Sending Condo Sale Money To Uk

[breadbin]

Hello

Please can anyone advise me and the wife?

We sold our condo in Bangkok recently as we have been in the UK 5 odd years now and settled so no need to keep it.

Anyway, we've got just over 4 million in the bank held by the wifes mum (all OK!).

Our question is can the wifes mum transfer the money to my UK account (Nationwide)?

If so, please can I ask a few simple questions?

1). What is the Thai bank fee to send?

2). How long does the transaction take to complete? (reach UK acount)

3). Will the wifes mum need to give a reason for transferring funds?

We will want the money in Thailand exchanged in Thailand to GBP before sending, I believe that this is something the Thai bank can do?

If anyone has other information I should know then that would be gratefully received.

If the transfer is not possible, does anyone have any suggestions?

Thanks

Breadbin & wife

[sotsira]

The sale certificate will need to be shown to the bank that carries out the transfer,

they will only send the amount that is shown as the sale price written on the certificate.

The banks charge a small fee for this eg: Bangkok Bank charges 400bt.

The transfer takes 3-5 working days.

The bank will require your MIL to fill out a form stating your address in the uk

your bank's address sort code and a/c no.

[Khun Jean]

What sotsira said, and if that not work, go get an atm card with 'priviledges', this will give you a 100.000 baht per day limit.

Not the most efficient way , but it works.

[breadbin]

what if the property you owned was in the Thai families name and you sold it, can the funds still be sent to me in the UK without issues.

Should have mentioned that, the condo was registered in the wifes mother & fathers name.

Now it is sold we want the proceeds transferred to us in the UK.

Any issues with that?

Thanks for the replies.

[cockerdoodledo]

what if the property you owned was in the Thai families name and you sold it, can the funds still be sent to me in the UK without issues.

Should have mentioned that, the condo was registered in the wifes mother & fathers name.

Now it is sold we want the proceeds transferred to us in the UK.

Any issues with that?

Thanks for the replies.

I sold abroad once,gees,talk about hounded. The UK bank will flag up a largish deposit in their system,the tax man then gets involved,you have plenty of questions and tax demands. Better to go the ATM way or pay mules to bring it over piecemeal

[sotsira]

what if the property you owned was in the Thai families name and you sold it, can the funds still be sent to me in the UK without issues.

Should have mentioned that, the condo was registered in the wifes mother & fathers name.

Now it is sold we want the proceeds transferred to us in the UK.

Any issues with that?

Thanks for the replies.

It could be a problem, depends on the bank's internal rules and the Bank of Thailand where the money

is sent through.

When you originally bought the condo did you transfer the money from the uk?

If so, you should have requested a tor tor sam certificate from the bank that received the money in Thailand this proves the funds came from an overseas account.

You will need this to submit with the rest of the paperwork when transferring the funds back.

[crazykopite]

what if the property you owned was in the Thai families name and you sold it, can the funds still be sent to me in the UK without issues.

Should have mentioned that, the condo was registered in the wifes mother & fathers name.

Now it is sold we want the proceeds transferred to us in the UK.

Any issues with that?

Thanks for the replies.

It could be a problem, depends on the bank's internal rules and the Bank of Thailand where the money

is sent through.

When you originally bought the condo did you transfer the money from the uk?

If so, you should have requested a tor tor sam certificate from the bank that received the money in Thailand this proves the funds came from an overseas account.

You will need this to submit with the rest of the paperwork when transferring the funds back.

The OP stated the parents purchased the property although he paid so I doubt he could use this form to get his money back I think the parent will have to channel the funds to the uk over say a year at 300,000 baht a time maybe the OP should open up a load of accounts with different banks in the uk and have the parents send the money to all the different accounts another solution maybe to open an offshore account hsbc have offshores all over the place indeed they have a bank in Bangkok so it maybe a good idea going down that road very complicatred when the property was not in you or your wifes name

[breadbin]

Thanks for the replies.

In around 2004 i sent the inlaws a Nationwide debit card and everyday they took out the maximum 20,000bt and banked it until we had sent about 4 million odd baht.

In those days it was a free service, took a while to do it but the exchange rates were 68-70+ so we were getting a good deal.

In 2003 I sent about 1.7 million baht for some land purchase (in in laws name) direct to an estate agent. This was a transfer vie Nationwide.