sell condo and export money ?

[Peterw42]

I am hopeing someone can clarify exporting funds after selling a thai title condo.

My understanding for a foriegn title is, bring funds from outside Thailand, (FET Proof) buy foreign title condo. If the condo is sold, prof of original funds came in (FET), proof of sale of condo. The funds can be exported.

My question is. what if a you buy a thai (wifes name) or company title condo, the funds dont need to come from outside Thailand, no FET required. If this condo is sold. Given that there is no proof of incoming funds and no proof of condo sale. Can the money be exported ?

Also, a sub question. If exporting money from a foreign title sale, can the amount be greater (sold at a profit) than the amount brought in ?

(maybe no one has ever made a profit, lol)

[KittenKong]

As far as I know people without FET certificates can just export the money in smaller amounts over a period of days or weeks. The maximum per transaction or per day seems to vary depending on which bank you talk to, but I have seen USD10,000, 20,000 and 50,000 mentioned. I have no idea which (if any) is the correct amount.

I've also heard of people withdrawing cash with a Thai debit card using overseas ATM machines, taking the daily maximum every day.

[Peterw42]

As far as I know people without FET certificates can just export the money in smaller amounts over a period of days or weeks. The maximum per transaction or per day seems to vary depending on which bank you talk to, but I have seen USD10,000, 20,000 and 50,000 mentioned. I have no idea which (if any) is the correct amount.

I've also heard of people withdrawing cash with a Thai debit card using overseas ATM machines, taking the daily maximum every day.

I thought it would be something like that.

[wpcoe]

Even with a FETF for imported money, it's not always clear sailing to export the funds again, as I found out. Last winter I transferred in money for a potential condo purchase, and that deal fell apart. I waited a while before deciding to send the money back. Problem is, I had used some of the money. I could only transfer out the full amount of the original import, not a satang less.

I had a helpful Bangkok Bank officer assist me and she said to transfer out just less than the equivalent of US$50k and wait a few weeks and repeat until all the money was back home. It worked. She said transfers over US$50k automatically draw attention, and that if you make transfers too frequently you run the risk of the folks in the transfer department remembering you. IIRC, legally you can't export funds unless (a) you have the FETF or ( it's income earned in Thailand, as documented by tax records?

Later my realtor confirmed that's what he advises clients to do.

Edited July 2, 2016 by wpcoe

[Jingthing]

What if you made a loss on your condo?

Is that really true you can't exchange less than the original certificate.

Is that in baht or the incoming currency that needs to be the same?

[wpcoe]

I'm pretty sure it was the amount in THB that had to match the FETF. Good question about selling a condo for a loss. I'm growing weary of trying to understand the thought process behind so many of these rules.

[KittenKong]

Even with a FETF for imported money, it's not always clear sailing to export the funds again, as I found out. Last winter I transferred in money for a potential condo purchase, and that deal fell apart. I waited a while before deciding to send the money back. Problem is, I had used some of the money. I could only transfer out the full amount of the original import, not a satang less.

That sounds like a bizarre and incorrect interpretation of a rule by one bank. It seems unlikely that even illogical Thai rules would actually say this.

[wpcoe]

Even with a FETF for imported money, it's not always clear sailing to export the funds again, as I found out. Last winter I transferred in money for a potential condo purchase, and that deal fell apart. I waited a while before deciding to send the money back. Problem is, I had used some of the money. I could only transfer out the full amount of the original import, not a satang less.

That sounds like a bizarre and incorrect interpretation of a rule by one bank. It seems unlikely that even illogical Thai rules would actually say this.

I certainly can't disagree with your statement, but it is exactly what I was told at *two* Bangkok Bank branches, one in Hua Hin and one in Pattaya.

[blackcab]

If you sold the property at a loss (or for a profit) you would have the sale document from the Land Office to verify the transaction. You could show this to the back to substantiate the transfer.

[Tengtai]

Open up a Bitcoin wallet. Buy bitcoins for your money. Cash it out where ever you are in the world using localbitcoins.com

Easy.

[English Engineer]

You can transfer 1MTB without any documentation according to the Bangkok bank. You will need to fill in the form at the branch.

[williamgeorgeallen]

ok i have done a bit of buying and selling property in thailand and when i can i send funds back to nz to sit on my mortgage there. i originally bought funds into my krung thai bank. i just go in and show them that i sent funds in on my old bank book and they let me send money back out. i think i can probably do the same again showing the same incoming funds in the same bank book.

[grabitanrun]

Yep, I've sold properties in Thailand and taken the money out without any hassle just by keeping each transaction below the radar - apart from taking a few weeks to do it, it was pretty simple.

[Sooo Upto Me]

Even with a FETF for imported money, it's not always clear sailing to export the funds again, as I found out. Last winter I transferred in money for a potential condo purchase, and that deal fell apart. I waited a while before deciding to send the money back. Problem is, I had used some of the money. I could only transfer out the full amount of the original import, not a satang less.

That sounds like a bizarre and incorrect interpretation of a rule by one bank. It seems unlikely that even illogical Thai rules would actually say this.

Not true. I sold a condo in Pattaya few yrs ago an lucky to make a small profit as it was in the Pratumnak Hill area. I only sent half of my original purchase price bac to UK.

Had no prob with the paperwork an transfer of the funds with the FETF.

[williamgeorgeallen]

in thailand the rules tend to be interpreted differently by most people. it is just a matter of going from bank to bank until some one agrees to do what ever it is you need to do. i am pretty sure you just show a bank book with the funds coming into thailand and explain you want to send them out again. worked for me in the second bank i tried.

[wpcoe]

Even with a FETF for imported money, it's not always clear sailing to export the funds again, as I found out. Last winter I transferred in money for a potential condo purchase, and that deal fell apart. I waited a while before deciding to send the money back. Problem is, I had used some of the money. I could only transfer out the full amount of the original import, not a satang less.

That sounds like a bizarre and incorrect interpretation of a rule by one bank. It seems unlikely that even illogical Thai rules would actually say this.

Not true. I sold a condo in Pattaya few yrs ago an lucky to make a small profit as it was in the Pratumnak Hill area. I only sent half of my original purchase price bac to UK.

Had no prob with the paperwork an transfer of the funds with the FETF.

Interesting. I wonder if something changed since "few yrs ago." By any chance, was your transfer to the UK under the equivalent of US$50,000? Apparently such transfers can "fly under the radar" without being challenged.

[lkn]

If you sell a condo that was in foreign name do you really need the original FET forms to transfer out the cash from the sale? Because these FET forms were used to obtain the condo in foreign name, so the money can only have been from abroad, and as the condo may have been bought 10+ years ago, it might be a challenge to get new forms from the bank (the old forms were given to the land office during purchase).

[Peterw42]

If you sell a condo that was in foreign name do you really need the original FET forms to transfer out the cash from the sale? Because these FET forms were used to obtain the condo in foreign name, so the money can only have been from abroad, and as the condo may have been bought 10+ years ago, it might be a challenge to get new forms from the bank (the old forms were given to the land office during purchase).

That would certainly be the logical way of thinking about it. I think so long as you have proof of sale etc.