DLang Posted November 5, 2015 Share Posted November 5, 2015 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. Link to comment Share on other sites More sharing options...
Delight Posted November 5, 2015 Share Posted November 5, 2015 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) Link to comment Share on other sites More sharing options...
Happy Grumpy Posted November 5, 2015 Share Posted November 5, 2015 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? Link to comment Share on other sites More sharing options...
PattayaPhom Posted November 5, 2015 Share Posted November 5, 2015 Where is the money being sent to in Thailand? Link to comment Share on other sites More sharing options...
Happy Grumpy Posted November 6, 2015 Share Posted November 6, 2015 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. Link to comment Share on other sites More sharing options...
DLang Posted November 6, 2015 Author Share Posted November 6, 2015 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. Link to comment Share on other sites More sharing options...
Happy Grumpy Posted November 7, 2015 Share Posted November 7, 2015 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. Link to comment Share on other sites More sharing options...
jonw8uk Posted November 7, 2015 Share Posted November 7, 2015 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$xx (converted into THByy) from Singapore. This letter is required for the title registration at the Land office. It also allows you to remit your money out of Thailand tax-free after you sell the condo. As for the cash being transferred in someone else's name, I'm not sure, and would seek legal advice, what with the potential money laundering issues. Super rich in Thailand is one company that always have better rates than the banks for cash exchange, but their website doesn't mention that they can receive via TT, let alone issue the paperwork. Link to comment Share on other sites More sharing options...
cronus Posted November 19, 2015 Share Posted November 19, 2015 there might be problems if sender is not the same name as the receiver/the one buying the condo. To avoid it: with amounts of less than 50'000US$ 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. Link to comment Share on other sites More sharing options...
hhgz Posted November 19, 2015 Share Posted November 19, 2015 Why use an "FX company"? Open a bank account in Thailand, and SWIFT the money to Thailand. Link to comment Share on other sites More sharing options...
DLang Posted November 20, 2015 Author Share Posted November 20, 2015 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. Link to comment Share on other sites More sharing options...
coulson Posted December 10, 2015 Share Posted December 10, 2015 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. Link to comment Share on other sites More sharing options...
Langsuan Man Posted December 11, 2015 Share Posted December 11, 2015 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 Link to comment Share on other sites More sharing options...
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