Send money

[davo2212]

Hi all. Just wanting to know the best way to send money to Thailand to pay off a condo?

Thanks

[wooloomooloo]

From which country?

[davo2212]

Sorry Australia

[lopburi3]

And is this an investment visa purchase requiring proof of funds transfer for outside Thailand? May make a difference in how money needs to be handled. You might want to report your original post requesting it be moved to the banking section for best response from those that know.

[davo2212]

Ok. I am buying a condo and I have to make quarterly payments. It basically going to be my retirement home

[Thanyaburi Mac]

Bank-to-bank wire transfers work for me.

Mac

a Yank

[wooloomooloo]

I would consider investigating an f/x account.

[lopburi3]

This is not a 10 million baht investment type purchase for immigration stay so normal method would be into a bank account here from a bank there I believe - and believe SWIFT transfer is what you use from Oz (it is from US).

But if you have an account in Thailand (you should have) I would advise sending into that account using foreign currency which is converted on arrival and then transferring from that account the exact amount required. Sending Thai Baht in the exact amount is likely to be very expensive as conversions done outside Thailand are normally not at a good rate of exchange.

[CharlieH]

MOVED to Banking

[fletchsmile]

Probably bank/SWIFT transfer. Send in foreign currency to be converted onshore to THB here to get the best rate. You should state on the transfer form at the Aussie end the reason is for the purchase of property. The Thai bank will also be familiar with any documentation you need and should then issue an FX transfer form or statement for you to keep which is important for various reasons including if you want to transfer out of country.

Cheers

Fletch

[allane]

The money needs to be earmarked as for the purchase of a condominium at the time it is brought in. Otherwise, you will not be able to eventually take the money out of Thailand, or at the very least will have to pay a tax on it. Read The Condominium Act, and speak to a knowledgeable Thai bank manager or lawyer before proceeding. Do not rely advice from salesmen, neighbouring owners, friends or strangers.

[blackcab]

The money needs to be earmarked as for the purchase of a condominium at the time it is brought in. Otherwise, you will not be able to eventually take the money out of Thailand, or at the very least will have to pay a tax on it. Read The Condominium Act, and speak to a knowledgeable Thai bank manager or lawyer before proceeding. Do not rely advice from salesmen, neighbouring owners, friends or strangers.

But you're a stranger. And you're offering advice...

[Swiss1960]

OP writes in post #5 that he needs to do quarterly payments. OP: do you send the money directly to the company who sold you the property or do you first transfer to your own Thai account?

In any case, make sure each transfer into Thailand has a note assigned "property purchase", maybe even outlining details if the property, then you will be ok

Edited October 13, 2015 by Swiss1960

[fletchsmile]

The money needs to be earmarked as for the purchase of a condominium at the time it is brought in. Otherwise, you will not be able to eventually take the money out of Thailand, or at the very least will have to pay a tax on it. Read The Condominium Act, and speak to a knowledgeable Thai bank manager or lawyer before proceeding. Do not rely advice from salesmen, neighbouring owners, friends or strangers.

I think you prove your own point there

If OP states no reason for the transfer that will affect his ability to buy property, because as a foreigner he needs to demonstrate the money came from outside Thailand when purchasing a condo.

However, as long as he gets the FX transfer documentation from his bank and is able to show the money coming in, it will not affect his ability to transfer out, regardless of whether it was earmarked for a property purchase. The key is simply a document that shows the source of the money, in this case overseas.

Nor does the purpose of transferring money in create a tax liability in itself, that he will have to pay when repatriating funds.

There is a remote possibility that the Revenue may ask about the source of money, i.e is it from income in the same year, but the purpose of the transfer (property or not) won't create a tax liability on transferring out. Again there may be a tax liability if he sells the condo.

Cheers

Fletch

Edited October 14, 2015 by fletchsmile