Amount For Condo

[dundee007]

hi, i was wondering- is it possible to open an account in Thai bank now and deposit amount in regular basis for one or two years and buy condo with that amount after one or two years??? Is this possible??? Thanks a lot in advance,

[gotlost]

Sure is. Just make sure the money is being transferred from overseas. I have a friend that has done this.

[InterestedObserver]

The money must enter Thailand as foreign currency and you have to keep meticulous records of the transactions. You need the Foreign Exchange Transaction Form(s) from the bank when you go to purchase the condo in your name.

[dundee007]

thanks IO and GL. so i only need to show the amount enters as foreign currency in Thailand in my name. No matter from "where" it comes from??? Like i am resident of UK and can send the amount from US or Canada bank????? Thanks again.

[PattayaParent]

You can send the money from anywhere but make sure the transferring bank record that the purpose of the money is "to purchase a condo"

BUT, even then you might have a problem with your Thai bank wanting to see the purchase contract before tehy credit your account (happened to me).

[donx]

I believe another alternative would be to have a foreign currency account in a bank such as HSBC in Thailand. Once you are ready to buy the condo, just transfer what you need into a Thai currency account. My question to you what is the purpose of transferring monthly amounts here? Are you concerned about future exchange rates? The reason I ask is because it seems better to leave all your money that you need for the purchase of a condo outside of Thailand until you are ready to buy.

[dundee007]

I believe another alternative would be to have a foreign currency account in a bank such as HSBC in Thailand. Once you are ready to buy the condo, just transfer what you need into a Thai currency account. My question to you what is the purpose of transferring monthly amounts here? Are you concerned about future exchange rates? The reason I ask is because it seems better to leave all your money that you need for the purchase of a condo outside of Thailand until you are ready to buy.

nice advice donx. i intend to open an account since i regularly visit Thailand and i want to save it Thailand

[pkrv]

OK you will probably not get a FET this is for amounts above 20,000 USD. Instead you will need to get letters (I don't know what these are called) from the bank detailing these funds are for a condominium purchase (I have 4 of these, because I bought off the plan and paid by instalments (each less than 20,000 USD), plus a FET for the final instalment).

It will be interesting to see if you have to specify the condominium you wish to purchase, should you choose this approach.

Please get back to us - PKRV

BTW HSBC have just one branch in Thailand and have a very imaginative charging program - its called a suction pump, and is applied to your funds!

Check out the pinned thread on the finance forum - opening a new bank account in Thailand

http://www.thaivisa.com/forum/Opening-Bank...nd-t260738.html

Edited February 26, 2010 by pkrv

[PattayaParent]

OK you will probably not get a FET this is for amounts above 20,000 USD. Instead you will need to get letters (I don't know what these are called) from the bank detailing these funds are for a condominium purchase <snip>

Bai Rap Rong

Edit: I don't beleive they necessarily specifically say that the transferred amounts are for condo purchase (although they may well do if that is stated as the reason for transfer) but they state that there has been a transfer of funds in a foreign currency and the rate at which they are converted to Thai Baht. (based on transfer experience from before the 'reason for transfer' requirements)

Edited February 27, 2010 by PattayaParent

[pkrv]

OK you will probably not get a FET this is for amounts above 20,000 USD. Instead you will need to get letters (I don't know what these are called) from the bank detailing these funds are for a condominium purchase <snip>

Bai Rap Rong

Edit: I don't beleive they necessarily specifically say that the transferred amounts are for condo purchase (although they may well do if that is stated as the reason for transfer) but they state that there has been a transfer of funds in a foreign currency and the rate at which they are converted to Thai Baht. (based on transfer experience from before the 'reason for transfer' requirements)

Thanks 'PattayaParent' - Ahh so thats what they are called. Ours show the amount transferred, but not the rate, beacause we converted offshore to THB. But they show the 'reason for transfer' as we specified it was for our specific unit in our condominium. I personally feel safer with this as a part of the letter.

Our FET does however show the rate and final amount of GBP transferred because we were effectivly forced to do this to the developers account during the onshore offsore time, a tricky period.

Edited February 28, 2010 by pkrv