Buying A Shophouse

[Orangutan]

Hello,

I just had my offer excepted on a three-story shop house for 2.8 million baht, about $84,000 dollars. I will be paying cash to the seller, closing will occur in thirty days. I would like to make a one time ACH transfer to Bangkok Bank in New York of $65,000 dollars, the balance I already have in Thailand and through ATM withdrawals. I have made several ACH transfers under $10,000 dollars over the last six years from my U.S. bank to Bangkok Bank in New York; there has never been a problem.

My questions is should I expect anything different with transferring $65,000 dollars except the normal increase in Bangkok Bank Transfer fees? The last time I looked it was USD ---- 2,000.01 - 50,000.00 ---- FEE US$ 10.00

Additionally I understand that I will have to submit the FBAR form to the U.S. Treasury Dept. for having a foreign account with more than $10,00.00. I am not concerned as these proceeds are my personal savings, and I have always filed tax returns.

Also for the obvious I will be registering the shophouse in my wife’s, and my son’s name.

I have read and re-read the many posts over the years regarding ownership, and at this point I have so many references that the whole thing confuses me

I would appreciate any advice, or comments regarding my planned $65,000 dollars ACH transfer to Bangkok Bank. I apologize in advance for yet another question regarding ownership procedures as I know they have been discussed here many times. I guess, as with other people like me we need a simple list of what we need to do. If that already exists on TV, I would happy to have the link.

Thanking you in advance,

Go Kindly,

-O

[InterestedObserver]

No problem at Bangkok Bank with a 65,000 USD ACH transfer, I have transfered 80,000 USD at one time. Make sure it is transferred as USD, not Thai Baht. If there is a problem it will be at the US end, who knows what the IRS is up to these days. FBAR form definitely, before June 15th next year I believe for this transaction. Chanote in the wife's name, or the son's name - choose one. Of course you've done your due diligence on the property title, or gotten a lawyer involved.