyone. I'm new to Thai Visa and think it is excellent. Your information is so valuable. You are all very helpful, I feel. I wonder if you could help me with my problem?

I am English (living in London) but have paid a deposit (while recently in Thailand with my gay Thai boyfriend) on a condominium (one unit: studio flat) in BKK. I shall return to Thailand in June. I hope to work and live there. Anyway, from next month (December) I need to start sending monthly installments of money to the housing firm to complete the purchase of my condo over the following 6 months. My question is: do I have to transfer the money directly to the condo company itself (under Thai law), or can I send a lump sum to my (very much trusted) friend in Thailand (to his bank account), and then he will administer the monthly payments to the housing company (but then it would be from his bank account, not mine - as I do not yet have one in Thailand)? Is there a Thai law that says the money from a foreign condo-purchaser must come from his/her own foreign (e.g. British) bank account?

Also, can I apply for a work visa in Thailand from outside Thailand (while still in London), or do I need to go to Thailand on some other kind of visa first and then apply for a work visa? Thanks very much if you can dispel my ignorance! All best wishes and thanks to you. From Tony (London).

Hi Dr. Tony,

Welcome to Thai Visa. I enclose an article that I wrote some time ago, but is still valid today. Before you dive into transfering your money, I would observe the following:

1. Do not ever pay any money straight into the condo developer's account, for various and obvious reasons. Make payments to the developer through your Thai bank account, so that a paper-trail exists.

2. You must open up your own bank account and not pay into your friends account. (What if anything happens to him?) There are many different scenarios that could lead to loss of money (your money!!) open up your own account. The Bangkok Bank has a branch in London, they can help you sort out the transfers. Although they cannot open an account for you in London, they will help you arrange and set up the transfer in anticipation of your pending requirements. You have to go to Thailand and open a bank account yourself. Bangkok bank London will send the money and deposit into a sterling holding account for you until you get to Bangkok. I also would imagine that the bank in Thailand will not issue FETF's if the money comes into and goes out of your friends account.

You cannot bring in the cash from abroad, it has to be remitted through an international money transfer. As explained in the article.

Here is te article:

Tor Tor 3 has been abolished since May 2004 and replaced by what the authorities now use:

Foreign Exchange Transaction Form

To get the FETF's (foreign exchange transaction form) you will need to stick to some basic principles.

1

Money has to be remitted from abroad, in a NON THAI currency, so sterling, dollars anything but not Thai baht.

2

The amount you remit in one transaction has to be for at least USD 20,000 or equivalent. If you send less, the amount does not qualify for a FETF form, so make sure you remit enough to get you over 20,000 USD equivalent. ( over 10,000 pound sterling? Nov. 2007)

If your condo is not yet ready, and you are required to make regular payments, which are smaller than 20,000 USD send several payments at once, so to get you over the 20,000 USD amount.

Also I would only pay monies into my own Thai bank account, not the account of the developer or solicitor....only your own!! This is just for safety and security. Also keep in mind the vality period of FETF's I have no experience with this as my transaction was completed in 8 weeks.

3

When you send the money from your home country, or wherever it is coming from, the remitting bank must put on the electronic wire form some crucial information..............without this the bank or land department will refuse.

First on the wire instructions it must contain your full name. exactly as in your passport. It must also contain the purpose for the remit: "for purchase Condominium" These two items are vital. I had the bank in the UK also put on my passport number, just so to tie everything in with me only.

4

Once the money is in Thailand, go to the bank and ask them to issue you with the FETF. If you are dealing with a local branch who do not seem to know what to do, go to their head office. I did everything through the Bangkok Bank HQ on Silom Road in Bangkok. That is where I have my accounts. They knew exactly what was needed and got me sorted out in about half an hour. I had remitted 3 payments to Thailand.

I did have to pay for the FETF's about 200 baht each letter.

5

The FETF form should contain the following:

in section 1

your full name and passport number

in section 2

the name of the bank that sent the money to Thailand

in section 4

the purpose of the transaction, with the code 318069 (i assume this is a standard code for condo buying)

and this section will also specify that the reason is for: "purchase of Condominium"

in section 6

date and your signature

in section 7

a stamp and signature from the authorized financial institute (your bank)

That is it.

You will need additional bits and pieces for the land registry department.

You will need copies of the passports of both your father and your mother. If they are no longer alive, you must give their full names, registered postal address when they were alive and the date they died.

If you want any more help or info, just PM me.

I went through the whole process in June 2004. It all went without a hitch. I had done a lot of research before I proceeded. All in all, it paid off. From final payment to the seller to getting the title deeds was 2 days!!

Good luck,

I am not an expert on Visa matters but know that any employer in Thailand has to apply for your work-permit. You cannot enter the Kindom with a work permit issued outside thailand, unless you have a job lined up already and visa matters have been arranged through the employer.

FRM-UK

[zorro1]

I Just bought a condo through Siam bank Bkk. Very simple

1.your name only

2. you must provide a receipt from your bank (both ends) saying "for the purpose of purchasing a condominium" or they will withold 30% of your funds

[DrTony]

I Just bought a condo through Siam bank Bkk. Very simple

1.your name only

2. you must provide a receipt from your bank (both ends) saying "for the purpose of purchasing a condominium" or they will withold 30% of your funds

*Thank you so very, very much for your magnificent help above (all my new Thai Visa friends!). I am amazed by how kind and helpful you all are. Again, I want to thank you most sincerely for giving so much time, effort and thought regarding my queries. I am really grateful to you - especially FRMUK: your generosity of spirit is stunning. Thanks again, everyone, for giving me so much vital information. It is enormously helpful to me. Have a good evening and a nice weekend. And thank you again for all your superb help. Warm best wishes to everyone. From Tony (still in London!).

[Khun Bob]

You will need additional bits and pieces for the land registry department.

You will need copies of the passports of both your father and your mother. If they are no longer alive, you must give their full names, registered postal address when they were alive and the date they died.

If you want any more help or info, just PM me.

Mothers and fathers passports - thats a new one on me ! Who requested those and why ?

Also, what were the additional bits and pieces that the land registry requested ?