Has anybody ever used OzForex to transfer money in Thai baht to buy a condo?

[friendlyfiend]

I have a bit of a situation I think. I'm buying a condo and I used OzForex to transfer my money here. They converted my dollars to baht in Australia and are sending Thai baht to my Thai bank account here (hasn't arrived yet)

Meanwhile i've been reading that in order to be eligible for condo title ownership you have to prove to the Land Office the money came from overseas using the FET form which are normally issued by the Thai bank that did the currency exchange from dollars to baht. My money will be arriving in baht and WASN'T converted by a Thai bank. Is this a problem?

OzForex assured me it should be fine and that they do similar transfers often for property purchases in Thailand etc. etc. However, my Thai bank said they cannot issue an FET form because the baht wasn't converted here.

What I'd really like to know; has anybody ever used a currency exchange/transfer service such as OzForex, had funds sent in baht and then succesfully registered their condominium at the Land Office (with an FET or with some other document of proof)?

is it possible?

Cheers.

FF

[Torrens54]

Simply do an On Line Transfer from your Australian Bank in AUSTRALIAN Dollars to your THAI Bank.

For some time, I had the money converted to Baht in Australia....BAD MOVE, I get a much better rate by transferring in OZ Dollars and having it converted here.

The Australian Bank charges me AUD$23 per Transfer and you have the PROOF you need, that the money came here in Australian Currency.

[PlastikbinLina]

My experience with OzForex is limited to transferring my fortnightly pension to Thailand. Their fees, you probably know already are $15 for funds less than $10,000 and free for anything over that amount. OzForex use Westpac in Sydney to do the conversion from $AUS to Thai Baht. I have learnt too as the other writer commenting on this that it is much better deal for you to transfer the money either in $AUS or $US. The bank I use here also advised me to do that. Westpac, also in my experience dealing with them, are the most expensive bank in Australia e.g. if I draw money direct from my account there via ATM here I lose 2-3 baht in the exchange rate compared to the OzForex rate.

[KittenKong]

Meanwhile i've been reading that in order to be eligible for condo title ownership you have to prove to the Land Office the money came from overseas using the FET form which are normally issued by the Thai bank that did the currency exchange from dollars to baht. My money will be arriving in baht and WASN'T converted by a Thai bank. Is this a problem?

If you dont have an FET certificate then the Land Office should not register your purchase.

That said, you should be able to arrange with your bank manager to do a quick out/in transfer at reduced cost so that they can issue the form. I imagine that the agent who arranged your purchase would be keen to find some solution also, and he may have banking contacts who can help.

[friendlyfiend]

Thanks for all replies,

Good news. Today i transferred my condo into my name at the Land Office.

So, I would just like to let all know that there is NO problem not having an FET (Foreign Exchange Transaction) form. It is only one type of proof of funds sent from abroad, but not the only. There is NO problem with bringing pre-converted Thai baht into Thailand for the purchase of a condominium, contrary to what many think. The only prerequisite is that you must have a 'non-resident Thai baht account' in your name in Thailand, and the bank (in my case KrungThai bank) provide me with a letter and receipt of the amount of money (baht) stating was moved from Australia (Westpac Bank) to my Thai baht account here.

I must admit that a lot of the legal information found online (not to mention a lot discussions in forums) regarding this all refer and point to the FET (foreign exchange transaction form) as a necessary part of procedure, and that the money MUST be moved in foreign currency and converted by a Thai bank here. This was where i thought I'd hit a wall and felt frustrated. BUT, the reality is, and I can tell you first hand, this is not the case at all. And if anyone wants to dispute or doubt this, please refer them or yourself to clause 19.5 (5) of the Condominium Act which states the alternatives (which in my case was simply a letter from bank stating money came from abroad into my non-resident Thai baht bank account here).

Hope this can be help to any future prospective condominium buyers.

Cheers.
FF

[Biikqth]

Wife and I transferred our funds via Ozforex into Bangkok Bank in Chiangmai to buy a condo 3 years ago. No problems at all and no FET.