Buying A Condo Possible With T.c

[alesypalsy]

Hello all, I searched this but alas no result so I post here now, I am looking at buying a condo in the near future, Is it possible to bring over traverllers cheques in £s sterling or do i have to do a bank transfer, I ask as i have a bkk bank account and have not used it for large amounts so do not really trust sending over a lot of money only to arrive and find it never arrived! So is there anyone whom has ever brought using exchanged travellers cheques, or even credit card cash withdrwls from the bank, would this count? Please advise if you know,

Cheers

[lopburi3]

Foreign ownership requires documented source of funds from outside Thailand and believe a special paper may still be involved. Money should be transferred by wire and designated for condo purchase I believe.

You can call Bangkok Bank to confirm receipt.

[TRIPxCORE]

Lopburi is correct. In order for a foreigner to purchase a condo in Thailand, he must wire the money into a Thai bank account and have the bank issue a Tor Tor Sam document that basically states the funds came from overseas with the sole intention of a condo purchase. Sorry chap, those are the rules. I bought myself a condo little over year and a half ago so I had to go through this already.

I am looking to sell it now, anyone interested?????

Edited August 22, 2005 by TRIPxCORE

[pnustedt]

I ask as i have a bkk bank account and have not used it for large amounts so do not really trust sending over a lot of money only to arrive and find it never arrived!

I have transferred large amounts from HSBC to a beneficiary a/c at Bkk Bank in Thailand many times and never had a problem. TT is cheaper and more efficient than travellers cheques/credit cards. Done in a day and you'll probably get a better exch. rate. Bkk Bank also issues a receipt.

[autonomous_unit]

We've had many wire transfers into our Bangkok Bank accounts from the U.S. and never had a problem---personal and business, large and small. The most annoying thing is a 4-5 day delay when the sender choses a bad time around a Thai holiday and/or weekend. The exchange rates have always seemed about right as compared to the rates published by Bank of Thailand. We also had a problem where the sender did not use the precise account name for the beneficiary, and it took almost two weeks to percolate back through the chain until the sending bank was ready to try again with the correct payment information. At least they seemed to handle it safely in the end...

Note that, as with most Thai banking issues, you have to get your receipt from the local branch where your account was opened.

[alesypalsy]

Thank you all very much for your help.

Time to bite the bullet!

[Guest endure]

Lopburi is correct.  In order for a foreigner to purchase a condo in Thailand, he must wire the money into a Thai bank account and have the bank issue a Tor Tor Sam document that basically states the funds came from overseas with the sole intention of a condo purchase. 

<{POST_SNAPBACK}>

Do you have to tell the Thai bank that it's for purchasing a condo before you wire it or can you tell them after it's arrived?

[malcolminthemiddle]

Lopburi is correct.  In order for a foreigner to purchase a condo in Thailand, he must wire the money into a Thai bank account and have the bank issue a Tor Tor Sam document that basically states the funds came from overseas with the sole intention of a condo purchase. 

<{POST_SNAPBACK}>

Do you have to tell the Thai bank that it's for purchasing a condo before you wire it or can you tell them after it's arrived?

<{POST_SNAPBACK}>

You tell the remitting (sending) bank, who usually ask you for the purpose of the transfer at the time you give the instruction ie personel expenses, purchase a property etc etc

[TRIPxCORE]

The above post is correct as well. The banking institution remitting the money for you will have you give a description of the intent for the funds. When going to accept that transfer at the bank of your choice, they will see why the money was sent and you just have to make sure they provide you with a Tor Tor Sam document which you will need to show.

[steveromagnino]

I have a question then...

I am getting a mortgage as a foreigner for a condo with a local bank, and they keep telling me that I will not need a Tor Tor 3, because this is a mortgage and they are fronting up with the money (agreed, only 55%, but still....).

I have asked them and the other 2 banks that were willing to lend to me (goodness knows why!) and they all said the same thing.

When I rock on up to the property registry, I am completely unsure if there is someone going to say, "Nong Krub. Tor Tor sairm nong yoo nai" or not?!

If anyone has done it this way, can you advise, because everything I am being told is the opposite of this board; does having the mortgage make a difference or not?!

Thanks

[thaiflyer1]

When I rock on up to the property registry, I am completely unsure if there is someone going to say, "Nong Krub.  Tor Tor sairm nong yoo nai" or not?! 

My understanding is that the purpose of the Tor Tor Sarm is to enable you to take the money back out of the country should you wish to sell at some point............i dont think the property registry will be interested.

You may need the form for your 45% stake however for the above reason.

Maybe someone else could confirm my thinking.

[steveromagnino]

that is sort of along the lines of what the banks said; but at the same time as doing this I am also sorting out my citizenship which should come through eventually, so I really have no intention of ever selling the place I have bought.

While this forum is really helpful, there seem to be times when people have odd circumstances and there doesn't seem to be a direct answer here; and it is especially since I have found threads that say I cannot get a mortgage here as a foreigner with a local bank, yet the 2 I bothered to pursue to the point of application both said yes and both claimed I did not need the tor tor 3 (which apparently has been eliminated and replaced with some other form) since the bank had a claim on the property and was providing the funding. I cannot find a person who has both a mortgage and has raised the TT3 issue.

So I am honestly mystified; I struggle to believe that the bank would lend me money if the property cannot be put in my name (which is what the intend to have me do on the day of settlement, while they then put a claim on it.)

Who knows?! Anyone? Anyone?> (shades of the teacher in Ferris Bueller)

[lopburi3]

I am also sorting out my citizenship

That means you already have PR status?

[steveromagnino]

er... no.

But by virtue of having Thai blood and relatives (although not having a Thai mother nor being born in Thailand) I have also been told that if I am granted residency, then I can immediately apply for citizenship; after 3 years of work permits or some other such thing. This advised to me by the immigration dept and also some police guy from that big place near Siam where they do this sort of thing. Apparently I have to do it this way, otherwise I may get asked to do military service or some such thing. I've completed some forms and stuff, so I assume it is under processing now, but it apparently does take some time.

All rather mysterious, but suffice to say that by the time they call me in for the meeting about the citizen stuff, then probably I will have already settled, but I won't have reached the point of paying the mortgage off and getting rid of the claim from the bank.

Hence my belief that by the time I finish paying the mortgage off, I'd be very surpirsed if I wasn't a citizen at that point, so I am not so worried then, I am more worried about a week or so from now when I show up at the property registry.

None of my family (on the Thai side) have a clew about this either.... we're all equally inept and confused!

[lopburi3]

I would guess you have a Thai father so you are entitled to apply for Thai citizenship; but this is not the case for most people asking questions here and probably why you are finding conditions much different than most others. Am sure you will be a citizen long before bank needs to sign over the land.

[sadako]

Hi all ,

Just a pointer , I am in the process of purchasing a condo in BKK this very minute . The Thor Tor 3 ( Sam ) I believe is no longer in use . BKK bank told me this as well as the property company I am dealing with . A similar document is now required , and all the same criteria must be met to achieve it . ( Transfer of funds letter stating reason for transfer as property purchase by sending bank accompanying swift transfer etc ) .

Not worth writing here , but what the .......??