How To Pay For My Condo?!

[ShugNorris]

I have decided to purchase a condo in Phuket.

I understand that I need FET certificates as I will ultimately be transferring upwards of 5 MB.

I had trouble opening a bank account without a work permit even though I have a reservation confirmed on a condo.

I am from the UK and my wife is Thai.

What is my best option for transferring the money to Thailand?

If I transfer directly to the developers account can they issue me a FET or credit slip?

OR

Can I just transfer it to my wifes bank account and therefore, as we are married, be fairly straightforward to send it back to the UK in the future.

The main issue is when I go to the land office to actually take ownership of the condo.

I'm quite confused so any advice or information would be greatly appreciated!

Kind Regards,

Shug

[hyperboyz9]

Dear ShugNorris,

You can transfer money to your wife account in Thailand. After that you request the Bank certificate from the bank under your name. Don't forget to ask for bath net for the letter first.

The other way, if the developer accepts transfer money from the customer, that's great. Some developers do FOREX form for you if you transfer money to their bank account. You just ask your developer about this condition.

Good Luck,

Athippati J.

[ShopBoy]

try going around few more banks with your reservation and even talkng to your developer finance department. if the finance department is willing to help i am sure getting an account open for you is just a phone call away for them.

search the forum on bank without work permit you could get some answers there.

[InterestedObserver]

Dear ShugNorris,

You can transfer money to your wife account in Thailand. After that you request the Bank certificate from the bank under your name. Don't forget to ask for bath net for the letter first.

The other way, if the developer accepts transfer money from the customer, that's great. Some developers do FOREX form for you if you transfer money to their bank account. You just ask your developer about this condition.

Good Luck,

Athippati J.

There are all sorts of problems starting when you are legally married to your Thai wife, the money is supposed to be transferred into your own bank account for a Foreign Exchange Transfer (FET) form, the money should not be sent to the contractor under any circumstances, and in the case of a future divorce you could loose 50% (if not all) your money.

[j0hnga1t]

When I bought my condo in Bangkok in 2009, they wouldn't let me transfer to my fiancé's account. I had to show that the money came from overseas so I wired directly into their account. I transferred USD and they issued me a refund after the purchase was complete (i.e. They received a little more due to FOREX rates.

Sent from my SAMSUNG-SGH-I727 using Thaivisa Connect App

[Rowdy100]

The best thing you can do is seek some professional advice from a reputable law firm in Thailand... if you buy property in your own country you will most likely be required by law to go through a conveyancing company (e;g lawyers)... so though it will cost a bit more, (approx 60-100 thousand baht) you will be amazed at how much good advice you will get...and in the long-term it will save you a heap of money and a heap of potential heart-ache...

BTW, I'm not employed by a law firm or a finance company..simply someone who has purchased property in different parts of the world... good advice is "priceless"...

[phetphet]

You should get yourself a bank account in your name. (Try Kasikorn), and transfer it in foreign currency to yourself. It must be not be sent as baht.

DO NOT trust sending it to anyone else!

I sent money to a lawyer, who did not get the FET certificate for me. Now I foresee problems in the future if, or when I try to repatriate any funds.

[ShugNorris]

Hi,

Thanks for all the replies, a lot of good information there.

The problem I had was not being able to open the bank account - which is unresolved, I'm in Trang and they all declined, although Kasikorn said I could if I presented my marriage certificate? Unfortunately that's in the UK at the moment!

If I just buy the condo in my Thai wifes name - will that just negate everything? They wont need to prove where the money came from (being a Thai national) and also be able to purchase freehold?

I appreciate all the divorce stuff but I am just interested to know.

Thanks again,

Shug

[InterestedObserver]

Hi,

Thanks for all the replies, a lot of good information there.

The problem I had was not being able to open the bank account - which is unresolved, I'm in Trang and they all declined, although Kasikorn said I could if I presented my marriage certificate? Unfortunately that's in the UK at the moment!

If I just buy the condo in my Thai wifes name - will that just negate everything? They wont need to prove where the money came from (being a Thai national) and also be able to purchase freehold?

I appreciate all the divorce stuff but I am just interested to know.

Thanks again,

Shug

Sure thing, just write off your 5MB! The wife will thank your immensely for her newly acquired condo. If you want to go that direction, at least try and get a usufruct recorded on the back of the Chanote.

[Langsuan Man]

I did not have a bank account in Thailand when I purchased my condo in Pattaya, but when I went with the seller to their bank (SCB) and they were informed that I wanted to transfer the money from overseas to their bank to pay their customer, my account was opened and wire instructions given immediately and I only had a 30 day visa exempt stamp in my passport

Should work for you also

The matter of trust between you and your wife has nothing to do with it, IMHO, since the condo will be more valuable in the future if it is in your name; ergo, within the farang quota

[simple1]

Don't forget when you transfer the funds from the UK you must note on the transfer the funds are for acquiring a property. Kasikorn are usually foreigner friendly, so just try another branch. Documentation for foreigners opening an account in Thailand has recently been tightened up for AMLO compliance, so it might be useful to go with Thai wife with her ID/household card for proof of an address in Thailand

EDIT: More than likely you've already thought of this, but just in case can you get a friend to fax a copy of your marriage certificate to your hotel or scan and email to you?

[ShugNorris]

Hi,

Thanks again, I'll give Kasikorn another shot and if I still don't have any joy I'll go to Bangkok next time and try and arrange it.

Simple1, yes I thought of this but I don't have anyone available who could do that for me at the moment unfortunately! Thanks though.

I'll update if I can actually open the bank account. I've actually purchased a the condo leasehold.

[ThaiBob]

OP, about 2-3 years ago I had over a 1 Million baht shortfall so I couldn't get a FET issued from my bank for my condo purchase. Based on a recommendation I went to Y.J. Pattaya Exchange (walking street office) and in essence purchased a FET. Cost about 6,000 baht. I spoke with Fon. Took 2 days. You need passport, sales contract, etc. The bank FET and the purchased FET were accepted at the Land Office. No problems and no questions asked.

[jingjoe8]

what if i have the money in a thai bank already,how do i purchase a condo without an overseas transfer?

Are the rules the same for purchase of a house or townhouse?

[Langsuan Man]

what if i have the money in a thai bank already,how do i purchase a condo without an overseas transfer?

Are the rules the same for purchase of a house or townhouse?

You can purchase anything you want in Thailand without an overseas transfer. You just cannot get a Foreign Exchange Certificate to repatriate the funds for a condo bought within the "foreign" quota later on without the certificate

Since there is not such thing as a "foreign quota" for a house or a townhouse (since foreigners are not allowed to purchase those, only condos under the Condominium Act ) you are not going to get any certificate for your house, townhouse (or condo if it is not within the foreign 49% quota )

[jingjoe8]

what if i have the money in a thai bank already,how do i purchase a condo without an overseas transfer?

Are the rules the same for purchase of a house or townhouse?

You can purchase anything you want in Thailand without an overseas transfer. You just cannot get a Foreign Exchange Certificate to repatriate the funds for a condo bought within the "foreign" quota later on without the certificate

Since there is not such thing as a "foreign quota" for a house or a townhouse (since foreigners are not allowed to purchase those, only condos under the Condominium Act ) you are not going to get any certificate for your house, townhouse (or condo if it is not within the foreign 49% quota )

Thanks for the reply,i'm not really sure what you mean,so without the foreign exhange certificate it would make it hard to sell the condo to a foreigner as part of the 49%quota because it will be classed as part of the 51% quota or it will be hard to send the money out of the country?

[ThaiBob]

what if i have the money in a thai bank already,how do i purchase a condo without an overseas transfer?

Are the rules the same for purchase of a house or townhouse?

You can purchase anything you want in Thailand without an overseas transfer. You just cannot get a Foreign Exchange Certificate to repatriate the funds for a condo bought within the "foreign" quota later on without the certificate

Since there is not such thing as a "foreign quota" for a house or a townhouse (since foreigners are not allowed to purchase those, only condos under the Condominium Act ) you are not going to get any certificate for your house, townhouse (or condo if it is not within the foreign 49% quota )

Thanks for the reply,i'm not really sure what you mean,so without the foreign exhange certificate it would make it hard to sell the condo to a foreigner as part of the 49%quota because it will be classed as part of the 51% quota or it will be hard to send the money out of the country?

As explained, if you want your name on the condo title (chanote) you need and FET. If the funds are already in Thailand go to post 13 for a possible solution.

[hyperdimension]

As explained, if you want your name on the condo title (chanote) you need and FET. If the funds are already in Thailand go to post 13 for a possible solution.

Would sending the funds to a non-Thai bank account then back into the Thai bank account be another alternative?

[hyperdimension]

You can purchase anything you want in Thailand without an overseas transfer. You just cannot get a Foreign Exchange Certificate to repatriate the funds for a condo bought within the "foreign" quota later on without the certificate

Without a Foreign Exchange Certificate, is it possible to repatriate funds in smaller separate amounts to stay under a maximum limit?

[Langsuan Man]

You can purchase anything you want in Thailand without an overseas transfer. You just cannot get a Foreign Exchange Certificate to repatriate the funds for a condo bought within the "foreign" quota later on without the certificate

Without a Foreign Exchange Certificate, is it possible to repatriate funds in smaller separate amounts to stay under a maximum limit?

Yes, you could always use your Thai Bank ATM card overseas to withdraw funds, but it would probably cost a small fortune in ATM fees, both in Thailand and in your home country

[falkan]

i sent back 500000thb last weekend no questions asked by my bank

[hyperdimension]

You can purchase anything you want in Thailand without an overseas transfer. You just cannot get a Foreign Exchange Certificate to repatriate the funds for a condo bought within the "foreign" quota later on without the certificate

Without a Foreign Exchange Certificate, is it possible to repatriate funds in smaller separate amounts to stay under a maximum limit?

Yes, you could always use your Thai Bank ATM card overseas to withdraw funds, but it would probably cost a small fortune in ATM fees, both in Thailand and in your home country

The usual way to send a large amount of money to another country is via Telegraphic Transfer (or "bank wire") and not via ATM. So if you have internet banking access to a bank account outside Thailand, you could firstly send the money to that account via TT, then via internet banking (from Thailand or wherever you are), send the money back into the Thai account via TT. I think the total costs would be much less than the quoted 6000 THB for the other solution, more like 3000 THB or less.

[djlest]

You can purchase anything you want in Thailand without an overseas transfer. You just cannot get a Foreign Exchange Certificate to repatriate the funds for a condo bought within the "foreign" quota later on without the certificate

Without a Foreign Exchange Certificate, is it possible to repatriate funds in smaller separate amounts to stay under a maximum limit?

Yes, you could always use your Thai Bank ATM card overseas to withdraw funds, but it would probably cost a small fortune in ATM fees, both in Thailand and in your home country

The usual way to send a large amount of money to another country is via Telegraphic Transfer (or "bank wire") and not via ATM. So if you have internet banking access to a bank account outside Thailand, you could firstly send the money to that account via TT, then via internet banking (from Thailand or wherever you are), send the money back into the Thai account via TT. I think the total costs would be much less than the quoted 6000 THB for the other solution, more like 3000 THB or less.

[djlest]

The usual way to send a large amount of money to another country is via Telegraphic Transfer (or "bank wire") and not via ATM. So if you have internet banking access to a bank account outside Thailand, you could firstly send the money to that account via TT, then via internet banking (from Thailand or wherever you are), send the money back into the Thai account via TT. I think the total costs would be much less than the quoted 6000 THB for the other solution, more like 3000 THB or less.

Technically yes, but your not factoring in the exchange rate, by the time you send money back home (4 working days) and then back again (4 working days) its a lucky lotto on how much the exchange rate may have fluctuated, on 3 million baht you could quite easily lose 60,000 baht or more, ofcourse you may be lucky and it swings the other way.

3000 baht is indeed an approximation on bank transfer fees, but not the exchange rate from THB to whatever and back again.

Its a draconian law that makes me feel like buying any property in thailand is going to be more stress and cost than the value is worth,