Banking In Hua Hin

[Swainseye]

I am looking for some help regarding bring money to Hua Hin. We are coming out in April to pay the final instalment on the house we are purchasing. We have a bank account but have had some problems transferring money from the UK. If I bring a sterling bankers draft payable to ourselves does anyone know if this is acceptable in a Thai bank and if so how long it takes to clear so that we can draw on it through the Thai/British Banking System. In the UK this would be seen as a cleared cheque.

Hope someone can help.

[malcolminthemiddle]

I am looking for some help regarding bring money to Hua Hin. We are coming out in April to pay the final instalment on the house we are purchasing. We have a bank account but have had some problems transferring money from the UK. If I bring a sterling bankers draft payable to ourselves does anyone know if this is acceptable in a Thai bank and if so how long it takes to clear so that we can draw on it through the Thai/British Banking System. In the UK this would be seen as a cleared cheque.

Hope someone can help.

Can you clarify the previous problems transfering money you mention.

It is important to maintain an auditable paper trail of moneys brought into Thailand for property purchase not least in case you want to repatriate funds at a later date, direct bank to bank transfer offers the best solution.

[Swainseye]

Thanks

All money to date has been transferred bank to bank with no problem, we have an auditable trail. We have transferred money to solicitor who has not received the funds. We are worried if we transfer money to our bank out there and then arrive with no money there it will be difficult to trace from that end and cannot see how we can confirm that money has arrived that end.

[malcolminthemiddle]

Thanks

All money to date has been transferred bank to bank with no problem, we have an auditable trail. We have transferred money to solicitor who has not received the funds. We are worried if we transfer money to our bank out there and then arrive with no money there it will be difficult to trace from that end and cannot see how we can confirm that money has arrived that end.

First of all, all incoming foreign exchange funds should be transferred direct to your own bank account in your own name, with these funds then used to pay the builder/developer via cashier cheque or bank transfer account to account.

Under no circumstances send the house money to the lawyer, the only money that should be paid to your lawyer is for his fees. There is a true horror story going back about 4 years ago where a buyer sent the house money to his lady lawyer and she embezzled the money.

Regarding your worries, speak to your remitting bank and tell them your concerns, they will advise you the procedure to follow before and after leaving the UK.

Edited March 12, 2006 by malcolminthemiddle

[Swainseye]

Thanks Malcolm

Money to solicitor was for fees only. Will bear in mind all your comments.

Thanks again for advice

[johnnyk]

I am looking for some help regarding bring money to Hua Hin. We are coming out in April to pay the final instalment on the house we are purchasing. We have a bank account but have had some problems transferring money from the UK. If I bring a sterling bankers draft payable to ourselves does anyone know if this is acceptable in a Thai bank and if so how long it takes to clear so that we can draw on it through the Thai/British Banking System. In the UK this would be seen as a cleared cheque.

Hope someone can help.

I once sent money to a girlfriend (OK, enough laughter) via bank draft from HSBC bank.

It was paid into her account with no problem. It is just like cash because the funds are guaranteed.

[egeefay]

I am looking for some help regarding bring money to Hua Hin. We are coming out in April to pay the final instalment on the house we are purchasing. We have a bank account but have had some problems transferring money from the UK. If I bring a sterling bankers draft payable to ourselves does anyone know if this is acceptable in a Thai bank and if so how long it takes to clear so that we can draw on it through the Thai/British Banking System. In the UK this would be seen as a cleared cheque.

Hope someone can help.

I once sent money to a girlfriend (OK, enough laughter) via bank draft from HSBC bank.

It was paid into her account with no problem. It is just like cash because the funds are guaranteed.

My Thai wife and I live in the United States

Recently we went shopping for property in Hua Hin. We found a nice lot in Palm Hills owned by a private party.

My wife opened up a bank account at the Siam Commercial Bank on Petchkasem Rd.

I returned to the US and wire transferred money from our US bank account to her account at the Siam Commercial Bank. (You should indicate on the wire transfer form that the money is to be used to purchase property in Thailand.)

When the money arrived at the bank my wife made out a check to the owner of the land at the title office and the transfer was made.

One thing we forgot to do was request a TT3 form from the Bank. That's a form used to show that the money we were bringing into the country was for investment purposes. That way when we decide to sell the property down the road and bring the money back out of Thailand, we will be able to match the TT3 form with the TT4 form (taking money out of the Kingdom).

Fortunately the branch manager was understanding and we were able to get the TT3 form after the fact.

There are some helpful advice from other folks on the forum regarding the proper way to bring money into and take money out of the Kingdom.