Foreign Exchange Transaction Form

[scubachild]

I don't see anywhere on the form where you can specify reason for transfering the money i.e. house purchase

Bank of Thailand (BOT) has here on its website: http://www.bot.or.th...FX_TranForm.doc

Thanks for any advice

[Gsxrnz]

Section 4 has a "purpose" field. That's where you would put the reason for the transfer. This is the form that must be completed for all transfers to/from Thailand that are greater than USD50k equivalent. It's a multi functional form as it can be used for personal as well as import/export and commercial type transactions. You'll see areas that can be used to specify if the funds are foreign currency borrowings made in Thailand, or repaying a foreign currency debt.

I assume only sections 1-4 apply to you if it's just a personal transfer of funds coming in to Thailand. Normally the bank will complete this form for you when the money arrives.

Edited July 25, 2013 by Gsxrnz

[scubachild]

Thank you so much Gsxrnz - I am truly embarrased that I did not see that. Must be getting old!

[scubachild]

Now my bank BAY tell me they cannot give me this form until I make a house purchase.

Can people tell me if this is correct?

My plan was to bring the money over from the UK first (which I have done) and then look around for a property . Now it seems that unitl I make a house puchase I cannot get the form. And I have no idea what will happen if I want to take the money back to the UK in the future without purchasing a property.

Thank you for sharing your experiences and advice with me on this.

[bigwilly]

Now my bank BAY tell me they cannot give me this form until I make a house purchase.

Can people tell me if this is correct?

My plan was to bring the money over from the UK first (which I have done) and then look around for a property . Now it seems that unitl I make a house puchase I cannot get the form. And I have no idea what will happen if I want to take the money back to the UK in the future without purchasing a property.

Thank you for sharing your experiences and advice with me on this.

Your Bank BAY is completely wrong. Firstly you don't need the FCTF to buy a house as you cant buy in your name anyway, request the FCTF from the Bank if you intend buying a condo, you can hold on to the FCTF for years till you find the suitable condo. I have received FCTF's from BAY in Pattaya without difficulty, speak to your branch manager with Passbook in hand.

Regards BW.

[scubachild]

Now my bank BAY tell me they cannot give me this form until I make a house purchase.

Can people tell me if this is correct?

My plan was to bring the money over from the UK first (which I have done) and then look around for a property . Now it seems that unitl I make a house puchase I cannot get the form. And I have no idea what will happen if I want to take the money back to the UK in the future without purchasing a property.

Thank you for sharing your experiences and advice with me on this.

Your Bank BAY is completely wrong. Firstly you don't need the FCTF to buy a house as you cant buy in your name anyway, request the FCTF from the Bank if you intend buying a condo, you can hold on to the FCTF for years till you find the suitable condo. I have received FCTF's from BAY in Pattaya without difficulty, speak to your branch manager with Passbook in hand.

Regards BW.

I would love it if another person out there can confirm the advice of BW above. Before I go to the bank and make a Farang Fuss. My local branch on Samui said "cannot" and the person I spoke to in BKK gave me the spiel as I stated above.

[ThaiBob]

My bank wanted to see the sales contract before issuing a FETF. Maybe their policy has changed.

[onthemoon]

My bank put the details of the condo into the form, and when we went to the land department with the seller, the official made sure that the details are correct.

I don't think a transfer not showing that it was made for this particular purchase will be accepted.

Sent from my I-405 using Thaivisa Connect Thailand mobile app

[bigwilly]

My bank put the details of the condo into the form, and when we went to the land department with the seller, the official made sure that the details are correct.

I don't think a transfer not showing that it was made for this particular purchase will be accepted.

Sent from my I-405 using Thaivisa Connect Thailand mobile app

onthemoon.

There is no provision on a FCTF to put the details of the condo you are buying on the form. The Bank must however show clearly at section 4. on the form, that the funds were imported for the purchase of a condominium. The FCTF does indeed show what the funds were imported for, so long as the Bank fills it in properly. As stated before you can hold the completed form for years and then use it, I have done it many times. Some FCTFs being used 2 years after I imported the Funds.

BW.

[bigwilly]

scubachild.

If I were in your position I would go to the Branch, with your passbook updated to show the amount of funds imported, request the FCTF for the amount of incoming funds, if your request is denied I would withdraw all my funds in cash and go to a real bank which is willing to co-operate. I believe the Bank is pulling your chain so to speak. Did you import over the equivalent of $50,000.00usd?. If so demand the FCTF.

BW.

[butsarakam]

I'm wondering if there is a minimum sum in order for the bank to issue a FETF? Can I still buy a condo if the is a cap on the remittance and I do not met the requirement. That is I remit less than the specific amount. Thanks

[bigwilly]

I'm wondering if there is a minimum sum in order for the bank to issue a FETF? Can I still buy a condo if the is a cap on the remittance and I do not met the requirement. That is I remit less than the specific amount. Thanks

Yes, the minimum as stated on the form: Equivalent of USD$50,000.00 or more.

If you remit less the Bank can issue a letter to show the funds came from over seas so you can buy a condo for say Bt1.0M and not require the FETF, usually the Issuing Bank will want to see a sales contract between you and the seller showing sales/purchase price, copy of the chanot front and back before the letter is issued it will be specific to the condo mentioned in the sales purchase contract and will show the purchase price, this letter is normally only valid for a few weeks.

BW.

[butsarakam]

thanks bigwilly for your answer.

[bigwilly]

thanks bigwilly for your answer.

Your welcome.

BW.

[bangkokstick]

Hello,

Can you confirm that for less than 50k this form is not compulsory ?

And from 50k you must fill the form before the money appears in your account ?

Thank you.

Edited August 1, 2013 by bangkokstick

[bigwilly]

Hello,

Can you confirm that for less than 50k this form is not compulsory ?

And from 50k you must fill the form before the money appears in your account ?

Thank you.

bangkokstick.

For amounts less than USD50,000 the Bank is under no obligation to issue the FCTF and will not usually issue the form.

For USD 50,000 and up the receiving bank issues the Form, you don't fill it in only sign the bottom. The bank will usually issue the form when the funds are in your account, go to your branch when the account is held, and request it, sometimes the Banks head office will fax the completed form to the branch then the branch will issue it to you, ensure it is signed and stamped by the issuing clerk or it wont be accepted by the land office when you do your condo transfer.

Regards BW.

Edited August 1, 2013 by bigwilly

[bangkokstick]

Hello,

Kasikorn told me that the money won't be in the account until the form is filled and faxed to the head office (stupid, so why not fill the form before the transfer ?)

They also said that it is not possible to write BUY CONDO for money purpose on the form if we do not write the name of the property to buy.

But how to do if the transfer is for a later purchase ? If it is not written BUY CONDO will the land department accept the document in the future to buy a property ?

And if I write any random condo name, will they accept to use this document for another condo ?

Thank you again.

[scubachild]

But how to do if the transfer is for a later purchase ? If it is not written BUY CONDO will the land department accept the document in the future to buy a property ?

And if I write any random condo name, will they accept to use this document for another condo ?

Thank you again.

This is exactly my situation as well. Cannot get the form without concrete condo purchase and for me that may be years away. What will the bank they say 2-3 years down the road when I ask for the Foreign Exchange Transaction Form? I can imagine...

[bigwilly]

But how to do if the transfer is for a later purchase ? If it is not written BUY CONDO will the land department accept the document in the future to buy a property ?

And if I write any random condo name, will they accept to use this document for another condo ?

Thank you again.

This is exactly my situation as well. Cannot get the form without concrete condo purchase and for me that may be years away. What will the bank they say 2-3 years down the road when I ask for the Foreign Exchange Transaction Form? I can imagine...

scubachild.

I once requested a FCTF from Siam Commercial Bank two years after the funds were transferred in to Thailand from Australia, they merely charged 1,000Bt to search back and find the info, took a day or 2 but I did get it, so the SCB at least had no problem with this. I have still never heard of anyone putting the name of the condo to be purchased on the FCTF.

I have never been to a Bank in Samui, but in Pattaya they are more ferang friendly and do this kind of thing daily, suggest they don't know what they are doing in your Bank, maybe get a Thai Lawyer to go with you or a Realestate broker, from your area who is familiar with requesting FCTF.

Regards BW.

Edited August 2, 2013 by bigwilly

[bangkokstick]

Kasikorn Pattaya branches are the ones who denied me the form without condo name.

Should open a SCB account maybe ?

[bigwilly]

Kasikorn Pattaya branches are the ones who denied me the form without condo name.

Should open a SCB account maybe ?

bangkokstick.

Couldn't help but notice branches, meaning more than one! you can only request the FCTF from the branch where your account is held, so why visit several?

Also no point for you to open a SCB account if you already sent your funds in to a Kasikorn Bank, as SCB won't issue the FCTF unless you bring in more money from overseas to the (new) SCB account.

BW.

Edited August 2, 2013 by bigwilly

[bangkokstick]

Because I asked to different branches.

Which one is your SCB at Pattaya ?

Thanks.

[bigwilly]

Because I asked to different branches.

Which one is your SCB at Pattaya ?

Thanks.

Jomtien Beach main branch about a mile down beach road.

BW.

[onthemoon]

My bank put the details of the condo into the form, and when we went to the land department with the seller, the official made sure that the details are correct.

I don't think a transfer not showing that it was made for this particular purchase will be accepted.

Sent from my I-405 using Thaivisa Connect Thailand mobile app

onthemoon.

There is no provision on a FCTF to put the details of the condo you are buying on the form. The Bank must however show clearly at section 4. on the form, that the funds were imported for the purchase of a condominium. The FCTF does indeed show what the funds were imported for, so long as the Bank fills it in properly. As stated before you can hold the completed form for years and then use it, I have done it many times. Some FCTFs being used 2 years after I imported the Funds.

BW.

This is not what the bank told me at the time, so I asked my foreign to put the full details of that specific condo in the "purpose of transfer" section in the SWIFT.

However, your practical experience trumps this of course. So, you only write "buy condo" in the purpose field? The Thai bank asks for the purpose of any incoming remittance when the funds arrive, so you'll say the same. And two years later, when you have decided on a specific condo, you can change the form?

[bigwilly]

onthemoon.

I have always put down on the SWIFT form from overseas," These Funds are For the Purchase of a Condominium" as is required by the Bank Of Thailand, as I understand it when the Funds arrive in Thailand the receiving Bank then knows the reason the funds were sent here, then they will transfer the funds to your branch & your account, and the receiving bank will then know they have to send a FCTF to your branch, some times I have had to request the form, sometimes it was already in my branch waiting to be handed to me. I suppose this is Thailand and every Bank and Bank clerk has a different idea of what is right. I personally have bought more than 20 condos in my name with no real difficulty, this has been the way I did it in at least 4 different banks, my last condo purchase was about 1 year ago. I have seen lazy bank clerks put "Buy Condo" on the purpose field, normally I will ask for them to write it specifically as above, that being said I have submitted FCTF's that were sloppily filled in and there was no problem being accepted at the Land department. As regards to your comments about changing the purpose after 2 years, I don't think the bank will change a FCTF that was issued 2 years prior, also the Thai Bank doesn't ask for the purpose of the transfer, that information should be included on the paperwork with the incoming details of the SWIFT transfer, and the receiving Bank will deal with the funds and paperwork accordingly. These comments above relate to my own personal experiences and it doesn't necessarily mean another person will have exactly the same experience as me.

Regards BW.

[Seeall]

 

 

Topping up to the amount above THB 800000 for Retirement visa extension of stay

 

Normally we all top up 2 months prior to the renewal date, update our bank books and get the bank letter for immigration. 

Either  probably shows the funds came in from outside Thailand...

 

New Issue: There seems to be information that we need a FET form proving the income came in from outside Thailand.

 

Issues are:

 

1/ Some of these new companies have systems that at times will not show the funds came from outside of Thailand

2/ The requirement of the sum must be above THB 50000 before this FET for will be issued.

 

All this was not such a big deal in the past when you could leave and return, but now, do you want to risk that?

We hope this is not the case and ask all who know anything to provide input please.

[Seeall]

On 8/1/2013 at 9:24 PM, bangkokstick said:

Hello,

Kasikorn told me that the money won't be in the account until the form is filled and faxed to the head office (stupid, so why not fill the form before the transfer ?)

They also said that it is not possible to write BUY CONDO for money purpose on the form if we do not write the name of the property to buy.

But how to do if the transfer is for a later purchase ? If it is not written BUY CONDO will the land department accept the document in the future to buy a property ?

And if I write any random condo name, will they accept to use this document for another condo ?

Thank you again.

Usual 5 year old mentality put to half work... We had to change from For buy condo to  "to buy leasehold"  I was so annoyed I nearly called off the 4 condo purchace....