Foreign Exchange Cert -Buying Condo - Urgent

[GuestHouse]

Can anyone help with this query.

I'm about to buy a condo but have not yet sent the funds over to Thailand. I understand that to obtain a Foreign Exchange Certificate I need to trandfer in excess if $50,000.

Howver the maximim my bank permits in one single 'online transaction' is £25,000 ($40,000).

So to buy the condo I would have to make several transactions non greater than $40,000 and hence non would get the necessay Foreign Exchange Cert to register the condo.

Can anyone advise - is there a way around this (consolidated FETC for several transactions)!

or would ANother certificate be accepted by the land office?

Or is the only solution to do a hard copy request to send more than $50K at my UK bank? (ie a trip home to make the transfer).

Or of course anything else I have not thought of.

Thanks in advance of your experience.

[ThailandInvestmentGuide]

Hi GH. Do a forum search on bai rap rong. It's mentioned in this thread for example:

http://www.thaivisa.com/forum/topic/498502-deposit-of-funds-foreign-origin-certification-letter/page__p__4700395__hl__+rap%20+rong#entry4700395

[kwonitoy]

My offshore bank also has a limit for online transfer such as yours.

In my case to transfer the final payment for my condo (4.5 million baht) all it took was a phone call to the bank to authorize a larger amount. After going through a lengthy verification and security process.

Phone your bank and check into it, might save a plane trip.

FWIW, I transfered money for 3 years during construction to make monthly payments, none greater than the $50,000 dollar amount but did specify on each transfer that it was for "condo purchase"

When I made my final payment and with the contract from the builder, they gave me a FETC for the full amount of the condo purchase price.

This was dealing with the TMB on second RD in Pattaya, very user/falang freindly in my case

[PattayaParent]

Some banks allow you to transfer over the limit using telephone or fax instructions if you have signed up for these facilities in advance.

(Are you with Santander ex-ALIL? they were particularly unhelpful previously).

Or you can maybe convince your Thai bank that as the transactions are on consecutive days for the same purpose they could issue a FETF covering the separate transactions combined.

Or you get a Bai Rap Rong for each of the transactions which will be accepted by the Land Office.

You only actually need the FETF / BRR to cover the sale amount that is declared at the Land Office. If the declared amount is less than you are sending you will only need a BRR at the lower value.

[GuestHouse]

Thanks for the help guys, I've got the BRR sorted - now let's hope the seller turns up at the land office.