Getting Letter From Bank To Buy Condo

[cyrax]

Hi,

My condo is finished and ready to move in, now the only problem with it is the bank wont give me bank statement or paper to go land office to get tittle deed for the condo, I have the money in my thai bank account, but they wanted me to send my money from australia into there account, but what I have been doing is each time I come to thailand take oz dollar and take it to a place where they give the best exchange rate.

If I had the oz dollar and put it into my thai account when in thailand would of been no problem.

Then I spoke to my lawyer and she said I should sent thai money back into australia and then asutralia dollar back into thailand....but will lose out on too much money.

Has anyone got any advice for me, as not to happy about condo people telling me this at the start.

Cheers

[InterestedObserver]

Sorry, your bank is asking you to remit the foreign currency from a foreign source marked for the purchase of a condominium. Not much that you can do unless you have Permanent Residency in Thailand. Your lawyer seems to be correct on the point.

Edited September 4, 2012 by InterestedObserver

[manarak]

Advice:

The AUd is currently falling vs. THB.

You probably made some profit (5% or 6%) by holding THB.

Change your THB back to AUD at a good rate, then take them back to your bank in AUS.

If you have a Kasikorn account, I can guantee they have good rates.

Just make sure when sending the money from your AUS bank, that you send the money in AUD, payable in AUD, so that Kasikorn does the conversion.

[cyrax]

cheers for the advice, why dont these condos tell you about it when you sign the contract, I would of got my oz dollar and put it into my thai bank and would of been sweet.

Think have to bangkok bank and find out more info, plus might get taxed aswell on top of that sending money back to oz.....any idea on that?

[Delight]

Section 19 -3 -5 of the Condo Act states:

An alien or a juristic person as prescribed under Section 19(5) shall produce evidence of having imported foreign currency into the Kingdom or evidence of withdrawal from a deposit account of Thai Baht of a person having residence abroad or evidence of withdrawal from a deposit account of foreign currency in the amount of not less than the price of the unit to be purchased.

The operative phrase being ‘Produce Evidence’

If you have simply brought in Oz dollars in cash and exchange locally –then you have no evidence.

[manarak]

cheers for the advice, why dont these condos tell you about it when you sign the contract,

Nemo legem jus ignorare censetur

It is as much a neglicence on their side as it is on your's.

You should always make sure you understand the legal implications before taking such action.

When buying real estate in foreign name in Thailand, the letter from the bank confirming an FX transaction on incoming funds is pretty much a classic which you would not have missed if you had properly informed yourself about the purchase procedure.

I would of got my oz dollar and put it into my thai bank and would of been sweet.

Think have to bangkok bank and find out more info, plus might get taxed aswell on top of that sending money back to oz.....any idea on that?

I didn't quite understand the first sentence.

About being taxed on sending AUD to Australia, I doubt it. Taxing incoming money is a very uncommon practice.

Anyway, the correct place where to inquire about this would be the Australian tax office and not Bangkok Bank.

When you send the funds from Bangkok Bank, make sure you are sending AUD and not THB, otherwise your Australian bank will rape you on the rate.

Edited September 4, 2012 by manarak

[Langsuan Man]

You can buy the condo and the land office will issue you a Chanote, you just will not be able to repatriate the funds to your home country if you leave Thailand

Ignorance of the law is no excuse but did you not sign a contract for the condo and if so, it would have been stated there that you were buying in the 49% farang quota, and as such would have detailed the off shore funds requirement

[cyrax]

hi manark,

When you send the funds from Bangkok Bank, make sure you are sending AUD and not THB, otherwise your Australian bank will rape you on the rate.

Would be this the same way transferring the money back to thailand AUD, thought anything other 10k u get taxed on in australia, leaving the country.

If I knew all this crap, would of just transferred it straight into my thai account then going to exchange palce, has been a hassle.

[manarak]

If I knew all this crap, would of just transferred it straight into my thai account then going to exchange palce, has been a hassle.

That's why most people get the proper information beforehand

[cyrax]

Its the first time for me, and never been told bout this till 2day.

When I came to thailand with oz dollar and took it to my thai bank it would of been ok I get told as the thai bank would a record of it, but since i went to exchange booth....seem like i will lose out more in the long run now.

[manarak]

Its the first time for me, and never been told bout this till 2day.

When I came to thailand with oz dollar and took it to my thai bank it would of been ok I get told as the thai bank would a record of it, but since i went to exchange booth....seem like i will lose out more in the long run now.

Why? what was your exchange rate?

[cyrax]

Hi m8,

I just checked on xe.com and its 32 to the oz dollar at the moment, will have to go to Bangkok Bank and speak to the lady about this matter, and see how much i will lose out or not.

So you reckon I should transfer my money in oz dollar back to oz?

How about getting it back in same again oz dollar.

I did all my reasearch on the condo on everything but overlooked that the thai bank wants a record of the oz dollar coming in, I thoght i was smart by exchnaging it at a higher rate but now its back fired on me.

Did you transfer money back to oz aswell?

[manarak]

AUDTHB is 31.9067 as of now.

before transferring money back from TH to AUS,

CHECK WITH THE AUSTRALIAN TAX OFFICE if you can do so without problems.

I don't know the rates of bangkok bank, ASK BANGKOK BANK ABOUT THEIR RATES

(how much is their spread and commission)

and also ask them about the fee for an international wire.

and ask your AUS bank about their fee for an international wire as well.

Then you will be able to figure out the cost of the whole operation.

[54321]

If you have enough funds in Oz then transfer the money (for the full purchase price) through the normal banking channels so you can get the foreign exchange certificate and buy the condo, and use the money you already have in thailand to buy shares perhaps? or watch the baht v the Oz dollar and change it back when the rates are favourable.

[dksharron]

You may not be able to so easily send the money home unless you can show that you brought it into the country.

There is an alternative. You can contact some of the foreign exchange shops and find one which will issue the document. Let me know if you are in pattaya and I can hook you up with one.

[sitta]

once you have obtained the FET from the bank, how long it is valid to purchased the condo? any time limit?

Say can you get bank draft after 3months infaver of the seller?