New BOT regulations for Foreign Exchange Transaction forms for condo purchase?

[Card]

A few days ago I transferred 20,000 UK pounds to my Thai bank account for buying a condo. I received a Incoming TT Credit ADvice automatically from the bank. I then further proceeded to request an FET or a 'Foreign Currency Purchase/sell form' because it was below 50000 USD to use at Land Registry to buy my condo.

However, there was a lot of confusion at my bank and had to eventually to to the head office. They told me that the BOT only requires the issue of a FET form when the amount is 50000 USD or over (it used to be 20000, but apparently the new regs have upped that to 50000).

So what happens if u want to buy a condo costing less than 50000 USD? Apparently the Incoming TT Credit Advice form (computer generated on bank note paper without even a signature or bank stamp) is now used instead of the other 2 forms mentioned above.

It seems the BOT has changed the regs since last year when I was given a 'FCP/S form' by my bank for an amount less than 50000 USD which they don't give out anymore.

Has anyone found the same? And is the TT Credit Advice accepted as proof of foreign transfer by Land Registry?

[Langsuan Man]

What reason did you give when you requested that the sending bank send the money?

I have never heard of a situation where the statement FOR PURCHASE OF A CONDO was not honored by the receiving bank

The rule that the bank is citing is for large transfers that have nothing to do with condo purchases. There used to be a requirement that the receiving banks had to issue a Foreign Exchange Certificate for any amounts over $20,000 US, to control Thai Baht speculators, but this requirement was dropped several years ago, much to the joy of the banks that had to issue the paperwork

As far as the Land Department is concerned they will want to see the official Foreign Exchange Certificate that states "for purpose of purchase of a condo". That certificate is attached to the Chanote and forms part of the backup documentation for the purchase. You will be given a copy of it for your records but the original will stay with the Land Office, so that in the future if you want to repatriate the money if you sell the condo

You need to return to your home branch and find an English speaking rep who understands what you are after

420

[CRUNCHER]

The "new" limit has been in place for about 2 years now. I got caught the first day it was in effect.

If you are below the limit go to your bank and they will give you a letter which can be used in place of a TT3 when transferring condo ownership. In my case I had to show the bank my contract because they wanted to get the address of the condo right as this has to be included in the letter apparently.

[CRUNCHER]

Actually it was nearly 3 years ago. Here is a post I made at the time.

http://www.thaivisa.com/forum/topic/408051-tor-tor-3-new-procedures/

[cassde]

I recently completed the purchase of a condo and bank at Bangkok Bank. I needed the letter for the Land Registry and had to go to Bangkok Bank's Head Office (desk 27 on 2nd floor) where I obtained the letter confirming that monies to purchase the condo were transferred from the uk.

Everything went well at Land Registry and the transfer of name effected with no trouble.

[Card]

I recently completed the purchase of a condo and bank at Bangkok Bank. I needed the letter for the Land Registry and had to go to Bangkok Bank's Head Office (desk 27 on 2nd floor) where I obtained the letter confirming that monies to purchase the condo were transferred from the uk.

Everything went well at Land Registry and the transfer of name effected with no trouble.

Thanks for this - very comforting.

1. Was the price of the condo less than 50000 USD?

2. Did the bank automatically give you an 'Incoming TT Credit Advice' detailing the whole transaction, including the purpose? My bank sent it to me by post automatically and my bank said this is now used instead of an FET form to record the transaction but I assume I would need a letter from the bank for the land registry as well.

3. Did the letter that BKK bank give you include the full address/unit number etc of the condo, or just the name of the condo block?