The Receipt When You Transfer The Money To Buy The Condominium

[falkan]

A friend of mine transfer money from their bank back home to his thai bank from which he wrote on the receipt - buying a condominium -company name-.

He transferred more the he needed, and will ask the bank to print a Foreign Exchange Transaction Form.

Will The Land Department accept this or he would have been clearer in its description when he brought on foreign currency? like unit number address and so?

[InterestedObserver]

If buying in a Thai company name, Foreign Exchange Transaction Form is not required.

[PattayaParent]

^IO my reading of that is the company name is the name of the company (developer) that he is buying the condo from?

OP, no need to be specific about the unit number, building etc. for the Land Office although the bank may want to see the purchase agreement.

[teemuj]

A follow up question to the above. If you preliminarily transfer say 5 million baht, but end up buying a condo for 3.5 million, is there going to be issues about the excess of the transfer with the bank or the authorities?

[Dag]

Your title heading on the main forum page reads...' The Receipt When You Transfer The Money To Buy The Condom..'.........

[PattayaParent]

A follow up question to the above. If you preliminarily transfer say 5 million baht, but end up buying a condo for 3.5 million, is there going to be issues about the excess of the transfer with the bank or the authorities?

No problem.

[kwonitoy]

A follow up question to the above. If you preliminarily transfer say 5 million baht, but end up buying a condo for 3.5 million, is there going to be issues about the excess of the transfer with the bank or the authorities?

You can transfer in any amount you wish, but if I understand your line of thought you'll only get a letter from the bank for the amount you spent on the condo only, if you wish to repatriate the money when/if you sell.

[PattayaParent]

A follow up question to the above. If you preliminarily transfer say 5 million baht, but end up buying a condo for 3.5 million, is there going to be issues about the excess of the transfer with the bank or the authorities?

You can transfer in any amount you wish, but if I understand your line of thought you'll only get a letter from the bank for the amount you spent on the condo only, if you wish to repatriate the money when/if you sell.

The bank will give you a FETF for the full amount you transfer in regardless of how much you spend on the condo.

Edited September 4, 2011 by PattayaParent

[kwonitoy]

A follow up question to the above. If you preliminarily transfer say 5 million baht, but end up buying a condo for 3.5 million, is there going to be issues about the excess of the transfer with the bank or the authorities?

You can transfer in any amount you wish, but if I understand your line of thought you'll only get a letter from the bank for the amount you spent on the condo only, if you wish to repatriate the money when/if you sell.

The bank will give you a FETF for the full amount you transfer in regardless of how much you spend on the condo.

I just checked the FETF for the condo I purchased in Jomtien last year. The bank letter only gives the amount for the purchase of the condo even though there was more money transfered in at the time. All from offshore.

My understanding is that if I sell the condo at a profit this is the amount I can transfer back out of the country.

If you can get a FETF for more than the condo purchase can you then transfer that amount out of the country at a later date?

[PattayaParent]

A follow up question to the above. If you preliminarily transfer say 5 million baht, but end up buying a condo for 3.5 million, is there going to be issues about the excess of the transfer with the bank or the authorities?

You can transfer in any amount you wish, but if I understand your line of thought you'll only get a letter from the bank for the amount you spent on the condo only, if you wish to repatriate the money when/if you sell.

The bank will give you a FETF for the full amount you transfer in regardless of how much you spend on the condo.

I just checked the FETF for the condo I purchased in Jomtien last year. The bank letter only gives the amount for the purchase of the condo even though there was more money transfered in at the time. All from offshore.

My understanding is that if I sell the condo at a profit this is the amount I can transfer back out of the country.

If you can get a FETF for more than the condo purchase can you then transfer that amount out of the country at a later date?

The FETF is to record the amounts of foreign currency transfers over $50,000 equivalent, irrespective of whether they were made to buy a condo or not, so they should be for the full amount transferred.

When I asked, my bank said yes to being able to transfer out the amount of the original FETF when you sell the condo and want to remit the money, although I did not try this.