My Mum Transferring Large Sum To Buy Condo In My Name

[andycam1971]

All,

My first post here so excuse me if I am in the wrong place or don't adhere to the rules...

My Mum is kindly lending me the money to buy a condo here in Samut Prakarn (Thana City). I know about needing the exact condo unit and building stipulated on the transfer documentation from the UK end but is there any problem with my Mum transferring from her UK bank account to my Thai bank account?

Also, I guess I am stuck with whatever exchange rate the Bank of Ayudhya (my bank) will give to convert from GBP to THB? (I normally use Currencies Direct for spending money transfers and they are awesome - today's rate 49.12).

Many thanks in advance. I'll probably have more questions...

Andy C

[totantaz]

Hi Andycam,

i did this process with success, but i had made a Power of Attorney legal document in Canada before doing so, My father could then (with this doucment) take money from my bank account and transfer it (he put my name on the Swift transfer sheet) in my Kasikorn bank account.

cheers,

[andycam1971]

Thanks mate. Unfortunately I don't have time to give my Mum PoA. So I guess I still need to know if she can transfer it from her UK bank to my Thai bank account...

[chiang mai]

You don't need to specify the exact unit address, the only requirement that exists is that the funds come to Thailand from overseas.

If the ammount of the transfer is over 1 mill baht the Treasury dept of the recieveing bank will call you and tell you what the rate is they're offering, you are at liberty to refuse the offer and to hold the funds in foriegn currency until such time as a better rate emerges. BTW, I recieved overseas funds today and my rate (UOB) was 49.42)

[chiang mai]

Thanks mate. Unfortunately I don't have time to give my Mum PoA. So I guess I still need to know if she can transfer it from her UK bank to my Thai bank account...

Yes she can, nobody cares who sends the money.

[Sophon]

Also, I guess I am stuck with whatever exchange rate the Bank of Ayudhya (my bank) will give to convert from GBP to THB? (I normally use Currencies Direct for spending money transfers and they are awesome - today's rate 49.12).

Bank of Ayudhya's rate today is 49.425 so Currencies Direct's rate is not all that great.

Sophon

[sotsira]

Firstly, your mum sending over the money is ok.

Make sure she specifically states to her bank that the funds are sent to your bank in £ Sterling

and not in Thai Baht, otherwise the ex rate will be far worse.

When the funds arrive your bank will either convert to Thai Baht at the time of arrival or

notify you first, different banks have different policies on this.

Once the funds are in your account, you will need to ask the bank to provide you a document

called a Tor Tor Sam, this proves the funds came from overseas and is required at the land office

so that you can buy the condo in your name.

You will also need to keep this document for sending the funds back in the future if and when you sell

the condo.

[meatboy]

i just had a fairly large amount trans[5mill bht] from the uk.no problem at all as long as its stipulated what its for,like cm.said the treasury dept will ring you and offer you a rate,so do check tel.trans.first so you have an idea,he gave my wf.16 satang above the bank t.t.which was 16,000 better.

[Sophon]

Make sure she specifically states to her bank that the funds are sent to your bank in £ Sterling

and not in Thai Baht, otherwise the ex rate will be far worse.

And he would have an even bigger problem than a poor exchange rate as the funds couldn't be used for the purchase of the condo if transferred in THB.

Once the funds are in your account, you will need to ask the bank to provide you a document

called a Tor Tor Sam, this proves the funds came from overseas and is required at the land office

so that you can buy the condo in your name.

It's been quite a few years since the TT3 was used, it has since been replaced by the FETC (Foreign Exchange Transfer Certificate) form. There is a clue in the name of that form as to why the transfer cannot be in THB.

Sophon

[RHCP]

Firstly, your mum sending over the money is ok.

Make sure she specifically states to her bank that the funds are sent to your bank in £ Sterling

and not in Thai Baht, otherwise the ex rate will be far worse.

When the funds arrive your bank will either convert to Thai Baht at the time of arrival or

notify you first, different banks have different policies on this.

Once the funds are in your account, you will need to ask the bank to provide you a document

called a Tor Tor Sam, this proves the funds came from overseas and is required at the land office

so that you can buy the condo in your name.

You will also need to keep this document for sending the funds back in the future if and when you sell

the condo.

The original was kept by the Land Department when the transfer was completed. I assume that a photocopy would suffice for this purpose?

[chiang mai]

Firstly, your mum sending over the money is ok.

Make sure she specifically states to her bank that the funds are sent to your bank in £ Sterling

and not in Thai Baht, otherwise the ex rate will be far worse.

When the funds arrive your bank will either convert to Thai Baht at the time of arrival or

notify you first, different banks have different policies on this.

Once the funds are in your account, you will need to ask the bank to provide you a document

called a Tor Tor Sam, this proves the funds came from overseas and is required at the land office

so that you can buy the condo in your name.

You will also need to keep this document for sending the funds back in the future if and when you sell

the condo.

The original was kept by the Land Department when the transfer was completed. I assume that a photocopy would suffice for this purpose?

You no longer need that document and in fact as another poster has already stated, it is no longer used. When you go to sell your property the Land Office will issue you with a blue sales slip which is proof of sales tax having been paid, that is the document you need to show to the bank to repatriate your funds. A word of caution, it may be tempting to declare a lower sales value to the LO in order to reduce your sales tax liability, if you do that the blue slip will also reflect the lower ammount hence you will have to find alternate ways to repatriate the difference.