Transferring Money Out After Sale

[mr_lob]

Hi guys,

What will i need to show the bank after I have sold my houses in order to transfer some of the proceeds back to the UK? I seem to remember the bank manager saying they only need to see a copy of the sales contract, but does anyone have any experience of this?

Ta very much

Edited June 22, 2008 by mr_lob

[tangoll]

Each bank might require different things, but this is what Bangkok Bank told me (I copied this from another thread with same question) plus since you mention houses, then I guess it depends also on how you purchased the house/land, and whether Thai nationals were involved in the ownership, individuals or companies, etc.

Quote:

I just sold a condo and asked at Bangkok Bank what documents I need to present to them to transfer money out of Thailand. They need to see:

1. copies of the Foreign Exchange Transaction Certificates showing the money brought in to cover the original cost.

2. Copy of the transaction document issued by Land Office showing the transaction of your sale of condo

3. Copy of the chanote title deed, both front and back showing your ownership and the new owner's ownership

4. blue slip showing the amount of tax and fees paid with the declared value of your sale

5. passport or other identity document; your Bangkok Bank passport or account details

6. the export funds application form filled out

Amount you can export is the full amount of the declared value of your sale. BBL said that you would get a more favourable exchange rate if you converted baht into the foreign currency before export, rather than exporting baht and converting in your destination country. This applies to the major currencies.

That's it. Unquote

[Newbee]

Here is a related question:

We have transferred a certain amount of money to Thailand to buy a condo and have a number of FETFs stating "for purchase of condominium".

So, we bought a condo off plan, and then we sold it before the building was completed (personal reasons).

So, same question as above:

What will i need to show the bank in order to transfer some of the proceeds back to my home country? Apparently I do not have the papers from the land dept etc.

[tangoll]

Newbee, that's a tricky one. Only thing you can do is to ask your bank what they need from you to transfer your proceeds out. Let us know what you find out from the bank.

My personal advice would be to not disclose the fact of your having signed a purchase commitment agreement with a developer, and then having sold the re-asssignment of that purchase agreement. You might tell the bank that you brought funds in with intention to purchase a condo (which is true) but you didn't find a condo worth completing the purchase on (which is also true because the value of selling the re-assignment of your purchase contract was worth more than the value of completing your purchase). Tell the bank you now have given up trying to use the funds to purchase a condo, and you now wish to repatriate the funds. Tell the bank the truth, but not all the details.

Unless the bank knows the details of your original purchase agreement, such as location, name of developer, etc., I can't see the bank wanting to dig out the facts of your purchase commitment and subsequent resale.