Money for condo

[parafareno]

Does it still goes that you need a one transfer from abroad from your name to use the money for condo?

You cant bring just cash over the border??

What if you go to Cambodia, and open bank account there, upload the cash and than transfer to bkk bank, will that work?

[jadee]

I bought my condo in 2010 so I don't have very recent experience but I don't think anything has changed. If you want to purchase the unit in your name, you need the Foreign Exchange Transaction form from your Thai bank showing that money to purchase the condo has been transferred.

I've no idea where this daft law/rule comes from, I think the land office need it when they register the unit or something. Usual daft TIT stuff. 

So yes, a transfer from a bank anywhere outside Thailand (including Cambodia) is fine. You just transfer and ask your Thai bank for the form. 
You'll also need this form if and when you sell and want to transfer the money out of Thailand. 

I've never done it so I don't know why bringing cash over the border would be advantageous. Depending of where you are transferring cash from, various websites like 'Transferwise' can help reduce transfer fees compared with bank-to-bank transfers and may offer more favorable exchange rates. In terms of receiving money in Thailand, Bangkok Bank charges a maximum of 500 baht to receive a money transfer. 

[anfh]

My experience, at Sattahip land office,  yes you transfer to your bank account in Thailand from abroards, this is the accepted process. However, there is a rider to this.

 

when you go to the land office, they require the letter from the bank stating that the funds were transferred etc, but the amount needs to be as close to the price as possible, since they make a charge for the purchase which takes into consideration the total amount transferred. 

 

I had transferred around 25%  more than the cost of the condo to cover new furniture and alteration costs etc. The bank letter indicated the entire amount, and therefore the land office charged me a tax based on the entire amount.

 

i dont know if this is standard throughout Thailand, but as we all know, different officesvuse different interprtation of Thail regulations.

[Robin Valentine]

All of the advise given so fare fails to advise yu that money being sent to Thailand for purchase of property must be in hard currency, Dollars, Sterling, Euros -- but not in Thai currency!   

The receiving bank in Bangkok will issue a certificate showing that the currency has been received.

You need a copy of this certificate in case you later sell the property later and want to purchase another, or take the money out of Thailand.

Best advise of all is to use a good lawyer who will first of all check with the Land Office that the person selling the property is the legal owner of it and will arrange for your money to go into a separate account for payment to the seller when the deal is completed.  

You will probably be asked to pay part of it foreign currency and part in Thjai Bahts.  The foreign currency element will go through the Land Office s the value of the property and will be the taxable element of the purchase price.  (Note that the Land Office may value the property as higher than the selling price).

The legal fees involved re small compared with the cost of the property and you know that you are not being swindled.

[speedtripler]

On 12/12/2016 at 4:41 PM, Robin Valentine said:

All of the advise given so fare fails to advise yu that money being sent to Thailand for purchase of property must be in hard currency, Dollars, Sterling, Euros -- but not in Thai currency!   

The receiving bank in Bangkok will issue a certificate showing that the currency has been received.

You need a copy of this certificate in case you later sell the property later and want to purchase another, or take the money out of Thailand.

Best advise of all is to use a good lawyer who will first of all check with the Land Office that the person selling the property is the legal owner of it and will arrange for your money to go into a separate account for payment to the seller when the deal is completed.  

You will probably be asked to pay part of it foreign currency and part in Thjai Bahts.  The foreign currency element will go through the Land Office s the value of the property and will be the taxable element of the purchase price.  (Note that the Land Office may value the property as higher than the selling price).

The legal fees involved re small compared with the cost of the property and you know that you are not being swindled.

Is it also true that when you sell your condo to buy a bigger one you need a new FET and need to convert your thb to another currency and then convert it back again ?