Foreigner with no Thai Bank Account Purchasing Condo

[Pawpal]

I'll be remitting the funds from Hong Kong. I don't have a Thai bank account, nor do I want one. The remittance form from my Hong Kong bank account will clearly state the purpose of the funds is for condo purchase. In 2006, a Hong Kong friend (also without a Thai bank account) was able to transfer the funds to HSBC Thailand (with the stated purpose of buying the Condo) and then obtaining a cashier's cheque from HSBC Thailand (for a fee, of course). Does anyone know if this is still possible; or have any other suggestions on how to remit funds without opening a Thai bank account? For instance, transferring the money to the account of a trusted Thai friend. Any advice will be appreciated.

[David48]

i have to say ... the statement "transferring the money to the account of a trusted Thai friend" set off a red flag fro me.

[poooket]

HSBC closed in Thailand, think it was Krungsri who took over their services, might wanna check with them.

[thrilled]

Up to you . If I was in your shoes I would get A thai bank account

[falkan]

a thai bank account cost you 300bath to open, whats the problem..?

or you hiding from the taxman 555

[JohnC]

Who is going to provide the paperwork to show you brought funds into Thailand with the express purpose of purchasing a condo (Sam Sam 3?) needed when you sell and try to take the funds out.

[KittenKong]

a thai bank account cost you 300bath to open,

No, it's free.

[KittenKong]

"I'll be remitting the funds from Hong Kong. I don't have a Thai bank account, nor do I want one."

You must be out of your mind, or maybe trying to do something crooked.

Open the account, use it for the transfer, then close it if you dont want it any more. Though I would have thought it was well worth keeping. I have several; not only as a convenient place to keep spending money but also for my visa extension deposit and to pay my electric bill automatically in case I'm away.

[MB1]

i have to say ... the statement "transferring the money to the account of a trusted Thai friend" set off a red flag fro me.

I think Pawpal should change his name to PAYPAL if he's thinking of transferring the money to a trusted Thai freind....

No matter how much I trusted a Thai freind I wouldnt be that trusting with the price of a condo...

[vtjforyou]

A bit ridiculous not to open an account..

Then we wonder why some always have problems that we never had !

[NCC1701A]

could you state why you don't want to open a bank account?

[Suradit69]

A bit ridiculous not to open an account..

Then we wonder why some always have problems that we never had !

It does often seem that a lot of people who complain about life in Thailand have problems that are difficult to fathom when compared to personal experience. Then along comes someone who solves the mystery.

No task is so simple that someone can't find a way to make it difficult ... and then blame Thais/Thailand when it turns out bass-ackward.

[realenglish1]

Guess What if you want to buy a condo you are going to need a Thai bank account for it and then after you do the transfer and pay for the condo Close the account Its that simple

[blazes]

why buy a condo? they cost a lot more than houses, and even though you are the owner (unlike those who "buy" houses), selling it, if that becomes necessary, will probably be a big pain in the derriere.

anyone over the age of about 65 should be renting, whether housing or condo. Depending on your personal circumstances, of course.

Obviously, if you abandon permanently your country of birth, it may be wise to buy, but not necessarily.

If you are 65 and live to 85, you could rent a condo for 20 years. (Say 20,000 pm x 12 x 20 = 4,800,000. It probably would cost 6 million to buy that condo.) Case closed?

[catweazle]

One member posted a red flag went off for him reading "trusted Thai friend". For me, the red flag goes off when I read between the lines with what kind of twisted mindset you plan to emigrate to, retire at, or party here in Thailand.

If you don't want a Thai bank account or can't get one (for whatever reason), then you probably are not the right person to stay here or own a condo or anything at all in the first place.

Edited August 14, 2013 by catweazle

[skorchio]

HSBC are no longer operating in Thailand, much to my disappointment. So you won't be using them no matter what!! They used to provide an excellent service for Premier customers, and that was shuffled off to KrungSri. Now I have extra charges, crap rates and 2 websites to log into .... and transfers are slower. HSBC was excellent. Pissed off they left!!!!

[MonkeyLoo]

I can confirm that too. HSBC pulled out of Thailand retail banking. I believe they still have business banking facilities in BKK.

[Kommiekat]

My wife is Hong Kong Chinese (me being American) and I just bought a condo here in Koh Samui for 1.6mbt.

I paid half of it by ATM, everyday for a week or so.

ATM machines will allow 3 withdrawals a day at 20,000 to 25,000 bt, depending on the bank.

Rest I paid with bank transfer when I got back to HK.

Fu_ck HSBC. Sorry asholes. They caused me more problems than help.

Im here now in KS, next to the beach, sucking down a coconut shake as I type thiz.

The ATM shuffle was worth the hassle.

Good Luck

Edited August 14, 2013 by Kommiekat

[MAMMartin]

As I understand if you do not bring the money into an account in your name you will find it hard to move the money back out of Thailand in the future should you wish to do so.

However, if you cannot open an account as you don't have the visa status to do so - then walk into the main branch of SCB, Bangkok Branch etc and ask them. Alternatively as HSBC are not here anymore talk to Citibank or ANZ or another of the overseas banks that invariably have a branch around Sathorn/Rama 4

Note: the banks won't advise you on the laws for ownership, selling the condo and how you get to take your money out. That is what lawyers are for.

[nosatisfaction]

i have to say ... the statement "transferring the money to the account of a trusted Thai friend" set off a red flag fro me.

I think Pawpal should change his name to PAYPAL if he's thinking of transferring the money to a trusted Thai freind....

No matter how much I trusted a Thai freind I wouldnt be that trusting with the price of a condo...

nor would I, but then again I wouldn't trust ANY friend with that kind of money, no matter what nationality

[bangkokstick]

why buy a condo? they cost a lot more than houses, and even though you are the owner (unlike those who "buy" houses), selling it, if that becomes necessary, will probably be a big pain in the derriere.

anyone over the age of about 65 should be renting, whether housing or condo. Depending on your personal circumstances, of course.

Obviously, if you abandon permanently your country of birth, it may be wise to buy, but not necessarily.

If you are 65 and live to 85, you could rent a condo for 20 years. (Say 20,000 pm x 12 x 20 = 4,800,000. It probably would cost 6 million to buy that condo.) Case closed?

I sold many condos and it was always quick.

Maybe someone likes to buy and let something to his family ?

I never rent, even for short time, because I am the one who decide when I leave, not a retarded monkey landlord who could ask you to leave even at 80 !

[marell]

i have to say ... the statement "transferring the money to the account of a trusted Thai friend" set off a red flag fro me.

Agreed, this would open a wider range of potential weirdness to a situation that sounds a little odd to begin with..

Edited August 14, 2013 by marell

[dighambara]

i have to say ... the statement "transferring the money to the account of a trusted Thai friend" set off a red flag fro me.

"Trusted Thai Frienf" - ROTFLMAO

[Maestro]

From my reading of the OP it appears that Pawpal falls into the category of condo purchaser according to section 19(5) of the Condominium Act B.E. 2522, as amended by the Condominium Acts No. (2) B.E. 2534 and No. (3) B.E.2534:

Section 19 Aliens and juristic persons regarded by law as aliens may hold ownership of an apartment if they are the following:

(1) Aliens permitted to have residence in the Kingdom under the Immigration law;

(2) Aliens permitted to enter into the Kingdom under the investment promotion law;

(3) Juristic persons as provided in Section 97 and 98 of the Land Code and registered as juristic persons under Thai law;

(4) Juristic persons which are aliens under the Announcement of the National Executive Council No. 281 dated November 24, B.E. 2515 and have obtained promotion certificate under investment promotion law;

(5) Aliens or juristic persons regarded by law as aliens who have brought in foreign currency into the Kingdom or withdraw money from Thai baht account of the person who have residence outside the Kingdom or withdraw money from a foreign currency account.

Source: http://www.thaivisa.com/forum/index.php?app=core&module=attach&section=attach&attach_id=100519

Therefore, in order to get the title deed from the Land Registration Office in his name he must bring the money into Thailand in one of the three manners described in the cited clause.

[MB1]

why buy a condo? they cost a lot more than houses, and even though you are the owner (unlike those who "buy" houses), selling it, if that becomes necessary, will probably be a big pain in the derriere.

anyone over the age of about 65 should be renting, whether housing or condo. Depending on your personal circumstances, of course.

Obviously, if you abandon permanently your country of birth, it may be wise to buy, but not necessarily.

If you are 65 and live to 85, you could rent a condo for 20 years. (Say 20,000 pm x 12 x 20 = 4,800,000. It probably would cost 6 million to buy that condo.) Case closed?

So a condo or house costing 6 mill baht and some one who bought it lives there for twenty years with no rent to pay saves 4.8 mill baht on rental at the figures you used as an example which leaves 1.2 mill baht outstanding and owner then sells on and gets back the 6 mill baht paid so if this was the case he or she would have saved 4.8 mill baht buy buying a property and having no rent to pay, me personally would use the buy a property route, paying rent is DEAD money.....

Case re-opened your honour....?....

[KittenKong]

My wife is Hong Kong Chinese (me being American) and I just bought a condo here in Koh Samui for 1.6mbt.

I paid half of it by ATM, everyday for a week or so.

ATM machines will allow 3 withdrawals a day at 20,000 to 25,000 bt, depending on the bank.

Rest I paid with bank transfer when I got back to HK.

How did you get your Foreign Exchange Certificate then (ex Tor Tor Sam)?

Without said certificate you cant buy a farang name condo, or export your money again (easily) if one day you decide to sell.

Or can we assume that you didnt in fact buy a farang-name condo but instead bought a company-name one, or a lease? In which case you do not own a condo.

[spacebass]

The Tor Tor Sam is not required to export the funds the paper issued by the land office at the conclusion of the transfer which contains details of the transaction such as the price paid i.e. monies received (which is the amount that can be exported) is in practice , in my experience, sufficient.

Sent from my Xoom using Thaivisa Connect Thailand mobile app

[Card]

why buy a condo? they cost a lot more than houses, and even though you are the owner (unlike those who "buy" houses), selling it, if that becomes necessary, will probably be a big pain in the derriere.

anyone over the age of about 65 should be renting, whether housing or condo. Depending on your personal circumstances, of course.

Obviously, if you abandon permanently your country of birth, it may be wise to buy, but not necessarily.

If you are 65 and live to 85, you could rent a condo for 20 years. (Say 20,000 pm x 12 x 20 = 4,800,000. It probably would cost 6 million to buy that condo.) Case closed?

Depends if you are thinking of leaving your assets to a loved one or not. You got any loved ones?

[Maestro]

I have removed a troll post.

[bangon04]

why buy a condo? they cost a lot more than houses, and even though you are the owner (unlike those who "buy" houses), selling it, if that becomes necessary, will probably be a big pain in the derriere.

anyone over the age of about 65 should be renting, whether housing or condo. Depending on your personal circumstances, of course.

Obviously, if you abandon permanently your country of birth, it may be wise to buy, but not necessarily.

If you are 65 and live to 85, you could rent a condo for 20 years. (Say 20,000 pm x 12 x 20 = 4,800,000. It probably would cost 6 million to buy that condo.) Case closed?

So a condo or house costing 6 mill baht and some one who bought it lives there for twenty years with no rent to pay saves 4.8 mill baht on rental at the figures you used as an example which leaves 1.2 mill baht outstanding and owner then sells on and gets back the 6 mill baht paid so if this was the case he or she would have saved 4.8 mill baht buy buying a property and having no rent to pay, me personally would use the buy a property route, paying rent is DEAD money.....

Case re-opened your honour....?....

There are other small considerations - like the interest from keeping your 6 million baht in the bank for 20 years at 3 per cent or better, and the saving by not converting it into Thai baht in the first place, plus the service charge, community fees or whatever that may not be passed on in a rental agreement, plus at age 85 you may not have the time or the mental health or the family to sell it or bequeath it, in which case it is possible that someone you wouldn't approve of will get it for nothing.