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[stix9]

I am buying a 5 million baht condo in two weeks and need to get the funds into Thailand.

I have a Bangkok Bank account in Bangkok but it is not a foreign currency account,only a savings account in local currency.

I have a Thai lawyer acting on the purchase transaction. I am unsure how safe it would be to transfer purchase monies into the Thai lawyers trust account !!

I am thinking of opening an account with HSBC here in Australia and transfering the funds in A$ to a hsbc account in Thailand (if i can set up that HSBC account in Thailand without being there).

I am planning on arriving in Thailand before the settlement date of the transaction.

Any suggestions on the safest way and best method to get $ Australian over to Thailand by the settlement date would be most appreciated. Thanks. ?

[phetphet]

Perhaps others here can correct me if I am wrong, but I was under the impression, that in order to get a "foreign exchange certificate", it is necessary to send the money to yourself. i.e. To a Thai bank account in your name.

Edited January 15, 2012 by phetphet

[necronx99]

What's wrong with just sending the $ to your baht account? I take it you will be paying baht for the condo?

Send it as $ and you will get a fairly good rate from the thai bank when they convert it for deposit.

Due to the amount you may event be able to get the rate negotiated up, speak with your bank manager before doing the xfr..

[jybkk]

Perhaps others here can correct me if I am wrong, but I was under the impression, that in order to get a "foreign exchange certificate", it is necessary to send the money to yourself. i.e. To a Thai bank account in your name.

This is what I had to do. As far as I know, this certificate is needed for the purchase, and, even more, in case you'd decide one day to repatriate your money.

I too have and HSBC account oversea an was thinking about simply opening one here and transferring within the same bank, but HSBC Thailand seems to operate pretty differently as the branches I've used in Europe.

Opening the account would have required me to leave a pretty huge unused balance (I don't remember how much, but it was, in my opinion, very big) or I'd have to pay something like 500THB monthly fee, just for keeping a savings account.

And the money transfer process didn't look simpler, as HSBC Thailand is apparently a very separated entity (probably because of Thai banking laws).

In the end, I did the transfer from HSBC to Bangkok Bank. Bangkok Bank acted very professionally, they were clearly used to that and knew yhat I'll ask them for the foreign exchange certificate. They even called me the day the money arrived on the account. The currency exchange fees were not that bad either.

In short: Transfer to your THB Bangkok Bank account, ask for a Foreign Exchange Certificate, no need to involve a lawyer or a foreign bank on Thai soil.

[Darrel]

We dont know that the OP is actually buying in his own name, and not some barely legal company structure, but assuming that he is he must have the receiving bank do the foreign exchange conversion in order to get the FEC. Sending Baht just isnt an option. So as he is going to be here for the transaction anyway he should just transfer to his own account here.

Personally it would be snowing on Jomtien beach before I transfer any money to anyone in Thailand, unless I actually owed it to them and had already received whatever it was I was paying for. There are far too many crooks here, of all nationalities, and most of them are involved with real estate.

[Langsuan Man]

It has been reported here that in order to use the HSBC option here in Thailand you must have an HSBC Premier account, which requires at least a minimum of $100,000 minimum balance

This amount may be different in AUD

[stix9]

For HSBC premier Account opened in Australia HSBC said it wants $A200,000.00 balance maintained in that account at all times.......steep..

Unfortunately I only have a savings account with Bangkok Bank and not a foreign currency deposit account and being outside Thai at the moment I cannot upgrade to FCD account and having additional problem of getting internet banking set up with Bangkok Bank.

Can i check my current balance in Bangkok Bank savings account on line without internet banking set up ..???...assume not

[Hooters]

We dont know that the OP is actually buying in his own name, and not some barely legal company structure, but assuming that he is he must have the receiving bank do the foreign exchange conversion in order to get the FEC. Sending Baht just isnt an option. So as he is going to be here for the transaction anyway he should just transfer to his own account here.

Personally it would be snowing on Jomtien beach before I transfer any money to anyone in Thailand, unless I actually owed it to them and had already received whatever it was I was paying for. There are far too many crooks here, of all nationalities, and most of them are involved with real estate.

Agreed

If the condo is in your name then you must state on the transfer advice to the bkk bank "that it is for the purchase of a new condo"

i bought 2 condos without a lawyer, why do you need a lawyer to buy off the plan ?

[letitbe]

simple answer no under no circumstances

[Nisa]

simple answer no under no circumstances

And a more detailed answer ... drop your lawyer.

[Pib]

simple answer no under no circumstances

And a more detailed answer ... drop your lawyer.

Or keep the lawyer to assist with the buy paperwork/give a warm fuzzy; just don't transfer the money to his account....only transfer the money to your account...you need to keep total control of your money.

[samsiam]

Send to my account....I'll help out.

[not5150]

Drop the lawyer completely.. if he's trying to scam you, it's detrimental to keep him for the paperwork portion.

If you can't trust him with your money, how can you trust him to do the papers?

[imovercs]

As others advise, just do electronic transfer from your Australian bank to Bangkok bank. The funds come in as Au$ and are credited as Thai Baht. You must have your sender note in the comment section of the transfer that funds are to purchase a condo in Thailand. A quick call to Bkk Bank will get you the code you need to identify the bank for transfer, ity will go to headquarters and then transfer to your branch. They will also tell you when each step has taken place and you funds are available. Let them know a day ahead of your withdrawing the funds and request the foreign transfer form be prepared for you and you can get funds and letter together. I ALSO RECOMMEND YOU HAVE THEM PREPARE A BANK CHECK ( CASHIER'S CHECK) for you or else you will need several large envelopes , a goodsized bag and a bodyguard. Best of luck with the condo.

[thaimate]

Send to my account....I'll help out.

Be very wary of thai visa members like this gentelman ,you would be much better advised sending it to my account ,i am a decent and an upright citizen ,honest guv.

[samsiam]

The ones to be wary of are the ones that bring up the 'to be wary' tag...they are trying to make you believe they are looking out for your interests by building confidence.

Up to you, but I am available to help....your choice of course.

[thaimate]

The ones to be wary of are the ones that bring up the 'to be wary' tag...they are trying to make you believe they are looking out for your interests by building confidence.

Up to you, but I am available to help....your choice of course.

Choose me ,just pop it into my bank account and you will be amazed how quickly i can sort your money problems out

Daley enterprises have been helping ex pats for years

yours Arthur.

[samsiam]

I give 12 months guarantees.

[lonewolf99]

HSBC the worlds global bank....NOT.

Due to exactly what was stated before. Local banking laws and regulations.

other banks never make such misleading claims.

I have worked globally, in the oil and gas industry and never hear anything good about ex-pats who have mistakenly believed the HSBC claim and end up with money trapped in foreign accounts. They can do no better than any other international bank.

[beachyman]

No reason to send it to anyone else but yourself. I used Bangkok Bank with my condo purchase a few weeks ago.

Process was like this. I sent the funds making sure to put in the note “FOR PURCHASE OF CONDOMINIUM UNIT XXX in XXX DEVELOPMENT in XXX LOCATION.” Once it arrived BB called me and asked if I wanted to convert now or wait, SEK-THB was OK that week so I went with it. Then I asked the branch office to organize a FTEF which they have to do at a major branch in Silom. Came back the next day and they gave me one, a faxed copy with the managers stamp and signature. You could go to the Silom branch in the BB branch is not big enough or if language is an issue. You use the form at the land department the day you meet the developer to transfer the chanote.

Alternatively you can send the money to the developer and still get it but I think this is a lot cleaner and you will have a paper trail if you want to take the money back one day in the future.

[stix9]

ok thanks for the many and "varied" replies.

I engaged a lawyer to ensure title was transferred free of encumbrances as the condo is completed and the sale is by the developer, whose financial position is anyones guess.

I dont want a third party mortgage on my investment and I had no idea how to search the title to ensure any prior encumbrance was released.

[beachyman]

ok thanks for the many and "varied" replies.

I engaged a lawyer to ensure title was transferred free of encumbrances as the condo is completed and the sale is by the developer, whose financial position is anyones guess.

I dont want a third party mortgage on my investment and I had no idea how to search the title to ensure any prior encumbrance was released.

Apologies, I did not mean do not use a lawyer. I used a lawyer. I just do not think you should send him the money because it is not necessary and may make it harder to get the foreign transfer certificate. But beyond the due diligence on the company, legal drafting and review and visit to the land office I would not use him any more.