Overseas Bank Transfer For Purchasing Condo

[toenail]

I have experience transferring my baht I earn in Thailand to my overseas account (baht to dollars) but I now need to tranfer a lump sum from my USA account to Thailand. I am in the process of purchasing a condo (foreign name). So, is one able to transfer a sum such as 60,000 US dollars from their overseas account to their Thai bank account or are there certain regulations from the "home bank"? I have received various opinions. It sounds like one can't just wire large sums of money from their overseas account to their Thai bank without some red tape.

[Swiss1960]

Yes, there are definitely regulations on your home bank for transfering high amounts out of country. Think about money laundering, financing terror etc. There are definitely monthly and transactional limits that - if exceeded - need special forms to be filled out showing beneficiaries and reasons for transfer. Otherwise your home bank is not allowed to make the transfer. The kind of documents / restrictions (i.e. countries you are allowed to send money to) are specific for each sending country. So you definitely need to talk with your home bank first.

Then your Thai bank must be informed about the transfer and asked to provide you with a tor tor sam, which is the form you need to prove that the money was send from abroad for the purpose of buying property and then that money can be used to purchase whatever condo / house you want to buy.

[givenall]

Opense ACH transfer y

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[givenall]

As l was saying open BBL account and make ACH transfer to your

BBL account via Bangkok bank NY.

Very East and fast foro Abu amout

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[ballbreaker]

OP it is a pain doing transfers from a US bank. My account is with BofA and I cannot do transfers because I did not fill out necessary paper work before leaving the US that would allow me to phone in request or internet access my account and do transfer.

Rather than return to US I use my stock brokerage account. A simple fax and followup phone call for a few security questions and its done. I can send any amount no problem.

When you do get it sorted make sure purpose of transfer says condo purchase.

[Langsuan Man]

As l was saying open BBL account and make ACH transfer to your

BBL account via Bangkok bank NY.

Very East and fast foro Abu amout

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Try and get a Foreign Currency Exchange Certificate using that method and they will laugh you out of the bank

You must use an International Wire in foreign currency to a bank account here in Thailand (or the bank of the entity you are buying the condo from). You MUST indicate on the wire transfer request that it is for the purchase of a condo or the Thai Bank will not issue the certificate and you will have a difficult time transferring the money back to your home country if you sell the condo

Since the OP is from the United States then it is a relative simple matter of filing a FBAR form before July of the next tax year in which the money was transferred, which along with the wire transfer form is all the "red tape" he will have to deal with

See this since TV suddenly will not allow me to upload the PDF FBAR form

http://www.irs.gov/businesses/small/article/0,,id=148849,00.html

[toenail]

Some of my farang friends have had their banks email a "wire transfer request" form from their banks then get their signature notorized from a NP/or their embassy then UPS/FedEX it to their bank. Then in is wired to their account. My bank, Wells Fargo, can only come up with the solution of ME flying to the States to withdraw the money or fill out the form there.

[Langsuan Man]

Some of my farang friends have had their banks email a "wire transfer request" form from their banks then get their signature notorized from a NP/or their embassy then UPS/FedEX it to their bank. Then in is wired to their account. My bank, Wells Fargo, can only come up with the solution of ME flying to the States to withdraw the money or fill out the form there.

Get a new US bank