Tor Tor 3 - New Procedures

[CRUNCHER]

Went to Bangkok Bank today to get a Foreign Exchange Transfer Form (Tor Tor 3). I was told that the minimum amount to get a Tor Tor 3 has been raised from US$ 20,000 to US$ 50,000.

For lesser amounts you can get a letter from the bank which will be accepted by the Lands Office, but it has to be specific to a particular condo and you have to take the contract to the bank.

I asked if it was necessary to produce a contract for over US$ 50,000, but they did not know because it was a new procedure.

Even bank staff were not aware of all the new procedures.

[eljeque]

Any idea why they would ask for an amount denominated in US dollars?

I am also about to sell two condos, and would like to communicate as much information as possible to the buyers, as they are both coming in from overseas.

The prices of the condos I am selling are both below the $50,000 amount, so I am at a loss as to how they would get their TT3s.

[CRUNCHER]

Any idea why they would ask for an amount denominated in US dollars?

I am also about to sell two condos, and would like to communicate as much information as possible to the buyers, as they are both coming in from overseas.

The prices of the condos I am selling are both below the $50,000 amount, so I am at a loss as to how they would get their TT3s.

If the amount is less than US$50,000, or equivalent foreign currency, you need to get a letter from the bank to say the money is for purchasing a condo. It is only valid for the specific condo and has a limited time validity (you will need to check with Lands Office as to how long). If you can suppply a copy of the chanote to the bank it will make issuing the letter more straight forward as the need the name in Thai and some proof that the money is for the specific condo.

I advise an early check with the relevant bank, because as you know in Thailand procedures can change from bank to bank and even branch to branch.

[pkrv]

I belive the letters are called

Bai Rap Rong

I have four of these which arose because I paid by installments on an off the plan condominium.

Make sure the SWIFT transfer states for purchase of xxx unit in yyy condominium. (Actually it appears you conly have to state the condominium but I choose to dot the i's and cross the t's)

Interesting I am going for an investment visa using a FET/FETF and 4 Bai Rap Rong(s) the FET/FETF was based on 20k... Interesting development

Edited October 25, 2010 by pkrv

[fvw53]

My Thai wife is assisting a foreign friend to buy an appartment in a condo and is facing now exactly the problem described above.

If the condo has a value of 20.000 USD and less you need the more precise paperwork (indicating exactly which condo etc..)

Also here in Pathum Thani the bank had no clue about the new regulation : thanks to Thaivisa.com the situation is now clear!

[pkrv]

I am now seeing this new Foreign Exchange Transfer Form from the BOT

Link here now 50K USD

www.bot.or.th/Thai/ForeignExchangeRegulations/Report%20Form/Report/FX_TranForm.doc

FET FETF.docx

[Maestro]

I did some research on the purpose of the FETF after first reading about the increase of the minimum amount of USD 20k equivalent to 50k, in a post made by pkrv. The web page on the site of the Bank of Thailand (BOT) that earlier led to to the FETF (Foreign Exchange Transaction Form, previously known and by bank employees still often referred to as TT.3) with a minimum USD 20k equivalent now brings the new form with a minimum of 50k to your screen.

Basically, the FETF is a requirement by the BOT for the banks to report to the BOT every foreign exchange transaction of the specified minimum USD equivalent to the BOT. In an ideal world, this reporting would be done automatically by the computers of the banks to the computer of the BOT, but this being Thailand the banks apparently have to fill out manually the FETF for every transaction falling under this requirement.

Only upon request, the beneficiary in Thailand may obtain a copy of the FETF from his bank for a remittance meeting the requirement for a FETF. Some bank branches may not know this and you may have to insist; I am talking from personal experience with a branch of the Bank of Ayudhya in Thonburi.

For an inward remittance of an amount below the FETF requirement, you may, again only upon request, get from your bank a printout of the copy of the "credit advice", or whatever your bank chooses to call it. Strangely enough, this credit advice, in my experience with the Bank of Ayudhya and the Siam Commercial Bank, does not include the message to the beneficiary that the sender of the money put on his payment order to his bank. Go figure!

[Maestro]

I should like to add that this reporting requirement to the BOT is not limited to incoming remittance for the purchase of a condo. It applies to all all foreign exchange transactions for any reason, which mostly is the importation and exportation of goods.

[pkrv]

I should like to add that this reporting requirement to the BOT is not limited to incoming remittance for the purchase of a condo. It applies to all all foreign exchange transactions for any reason, which mostly is the importation and exportation of goods.

Thanks Maestro for your thoughs and comments and I agree - This of course still converts to/for transfers of 1.5m THB (or above... ish). This remains a core document for us condominium owners.

[Soboringtochooseaname]

Hello,

when transfering money from abroad to buy a condo, do you need to ask for the TOR TOR 3 form as soon as the money has been transfered even when you haven't decided yet which condo to buy ?

Or can you ask the TORTOR 3 form anytime late when you have found wichi condo to buy ?

Is this form free ?

Thank you.

[chiangmaibruce]

can you ask the TORTOR 3 form anytime late when you have found wichi condo to buy ?

Some banks require you to request the form at the time of transfer, others permit a period of grace ... so you need to check with the specific bank + branch in question

[CRUNCHER]

Hello,

when transfering money from abroad to buy a condo, do you need to ask for the TOR TOR 3 form as soon as the money has been transfered even when you haven't decided yet which condo to buy ?

Or can you ask the TORTOR 3 form anytime late when you have found wichi condo to buy ?

Is this form free ?

Thank you.

Tor Tor 3 is not tied to a particular condo. It is a good idea to get it as soon as possible because the longer you leave it the longer it takes to generate the form. In the case of Bangkok Bank it is generated in Bangkok and faxed to the local branch. If there is an absolute deadline I am not sure. Best check with your bank. Last time I got one I paid an admin charge of 100 baht if I remember correctly.

[udonguy]

could I get this letter without transfer from outside of Thailand do you think? I am buying a small room for storage at only 250k and have the funds but no TT3 as they wont issue me another one saying I have 'used' up the money (how do they know that? they don't but they are refusing to budge - Bank of Ayutuya). I have the available funds in BBL but the money was transferred through BofA_

[PattayaParent]

could I get this letter without transfer from outside of Thailand do you think? I am buying a small room for storage at only 250k and have the funds but no TT3 as they wont issue me another one saying I have 'used' up the money (how do they know that? they don't but they are refusing to budge - Bank of Ayutuya). I have the available funds in BBL but the money was transferred through BofA_

How can they say you have used the money when it is sitting in your bank account?

Did you have a TT3 or bai rap rong when you first imported the money? What have you done with that?

[udonguy]

could I get this letter without transfer from outside of Thailand do you think? I am buying a small room for storage at only 250k and have the funds but no TT3 as they wont issue me another one saying I have 'used' up the money (how do they know that? they don't but they are refusing to budge - Bank of Ayutuya). I have the available funds in BBL but the money was transferred through BofA_

How can they say you have used the money when it is sitting in your bank account?

Did you have a TT3 or bai rap rong when you first imported the money? What have you done with that?

Hi - yes I had a TT3 but land office require a letter in addition - I moved banks as BofA were so BAD and so the money is not there anymore