Transfering Money for possible Condo Purchase

[pkspeaker]

I already read the post about onshore/offshore rates.. my only ? is..

My understanding is that in order to own the condo in your name-you (the foreigner)has to transfer the amount the condo is purchased for from hisers country.. does it have to be all at once like example the condo is worth 2.5milB.. can you transfer .5mil then a month later .5mil then a month later 1.5mil?

once the transer is made do you need anything from the foreign bank you sent it from or just the receipt.. For the Thai land office do you just need a letter from the Thai bank the money was sent to confirming that the money came from overseas? if i doit i just wanna double chek i didn't miss anything TX in advance..

[blackcab]

1. Yes, you can do multiple transfers to accumulate the total amount.

2. You don't need anything from the foreign bank.

3. For the land office you need Foreign Exchange Transfer Form(s) to cover the amount of the purchase cost. Check to see the minimum amount your bank will issue them for.

[pkspeaker]

tx for helping! from the pinned thread: For people wanting to send money to Thailand by bank transfer (sometimes called a "wire transfer" or a "swift transfer" or a "telegraphic transfer"), in order to get the onshore rate, the money must be sent in foreign currency and converted "onshore". The best way to do that is to specify the "correspondent bank" details to the sending bank. The "correspondent bank" is an intermediary bank that sits between the sending bank and the receiving bank and the details comprise of 1. the bank name & address, 2. swift code and 3. the receiving bank's account number with the correspondent bank; and the details will be available from the receiving bank if you ask. If you don't specify the correspondent bank details, or if you are vague about whether you are sending baht or foreign currency, then the sending bank could easily convert it at the offshore rate (since they are located offshore from thailand) and send the baht to thailand. It is normal banking practice in the UK to do this.

Is the correspondent bank for Kaisikorn posted somewhere? i have their head office and my branch..is the head office the corresponding bank?

[fletchsmile]

Blackcab's post is spot on.

Also don't forget to inform your foreign sending bank and complete on the SWIFT transfer form that the purpose of the transfer is for the purchase of property in Thailand. Then check that this is also recorded on the foreign exchange transfer form that your receiving bank in Thailand issues.

If you later decide not to buy and don't use it for property there's no big deal. But if the foreign exchange transfer form from your Thai bank doesn't say the purpose is for property transfer you can run into issues later with the land registry office.

[blackcab]

tx for helping! from the pinned thread: For people wanting to send money to Thailand by bank transfer (sometimes called a "wire transfer" or a "swift transfer" or a "telegraphic transfer"), in order to get the onshore rate, the money must be sent in foreign currency and converted "onshore". The best way to do that is to specify the "correspondent bank" details to the sending bank. The "correspondent bank" is an intermediary bank that sits between the sending bank and the receiving bank and the details comprise of 1. the bank name & address, 2. swift code and 3. the receiving bank's account number with the correspondent bank; and the details will be available from the receiving bank if you ask. If you don't specify the correspondent bank details, or if you are vague about whether you are sending baht or foreign currency, then the sending bank could easily convert it at the offshore rate (since they are located offshore from thailand) and send the baht to thailand. It is normal banking practice in the UK to do this.

Is the correspondent bank for Kaisikorn posted somewhere? i have their head office and my branch..is the head office the corresponding bank?

This is where it pays to do your homework. Not every bank in one country does direct business with every bank in another country. Far from it. Often there is an intermediary bank that is used to connect two unrelated banks together. When this happens, you pay extra fees to the intermediary bank.

You should ask you bank in your home country what banks they have a relationship with in this country. If the answer is not K bank then open an account at the relevant bank.

If your home bank has no relationships in Thailand at all, consider opening a new bank account in your home country with a bank that can do business direct.

If your account is in the UK or the US consider using Bangkok Bank.

[MANFROMBOCA]

you dont need to fill that out,, the sending bank will route it for you

[lcp0761]

tx for helping! from the pinned thread: For people wanting to send money to Thailand by bank transfer (sometimes called a "wire transfer" or a "swift transfer" or a "telegraphic transfer"), in order to get the onshore rate, the money must be sent in foreign currency and converted "onshore". The best way to do that is to specify the "correspondent bank" details to the sending bank. The "correspondent bank" is an intermediary bank that sits between the sending bank and the receiving bank and the details comprise of 1. the bank name & address, 2. swift code and 3. the receiving bank's account number with the correspondent bank; and the details will be available from the receiving bank if you ask. If you don't specify the correspondent bank details, or if you are vague about whether you are sending baht or foreign currency, then the sending bank could easily convert it at the offshore rate (since they are located offshore from thailand) and send the baht to thailand. It is normal banking practice in the UK to do this.

Is the correspondent bank for Kaisikorn posted somewhere? i have their head office and my branch..is the head office the corresponding bank?

This is where it pays to do your homework. Not every bank in one country does direct business with every bank in another country. Far from it. Often there is an intermediary bank that is used to connect two unrelated banks together. When this happens, you pay extra fees to the intermediary bank.

You should ask you bank in your home country what banks they have a relationship with in this country. If the answer is not K bank then open an account at the relevant bank.

If your home bank has no relationships in Thailand at all, consider opening a new bank account in your home country with a bank that can do business direct.

If your account is in the UK or the US consider using Bangkok Bank.

I am in the US and retiring to LOS next year (Jan2017), and will be purchasing a condo/house. I also have a Bangkok Bank account and regularly transfer money for my wife family issues.

When I transfer money to from my US bank account (Bank of America) to my Bangkok bank account (New York branch), there is no option to specify the "purpose" of the transfer. Is this a concern (will I have a problem/concern with the land registery office)?

Edited February 12, 2016 by lcp0761

[blackcab]

tx for helping! from the pinned thread: For people wanting to send money to Thailand by bank transfer (sometimes called a "wire transfer" or a "swift transfer" or a "telegraphic transfer"), in order to get the onshore rate, the money must be sent in foreign currency and converted "onshore". The best way to do that is to specify the "correspondent bank" details to the sending bank. The "correspondent bank" is an intermediary bank that sits between the sending bank and the receiving bank and the details comprise of 1. the bank name & address, 2. swift code and 3. the receiving bank's account number with the correspondent bank; and the details will be available from the receiving bank if you ask. If you don't specify the correspondent bank details, or if you are vague about whether you are sending baht or foreign currency, then the sending bank could easily convert it at the offshore rate (since they are located offshore from thailand) and send the baht to thailand. It is normal banking practice in the UK to do this.

Is the correspondent bank for Kaisikorn posted somewhere? i have their head office and my branch..is the head office the corresponding bank?

This is where it pays to do your homework. Not every bank in one country does direct business with every bank in another country. Far from it. Often there is an intermediary bank that is used to connect two unrelated banks together. When this happens, you pay extra fees to the intermediary bank.

You should ask you bank in your home country what banks they have a relationship with in this country. If the answer is not K bank then open an account at the relevant bank.

If your home bank has no relationships in Thailand at all, consider opening a new bank account in your home country with a bank that can do business direct.

If your account is in the UK or the US consider using Bangkok Bank.

I am in the US and retiring to LOS next year (Jan2017), and will be purchasing a condo/house. I also have a Bangkok Bank account and regularly transfer money for my wife family issues.

When I transfer money to from my US bank account (Bank of America) to my Bangkok bank account (New York branch), there is no option to specify the "purpose" of the transfer. Is this a concern (will I have a problem/concern with the land registery office)?

No. It's a good thing to do, but it isn't an absolute requirement. Get the receiving bank that issues the FET form to add that in for you.

[ggt]

Since you are a US citizen...the US has a deal for you!

Keep track of all transfer (exchange rate) documents when you move money from the US to Thailand...

There is a form (huge penalty and possible jail time) that needs to completed each year...this is not an IRS form...but is part of the US government intrusion into ex-pats lives...where you will need to detain the amounts, exchange rates, amount of money held in foreign banks and so on...

Enjoy!

[Guest]

Since you are a US citizen...the US has a deal for you!

Keep track of all transfer (exchange rate) documents when you move money from the US to Thailand...

There is a form (huge penalty and possible jail time) that needs to completed each year...this is not an IRS form...but is part of the US government intrusion into ex-pats lives...where you will need to detain the amounts, exchange rates, amount of money held in foreign banks and so on...

Enjoy!

Are you referring to FinCEN 105?

I thought that was for currency and checks .. not electronic transfer .. which is already tracked via ACH.

[buythisdashcam]

And can we transfer then bu ya condo years later ?

[pkspeaker]

ok wellsfargo to kbank is apparently not going to work, they gave me the very bad rate and when i showed them this info they said they have no idea.. so looks like bank of america to bangkok bank will work.. can someone brief me before i try again.. i goto bank of america and tell them what exactly? 'new york branch'. i very much appreciate the help..

tx for helping! from the pinned thread: For people wanting to send money to Thailand by bank transfer (sometimes called a "wire transfer" or a "swift transfer" or a "telegraphic transfer"), in order to get the onshore rate, the money must be sent in foreign currency and converted "onshore". The best way to do that is to specify the "correspondent bank" details to the sending bank. The "correspondent bank" is an intermediary bank that sits between the sending bank and the receiving bank and the details comprise of 1. the bank name & address, 2. swift code and 3. the receiving bank's account number with the correspondent bank; and the details will be available from the receiving bank if you ask. If you don't specify the correspondent bank details, or if you are vague about whether you are sending baht or foreign currency, then the sending bank could easily convert it at the offshore rate (since they are located offshore from thailand) and send the baht to thailand. It is normal banking practice in the UK to do this.

Is the correspondent bank for Kaisikorn posted somewhere? i have their head office and my branch..is the head office the corresponding bank?

This is where it pays to do your homework. Not every bank in one country does direct business with every bank in another country. Far from it. Often there is an intermediary bank that is used to connect two unrelated banks together. When this happens, you pay extra fees to the intermediary bank.

You should ask you bank in your home country what banks they have a relationship with in this country. If the answer is not K bank then open an account at the relevant bank.

If your home bank has no relationships in Thailand at all, consider opening a new bank account in your home country with a bank that can do business direct.

If your account is in the UK or the US consider using Bangkok Bank.

I am in the US and retiring to LOS next year (Jan2017), and will be purchasing a condo/house. I also have a Bangkok Bank account and regularly transfer money for my wife family issues.

When I transfer money to from my US bank account (Bank of America) to my Bangkok bank account (New York branch), there is no option to specify the "purpose" of the transfer. Is this a concern (will I have a problem/concern with the land registery office)?

[KittenKong]

ok wellsfargo to kbank is apparently not going to work, they gave me the very bad rate and when i showed them this info they said they have no idea.. so looks like bank of america to bangkok bank will work.. can someone brief me before i try again.. i goto bank of america and tell them what exactly? 'new york branch'. i very much appreciate the help..

Some posters seem to be missing the point.

For condo purchase you MUST send dollars (or other foreign currency) to Thailand NOT Baht. So there should be no exchange rate issue at all at the sending end as the exchange is done here. The rate you get here is negotiable (so negotiate!) but will never be really bad (at worst 2% below the interbank rate).

All international transfer requests to/from any country these days will include a requirement for the reason for the transfer, so just put "condo purchase" in the box provided. This information will be transmitted to the receiving Thai bank along with your account details etc. and appears automagically on the FET form. (By the way, transfers of less than USD50,000 do not get an FET form but a similar form with a different name that does the same job.)

Anyone who has a Bangkok Bank account in Thailand can use the Bangkok Bank international transfer service to send USD or GBP from Bangkok Bank's US or UK branches. This is quite reasonably priced (especially the US one). So the only thing you need to do in the US is to arrange for a local transfer of USD from your home bank to the New York branch of Bangkok Bank, which is not hard to arrange and should incur no special fee. This is NOT an international transfer and so should not require a reason to be given, but when Bangkok Bank do the final transfer to Thailand a reason will be needed. You do NOT need to have an account with Bangkok Bank in the US or UK for this: just a Bangkok Bank account in Thailand.

Bangkok Bank do also offer the possibility of doing the exchange in the US or UK before sending the money, but you should not choose this option.

Just remember the general rule that the funds must ALWAYS arrive in Thailand as foreign currency if you want to buy a condo with them. Also worth remembering that any exchange rate for Baht outside of Thailand will usually be crap, except maybe in poorer neighbouring countries. The Baht is of no real use to man or beast outside Thailand, unlike the USD or GBP or EUR etc.

Edited February 13, 2016 by KittenKong

[pkspeaker]

sorry i am very confused

when i went to my bank wells fargo in CAlifornia they will wire with a terrible rate 34.038. but the bangkok bank usa is in new york.. what should i tel the bank here? to wire there and then have them wire to my bangkok bank thailand account.. or do i have to goto the new york branch?

[Pib]

sorry i am very confused

when i went to my bank wells fargo in CAlifornia they will wire with a terrible rate 34.038. but the bangkok bank usa is in new york.. what should i tel the bank here? to wire there and then have them wire to my bangkok bank thailand account.. or do i have to goto the new york branch?

Wells Fargo wanted to convert before sending using their exchange rate...the funds would have flowed from them as baht vs dollars. This is a not uncommon tactic used by many western banks to make more profit because they will provide a lower exchange rate than the TT Buying Rate provided by Thai banks. Basically it's a hidden fee.

DO NOT allow your sending bank to convert before sending...send in USD.

Don't try to over complicate the process of using the Bangkok Bank New York "routing number" in combination with your in-Thailand Bangkok Bank account number which will be treated as a domestic versus international transfer. You "do not" need a bank account with the NY branch to use their routing number...in fact, a retail customer can not get an account with the NY branch as it's for cooperate/wholesale accounts only. However, to repeat again, you can use their routing number to send funds to your in-Thailand Bangkok Bank account. I've done it many times....many, many U.S. citizens do it monthly to send funds, direct deposit of social security/military retirement pensions, etc. Do not talk/treat the transfer as an international transfer as that will just confuse Wells Fargo; talk a domestic transfer to the Bangkok Bank NY branch. Note: actually the transfer is not "to" them so to speak as you have no account with them; the transfer is just routed through them via use of their routing number.

Just use the NY branch routing number & their address plus your in-Thailand Bangkok Bank account number to accomplish a domestic transfer. Reason for transfer: to Buy a Condo. It's that simple...don't try to over-complicate it or confuse Wells Fargo with the facts. Wells Fargo really wants to make a healthy indirect fee off of you by using the pricey SWIFT transfer method combined with "their" exchange rate. Don't over complicate it.

More info at this Bangkok Bank webpage: Link

Edited February 13, 2016 by Pib

[blackcab]

sorry i am very confused

when i went to my bank wells fargo in CAlifornia they will wire with a terrible rate 34.038. but the bangkok bank usa is in new york.. what should i tel the bank here? to wire there and then have them wire to my bangkok bank thailand account.. or do i have to goto the new york branch?

Everything you need to know is here:

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

If you convert dollars to baht outside of Thailand you will get a very bad rate. Why? Because not many people outside of Thailand want Baht, so the bank has to work to get rid of them.

Do not convert dollars to baht outside of Thailand. For a condo purchase especially, you must send foreign currency. Your dollars must land in Thailand and then be converted here.

[WorkingTourist]

Also don't forget to inform your foreign sending bank and complete on the SWIFT transfer form that the purpose of the transfer is for the purchase of property in Thailand […] if the foreign exchange transfer form from your Thai bank doesn't say the purpose is for property transfer you can run into issues later with the land registry office.

I hear this stated from time to time, but are you aware of a case where someone has been denied foreign quota ownership because no purpose was stated for the wire transfer?

I would imagine that many people do not state a purpose when they do a wire transfer, myself included, and I just got a letter for 10 transactions done over the last 15 months, none of which had any purpose stated.

[pkspeaker]

OKguyz..tx for all the help,this should be enough for me to figureit out..

[ggt]

Since you are a US citizen...the US has a deal for you!

Keep track of all transfer (exchange rate) documents when you move money from the US to Thailand...

There is a form (huge penalty and possible jail time) that needs to completed each year...this is not an IRS form...but is part of the US government intrusion into ex-pats lives...where you will need to detain the amounts, exchange rates, amount of money held in foreign banks and so on...

Enjoy!

Are you referring to FinCEN 105?

I thought that was for currency and checks .. not electronic transfer .. which is already tracked via ACH.

YOU CAN GOOGLE IT ...

filing to April 15, 2017 Who Must File an FBAR

United States persons are required to file an FBAR if:

1. the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

[donnybay]

Will not your lawyer advise you? you are using a lawyer when buying a property