Receiving Money For Land Purchase

[Smithson]

My wife is receiving around 1.5m into her account for land purchase. I'd like to know if we're going to be asked questions by the Central Bank or if there are any other issues such as it being slow to arrive.

Is a SWIFT transfer the best method? What should the sender tell the bank as a reason for sending money? Will Land Purchase' cause any problems?

Thanks!

[Gary A]

My wife is receiving around 1.5m into her account for land purchase. I'd like to know if we're going to be asked questions by the Central Bank or if there are any other issues such as it being slow to arrive.

Is a SWIFT transfer the best method? What should the sender tell the bank as a reason for sending money? Will Land Purchase' cause any problems?

Thanks!

They don't care where the money came from as long as you sign the paper saying you have no claim on your wife's property.

[Maigo6]

My wife is receiving around 1.5m into her account for land purchase. I'd like to know if we're going to be asked questions by the Central Bank or if there are any other issues such as it being slow to arrive.

Is a SWIFT transfer the best method? What should the sender tell the bank as a reason for sending money? Will Land Purchase' cause any problems?

Thanks!

Why would a Bank ask questions?

It's not like you are transferring Millions of Dollars or Euros...It's just 1.5 Mill, about enough to buy a decent car.

[backflip]

SWIFT is the best method. Why are you concerned about the questions that a bank might ask? Are you ashamed of giving money to your wife to purchase land?

[kamalabob2]

SWIFT is a proper way to send funds to Thailand. However be sure to stipulate on your end that you want the funds SENT in "British Sterling" if you are sending from an English Bank or "United States Dollars" if you are sending from an American Bank. You NEVER want the bank to convert the money to Thai Baht in your Country as the rate will be terrible. Also double check with YOUR bank if there are "intermediary" bank fees. If you check on the web site of your wife's bank in Thailand it might very well list specific banks in your country that it has a relationship. Less fees as a general rule. The fee from your Thailand Bank to receive a SWIFT wire is very nominal.

I would certainly list the reason on the SWIFT wire request as Land purchase, or home purchase or later perhaps Home Building Payment. Just last week Bangkok Bank phoned my wife to ask her in Thai what the most recent SWIFT wire funds from my account in the United States to MY Bangkok Bank account in Thailand were to be used for. She immediately replied for a home building payment, the staff person said fine, stated the rate and AMOUNT SENT IN DOLLARS, which tipped me off to an "intermediary bank fee" that never showed up from the withdrawal in America. A SWIFT wire can arrive in your Thailand Bank account in less than 15 hours, if your Bank meets the daily deadline time to SEND a SWIFT WIRE. SWIFT wires are not sent on Saturday or Sunday from my Bank in America.

[Khun Jean]

Questions can be asked if the amount is higher then 20.000 US dollars.

You can prevent that by sending 2-3 times under this amount. It will go quicker.

The reason is that all amounts above 20.000 US dollars have to be checked for money laundering.

[niggle]

Declare on the swift form what the money is being sent for. Should not be any problems if you do this

[JimmyGreaves]

Declare on the swift form what the money is being sent for. Should not be any problems if you do this

The thai lawyers told me to put the reason for transfer as 'Investment In Thailand'

[WilliamJarvis]

where's the money being sent to?

If it is offshore - certain questions may be asked [under fx rules].

If it is onshore, not sure I can see the problem.

[Marvo]

Smithson, the money sent via SWIFT transfer can, as kamalabob says and indeed did in my case, arrive in as little as 15 hours. When sending equivalent of in excess of $10,000 (figure used by Ayudhya), the funds are held "unconverted" by your Thai receiving bank until you present yourself at the branch to sign a form on which you state a "reason for transfer". I put "personal expenses". I think the only "wrong" reason you could put would be "money laundering" .

Once they have your signature, they will give you the currency conversion rate at that moment and you decide whether to exchange on the spot or delay for a while (I delayed it a day and did the deal over the phone the next day when the bank called as promised).

Just a point that caught me out... if you want the Thai bank to call you when the SWIFT xfer arrives, give them a call to let them know it's coming and check they have your correct telephone number to call you back on.

If you think that there is any remote possibility of wanting to or being able to take the funds back out of Thailand at any future date, then ask the bank for a copy of the Foreign Exchange Transfer Certificate.

Hope all goes smoothly.

Edited March 20, 2008 by Marvo