Money Sent To Buy Condo But Withdrawn Before Fetf

[laluji]

Hello,

I sent money to my bank account in a thai bank from my account in my home country laste last year.

Money kept lying in account for 2 months .

After that i took out 85 percent of the money .

Now,will the bank give me FETF (foreign exchange transaction form )??

whic is required to buy condo .

Any body have any real experience on this ?

Thanks

[tangoll]

I haven't had the same experience as you described, but I don't see why you shouldn't be able to get the FETC. The issuance of the FETC and your withdrawal of the money are two separate, unrelated events. The FETC is merely to document that foreign funds were imported for the purpose stated, and converted to baht. What you do with the baht after the import is irrelevant. -- whether actually used for the purpose stated, or when it's withdrawn.

Unless your bank has a policy about this. And that only you can find out.

[Toany]

I used HSBC to transfer money to a Thai Bank a account a few years ago and the local bank in the UK decided not to bother stating on the transfer form, what the money was for. It was actually transferred to HSBC in Thailand. HSBC Thailand actually told the holder of the account that it could not be changed.

So we had a fretful day thinking that I had all the money transfered to buy a condo and not able to use it. They did eventually sort it. But failed in many points to carry out actions that they promised do. HSBC the international local bank. Do not beleve their hype. Rubbish bank with poor custormer services.

Just my Experience of HSBC

[thaiwanderer]

what did you put on the transfer form upon sending it over to thailand?

have you a sales contract for the condo? (forgive me but from your post looks like you may have sent the money over before shopping for the condo?)

is 100% of the monies sent over actually being used for the purchase of the condo (with no contrary activity, ie. the 85% being withdrawn in cash or transferred to someone other than the seller)?

[ignis]

Ask HSBC for a print out of you account, so if the money was transferred late last year you ask for a print out for the past 6 months, this will show the money transferred from outside of Thailand, this is what is needed

[edit] They will not do it while you wait, so you will need to visit them again or have them sent the statement via EMS, they will deduct all the charges from your account for doing this.

[tangoll]

I've done 10 FETC's with Bangkok Bank and that Bank could care less what I do with the funds once in the account. To get the FETC, they just need to see my bank passbook, passport, and my request for the FETC to be issued. They check their inward remittance records, and then do up the FETC. Takes all of 30 minutes after I show up at the upstairs foreign transactions section of the Bank's head office on Silom Road. The FETC does show a purpose, #318069 - For Purchase of Condominium. The Bank has never asked to see a sales contract for the condo or any other documents relating to the purchase of the condo.

Issuance of the FETC and the actual use or withdrawal of the funds are unrelated events, at least at Bangkok Bank. Nor does the Bank care whether the FETC is actually passed over to the Land Dept office upon a transfer for the purchase of a condo.

[laluji]

I've done 10 FETC's with Bangkok Bank and that Bank could care less what I do with the funds once in the account. To get the FETC, they just need to see my bank passbook, passport, and my request for the FETC to be issued. They check their inward remittance records, and then do up the FETC. Takes all of 30 minutes after I show up at the upstairs foreign transactions section of the Bank's head office on Silom Road. The FETC does show a purpose, #318069 - For Purchase of Condominium. The Bank has never asked to see a sales contract for the condo or any other documents relating to the purchase of the condo.

Issuance of the FETC and the actual use or withdrawal of the funds are unrelated events, at least at Bangkok Bank. Nor does the Bank care whether the FETC is actually passed over to the Land Dept office upon a transfer for the purchase of a condo.

I had sent the money with intention to buy a condo,i had given this reason at the time of transfer.

After some time I changed my mind and decided not to go ahead with the purchase.

I took out money in cash after two months of transfer.

Now, I want FETC beacuse i will need it (if I change my mind again and decide to buy ) so that i need not transfer the money again to thailand from my home country.

And i dont have to repeat the same procedure of transfering the money .

(In that case i can deposit money in cash in my thai account and pay the seller )

My question To Mr.Tangoll is -

What i am thinking is Possible ?

Do they mention the current available balance in your bank account on the FETC ?

Thanks

[tangoll]

Response to laluji's questions:

1. Depends on the bank but in case of Bangkok Bank, what you wish to do is possible, no problem. In fact, once you import the funds in for the purpose of purchasing a condo, it is a good idea to get the FETC and just keep it. The Land Dept office does not seem to care how long ago the FETC was issued; only that it is an original FETC showing the importation of foreign funds for the purchase of a condo.

2. On the FETC forms I have from Bangkok Bank, there is no mention of available balance in my account with them.

Note also that upon transfer of the condo at the Land Dept office, you can submit more than just one FETC, so that the total amount of all FETC's submitted is greater than the transaction price being reported to the Land Dept office. You do not get back the originals of the FETC's from the Land Dept office, so you need to make and keep your own copies of the FETC's being submitted. These copies might be necessary in the future when you wish to export funds upon sale of the condo. However, in Bangkok Bank's case, they did not seem interested in viewing the old FETC's; only interested in the tax and other documents relating to the subsequent sale.

If you do wish to purchase condo's in Bangkok, you can contact me directly at this email <pcmar at netvigator dot com>. I am usually in Hong Kong but come to Bangkok once a month and stay about 7 - 10 days. I have 4 condo units, all 1 bedroom / 1 bath units in prime Sukhumvit area. I can also do a sale and leaseback arrangement with you if you want a ready made investment unit. If you purchase from me, you will have a worry free and problem free transaction, totally above board, no hidden expenses, and no lawyers need be involved.

[bbahngdori]

I have an acoount in K-Bank and did the samething, transferred funds from my bank in the States and withdrew from the account.

And when I needed FETC to purchase a condo, the bank didn't even asked why and didn't care how much I had left in my account.

You shouldn't have any problem but then TIT so you never know.