Monthly transfers to my Thai account for future condo purchase?

[Phatcharanan]

Hi all,

I have lived in BKK rented apartments for several years now and currently I work in Qatar. I find it useful to keep a rental in BKK going as I have lots of stuff, a bike etc etc and I travel back to BKK every two months.

At the moment, I am transferring money on a monthly basis from my Qatari account to my Kasikorn account. This is all done online.

My Qatar bank website always asks for reason of transfer and uses a 'drop down box' with lots of options. I always choose the option 'Housing finance,'

The intention is for me to purchase a condo in BKK.

My request for advice is this..........'Would there be any problems in obtaining the necessary paperwork (Tor Tor 3?) from Kasikorn using my monthly transfers as evidence, or do they expect to have significant sums transferred in just one or two transfers?'

Any advice greatly appreciated. Thx.

[Satcommlee]

Thats a dodgy one.... at one point the Kasikorn may be likely to freeze your account until a reason is given for the money coming into the country.

Purchasing a condo is a perfectly valid reason though and they will unblock your account instantly.

[Maestro]

Nothing dodgy about it. Phatcharanan has the reason for the transfer on every single transfer:

My Qatar bank website always asks for reason of transfer and uses a 'drop down box' with lots of options. I always choose the option 'Housing finance,'

[Crossy]

Indeed ^^^.

However, lots of small transfers means he may have trouble getting the foreign transfer certificate (was TT3) form to prove the funds came from offshore needed to purchase a condo in his name.

It would be a good idea to check that the bank will issue said form covering multiple transfers.

[Maestro]

A couple of years ago I read a post in this forum saying that one should specify the name of the condo building and the number of the condo unit one wants to buy on the transfer order given to the bank. I doubt, though, that this is a necessity but and believe that a reason like "condo purchase" should be good enough. Some banks in Thailand strangely do not print this reason on the credit advice, which the bank gives on request, but Kasikorn Bank does. Next time you are in Bangkok, ask to talk to the manager of the branch where you have your account and get the credit advice for each incoming foreign remittance into your account so far and after that on each visit to Thailand ask for the credit advice for the remittances that arrived since the previous visit. He may have to order it from the head office. Below is an example of this credit advice for your reference.

When I asked for it earlier this year I was told by my Kasikorn branch that they are not allowed to email it to me, only hand it to me in person or fax it to a Thai fax number. I see at the bottom of the form that it is possible to register at the branch for SMS/email alert service for the receipt of incoming foreign remittances. I haven't registered for it yet and don't know what information is given in the email alert.

[lanzalad]

The bank will not issue the paper you need for small transfers.

i was told i need to transfer 400.000 plus to get the paper from the bank...

i've also been told that you can ask the bank to sent the money somewhere and then sending back into your acount on the same day then you will get the paper at a fee.

i got it for free from k bank as i transferred more than 400'000 so the charge would be for sending it out and back into your account again.

i think if you show all your transfer slips on line or from the desk you should be able to sort it out.

-----------------------------------------------------------------------------

this is why when you buy a brand new condo off plans the stage payments are set out so you get the paper from the bank.. 400'000 plus

Edited August 18, 2013 by lanzalad

[lanzalad]

i opened an account on line with HSBC in the uk and if you have a uk account you can then have a hong kong account by using your uk account..

i did this as i live in the uk and soon im going to be moving to los and working in china and selling in the uk so this works for me..

but you could do something there same to send the money and send it back again

open a HSBC in bkk then open then open one on line in hong kong then send it back you got the paper or see if k bank have branches outside thailand

Edited August 18, 2013 by lanzalad

[Phatcharanan]

Many thanks to all for your helpful advice.

I usually transfer 180-200 k (Thai) every month so I guess I should do this bi-monthly instead to make it the 400 k figure.

I like that idea of opening an HSBC account here and then online in HK. Worth looking into so thanks.

Thanks again all.

[Maestro]

Check with Kasikorn just the same. They may give the credit advice also for amounts below 400k Baht. Other banks such as Siam Commercial Bank and Krungsri Bank (Bank of Ayuddhya) did. I don't think a bank has the right to refuse it when you ask for it.

[bigwilly]

Many thanks to all for your helpful advice.

I usually transfer 180-200 k (Thai) every month so I guess I should do this bi-monthly instead to make it the 400 k figure.

I like that idea of opening an HSBC account here and then online in HK. Worth looking into so thanks.

Thanks again all.

Problem is HSBC Bank is finished in Thailand since 2012. Now taken over by Krungsri Bank.

Regards.

[Phatcharanan]

Check with Kasikorn just the same. They may give the credit advice also for amounts below 400k Baht. Other banks such as Siam Commercial Bank and Krungsri Bank (Bank of Ayuddhya) did. I don't think a bank has the right to refuse it when you ask for it.

Yeah, think I will do this. Thanks.

[Phatcharanan]

Many thanks to all for your helpful advice.

I usually transfer 180-200 k (Thai) every month so I guess I should do this bi-monthly instead to make it the 400 k figure.

I like that idea of opening an HSBC account here and then online in HK. Worth looking into so thanks.

Thanks again all.

Problem is HSBC Bank is finished in Thailand since 2012. Now taken over by Krungsri Bank.

Regards.

That's typical. :-(

[Maestro]

Making bi-monthly instead of monthly remittances is not a bad idea, as it saves you a little money in bank fees at both ends.

The Foreign Exchange Transaction Form (FETF) is not essential for a condo purchase, nor is there any condition that the money for the purchase must be brought into Thailand in a single remittance. Any evidence that the money came from abroad will do. Currently, the FETF is only available for remittances equivalent to not less than USD 50,000. Unlike the FETF, the bank's credit advice is not signed, which means that for the condo purchase your bank would have to give you a signed letter confirming the total amount. Keep the advice receipts to make it easier for the bank.

From the Condominium Act:

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

...

(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.

[Phatcharanan]

Useful. Thanks Maestro.

[Phatcharanan]

Useful. Thanks Maestro.