Transfer Money From Us To Which Bank In Pattaya To Buy Condo?

[Jimmyd]

I'm buying a condo and have been searching for information on how to transfer the funds from The United States to Thailand for the purchase. I've been reading for two hours now, and I'm just getting more and more confused. As far as I can tell the funds need to be transferred in dollars to Thailand, then converted to baht for the purchase and the rate you get depends on which bank you use to do the transfer.

So, this question is specific to Pattaya: How can I get the best rate here? Should I open an account at Bangkok Bank (one thread I read said they give the best transfer rates)?

If anyone has been through this, I would appreciate a blow-by-blow description of how it is done, from choosing the banks involved here in Pattaya and in the US, to initiating the transfer in the America, to what to do on this side to make sure the money can be used for the purchase of a condo, to the conversion here in Thailand.

I know it's a lot to ask, but if someone would help me out it would be highly appreciated.

Thanks in advance,

jimmyd

Edited March 11, 2011 by Jimmyd

[AzarovDmitriy]

I think, you should buy cheques American Express. And when you arrive in Thailand, you will decide which a bank is good for you. Maybe you change your mind of buying condo.

[Spaniel]

I think you are making a rather simple transaction into something confusing. When I bought my condo in 2002 I had the money wired from my Fidelity account in the US directly to my Bangkok Bank account in Bangkok and they changed it from dollars to bhat. The bank will issue you a form 3 which will show that you brought the money in to Thailand from abroad and it is for the purchase of a condo. As far as which bank gives the best transfer rate, I dont know. The rate changes all the time so if you identify the bank today that is giving a better rate they may not be giving the best rate when you make the transfer.

[dananderson]

I think you are making a rather simple transaction into something confusing. When I bought my condo in 2002 I had the money wired from my Fidelity account in the US directly to my Bangkok Bank account in Bangkok and they changed it from dollars to bhat. The bank will issue you a form 3 which will show that you brought the money in to Thailand from abroad and it is for the purchase of a condo. As far as which bank gives the best transfer rate, I dont know. The rate changes all the time so if you identify the bank today that is giving a better rate they may not be giving the best rate when you make the transfer.

Totally agree. I would add that better rates are given for larger transactions.

[Jebhead]

There is very little difference in exchange rates at the various banks here.

I also agree, this is a straight forward transaction, all you need is a bank a/c number here and a swift code and off you go - simple. Your USD will be exchanged into THB at whatever the rate is for that day.....

JH

[Jimmyd]

Thanks to all three posters who have responded so far. If anyone else has further information, I would appreciate it.

[jay1980]

I think, you should buy cheques American Express. And when you arrive in Thailand, you will decide which a bank is good for you. Maybe you change your mind of buying condo.

really bad advise, you need to transfer the money from your USA bank (or on my case UK bank) in your own currency and change the money into Baht, you will need a letter from the Thai Bank saying you did this or you will not be able to put the condo into your own name.

I have bought a condo, and I used HSBC Thailand (in BKK). They gave me an English speaking personal manager to handle all dealings with the developer and give me the required paperwork. I have an HSBC premier account in UK which helped.

The only disadvantage was they only have one branch in BKK.

cheers

[jay1980]

There is very little difference in exchange rates at the various banks here.

I also agree, this is a straight forward transaction, all you need is a bank a/c number here and a swift code and off you go - simple. Your USD will be exchanged into THB at whatever the rate is for that day.....

JH

I opened a Sterling account as well as a Baht account in HSBC Thailand so I could ask my personal manager to transfer from sterling to baht when I thought the exchange rate was best.

cheers

[Darrel]

When I opened my account with Kbank in Central Festival (which took barely 15 minutes) they gave me all the details for SWIFT transfers. They know all about transfers for condo purchases.

And yes, for telegraphic transfers there is hardly any difference between the rates the various banks offer.

[Jebhead]

Foreign deposit a/c either in USD / GBP or Euro have some charges when you make cash withdrawals, 1% i think it was. It all adds up if you're taking out large sums for property purchase or accessories that go with it. Some of them also want you to maintain a minimum balance and have horrendous charges if it goes below this.

JH

[Jimmyd]

Thanks guys. I'm still a little unclear on how I initiate the transfer from America. Do I just call up my bank over there?

[JoePai]

I think, you should buy cheques American Express. And when you arrive in Thailand, you will decide which a bank is good for you. Maybe you change your mind of buying condo.

really bad advise, you need to transfer the money from your USA bank (or on my case UK bank) in your own currency and change the money into Baht, you will need a letter from the Thai Bank saying you did this or you will not be able to put the condo into your own name.

I have bought a condo, and I used HSBC Thailand (in BKK). They gave me an English speaking personal manager to handle all dealings with the developer and give me the required paperwork. I have an HSBC premier account in UK which helped.

The only disadvantage was they only have one branch in BKK.

cheers

Not very useful as the as the Poster does not have an HSBC Premier account !

[chachachacha]

Thanks guys. I'm still a little unclear on how I initiate the transfer from America. Do I just call up my bank over there?

Very simple mate. just transfer USD to your Thai account (swift) When it lands in Thailand the Thai bank will auto exchange into Baht. You will be charged 500bt for this.

You must also tell your US bank to imform Thai Bank that the money is for the purchase of real estate (Thai Bank money laundering rules)

That is basically it.

[puuchai299]

Not sure about your bank in the U.S, but in the UK you normally would need to be set up for telephone/internet banking before you can make a swift transfer without actually being in the country at the time,maybe best to call your bank and find out what the requirements are.

Also i think you have to tell them the reason for money transfer is for the purchase of Real Estate/property when you order the transfer.

[Phil Conners]

Thanks guys. I'm still a little unclear on how I initiate the transfer from America. Do I just call up my bank over there?

I think it depends on your bank. My US bank requires me to fax a transfer order to them. It's not formalized like the SWIFT system, but very fast, usually the transfer is done and the money in my Thai bank the next day. I use SCB.

[gk10002000]

Thanks guys. I'm still a little unclear on how I initiate the transfer from America. Do I just call up my bank over there?

I think it depends on your bank. My US bank requires me to fax a transfer order to them. It's not formalized like the SWIFT system, but very fast, usually the transfer is done and the money in my Thai bank the next day. I use SCB.

My primary bank is Etrade. They don't even know what SWIFT is. but that is Ok. They can wire funds to any place. Here is there response to my similar question I just asked them last week:

*****************************************************

I apologize but I am not familiar with Swift bank transfers. You may send funds from your E*TRADE account to your bank account in Thailand via wire transfer. There will be a $25.00 fee for the request. In order to process a wire transfer, you would need to send us a letter of instruction (LOI) containing the wire instructions and a copy of your Passport ID. At your earliest convenience, please either fax these documents to 1-678-624-6950 or mail them to any of the following addresses:

Regular Mail:

E*TRADE Bank

c/o E*TRADE Financial Corporation

PO Box 484

Jersey City, NJ 07303-0484

Overnight Mail:

E*TRADE Bank

c/o E*TRADE Financial Corporation

Harborside Financial Center

501 Plaza 2

34 Exchange Place

Jersey City, NJ 07311

Once we receive the signed LOI and a copy of your Passport ID, please allow 2-7 business days for the international wire request to be completed due to intermediary banks and possible funds exchange involved.

[jay1980]

I think, you should buy cheques American Express. And when you arrive in Thailand, you will decide which a bank is good for you. Maybe you change your mind of buying condo.

really bad advise, you need to transfer the money from your USA bank (or on my case UK bank) in your own currency and change the money into Baht, you will need a letter from the Thai Bank saying you did this or you will not be able to put the condo into your own name.

I have bought a condo, and I used HSBC Thailand (in BKK). They gave me an English speaking personal manager to handle all dealings with the developer and give me the required paperwork. I have an HSBC premier account in UK which helped.

The only disadvantage was they only have one branch in BKK.

cheers

Not very useful as the as the Poster does not have an HSBC Premier account !

you need to transfer the money from your USA bank (or on my case UK bank) in your own currency and change the money into Baht, you will need a letter from the Thai Bank saying you did this or you will not be able to put the condo into your own name.

Useful advise I think regardless of what bank you use.

[Langsuan Man]

My primary bank is Etrade. They don't even know what SWIFT is. but that is Ok. They can wire funds to any place. Here is there response to my similar question I just asked them last week:

My main complaint with E*trade is that their account representative don't have a clue

Here are the two forms that you will need to transfer funds out of E*trade Bank and they are self explanatory and surely indicate that E*trade knows what SWIFT is

You must include a photo ID (DL, Passport Cover page) on the Faxcover sheet and the name on the account at E*trade must match the foreign account you want the money wired to

If the wire request hits E*trade before noon it will go out that day, if after noon, it will be held till the next day

Have wired funds from E*trade Bank numerous times to my SCB and Kasikorn Accounts here in Thailand

etrade_faxcover blank.pdf

ETB_international_wire_2.pdf

[redwood13]

Thanks guys. I'm still a little unclear on how I initiate the transfer from America. Do I just call up my bank over there?

Try looking at your bank's website re international wire transfers. You may then have to call/email them for further clarification of their policies.

Wells Fargo for example states that you must:

"visit a Wells Fargo location. We cannot accept wire instructions through email or fax because your signature is required and must be witnessed by a representative of the bank."

You can request repetitive transfers in which case only your initial signature is required to allow for transfers over a period of several years.

Other banks, credit unions, etc. will have varying policies.

Do a search in the banking forum for FETF (Foreign Exchange Transaction Form which is the new name for the Tor Tor 3) for more on all this.

-redwood

[Darrel]

My primary bank is Etrade. They don't even know what SWIFT is. but that is Ok.

It's really rather funny. The banks in the world's biggest economy have no idea at all about international banking.

SWIFT is the system they all use, even if they dont know the name. (Europe is, of course, years ahead with IBAN.)

In Europe I receive payments from US clients and they always have so much more trouble initiating them than any other client anywhere in the world, including third-world countries.

In fact for US clients we usually resort to PayPal as it is the only thing that they can manage.

[Barack]

This thread should probably by moved to the Real Estate and Housing forum since this topic has been discussed there many times. I encourage the OP to check there.

Opening a Thai bank account here for the purpose of buying a condo should not be difficult. The problem might be on the other end (USA) if he is not physically present to do the wire transfers. Some banks will except a request by FAX and others will not. For example, when I purchased my condo and was wiring money, Bank of America would accept my FAX requests but JP Chase would not (physical presence needed).