Condo Info Need, Fetf

[meloncoly]

When you get the FETF to show the funds were from a foreign currency, would it be acceptable to cash the $20,000+ (or equivilant) into a thai bank account you've just opened, and get the form that way? I read somewhere that you need it to be transferred from a foreign account, or in traveller's cheques, so cash should be ok too?

Also, can you get condo houses or anything? Anything that isn't an apartment.

cheers

[bolt]

i got this reply from a previous topic regarding the tor tor 3

check it out on a previous page

small section from the topic

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.

[meloncoly]

thanks.

Somebody said once they were in Thailand, they couldn't transfer the funds from their UK bank without being there in person to sign, so this could be a problem.

Also, would it be possible to bring cash to Thailand, open a bank account, and transfer it home and back, losing out on fees etc?

[bangkapiboy]

Yes I don't see why not.

The important part is the foreign transfer of foreign funds from abroad to a Thai bank account. Then the bank will issue the foreign funds transfer document that you can then use at the land department to get the condo in your own name.

[Tokay]

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.

Are you kidding me? Thailand wants the names and address and possible passports of our parents in order for us to buy a condo here?

[trogers]

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.

Are you kidding me? Thailand wants the names and address and possible passports of our parents in order for us to buy a condo here?

If such info is not provided by you, how will your living parents make a claim over the property should something happen to you when there is no written will by you? Any Tom and Janice can claim they are your parents.

[PattayaParent]

What if you don't have parents?

Does that mean that you can't buy a condo????

[Jingthing]

I was never asked about my parents when I bought a condo in Jomtien. I recommend that all condo owners make a will in Thailand though. I can't imagine what info about deceased parents would be useful for.

Edited May 2, 2009 by Jingthing

[trogers]

What if you don't have parents?

Does that mean that you can't buy a condo????

I think what you meant is that both parents have passed away.

In that case, just state their names and state that they are deceased.

Edited May 2, 2009 by trogers

[briley]

Parents names are required for the purchase of property as part of identifying you, same as you Date of birth etc.

One extra point, if you plan to buy in joint name with a farang partner both names must be on the money transfer documents. My money went from a joint account to a joint account but with only one name on the paperwork and my wife could not be included on the property documents as joint owner.

[PattayaParent]

What if you don't have parents?

Does that mean that you can't buy a condo????

I think what you meant is that both parents have passed away.

In that case, just state their names and state that they are deceased.

Or you could be an orphan?