Transferring Funds To Thailand

[robertroper]

I'm sure this subject has been asked many times therefore please accept my apologies.

I wish to transfer a large amount of money from my UK bank to Thailand in order that I can purchase a townhouse in my Thai wife's name.

What is the procedure therefore in transferring funds. Should I transfer direct to my Thai bank account or to that of my wife's Thai bank account and what, if any, forms are required for such a transfer?

Information would be greatly appreciated.

[Lite Beer]

You need to contact your UK bank and set up a Swift transfer.

With some banks you can do it online.

Some with a phone call.

Some by sending a request by post.

Some you have to go into the branch.

Your bank in Thailand will have a Swift Code.

The UK bank will charge you around £25. The Thai bank around 500 Baht.

[chiang mai]

You can do a Swift transfer to either your own account or your wife's but for audit trail purposes it's probably better to transfer to an account in your name (this proves categorically that the funds used to purchase the property were yours). Make sure that you transfer Pounds for conversion in Thailand and NOT in the UK. Converting from Pounds to Thai Baht in the UK will cost you a fortune, much cheaper to convert in Thailand. Your UK bank will ask you the purpose of the transfer and that really is all the paperwork that's involved.

[lopburi3]

The purchase is in wife's name and as such must be the wife's money only and paperwork must be signed in Thailand to confirm that.

Perhaps UK banks are less restrictive but in the case of US banks few, if any, will send SWIFT transfers without a signed general conditions document allowing such activity having been singed in person at a bank location unless there have been recent changes.

The Thai bank may require paperwork to confirm funds are not to be invested into the stock market as believe an old law is still on books requiring a withholding on such transfers. Believe they will ask now rather than automatically do it.

[gotlost]

The purchase is in wife's name and as such must be the wife's money only and paperwork must be signed in Thailand to confirm that.

Perhaps UK banks are less restrictive but in the case of US banks few, if any, will send SWIFT transfers without a signed general conditions document allowing such activity having been singed in person at a bank location unless there have been recent changes.

The Thai bank may require paperwork to confirm funds are not to be invested into the stock market as believe an old law is still on books requiring a withholding on such transfers. Believe they will ask now rather than automatically do it.

Everything that lopburi3 is correct. Just a thought; why are you buying this townhouse in wife's name? Town house or condo can be bought in your name.?

[InterestedObserver]

Everything that lopburi3 is correct. Just a thought; why are you buying this townhouse in wife's name? Town house or condo can be bought in your name.?

A standard townhouse is not the same thing as a condominium, thus cannot be owned in a foreign name.

[guzzi850m2]

Everything that lopburi3 is correct. Just a thought; why are you buying this townhouse in wife's name? Town house or condo can be bought in your name.?

A standard townhouse is not the same thing as a condominium, thus cannot be owned in a foreign name.

Make a lease for 30 years and a will that is case of death, the townhouse will go to you, in that case you are fairly protected for 30 years.

I will do the same when our house will be transfered upon finished paying it off, despite a kid and all. After all its MY hard earned money.

[chiang mai]

The OP asked about the transfer of funds from a UK bank, not a US bank and not about the purchase of property!

[caf]

You need to contact your UK bank and set up a Swift transfer.

With some banks you can do it online.

Some with a phone call.

Some by sending a request by post.

Some you have to go into the branch.

Your bank in Thailand will have a Swift Code.

The UK bank will charge you around £25. The Thai bank around 500 Baht.

HSBC, who pay Thaivisa good money to advertise their premier service on this site, will do the transfer free of charge from UK to Thailand. Arrives Thailand day after sent from UK

[LivinLOS]

Everything that lopburi3 is correct. Just a thought; why are you buying this townhouse in wife's name? Town house or condo can be bought in your name.?

A standard townhouse is not the same thing as a condominium, thus cannot be owned in a foreign name.

Make a lease for 30 years and a will that is case of death, the townhouse will go to you, in that case you are fairly protected for 30 years.

He said his wife.. If he leases from his wife the lease becomes martial assets, in other words she owns half of it..

[caf]

Everything that lopburi3 is correct. Just a thought; why are you buying this townhouse in wife's name? Town house or condo can be bought in your name.?

A standard townhouse is not the same thing as a condominium, thus cannot be owned in a foreign name.

Make a lease for 30 years and a will that is case of death, the townhouse will go to you, in that case you are fairly protected for 30 years.

He said his wife.. If he leases from his wife the lease becomes martial assets, in other words she owns half of it..

Correct

And I like the Freudian slip - -MARTIAL assets !!

Edited August 28, 2010 by caf

[james24]

You need to contact your UK bank and set up a Swift transfer.

With some banks you can do it online.

Some with a phone call.

Some by sending a request by post.

Some you have to go into the branch.

Your bank in Thailand will have a Swift Code.

The UK bank will charge you around £25. The Thai bank around 500 Baht.

HSBC, who pay Thaivisa good money to advertise their premier service on this site, will do the transfer free of charge from UK to Thailand. Arrives Thailand day after sent from UK

Really...????!!!!

How do I open a HSBC account...?

[PattayaParent]

You need to contact your UK bank and set up a Swift transfer.

With some banks you can do it online.

Some with a phone call.

Some by sending a request by post.

Some you have to go into the branch.

Your bank in Thailand will have a Swift Code.

The UK bank will charge you around £25. The Thai bank around 500 Baht.

HSBC, who pay Thaivisa good money to advertise their premier service on this site, will do the transfer free of charge from UK to Thailand. Arrives Thailand day after sent from UK

Really...????!!!!

How do I open a HSBC account...?

You can open an HSBC offshore account online but you need to deposit 60,000 Quids with them if you don't want to incur monthly charges.

http://www.offshore.hsbc.com/1/2/

And you need to open a HSBC account in Bangkok to receive the money.

Only then is it a free transfer.

[chiang mai]

You need to contact your UK bank and set up a Swift transfer.

With some banks you can do it online.

Some with a phone call.

Some by sending a request by post.

Some you have to go into the branch.

Your bank in Thailand will have a Swift Code.

The UK bank will charge you around £25. The Thai bank around 500 Baht.

HSBC, who pay Thaivisa good money to advertise their premier service on this site, will do the transfer free of charge from UK to Thailand. Arrives Thailand day after sent from UK

Really...????!!!!

How do I open a HSBC account...?

You can open an HSBC offshore account online but you need to deposit 60,000 Quids with them if you don't want to incur monthly charges.

http://www.offshore.hsbc.com/1/2/

And you need to open a HSBC account in Bangkok to receive the money.

Only then is it a free transfer.

Albeit the account the OP has to open in Bangkok, and in any additional country(ies), is/are free of all charges - and it's GBP 50k in the UK and Baht 3 mill. in Thailand, goodness only knows what it is in Zimbabwe!

[PattayaParent]

^I think if you have the qualifying amount in 1 country then you don't need to have it in any other.

So 60k in UK OR 3 mill in Thailand, not both.