Regarding The Tor Tor 3

[bolt]

Hi

Regarding the Tor Tor 3

Do you need to have a property already agreed?

Before you send money to your Thai bank account.

I would rather send my money over next month then go look at some more condos.

But is it the Thai way to do it in reverse. Buy agree then go and get the money?

[fisherd3]

Hi

Regarding the Tor Tor 3

Do you need to have a property already agreed?

Before you send money to your Thai bank account.

I would rather send my money over next month then go look at some more condos.

But is it the Thai way to do it in reverse. Buy agree then go and get the money?

You can get a Tor Tor three now called something else up to 6 months after you have imported the money.

[bolt]

hi again i forgot to ask

do you need to transfer the money from another bank,

or can you bring in cash and still get the TOR TOR sam

[FRM-BKK]

Dear Bolt,

I posted the enclosed article over a year ago and again a few weeks ago for people in the same position as you are now. All of the points raised are still valid today, I hope it will be of some help, if not, it might give further clarification.

PS. You cannot bring in the cash from abroad, it has to be remitted through an international money transfer. As explained in the article.

Tor Tor 3 has been abolished since May 2004 and replaced by what the authorities now use:

Foreign Exchange Transaction Form

To get the FETF's (foreign exchange transaction form) you will need to stick to some basic principles.

1

Money has to be remitted from abroad, in a NON THAI currency, so sterling, dollars anything but not Thai baht.

2

The amount you remit in one transaction has to be for at least USD 20,000 or equivalent. If you send less, the amount does not qualify for a FETF form, so make sure you remit enough to get you over 20,000 USD equivalent. ( over 12,000 pound sterling?)

If your condo is not yet ready, and you are required to make regular payments, which are smaller than 20,000 USD send several payments at once, so to get you over the 20,000 USD amount.

Also I would only pay monies into my own Thai bank account, not the account of the developer or solicitor....only your own!! This is just for safety and security. Also keep in mind the vality period of FETF's I have no experience with this as my transaction was completed in 8 weeks.

3

When you send the money from your home country, or wherever it is coming from, the remitting bank must put on the electronic wire form some crucial information..............without this the bank or land department will refuse.

First on the wire instructions it must contain your full name. exactly as in your passport. It must also contain the purpose for the remit: "for purchase Condominium" These two items are vital. I had the bank in the UK also put on my passport number, just so to tie everything in with me only.

4

Once the money is in Thailand, go to the bank and ask them to issue you with the FETF. If you are dealing with a local branch who do not seem to know what to do, go to their head office. I did everything through the Bangkok Bank HQ on Silom Road in Bangkok. That is where I have my accounts. They knew exactly what was needed and got me sorted out in about half an hour. I had remitted 3 payments to Thailand.

I did have to pay for the FETF's about 200 baht each letter.

5

The FETF form should contain the following:

in section 1

your full name and passport number

in section 2

the name of the bank that sent the money to Thailand

in section 4

the purpose of the transaction, with the code 318069 (i assume this is a standard code for condo buying)

and this section will also specify that the reason is for: "purchase of Condominium"

in section 6

date and your signature

in section 7

a stamp and signature from the authorized financial institute (your bank)

That is it.

You will need additional bits and pieces for the land registry department.

You will need copies of the passports of both your father and your mother. If they are no longer alive, you must give their full names, registered postal address when they were alive and the date they died.

If you want any more help or info, just PM me.

I went through the whole process in June 2004. It all went without a hitch. I had done a lot of research before I proceeded. All in all, it paid off. From final payment to the seller to getting the title deeds was 2 days!!

Good luck,

FRM-UK

[sfokevin]

hi again i forgot to ask

do you need to transfer the money from another bank,

or can you bring in cash and still get the TOR TOR sam

Over $20,000... No problem... At immigration when you are getting your passport stamped just open up your satchel and show him your unmarked bills... He will direct you to a special line....

Edited August 21, 2006 by sfokevin

[Naam]

hi again i forgot to ask

do you need to transfer the money from another bank,

or can you bring in cash and still get the TOR TOR sam

Over $20,000... No problem... At immigration when you are getting your passport stamped just open up your satchel and show him your unmarked bills... He will direct you to a special line....

...where they take your money and issue a tor tor sam in exchange?

[PattayaParent]

Kasikorn Bank would not credit my account with my money transfer until I had shown them a purchase contract for the condo I was buying.

[CRUNCHER]

The amount for a Tor Tor 3 is now US$50,000