Getting the best exchange rate with FX certificate

[Thainovice 88]

Hi,

First of all thanks for all the info on this site from people who live here and contribute for those of us who are thinking of moving here. We need your advice about exchanging cash in Pattaya to deposit into Kbank Thai account to pay for the monthly installments of a  condo we purchased.  Our understanding is that when we sell the condo we have to show that money came from overseas so we can take it back. For that reason we need a FX certificate. Then it was said it has to be US$ 50k in order to get that certificate. Small amount wont get it. Is that true? As long as it is from abroad it should qualify?!

 Last time we were here we walked to our Kbank and got a very lousy exchange. Anyone has any brilliant solution other than the exchange counters, please enlighten us. Our realtor has long left the country. Many thanks.

[Rimmer]

Moved to Pattaya Forum

[chickenslegs]

I am no expert but I don't think the problem is about taking the money out of Thailand if you sell the condo (but there may be taxes owed if you make a profit???).

 

The law states that, in order for a foreigner to buy a condo in his/her own name, there must be proof that the funds came from overseas.

 

These articles may help.

 

http://www.thailandlawonline.com/article-older-archive/thailand-condominium-buying-foreign-ownership

 

http://www.cbre.co.th/en/SubServices/bangkok-condo-transferring-money-thailand

 

Also, here is an old Thaivisa topic about taking money out of Thailand http://www.thaivisa.com/forum/topic/199522-getting-money-out-of-thailand/

 

Hope this helps.

[wpcoe]

If the amount of a transfer falls below the level for issuance of an FETF (Foreign Exchange Transfer Form), then the bank can issue a "Credit Advice" form for each such transfer.  I understand the Credit Advice form satisfies the Land Office requirement that the money be documented as coming in from overseas.  However, I'm not sure it also qualifies to allow the money to be transferred back out of Thailand.  *Logic* would say it does, but with the bizarre encounters I've had with Bangkok Bank in the last two months, I'm pretty sure logic does not necessarily apply.