If Indicate The Incorrect Purpose When Transfer Funds To Buy Condo, What Am I Supposed To Do?

[jiangaq]

if the purpose of transferring funds is not "purchase condo", can i still be successful to get the transfer exchange certification in the bank in order to buy the propery? or is there any problem in the land department? any solution? Thanks!

[Dante99]

"Purpose of transferring funds", is that something new? I can not recall ever telling anyone my purpose of transferring funds, nor has any bank ever asked.

[Greenside]

My UK bank's online transfer procedure has a "purpose of transfer" field you have to complete but I doubt it matters if you make a mistake. Most important is to get a verification of the incoming funds from your bank here.

[momtaz]

In fact, I heard from one of my friends that when you going to register the property "condo" by your name, the money must be transferred from overseas, I still not clear about this too,

[jonwilly]

I last brought money out 2 years ago, from LloydsTSB Bank, UK.

I used their Electronic transfer system and as part of the documentation I was required to give a "purpose of transfer".

One was Purchase of Property.

If I did not complete all sections then no money transfer which took three working days.

john

[chiang mai]

If a farang buys a condo. in Thailand the funds used to pay for it must originate from outside of Thailand in foriegn currency - a farang cannot use THB that is stored/converted overseas and imported into to Thailand.

You will be able to get a currency exchange certificate on any funds brought into Thailand, regardless of the stated purpose.

[maturebrit]

If a farang buys a condo. in Thailand the funds used to pay for it must originate from outside of Thailand in foriegn currency - a farang cannot use THB that is stored/converted overseas and imported into to Thailand.

You will be able to get a currency exchange certificate on any funds brought into Thailand, regardless of the stated purpose.

good to know.... I wasnt aware of this

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[Choonpon]

I have transferred money from overseas to my CM account several times but never got any currency exchange certificate from the bank. Do I have to? Anyone can advise? Thank you.

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[bluweyze]

I have transferred money from overseas to my CM account several times but never got any currency exchange certificate from the bank. Do I have to? Anyone can advise? Thank you.

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I don't know if you have to but if you ever want to take money out of Thailand it will pay to have certificates showing that you brought it in as I understand and I presume this is the same if you want to buy a condo with it. I have to give a 'reason for transfer' every time I brought money in and the first time I was refused until I put 'for investment purposes' because BOT are keen to stop any investment in Thai Baht merely to gain from its strength. I always receive an emailed certificate and hard copy from SCB who have always been very efficient with the incoming transfer.

[Chicog]

I have transferred money from overseas to my CM account several times but never got any currency exchange certificate from the bank. Do I have to? Anyone can advise? Thank you.

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Have you contacted the bank and explained why you transferred the funds?

[tango]

What's the most effective way to repatriate funds brought into Thailand?

I'm under the impression it's nigh impossible.Funds transferred and declared for purchase of condo was an exception, and that upon sale of condo those funds are easily(?) repatriated.

As for the baht 800K brought into Thailand for 'retirement visa' purposes, I am not so sure there is an easy repatriation method, when you decide to return to your motherland

Also there is the international banking limit plus home customs declaration if funds exceed or are even close to U$10,000 - US Homeland narcotics-funds laundering prevention now envelops most countries.

Bangkok Bank n Kasikorn ATM cards I am told can be used overseas to withdraw Baht in foreign funds, but that could prove expensive vis-s-vis ATM charges, as funds are necessarily withdrawn in steps to the limit of the bank's ATM.

Observations please.

[onthedarkside]

I have repatriated a load of baht out of Thailand. All I had to prove was that I had brought the money into Thailand. I just displayed the transfer in my bank book (many years before) from my UK bank and there was really no problem with the transfer back. This with Kasikorn, Siam Commercial, and Bangkok Bank.

[mesquite]

I have repatriated a load of baht out of Thailand. All I had to prove was that I had brought the money into Thailand. I just displayed the transfer in my bank book (many years before) from my UK bank and there was really no problem with the transfer back. This with Kasikorn, Siam Commercial, and Bangkok Bank.

I, too, have wired out money I brought in simply by showing the original xfer in the bank book. Bangkok Bank. No big deal.

[chiang mai]

When the funds are transfered in, get a copy of the currency exchange form showing where the funds came from, the currency involved and the rate etc, it's readily available if you ask for it. Use that form as proof of incomming funds that can then be transfered out again.

[tango]

^,^^,^^^

Thanks all. Appreciated.

[kjhbigv]

My UK bank's online transfer procedure has a "purpose of transfer" field you have to complete but I doubt it matters if you make a mistake. Most important is to get a verification of the incoming funds from your bank here.

Are you with Lloyds? If so, choose "OWN ACCOUNT TRANSFER" if you are transferring to a Thai bank account in your name.

Edited January 17, 2013 by kjhbigv

[kjhbigv]

I have repatriated a load of baht out of Thailand. All I had to prove was that I had brought the money into Thailand. I just displayed the transfer in my bank book (many years before) from my UK bank and there was really no problem with the transfer back. This with Kasikorn, Siam Commercial, and Bangkok Bank.

I, too, have wired out money I brought in simply by showing the original xfer in the bank book. Bangkok Bank. No big deal.

Really interesting to know this....so, as long as you can show the money originated from outside Thailand eg. from a UK bank account, there is no problem sending the money back out of the country as long as you can show the funds originated from the UK for example? Correct? It is just this reason I have always been reluctant to bring in 'more than needed'.

[khunian]

I brought in over 100.000 Euros 2005 with the declaration form on which I wrote purpose "Invest in Company"

So the company bought a house here which I lived in now and again and paid rent for. Last week I sold the house to a Thai family who did not want to take over the company. I asked the estate agent involved if I can still get my money out and my lawyer and both agreed, if I brought it in declared then I can just go to the bank and transfer it back.

NO WAY.... I spent 3 hours yesterday at the SCB - had all documents including original transfer slips from UK and Spain, sales contract for the house, stamped paper from the land office saying all taxes were paid.

I only understood part of what the clerk was telling me but he had over 20 things noted on his piece of paper after calling the head office. They will need company registration papers, balance sheets, shareholder agreements, a report why the money is leaving etc., etc.,

The money came over in my personal name and is now on the bank in my name. (It should go o New Zealand)

Any good tips how to get around this?

I heard that if I transfer 1.5 million at a time with at least 2 weeks gaps all is easy? Is this true?

[Langsuan Man]

Don't forget you will have to officially close the company that the Thais did not want.......surprise....surprise.... and that alone is going to cost you in the neighborhood of 50,000 THB depending upon your lawyer

This rule of being able to repatriate your money using the Foreign Currency Exchange Certificate only applies if you legally purchased a condo under the so called farang quota. Which was recognized by the land office and is part of the Condominium Act

The land office did not need, nor did they accept, any exchange certificate for funds brought into Thailand for property purchased in a company name

[hellodolly]

After reading all the posts here it would seem that

"Purpose of transferring funds"

depends on the bank you are transferring out of.