Wiring Money In - Easy Enough To Wire Back Out?

[Digitalbanana]

When buying a condo one might wire the money in from overseas? This can be done online with no paperwork these days I guess. If one wanted to sell the condo at a later date can the proceeds be easily wired back overseas? Any paperwork needed up front?

[Soutpeel]

When buying a condo one might wire the money in from overseas? This can be done online with no paperwork these days I guess. If one wanted to sell the condo at a later date can the proceeds be easily wired back overseas? Any paperwork needed up front?

If you are moving money into Thailand for a Condo, the proceeds can be wired back out Thailand provided you have the paper trail which proves you brought cash in legally in the first place to purchase the condo....if you dont have the paperwork will be very hard to get your cash back out

[Langsuan Man]

No, paperwork is required. When you wire money in for the purchase of the condo the incoming wire should state for what purpose the money is to be used for, ie. purchase of a Condominium

This will allow the receiving bank to issue you a Foreign Exchange Certificate that will be needed when you want to wire the money back out

This is the paper trail that Soutpeel is referring to

[Digitalbanana]

Thanks. So I need to tell the overseas bank to include this info in wire transfer before it arrives at my Thai account then go to Thai bank to get the Foreign Exchange Certificate? Normally I just wire via internet from overseas USD account to Thai account and it shows up as BHT in my account already.

[BigSnake]

I don't know if this will help but I use The Krung Thai Bank(KTB) to wire some funds recently not problem, however like anything else there a limit on how much you can wire per day, mine was just a small amount(Bt29,000) I the limit is Bt250,000 per day(??) I many other bank offer similar service, i.e., Bank of Ayudhya has the Western Union Service.

[imaneggspurt]

When buying a condo one might wire the money in from overseas? This can be done online with no paperwork these days I guess. If one wanted to sell the condo at a later date can the proceeds be easily wired back overseas? Any paperwork needed up front?

If you are moving money into Thailand for a Condo, the proceeds can be wired back out Thailand provided you have the paper trail which proves you brought cash in legally in the first place to purchase the condo....if you dont have the paperwork will be very hard to get your cash back out

What about if a substansial profit has been made on the said sold property ?

[katabeachbum]

If there is any profit on the condo-sale you have to pay tax before wiring out of the country. But if you sell the condo at purchase price, and make a separate agreement on selling decorations, fixtures and furniture you dont need to pay tax on this.

[PattayaParent]

You'll only get a FETF (old TT3) if you've transfered in over 600,000 Baht, if it's less than that then you want to ask the bank for a 'bai rap rong'.

[Digitalbanana]

What are the mechanics of getting a FETF (old tt3?). If I wire money from overseas (I use Citibank) for say 50kUSD it might go straight into my Kbank account balance automatically converted to Thai baht? Thats what normally happens on my smaller transfers of up to 10kUSD.

To get the FETF do I just turn up within a period of having made the wire and ask for a FETF or should I include any special instruction to the banks (either the sender Citibank or receiver KBank) beforehand?

[johnnyk]

Ask the sending bank to put a notation: "Funds for condo/house purchase" and get yourself a copy of this.

Once the funds are in your Thai bank go to the branch and ask for the FETF. At my bank they had them in a binder to hand over when people requested. Make copies and safeguard it.

[Digitalbanana]

Thanks for replies. I contacted my offshore Citibank branch and they said simply put the notation on the web site page input when wiring funds to Thailand. They allow up to 50kUSD per day by Internet web site wiring so I will simply use that. When the funds arrive my KBank have told me to show up at the branch within 30 days to collect the FETF for the property purchase. Sounds easy really. Will find out next month if that is the case.

[aurelius]

Make sure your transfer arrives in Thailand in USD, because if Citi themselves change it to Baht along the way (they want exchange commission), and it then arrives in Thailand in baht already, it will not qualify for condo buying. Thailand wants foreign currency so they exchange component needs to be done locally. Your receiving bank here will do that automatically when it is credited to your local a/c.