Can You Buy Property By Bringing Cash From Abroad?

[nelson 65]

Hi guys,

I was told that in order to buy a condo I must import money in foreign currency and get a Tor Tor 3 form from a bank after exchanging it into baht. As I cannot open a bank account yet (no long visa or work permit yet) how can I import this money into Thailand ?

If I bring cash with me next time I fly into Thailand and declare it at the airport, would that be OK ?

Many thanks in advance

[mrbojangles]

Hi guys,

I was told that in order to buy a condo I must import money in foreign currency and get a Tor Tor 3 form from a bank after exchanging it into baht. As I cannot open  a bank account yet (no long visa or work permit yet) how can I import this money into Thailand ?

If I bring cash with me next time I fly into Thailand and declare it at the airport, would that be OK ?

Many thanks in advance

No, the reason for the Tor Tor3 (although i think it has changed it's name now) is so that it is recorded by the Goverment and shows the money originated from abroad. The Gov then exchange it into Baht (it's not the best exchange rate but not too bad). You need this in case you sell and want to take the money back out of the country again. Plus, there is no way on earth i would carry that sort of cash into Thailand. you'll be on Thai news as being found in a gutter down an alley way

Mr BoJ

[nelson 65]

so,how can you get the money in thailand without having a bank account in your own name ? (we talking about millions here...)

[Sophon]

Hi guys,

As I cannot open  a bank account yet (no long visa or work permit yet) how can I import this money into Thailand ?

<{POST_SNAPBACK}>

You don't need a visa or work permit in order to open a bank account in Thailand. True some bank employees will tell you that they "cannot", but I think that mostly happens because it's easier for them to send you away, than to communicate with you in English.

If you bring a native speaker with you, or go to one of the bigger branches where they are used to farangs, I don't think you will have any problems. If they say no at one bank or branch, just try another place.

Bangkok bank even states on their internet home page in the question and answer section:

I am a tourist and want to deposit and withdraw cash while I am traveling in Thailand. Can I open an account at Bangkok Bank?

Yes, you can open a ‘Resident Baht Account’ and make transactions via any Bangkok Bank’s counter or you can apply for a Bualuang ATM card to use within Thailand. This account provides you with access to your funds from any ATM machine in the country however, you will not be able to access your funds from overseas.

Sophon

[nelson 65]

I have tried most of the branches in Pattaya with no success. I talked to their managers (who were fluent in English) and they all asked for a work permit or something like that.Before I try my luck with the banks in Krung Theep, does anybody had any success with a Pattaya bank, being in Thailand ,say,on a 60-day tourist visa ?

Thank you

[bkk_mike]

You can't open a current account without a work permit - but you can open a savings account without one... - You just need an account in your own name...

5 years ago - they did briefly have a rule that foreigners needed a work permit to open any sort of bank account - which, of course, caused huge problems as retirees need to show bank balances to immigration...

The problem occurs because that rule was heavily pushed when it was brought in (so that EVERYONE knew about it), but silently removed. - so if you go to a bank which doesn't see many foreigners, they could easily tell you it's still not allowed.

Walk in with a hundred thousand baht or something (not part of the money you need for the flat). - All issues of you being a foreigner tend to fall away if you have money...

[nelson 65]

Thanks Mike.

I'll just do that and ask specifically for a savings account.

Even the Siam Commercial Bank next to Walking Street refused to open an account for me and I believe they see many farangs every day !( They didn't seem to care about the amount I was about to deposit , 200,000 for that matter)

[mrbojangles]

Just a thought Nelson,

Are you buying the Condo through an Estate Agency? If so I'm pretty sure they will help you. After all, they will be wanting their commission

mr BoJ

[Dragonman]

Hi guys,

As I cannot open  a bank account yet (no long visa or work permit yet) how can I import this money into Thailand ?

<{POST_SNAPBACK}>

You don't need a visa or work permit in order to open a bank account in Thailand. True some bank employees will tell you that they "cannot", but I think that mostly happens because it's easier for them to send you away, than to communicate with you in English.

If you bring a native speaker with you, or go to one of the bigger branches where they are used to farangs, I don't think you will have any problems. If they say no at one bank or branch, just try another place.

Bangkok bank even states on their internet home page in the question and answer section:

I am a tourist and want to deposit and withdraw cash while I am traveling in Thailand. Can I open an account at Bangkok Bank?

Yes, you can open a ‘Resident Baht Account’ and make transactions via any Bangkok Bank’s counter or you can apply for a Bualuang ATM card to use within Thailand. This account provides you with access to your funds from any ATM machine in the country however, you will not be able to access your funds from overseas.

Sophon

<{POST_SNAPBACK}>

Opened my account in a very small branch in Isaan. Opened account, deposited money, had ATM card and pin all in 15 minutes. Obviously they're more up to date in the sticks than in the major farang areas

[Sunny Valentine]

I had no problem opening an Account with tourist stamp (30 Day lowlife ...) at Bangkok Bank (Pratumnak Road Branch) as well as Thai Military Bank (2nd Road Corner of Soi Pattayaland; as well as the branch inside Royal Garden).

Siam Commercial bank turned me down while on a 3 Month O Visa (I was joined by my Thai wife who did hold accounts there) telling me I need a One Year Visa ...... After that I told my wife to close her accounts at SCB .....

Sunny

[Bentley 7]

You didnt mention where you were from but if you wish to bring in cash try and get your hands on 500 Euro notes (sometimes difficult) you could bring in a stack of money in your suit jacket without much suspicion.

500 Euro = 25,000 baht

[johnh101]

Opened one 5 years ago with the Bank of Asia in Ban Chang. No WP req'd, photocopy of passport and 5000 Baht to open the account. ATM supplied the same day.

[afalang]

You will have no problems at Bangkok Bank on Pattaya 2nd Road, just near soi 6.

Go upstairs, take a ticket at the "new accounts" desk on your right as you walk in.

Wait for your number then it only takes about 15 minutes to have your new bank account. You will just need to show your passport. The girl on the new accounts desk speaks good english. You will only be able to get a passbook savings account if on a tourist visa, but that's sufficient to be able to buy a condo. Just remember to transfer your money in foreign currency. chok dee

[bomb139]

1. See whether in your country, there are any Bangkok Bank branches located there. Ask the Bank manager. Open and Deposit the money in the account in your country and withdraw in any branches of Bangkok Bank in Thailand.

2. Withdraw the money through the VISA card you have. There must be a limited specific sum of money to withdraw per day.

3. Come to Thailand. Open an account and deposit some in Bangkok Bank branches here. When you are back into your country, transfer the money into that account, would not be a problem.

P.S. I have some 6 condos in South Pattaya and 6 condos in Korat (Nakhon Ratchasima) for sale.

You can contact me at [email protected]

[nidge]

I bought my house in Issan for 1.6 million baht, i carried the cash into the country in $US and paid it into my bank. Then the bank wrote me a cheque and i used that to pay for the house. Never heard of a tor tor 3 form.

Nidge.

[pkrv]

Hi nelson 65. I have just (literally) been through this process. Things have tightened up considerably and I can tell you why. I could draw 10,000 THB cash on my UK Nationwide cash point card from a Bangkok Bank ATM machine (on shore market rate applied no fees no SWIFT transfer issues) and then feed the next machine with a lump of cash (could have been from anywhere). Moving along to the next machine I could have my SAVINGS ACCOUNT passbook instantly updated. Effectivly I injected pure cash into the banking system.

Bangkok Bank (who IMO offer the best English services on machines in the office etc) have really tightened up. I can help with opening a SAVING ACCOUNT at the head office in Bangkok, but it takes time.

Full instructions can be found here

http://www.thaivisa.com/forum/index.php?sh...25#entry1735189

I did make a small error in the instructions but explained this in an updated post.

I actually made my payment for my condominium in pure sterling to the developer documented here

http://www.thaivisa.com/forum/index.php?sh...27371&st=50

You should be aware of the above thread it has important consequences. Things are not easy anymore.

[misterme]

I bought my house in Issan for 1.6 million baht, i carried the cash into the country in $US and paid it into my bank. Then the bank wrote me a cheque and i used that to pay for the house. Never heard of a tor tor 3 form.

I'm guessing there is more to this story.

Registered to a Thai?

Bought the house, but not the land?

They are quite particular on where the money comes from? My understanding is this applies to Thais as well.

[old wanderer]

1st....Do not declare it to customs....there are no currency restrictions on importation of foreign currency.

2. Bring large fairly new bills.

3. Arrange for a driver to meet you at the airport ahead of time.

I brought $150,000 in cash last year for some land purchases. I shopped "Supper Rich" and some other places for the best exchange rate when I arrived. I have had the same driver for 5 years, and so did not have a security worry when I left the airport.

I came from the USA so I did declare the currency at Customs at the airport on my departure, it is just a single page form, and they never asked to see the money, just be sure to include "ALL" the money that is on your person not just the big bills. If from another country then they have different laws.

You will get your money in nicely bundled 1 million baht packages. I just used a soft computer bag to put the baht into. It took about 30 minutes to do the exchange. I use a local cell phone to call my driver to pick me up outside the office.

Security comes from being discreet and aware of your surroundings. Plan ahead.

Good luck

Edited February 25, 2008 by old wanderer