Financial conditions for farrang to buy condo ?

[CLEVERTREVOR]

I'm an Australian ,,, Want to buy a condo in Bangkok ,,,

Anyone know the conditions of how to transfer funds ???

[angy]

there are many topics about that. In few words you need to open an account in Thailand and transfer the money to this account signaling the purpose to buy a real estate in the transfer order. This is more important if you want to buy in your name.

[Jim walker]

And get your tor tor 3 or whatever it's called from your Thai bank so you can repatriation of your funds back the way if you ever sale. I left all my transfers go through my estate agent found this the easiest way and used same estate agent when I sold and they did all the reverse transfers for me

[Suradit69]

Make sure you transfer AUS $ so that your Thai bank records it as a foreign sourced deposit. Don't have your Australian bank make the transfer in Thai baht.

Make sure your Thai bank branch understands that you are making a foreign sourced deposit for the purpose of purchasing a condo.

You'll need your Thai bank's SWIFT code, among other things. If, as an example, you have a Bangkok Bank account, they advise:

When transferring funds into your Bangkok Bank account from overseas, remember to have your account number, the full account name and our SWIFT code (BKKBTHBK) on hand. To find out when the funds have been successfully transferred, you can call (66) 0-2645-5555. You can also arrange for an SMS alert by enrolling via any Bangkok Bank ATM or calling Bualuang Phone 1333.

[mrfaroukh]

Either you should have a bank account in Thailand and transfer the fund and also mention that this money is to buy condo or when you are arriving at the airport declare the money which should be more than 25000 Dollar I think and mention that this money is to buy a condo and in the airport they give you a receipt to show that this money is originated from abroad and you can use it to buy condo. So remember if you don't declare the money at the airport then you can not use it to buy property.

[Crossy]

An off-topic troll post, along with the sensible replies to it, has been removed.

[uthaithanirules]

Either you should have a bank account in Thailand and transfer the fund and also mention that this money is to buy condo or when you are arriving at the airport declare the money which should be more than 25000 Dollar I think and mention that this money is to buy a condo and in the airport they give you a receipt to show that this money is originated from abroad and you can use it to buy condo. So remember if you don't declare the money at the airport then you can not use it to buy property.

He sounds green.

I wouldnt suggest carrying $40,000-$80,0000 in cash around with him first trip to thailand

[natway09]

Two points mentioned above are important,

1. Ensure you keep a record of funds imported as if ever wish to take out again,,, can.

2. Get your bank to send monies as country of origin,, eg, AUD as Australian banks will rip you off if conversion to THB at their end.

Local banks exchange rates are reasonable & will convert as soon as hits the account.

Enjoy your asset

[ozyjon]

Read many posts first,

be sensible about your money, we had a financial crash in 2008

tsunami, bombings and unrest, what are the best options going

into the future, maybe for you is renting, or buy and gift for her.

[Naam]

And get your tor tor 3 or whatever it's called from your Thai bank so you can repatriation of your funds back the way if you ever sale. I left all my transfers go through my estate agent found this the easiest way and used same estate agent when I sold and they did all the reverse transfers for me

the tor tor 3 priority is mandatory for the purchase to be submitted to the land office.

[vivasamui]

The money transfer should be your last step. The information from angy, walker, and suradit is correct.

Take your time looking at various properties first. Do your due diligence.

I recommend a book by Rodney Waller, "Buying Property in Thailand, which also has information on how to make a proper funds transfer.

[chiang mai]

In fact any foreign exchange receipt from your bank in Thailand will suffice, something that shows the exchange rate and the source of funds, that plus a confirmation letter from your bank will satisfy the needs of our local land office here in Chiang Mai.

[WorkingTourist]

In fact any foreign exchange receipt from your bank in Thailand will suffice, something that shows the exchange rate and the source of funds, that plus a confirmation letter from your bank will satisfy the needs of our local land office here in Chiang Mai.

Just to clarify, the letter from the bank will show all the transactions so this alone is enough to satisfy the land office (in Chiang Mai).

Though if you do many transactions, it might be easier for the bank to produce this letter, if you provide them with a list of the transactions that should be covered by the letter.

As for transactions having to indicate they are for “condo purchase”, none of mine did, and that didn’t cause any problems. I suspect that this is a bit of a myth.

[chiang mai]

In fact any foreign exchange receipt from your bank in Thailand will suffice, something that shows the exchange rate and the source of funds, that plus a confirmation letter from your bank will satisfy the needs of our local land office here in Chiang Mai.

Just to clarify, the letter from the bank will show all the transactions so this alone is enough to satisfy the land office (in Chiang Mai).

Though if you do many transactions, it might be easier for the bank to produce this letter, if you provide them with a list of the transactions that should be covered by the letter.

As for transactions having to indicate they are for “condo purchase”, none of mine did, and that didn’t cause any problems. I suspect that this is a bit of a myth.

It was important at one time because it differentiated that money which could be exported again (after a sale) vs living expenses money which could not.

[Inquisitorial]

Not sure how much you will be transferring from Aust, but if you contact your Thai bank and let them know that you will be transferring Au$ funds you can possibly negotiate a better exchange rate than the published rate, all helps. We did this with Kasikorn Bank when we purchased our condo in Bangkok.

Dont forget to check the foreign ownership in the block you are looking at - cant be more than 49% foreign owned - we got a solicitor to check this for us and also handle our purchase as we were living in Aust at the time of our settlement - if you want to know who we used send us a PM and happy to share.

Another good book to read is How to safely buy Real Estate in Thailand by Rene Philippe.

Once you purchase your condo don't forget to make a Thai Will.

Good Luck.

[CLEVERTREVOR]

Thanks everyone for the information ,,, Thaivisa forum works for me )))

I am already renting an apartment at Onnut ,,, Like the area ,,, Many new condo blocks being built around me ,,, NOT going to rush things )))

Also already have a Thai bank account and a Thai lawyer ,,, Take Note > My Thai lawyer always has a minder > I am thinking that lawyers in Thailand have to beware !!!