binjalin Posted May 30, 2012 Share Posted May 30, 2012 you're missing the point with your 'so?' funds have to be transferred in a foreign currency and so a foreign exchange account with BB would have to be set up first otherwise they will convert to BAHT and this maybe a problem in getting the letter issued for the Land Office No, you remit foriegn currency from outside of Thailand to your Thai Baht account with Bangkok Bank inside Thailand, the latter makes the conversion from whichever foriegn curency you send send, into Thai Baht and records that the conversion has been done using foriegn currency sent from abroad, you are then elligible for the resultant exchange certificate - this is all fairly standard operating procedure for all incomming foriegn currency. You do not need a foriegn currency account in Thailand unless you intend to hold foriegn currency for an indefinite period for say investment purposes and this would be very much the exception. ok fair enough... I have not known any friends do it this way but I'll be trying very soon... all of us have FEx accounts and convert it later when we wish to (mostly to get the best TT rate). I have such an account at bank of Ayuttaya but only a Thai Baht account at BB. Link to comment Share on other sites More sharing options...
chiang mai Posted May 30, 2012 Share Posted May 30, 2012 As I mentioned earlier it's standard procedure for most farangs/Thai banks to convert currency into THB upon reciept in Thailand, holding an FX account here is very much the excpetion and serves little purpose since the ex rate can be managed by manipulating the transfer time just as easily. Also, holding an FX account implies the holder has a non-resident account which means their THB account is not covered by the deposit protection rules! Link to comment Share on other sites More sharing options...
WBS2555 Posted June 5, 2012 Share Posted June 5, 2012 you're missing the point with your 'so?' funds have to be transferred in a foreign currency and so a foreign exchange account with BB would have to be set up first otherwise they will convert to BAHT and this maybe a problem in getting the letter issued for the Land Office You can get a "Guide for foreigners buying a condominium in Thailand" from Bangkok Bank and how to get a confirmation letter for the Land Office by visiting http://www.bangkokbank.com/Bangkok%20Bank%20Thai/Documents/Site%20Documents/GPSD/BuyingCondo_Booklet.pdf Link to comment Share on other sites More sharing options...
udonguy Posted June 5, 2012 Share Posted June 5, 2012 you're missing the point with your 'so?' funds have to be transferred in a foreign currency and so a foreign exchange account with BB would have to be set up first otherwise they will convert to BAHT and this maybe a problem in getting the letter issued for the Land Office You can get a "Guide for foreigners buying a condominium in Thailand" from Bangkok Bank and how to get a confirmation letter for the Land Office by visiting http://www.bangkokbank.com/Bangkok%20Bank%20Thai/Documents/Site%20Documents/GPSD/BuyingCondo_Booklet.pdf Thank you very useful - the annoying thing here is that when you sell a condo and want to buy another they do WILL NOT issue you another letter for the money you transferred in so you have to bring in a new amount or transfer out and back again - madness! Link to comment Share on other sites More sharing options...
chiang mai Posted June 5, 2012 Share Posted June 5, 2012 you're missing the point with your 'so?' funds have to be transferred in a foreign currency and so a foreign exchange account with BB would have to be set up first otherwise they will convert to BAHT and this maybe a problem in getting the letter issued for the Land Office You can get a "Guide for foreigners buying a condominium in Thailand" from Bangkok Bank and how to get a confirmation letter for the Land Office by visiting http://www.bangkokba...ndo_Booklet.pdf Thank you very useful - the annoying thing here is that when you sell a condo and want to buy another they do WILL NOT issue you another letter for the money you transferred in so you have to bring in a new amount or transfer out and back again - madness! Not so, you can use your sales reciept from the Land Office to prove funds for your new purchase, no need to ship money out and back again. Link to comment Share on other sites More sharing options...
udonguy Posted June 5, 2012 Share Posted June 5, 2012 you're missing the point with your 'so?' funds have to be transferred in a foreign currency and so a foreign exchange account with BB would have to be set up first otherwise they will convert to BAHT and this maybe a problem in getting the letter issued for the Land Office You can get a "Guide for foreigners buying a condominium in Thailand" from Bangkok Bank and how to get a confirmation letter for the Land Office by visiting http://www.bangkokba...ndo_Booklet.pdf Thank you very useful - the annoying thing here is that when you sell a condo and want to buy another they do WILL NOT issue you another letter for the money you transferred in so you have to bring in a new amount or transfer out and back again - madness! Not so, you can use your sales reciept from the Land Office to prove funds for your new purchase, no need to ship money out and back again. You mean the blue receipt for tax paid? are you sure this can be used to prove money from abroad? No letter from the bank needed??? Link to comment Share on other sites More sharing options...
chiang mai Posted June 5, 2012 Share Posted June 5, 2012 Yes, you can use the tax paid reciept to either send the funds back out of the country or to prove the funds were brought in from outside, if in doubt check with your local Land Office but in CM that's a valid approach. The only downside of course is that you need to pay tax on the entire sale and not just a part of it, in CM at least it's common for sales values to be understated for tax purposes which of course is a double edged sword. Link to comment Share on other sites More sharing options...
udonguy Posted June 5, 2012 Share Posted June 5, 2012 Why the entire sale? Presumably you can, like me, have several blue receipts that would add up to more than any new purchase? No one (I know of ) declares more than the 'standard'. So - I have brought in, say, 10 million and bought two condos and blue receipts cover 3m each? So I can use them to buy a 6m new condo? How will they know if I have used them before? I was always told you have to have a bank letter and NO lawyer OR agent in Chiang Mai has every suggested the method you have so if it's correct it's a REVELATION Link to comment Share on other sites More sharing options...
chiang mai Posted June 5, 2012 Share Posted June 5, 2012 Why the entire sale? Presumably you can, like me, have several blue receipts that would add up to more than any new purchase? No one (I know of ) declares more than the 'standard'. So - I have brought in, say, 10 million and bought two condos and blue receipts cover 3m each? So I can use them to buy a 6m new condo? How will they know if I have used them before? I was always told you have to have a bank letter and NO lawyer OR agent in Chiang Mai has every suggested the method you have so if it's correct it's a REVELATION I'm about to use the same approach in buying a unit, I'm told by a long trusted and proven friend (who coincidently is also the manager of a large block of condo's) that the Land Office is AOK with it all and since she has had almost weekly dealings with the LO over the past nine years I'm inclined not to give it a second thought. Link to comment Share on other sites More sharing options...
udonguy Posted June 5, 2012 Share Posted June 5, 2012 So you don't know? You have never done this? You trust your 'manager' friend? I know all the managers in chiang mai and if I were you I WOULD give it a 'second thought' as at the moment you are GUESSING. I own several condos here and know all the agents and the only manager who has contracts for managing condos here and I have never heard of this being done. I would love to be proved wrong and it would be AMAZING if you got away with it and all of us would be ECSTATIC but, please, give us actual experience rather than 'your friend says'. IF we could do this is would revolutionize the way we do business and I have bought and sold 20 condos here. So I'm praying this is something we have all missed and you are our saviour! Link to comment Share on other sites More sharing options...
chiang mai Posted June 5, 2012 Share Posted June 5, 2012 So you don't know? You have never done this? You trust your 'manager' friend? I know all the managers in chiang mai and if I were you I WOULD give it a 'second thought' as at the moment you are GUESSING. I own several condos here and know all the agents and the only manager who has contracts for managing condos here and I have never heard of this being done. I would love to be proved wrong and it would be AMAZING if you got away with it and all of us would be ECSTATIC but, please, give us actual experience rather than 'your friend says'. IF we could do this is would revolutionize the way we do business and I have bought and sold 20 condos here. So I'm praying this is something we have all missed and you are our saviour! No I've never done it because I only found out about it very recently during the negotiations to buy a unit. So it;s not a case of me being your saviour it's more about me having faith in the individual and believing what she has told me, she has nothing to gain or loose in all of this and I have owned units in her complex previously, our dealings in the past have always been excellent. I will report back, we should complete our deal in two weeks time. You may also wish to bounce this concept off of the LO folks and ask them to confirm, for your benefit and peace of mind. And please, let's not get into a debate about the quality of advice I've been given, as I said earlier this is a friend that has proven herself many times and we are very good friends. Link to comment Share on other sites More sharing options...
udonguy Posted June 5, 2012 Share Posted June 5, 2012 (edited) So you don't know? You have never done this? You trust your 'manager' friend? I know all the managers in chiang mai and if I were you I WOULD give it a 'second thought' as at the moment you are GUESSING. I own several condos here and know all the agents and the only manager who has contracts for managing condos here and I have never heard of this being done. I would love to be proved wrong and it would be AMAZING if you got away with it and all of us would be ECSTATIC but, please, give us actual experience rather than 'your friend says'. IF we could do this is would revolutionize the way we do business and I have bought and sold 20 condos here. So I'm praying this is something we have all missed and you are our saviour! No I've never done it because I only found out about it very recently during the negotiations to buy a unit. So it;s not a case of me being your saviour it's more about me having faith in the individual and believing what she has told me, she has nothing to gain or loose in all of this and I have owned units in her complex previously, our dealings in the past have always been excellent. I will report back, we should complete our deal in two weeks time. You may also wish to bounce this concept off of the LO folks and ask them to confirm, for your benefit and peace of mind. And please, let's not get into a debate about the quality of advice I've been given, as I said earlier this is a friend that has proven herself many times and we are very good friends. Ok fair enough but you said it with such 'authority' I presumed you had actually done it but it turns out you have NOT. I have bounced this with LO and lawyers and fellow owners and agents over many years and this is the FIRST time I have ever heard of this method which is why I am highly skeptical but, as I said, I will be delighted if they have 'relaxed' or, indeed, we are all wrong. Trust me I will be delighted to be proven mistaken and so will my friends, agents and lawyers because we have all got it wrong! It's possible but let's see? - it will make my life tons easier as my bank will not currently issue another letter and the LO insists on one - well maybe not! Fingers crossed!!! Not criticizing your advice but I also know all of the managers in chiang mai. Good luck and I mean it - it will be wonderful if we can do it this way and I'm not being sarcastic! Please report back - best wishes Edited June 5, 2012 by udonguy Link to comment Share on other sites More sharing options...
binjalin Posted June 7, 2012 Share Posted June 7, 2012 you're missing the point with your 'so?' funds have to be transferred in a foreign currency and so a foreign exchange account with BB would have to be set up first otherwise they will convert to BAHT and this maybe a problem in getting the letter issued for the Land Office You can get a "Guide for foreigners buying a condominium in Thailand" from Bangkok Bank and how to get a confirmation letter for the Land Office by visiting http://www.bangkokba...ndo_Booklet.pdf I tried this today with Nat West the problem is: there is no blank boxes where I can fill in my Bangkok Bank details Link to comment Share on other sites More sharing options...
binjalin Posted June 7, 2012 Share Posted June 7, 2012 This service is FANTASTIC. I just started using it the other day. On Tues afternoon (Thailand time) transferred from Santander (UK) using internet banking a small amount to test. Checked at atm on Weds evening, its in my account. On that same evening, around 9pm Thailand time, transferred a large amount. Checked my account around 5pm the next day, its arrived! In summary, so far, its taken just one working day for the funds to arrive. I think just make sure you send before the banks in the UK close (if you want it the next day). Also it might depends on your bank. Basically I think whenever your transfer arrives at Bangkok Bank in the UK, you ll get your funds in Thailand the next day. But you may hear this many times already: always send in sterling! P.s. dont bother asking about this service at any branch in Bangkok Bank, I tried and they were completely clueless (I and speak fluent Thai). It works 100%. Enjoy! I cant see how to do this with nat west the fields are just not there online to fill in the required info unless I am doing it completely wrong Link to comment Share on other sites More sharing options...
chiang mai Posted June 7, 2012 Share Posted June 7, 2012 you're missing the point with your 'so?' funds have to be transferred in a foreign currency and so a foreign exchange account with BB would have to be set up first otherwise they will convert to BAHT and this maybe a problem in getting the letter issued for the Land Office You can get a "Guide for foreigners buying a condominium in Thailand" from Bangkok Bank and how to get a confirmation letter for the Land Office by visiting http://www.bangkokba...ndo_Booklet.pdf I tried this today with Nat West the problem is: there is no blank boxes where I can fill in my Bangkok Bank details In my experience there is nearly always a comments/remarks field that can be used for this purpose. Link to comment Share on other sites More sharing options...
udonguy Posted June 7, 2012 Share Posted June 7, 2012 you're missing the point with your 'so?' funds have to be transferred in a foreign currency and so a foreign exchange account with BB would have to be set up first otherwise they will convert to BAHT and this maybe a problem in getting the letter issued for the Land Office You can get a "Guide for foreigners buying a condominium in Thailand" from Bangkok Bank and how to get a confirmation letter for the Land Office by visiting http://www.bangkokba...ndo_Booklet.pdf I tried this today with Nat West the problem is: there is no blank boxes where I can fill in my Bangkok Bank details In my experience there is nearly always a comments/remarks field that can be used for this purpose. Yes there is - a very small box with a limit of characters that is insufficient for name and bank account number of the London Bangkok Branch. I am trying another way through 'international' transfer not through London Link to comment Share on other sites More sharing options...
binjalin Posted June 8, 2012 Share Posted June 8, 2012 well I may have achieved it - but not the way outlined in this thread. The money has left my account in England so fingers crossed it arrives in Bangkok Bank (but NOT via London) Link to comment Share on other sites More sharing options...
binjalin Posted June 12, 2012 Share Posted June 12, 2012 not sure if anyone is still following this post but SUCCESS! I transferred online but NOT following this route through London - just got the money with this message: Foreign Telegraphic Transfer Link to comment Share on other sites More sharing options...
chiang mai Posted June 12, 2012 Share Posted June 12, 2012 not sure if anyone is still following this post but SUCCESS! I transferred online but NOT following this route through London - just got the money with this message: Foreign Telegraphic Transfer So which route did you use, please? Link to comment Share on other sites More sharing options...
binjalin Posted June 12, 2012 Share Posted June 12, 2012 not sure if anyone is still following this post but SUCCESS! I transferred online but NOT following this route through London - just got the money with this message: Foreign Telegraphic Transfer So which route did you use, please? I used the Nat West 'International Transfer' system online - no going through London etc. as long as you have the BACS details etc. it went well and there it is in my account! took 4 days - now off to Land Office with bank letter to transfer another condo I have just purchased - it is lisetd as I outlined Foreign Telegraphic Transfer I must say NO one ever told me about this - Bangkok Bank, Estate Agents ALL of them never even hinted at this method. This thread sparked me to look deeper - I tried the method outlined here and it was impossible as the boxes could not hold the information outlined - so I tried the 'international transfer' section and surprise, surprise it worked and that's that. Link to comment Share on other sites More sharing options...
binjalin Posted June 13, 2012 Share Posted June 13, 2012 So you don't know? You have never done this? You trust your 'manager' friend? I know all the managers in chiang mai and if I were you I WOULD give it a 'second thought' as at the moment you are GUESSING. I own several condos here and know all the agents and the only manager who has contracts for managing condos here and I have never heard of this being done. I would love to be proved wrong and it would be AMAZING if you got away with it and all of us would be ECSTATIC but, please, give us actual experience rather than 'your friend says'. IF we could do this is would revolutionize the way we do business and I have bought and sold 20 condos here. So I'm praying this is something we have all missed and you are our saviour! No I've never done it because I only found out about it very recently during the negotiations to buy a unit. So it;s not a case of me being your saviour it's more about me having faith in the individual and believing what she has told me, she has nothing to gain or loose in all of this and I have owned units in her complex previously, our dealings in the past have always been excellent. I will report back, we should complete our deal in two weeks time. You may also wish to bounce this concept off of the LO folks and ask them to confirm, for your benefit and peace of mind. And please, let's not get into a debate about the quality of advice I've been given, as I said earlier this is a friend that has proven herself many times and we are very good friends. Ok fair enough but you said it with such 'authority' I presumed you had actually done it but it turns out you have NOT. I have bounced this with LO and lawyers and fellow owners and agents over many years and this is the FIRST time I have ever heard of this method which is why I am highly skeptical but, as I said, I will be delighted if they have 'relaxed' or, indeed, we are all wrong. Trust me I will be delighted to be proven mistaken and so will my friends, agents and lawyers because we have all got it wrong! It's possible but let's see? - it will make my life tons easier as my bank will not currently issue another letter and the LO insists on one - well maybe not! Fingers crossed!!! Not criticizing your advice but I also know all of the managers in chiang mai. Good luck and I mean it - it will be wonderful if we can do it this way and I'm not being sarcastic! Please report back - best wishes I have been to the Land Office today and there is NO WAY they accept the blue form as evidence of money coming from outside of Thailand so you and your 'trusted and quality' friend are wrong on this one buddy Link to comment Share on other sites More sharing options...
binjalin Posted July 4, 2012 Share Posted July 4, 2012 so 'chiang mai' what happened??? Link to comment Share on other sites More sharing options...
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