Transfering Mony To Buy A Condo

[tacchan23]

I'm planning to buy a Condo in BKK next year.

I would like to have more information on the FETF. Mostly I'd like to know how long, after I send the money to Thailand, I can actually go to the bank in BKK to get the FETF.

I'm asking this because I'm planning to transfer the money this year in the following months, but I'm going to Thailand to make the purchase not before March of next year.

Is it possible to do something like this? Or after transferring the money I need to quickly go to Thailand within few days to get the FETF?

Also, I'd like to transfer the money before actually knowing for sure which condo I'm going to buy. (the plan is buying second hand condo, find some interesting deals trough same agents on internet at first and then go to BKK for about 1 month to actually check as many condos as I can and buy something I like/can afford). Is this ok too? Or need to specify exactly which Condo I'm going to buy while making the bank transfer?

Finally, what happens in the case I decide not to buy anything? Can I keep the money in the Thai bank account and still have a valid FETF to use in the future? (if I can't find anything to buy this time, I will try again in 6-12 months)

Thanks in adavance!

[PattayaParent]

The FETF can be issued any time you ask for it.

You should state the reason for the transfer is to buy a condo.

My bank (Kasikorn) wanted to see the purchase / sales agreement before they would credit the money to my account.

Can you check onine that the money has been credited to your account?

The value for the FETF has increased to US$50,000 equivalent so if you are transferring less than this amount you need to ask the bank for a 'bai rap rong' which details the transfer.

Always sent the money in your home currency NOT in Baht, your Thai bank will convert it.

[JeffreyMcCollum]

It really is not a big issue. Having bought many condos and now developing and selling condos, I have never had trouble.

Keep a record from your bank, as well as with who you transfer it in with. You can do directly to the company you are buying from or your own account here in Thailand, I have used some amounts years after it was transfered in. I find mostly depends on your relationship with the bank more than anything.

Remember this law was made to help you, so Girlfriends or others can't make claims to your Condo later.

[chiangmaibruce]

The FETF can be issued any time you ask for it.

I would be cautious about this as I have had other reports of banks insisting that the FETF can only be requested at the time of transfer... so I would check this point with the specific branch of the bank you are to deal with. Otherwise PP's advice is spot-on

[stgrhe]

The FETF can be issued any time you ask for it.

I would be cautious about this as I have had other reports of banks insisting that the FETF can only be requested at the time of transfer... so I would check this point with the specific branch of the bank you are to deal with. Otherwise PP's advice is spot-on

Agree, my Bangkok Bank branch has informed me there is a time limit of 3 months.

[stgrhe]

The FETF can be issued any time you ask for it.

I would be cautious about this as I have had other reports of banks insisting that the FETF can only be requested at the time of transfer... so I would check this point with the specific branch of the bank you are to deal with. Otherwise PP's advice is spot-on

Agree, my Bangkok Bank branch has informed me there is a time limit of 3 months.

[PattayaParent]

The FETF can be issued any time you ask for it.

I would be cautious about this as I have had other reports of banks insisting that the FETF can only be requested at the time of transfer... so I would check this point with the specific branch of the bank you are to deal with. Otherwise PP's advice is spot-on

Agree, my Bangkok Bank branch has informed me there is a time limit of 3 months.

I stand corrected, it was 13 years ago that I transferred money to the then Thai Farmers Bank and am pretty sure that I got the TT3 a long time later as I was on 4 month leave cycles then.

[pkrv]

OK I can add someting to this.

The FETF is registered with Thailands Land office - you just get a copy. Providing the transfer of funds are in order - i.e. you state pedantically the are for the purchase of a condominium you SHOULD be able to request the FETF at any time - for me it was maybe four years later - BUT the paperwork had been done just not issued to me. Your bank is responsible for registering the FETF with the BOT (Bank of Thailand) that is probably the three months