Transferring Money for condo. Recommended FET Company.

[DLang]

Money is in Ireland.

Will be transferred to purchase a condo in Thailand.

Instead of a bank to bank transfer.

What FE companies can people recommend?

The person will not be in Ireland at any time during the process, and their family would be taking care of things from that side. They will of course get a FEC stating the funds are being transferred for the purchase of a condo.

Any experiences/recommendations for a company to transfer the funds?

Thanks.

[Delight]

I always transfer my money to Thailand using Smart Currency

http://www.smartcurrencyexchange.com/

They achieve about 1 baht less than interbank and no transaction costs (Terms apply)

[Happy Grumpy]

Are there any issues using a company like that, in terms of what's needed to transfer the condo into your name? The FEC that's needed, for example?

[PattayaPhom]

Where is the money being sent to in Thailand?

[Happy Grumpy]

Where is the money being sent to in Thailand?

"Will be transferred to purchase a condo in Thailand.

Instead of a bank to bank transfer."

I would presume his bank.

[DLang]

Yes, the money would be transferred to the bank account in Thailand.

Is there any issue with:

The sender not being the person that is buying the condo?

Getting the correct FEC from the company stating that it is being transferred for the purpose of a condo?

thanks.

[Happy Grumpy]

I'm looking at bringing in 100k Euro.

A few weeks ago: 4,030,000. baht.

Now: 3,850,000.

Way to lose the bones of 200k baht.

[jonw8uk]

As I understand it, for a condo purchase, a foreign exchange transaction form (usually from the receiving thai bank) is required showing that the exchange was performed in Thailand.

So you may want to look at Thai based FE companies, ensuring they can issue the foreign exchange transaction form.

Taken from a blog on buying a condo here:

It is important that you state on the TT form the purpose of the transfer, i.e., for Purchase of Condominium, and that the currency remitted is S$ (not THB as this will be converted by your Thai bank and not your Singapore bank). Your money should show up in your Thai bank account within 2 working days. Then go to your Thai bank and ask for a Foreign Exchange Transaction Form (Tor Tor Sam). Actually, this is a letter on your Thai bank’s letterhead which states you have remitted S$xx (converted into THByy) from Singapore. This letter is required for the title registration at the Land office. It also allows you to remit your money out of Thailand tax-free after you sell the condo.

As for the cash being transferred in someone else's name, I'm not sure, and would seek legal advice, what with the potential money laundering issues.

Super rich in Thailand is one company that always have better rates than the banks for cash exchange, but their website doesn't mention that they can receive via TT, let alone issue the paperwork.

[cronus]

there might be problems if sender is not the same name as the receiver/the one buying the condo.

To avoid it: with amounts of less than 50'000US$ or equivalent bank will issue a currency transaction letter instead of the official FET. Send money in tranches of less than 50k$ and get the bank letters for every tranch. Cost 100 Bath per letter (BKK bank) to 200 Bath (Kasikorn). The letter will NOT state the name of the sender of the money only the FET (Tor tor sam) does. Problem solved.

[hhgz]

Why use an "FX company"? Open a bank account in Thailand, and SWIFT the money to Thailand.

[DLang]

Why use an "FX company"? Open a bank account in Thailand, and SWIFT the money to Thailand.

3 bank accounts here already.

FX company. Better rates and fees, I believe.

[coulson]

Why use an "FX company"? Open a bank account in Thailand, and SWIFT the money to Thailand.

3 bank accounts here already.

FX company. Better rates and fees, I believe.

Provided it arrives in euro and into your Thai account, the tt3/ FET will pick up sufficient details.

One thing about the right documents is not so much about being able to buy the place which there always seems to be a way around, it's more about being able to take the money back out later.

[Langsuan Man]

Why use an "FX company"? Open a bank account in Thailand, and SWIFT the money to Thailand.

3 bank accounts here already.

FX company. Better rates and fees, I believe.

If it was my money I would make sure by asking those three banks rather than trust your: better rates and fees, I believe