Buying A Condo

[TRIPxCORE]

I am in the process of buying a condo in BKK. I need to transfer money from my US bank to my account at Bangkok Bank. I e-mailed Bangkok Bank about this and they gave an answer that wasnt very clear. It sounded like I need to fill out a form specifying my intention for the money at Bangkok Bank prior to sending the money from the US. Then, before I collect my money at Bangkok Bank, I need to get the Tor Tor Sam filled out by the bank stating that the money was remitted from overseas for the sole purpose of buying a condo. Does anybody have experience or knowledge of this process? The only thing that sounds stupid to me is filling out a form before I send the money to my own account. The rest of it is pretty clear. Is this how it goes?

[KenUdon]

No Idea about the Bank, but think you are a brave man buying ANYTHING in Thailand at the moment. Good luck.

[TRIPxCORE]

think you are a brave man buying ANYTHING in Thailand at the moment. Good luck.

Why is that? Nobody has info about this for me?

[lopburi3]

Why is that? Nobody has info about this for me?

I suspect most of us have not gone down that path. Those that might have would, I suspect, have better things to do on a Friday night than read this forum; and probably are just getting up.

But it sure sounds like your information could be real. Banks like papers. Just getting an email answer is something (I never have).

[chuang]

tripxcore....

I had remitted fund from overseas to Chaingmai BBL before, there is no form to fill neither did I need Tor Tor Sam for withdrawal, it was a joint account with my ex.

I was told it is the same for personal account.

If I am not mistaken the Tor Tor Sam form is for transfering fund from Thai banks to overseas account....

[ThaiAdventure]

I have sent mony to my Thai account many times. The Thai bank only has to receive it (which they will charge for). The bank sending the money usually requires written authority but not the recieving bank. If you are sending money out of Thailand then the the Thai bank will need authorisation to do so and a valid reason for the transfer. They like taking money but hate sending outside Thailand.

[lopburi3]

This is money for buying a condo and believe he is correct that special paperwork is required. A link from main web page gives us quotes like below:

  (5.1) The evidence for proof of the bringing of a foreign currency into the Kingdom for sale in order to obtain money in Baht currency to pay for a condominium unit is implemented in 2 manners :

                    (5.1.1) in the case of an alien selling foreign currency in an amount exceeding US$ 5,000 or its market-rate equivalent, if an alien himself brings the money for sale, the Form F.T.3 ( provided by an authorised bank to an alien shall be produced for reporting on sale of foreign currency. If an alien sells foreign currency through transferring of that foreign currency to a transferee who has residence in Thailand to do the sale, the Form F.T. (A) provided by an authorised bank to the person residing in Thailand shall be produced for reporting on sale of foreign currency. In both forms, it shall be written “remit from abroad” as regard the remitter;

                    (5.1.2) in the case of an alien selling foreign currency in an amount not exceeding

US$ 5,000 or its market-rate equivalent ,or the sale of foreign currency to an authorised agent or person, a financial instrument of sale of foreign currency to be produced is a credit advice issued by an authorised bank or agent or person to the alien bringing foreign currency for sale;

[ThaiAdventure]

So that means you only need the forms if it is over $5000?

[lopburi3]

So that means you only need the forms if it is over $5000?

I would read that you only need the standard wire transfer paperwork that is available at the Thai bank end (which shows from where and exchange rate/fees applied) on any foreign wire transfer. But doubt that many foreigners are buying condos costing less than 200,000 baht these days.

[Alberta]

If you deal with the Bangkok Bank it is very simple. You must simply tell your foreign bank that when they transfer the money to your account in the Bangkok Bank to note on the electronic transfer that "These are funds intended for the purchase of a condominium in Thailand". On receipt of the funds the bank will issue a credit notice for you saying that this amount of money was transferred to your account for the purchase of a condo. Then when you are ready to close the deal go to the bank and ask them to issue the form for the land records office for your purchase of a condominium purchase. The land record office will ask for both forms. It is a simple process BUT do not make a deposit or even beginning negotiations to purchase a condo or anything else in Thailand from a Thai national or expatriate without engaging a good honest lawyer to handle it for you. There are many pitfalls. Good luck.

[TRIPxCORE]

You must simply tell your foreign bank that when they transfer the money to your account in the Bangkok Bank to note on the electronic transfer that "These are funds intended for the purchase of a condominium in Thailand".

How is this accomplished? I asked my bank today about attaching a message to the wire-transfer and they said thats not possible. Will Bangkok Bank give me problems when I get there to use this money if I dont attach a message?

[samuisam]

you must fill out a tor tor #3 (saam). this will allow your asset to remain fluid and not be frozen by the BOT. please get in touch with your embassy, get a list of reputable lawyers, and go through the process with them. i have used www.tillekeandgibbons.com - rec. by us embassy.

[Alberta]

[How is this accomplished? I asked my bank today about attaching a message to the wire-transfer and they said thats not possible. Will Bangkok Bank give me problems when I get there to use this money if I dont attach a message?

Your bank is wrong. They all do it. Most of the transfers from North America go through a clearing house in New York. I had it done two months ago. If your bank insists they cannot do it go to the Bangkok Bank and have them send your bank a telex telling them how to do it. DO NOT transfer money for a condo purchase without this note being on it. If you do, you will not be able to use this money for purchasing a condo. But even better you should see a lawyer and let him or her handle the whole transaction for you. They know exactly what to do. If you want an excellent group of Swiss and German lawyers here is a phone number for you: 02 653 2640. They have offices in Phuket, Pattaya and in the Landmark Hotel in Bangkok. Good Luck.

[sabaijai]

Alberta is right, you need to have some kind of notice from your bank stating the money is for purchase of condo.

My bank refused to send such notice, saying it wasn't a service they offered. I naively transferred the money anyway, and the absence of that particular documentation really slowed down my condo purchase. In the end we worked it out with a letter from the bank, but it was a pain getting that, too.

I concur with Alberta, have your Thai bank send your home bank a sample statement showing how it looks.

[Guest IT Manager]

tripxcore....

I had remitted fund from overseas to Chaingmai BBL before, there is no form to fill neither did I need Tor Tor Sam for withdrawal, it was a joint account with my ex.

I was told it is the same for personal account.

If I am not mistaken the Tor Tor Sam form is for transfering fund from Thai banks to overseas account....

There have been several changes over recent months to the paper notice on the counter in my bank in CM.

I would have to assume that they know whaat they are doing. I also assume, that many of the posts in this thread are from ppl who have walked this path.

Lawyer, listen, recommendations before committing yourself to anything.