Money Transfer Advice - Urgent

[furryferret]

Can someone advise pse. i need to send over £10k to Thailand very soon for the purchase of a plot of land. The intention is to build a house on the land and then retire to Thailand in three or four years time. The land will be be in my wife's name who lives with me in England. I'm getting soooo confused by all the regulations that seeem to change at a whim. I know that I need to send the money in UK£ (not Thai Baht) and will use the Nationwide for the transfer (to my wife's fathers company). That's the background, here is the question - Is it best to send the money from my wife's bank account in the UK, or from mine. Any advice would be very helpful.

[longball53098]

IMHO it would make no difference whose account you send it from. When the electronic funds get to the Thai bank if it's over I think 20k USD value the bank will hold the transfer and call the receiver to ask what the funds are being used for. If for a house build/purchase a form should be completed by the receiver that will document the funds are legit and for a house/condo and if the place is ever sold you can take the cash back out of LOS with no big issues.

When I wired in the cash for my place, SCB called me for verification and what are the funds purpose and do I want to fill out this form?

I declined to make the document as I never will take the cash out again.

[lopburi3]

This is not for a condo and a foreigner can not buy land in Thailand. The money should be her/Thai money and should come from her account to prove it.

[PCA]

This is not for a condo and a foreigner can not buy land in Thailand. The money should be her/Thai money and should come from her account to prove it.

Sorry but not smart. The money should come from his account as a security measurement easy to retrace in the future. Without painting a black picture but still considering the marriage gets a crack somehow he will be in the position to get half of the investment back.

[lopburi3]

Investment in land using a Thai nominee is illegal. I suspect he would have more chance of jail than obtaining funds. If the land purchase is done in his wifes name legal documents will have to be signed that indeed the money is not his and he has no claim on it.

[PCA]

Investment in land using a Thai nominee is illegal. I suspect he would have more chance of jail than obtaining funds. If the land purchase is done in his wifes name legal documents will have to be signed that indeed the money is not his and he has no claim on it.

The land will still be bought on her name and the situation is transparent that he did fund it as the husband. This is not a big scale investment for the pure purpose of speculation. The money should come from his account as the best and safest solution - period.

[lopburi3]

He can not fund it as her husband as it will not be registered in her name without confirmation that the money is hers alone.

[furryferret]

He can not fund it as her husband as it will not be registered in her name without confirmation that the money is hers alone.

This is what i was thinking when I raised the question. I know I cannot buy the land legally myself and it has to go into my wife's name, I was unsure as to how diligent the Thai authorities are in checking the original source of the money. I will then build the house on the land, which can be in my name. Any suggestions as to what my wife should put on the transfer form (not that it really matters, I suppose) and whether it is best to transfer the funds to her Thai bank and then to her father who will pay the vendor of the land, or straight to her father's account (which is a business account). Thanks

[lopburi3]

When the land is registered in her name she will have to sign that the money used was hers alone and you will have to sign that you understand the property is not joint marriage ownership. This has been in force for a few years now. Normally there should not be any problem if a home ownership type transaction and not investment turn over type operation. Those are starting to get closer attention from reports here.

[newcomer01]

Just send the money in UK Pounds as you will get a better exchange rate - Telegraphic Transfer rate for the bank involved. Can you trust your father in Law? If not, if you or your wife already have a bank account in Thailand just send it to yourself and then distribute the funds from there. If you are worried about it send it from your wifes account, should cost the same. Doesn't really make that any difference.

When you are here next get internet banking and link the account that are required to transfer funds. Thailand is slowing catching up with all this stuff.

As for the letter from the bank I don't think they will worry about it for 10 K pounds.

Sending in foreign currency is a requirement if you want to buy or own property.

If you are worried about the house for the future, go to the lands office and have a caveat put in the land paper stating that you can live there until you die. Don't know the exact wording in thai.

Exchange rate is just the luck of the day so it is hard to judge.

As for the land ownership as stated previously. You can't own it and you have to sign a form stating that it is your wifes money. Which must be true if you signed the form!

Good Luck.

Edited June 17, 2009 by newcomer01

[marsteele]

Investment in land using a Thai nominee is illegal. I suspect he would have more chance of jail than obtaining funds. If the land purchase is done in his wifes name legal documents will have to be signed that indeed the money is not his and he has no claim on it.

The land will still be bought on her name and the situation is transparent that he did fund it as the husband. This is not a big scale investment for the pure purpose of speculation. The money should come from his account as the best and safest solution - period.

it is illeagle for her to buy land of any size using money she got from a farang. The authorities will sieze the property and then he has wasted his money.

[furryferret]

Thanks for all your thoughts on this. This is what i have decided to do. I have gifted the money to my wife here in the UK, to her UK bank account via a third party. The money will be transfrerred to Thaiiland by her, from her bank account to that of her brother, in UK £s. As my wife has been working in the UK for 18 months she could claim that it is her savings. Her brother will buy the land and then it will be registered in her name when we next go there. That should break the link between me and the money to a sufficient degree. As this is in a very rural part of Thailand, the authorities are probably not too diligent in their investigations. I will own any property built on the land. Seesm to be the best way.

[likewise]

About 2 years ago I wired in 50K euro's and never had any phone call from the bank to ask what the funds were for.

[barryofthailand]

About 2 years ago I wired in 50K euro's and never had any phone call from the bank to ask what the funds were for.

That was two yrs ago, not now.

Barry

[likewise]

Makes no difference, my neighbour wired in over 100K euro's beginning of the year, also no questions asked.

[likewise]

Investment in land using a Thai nominee is illegal. I suspect he would have more chance of jail than obtaining funds. If the land purchase is done in his wifes name legal documents will have to be signed that indeed the money is not his and he has no claim on it.

The land will still be bought on her name and the situation is transparent that he did fund it as the husband. This is not a big scale investment for the pure purpose of speculation. The money should come from his account as the best and safest solution - period.

it is illeagle for her to buy land of any size using money she got from a farang. The authorities will sieze the property and then he has wasted his money.

You need to read up on this mate, if they find out and IF they decide to follow up on it you have 180 to 365 days time to sell your/her property.

Don't spread rumors please.

Edited June 21, 2009 by likewise

[nigelandjan]

Thanks for all your thoughts on this. This is what i have decided to do. I have gifted the money to my wife here in the UK, to her UK bank account via a third party. The money will be transfrerred to Thaiiland by her, from her bank account to that of her brother, in UK £s. As my wife has been working in the UK for 18 months she could claim that it is her savings. Her brother will buy the land and then it will be registered in her name when we next go there. That should break the link between me and the money to a sufficient degree. As this is in a very rural part of Thailand, the authorities are probably not too diligent in their investigations. I will own any property built on the land. Seesm to be the best way.

Someone gave me some very good advice a long time ago ( never invest ANY money in Thailand that you cannot afford to lose ) nuff said,,,,,,