FET Cert. For buying condo. When to document it?

[Happy Grumpy]

Transferring funds for purchase of a condo (bought outright in one go).

SWIFT Bank transfer from one's home bank to one's Thai bank (BAY).

At what point does one mention and document the FET Cert. that is needed to declare that the money has been transferred to Thailand for the sole purpose of purchasing a condo?

After the money arrives in one's Thai account?

Or before?

It's not something that one wishes to mess up.

Thanks.

[KittenKong]

Your Thai bank will provide this (either on request or often without you even having to ask for it). Obviously this happens once the money has arrived. You dont need to do anything in particular.

[Happy Grumpy]

Your Thai bank will provide this (either on request or often without you even having to ask for it). Obviously this happens once the money has arrived. You dont need to do anything in particular.

Thanks, but it needs to be stated specifically that the funds have been transferred into Thailand for the sole purpose of purchasing a condo.

Without this stated the funds can not be used to purchase a condo.

[blackcab]

Your Thai bank will provide this (either on request or often without you even having to ask for it). Obviously this happens once the money has arrived. You dont need to do anything in particular.

Thanks, but it needs to be stated specifically that the funds have been transferred into Thailand for the sole purpose of purchasing a condo.

Without this stated the funds can not be used to purchase a condo.

That's incorrect. You don't need to specifically state what the funds are for when initiating the transfer. If you state nothing, or even if your state for 'General Expenditure' you can still use the FET form to purchase a condo.

Some people transfer funds with no intention of purchasing a condo then change their mind. Others transfer smaller amounts and use the combined value of the FET forms to complete a condo purchase.

That said, there is no harm in doing it.

[KittenKong]

The reason for the transfer is given to the foreign bank at the time of sending and the local Thai bank will just copy whatever is written in that box onto the FET. So you can certainly put "condo purchase" if you like.

I used "personal expenditure" as my reason for transfer and nobody said anything about it at the land office.

[xylophone]

Your Thai bank will provide this (either on request or often without you even having to ask for it). Obviously this happens once the money has arrived. You dont need to do anything in particular.

I had a different experience when bringing funds from overseas for a property purchase...........

I asked the bank for proof that the funds had arrived from overseas and they provided me with statements showing my overseas bank details, the transfer details and the account at SCB into which they were going and I thought that was enough.

However a few years later when I was trying to transfer the money back overseas they asked me for the proof that the funds had originally come from overseas so I gave them the statements they had given me..............and they told me that these were not sufficient and that I had to have paperwork from the original "clearing bank"??

I tried in vain to find out what bank this was, but SCB were of no help whatsoever and then I tried UOB because this was suggested to me, and they couldn't help because they didn't keep records going back more than a short period of time.

The moral of this story is that you make sure that what you are getting is the correct documentation from the original clearing bank.

[Happy Grumpy]

So....

SWIFT Transfer from bank in home country (not coming from my account, btw) stating the funds are for purchasing a condo.

Also state that there is no need to exchange to baht before transfer, as receiving Thai bank will do that?

When it arrives, get a FET Cert. stating that the funds were transfer to purchase a condo and get a crossed cashier's cheque in the name of the vendor.

Done?

[blackcab]

Yes you want the exchange to take place here as you will almost always get a better rate. So send in your home currency.

Cashier's cheques are not normally crossed.

[KittenKong]

One last point: the rate your Thai bank gives you for the forex transaction is negotiable. So negotiate.

[Happy Grumpy]

One last point: the rate your Thai bank gives you for the forex transaction is negotiable. So negotiate.

At what point in the whole transfer episode do you negotiate with them?

[KittenKong]

I talk to them both in advance and on the day. Some banks dont do the exchange until you have agreed the rate, though they rarely point out that it's open to discussion.

[condo bought]

I'm doing a transfer for a small amount - less than 1m baht.

For this small amount a Tor Tor 3 - FET Cert. isn't required. A letter from the bank is needed.

What is required is that the money lands in Thailand as your home currency and not Thai baht.

If the sending bank exchanges to Thai baht before the transfer to Thailand, it cannot be used to purchase a condo.