BANKACCOUNTS IN THAILAND

[les1]

I have a buyer for my Condo in Chiang Mai. I know the system for transferring money in any other currency to buy. My buyer is overseas at the moment & has told me that he does not have a bank account in Thailand & that he cannot get one. This I do not understand unless he is being miss informed by his girl fried & wants him to transfer the money to her account!! I know he also needs a Foreign Currency Account for this transaction along with a FCTF when buying. Can anyone offer info on foreigners opening accounts here is there a problem?

[NancyL]

He will have to travel here to open an account, but it's not difficult to do, esp. since he wants to use the account to transfer funds to open buy a condo.  Most of the major banks have English language websites with sections devoted to services offered to foreigners, like this one for Bangkok Bank, a popular bank for foreigners:

 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/SpecialServices/ForeignCustomers/Pages/default.aspx

 

The branches in the Kad Suan Kaew mall, Central Festival mall and Central Airport plaza mall are very foreigner friendly, with KSK being my personal favorite.

[melvinmelvin]

2 minutes ago, NancyL said:

He will have to travel here to open an account, but it's not difficult to do, esp. since he wants to use the account to transfer funds to open buy a condo.  Most of the major banks have English language websites with sections devoted to services offered to foreigners, like this one for Bangkok Bank, a popular bank for foreigners:

 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/SpecialServices/ForeignCustomers/Pages/default.aspx

 

The branches in the Kad Suan Kaew mall, Central Festival mall and Central Airport plaza mall are very foreigner friendly, with KSK being my personal favorite.

 

I have opened a fixed account with Bangkok Bank by post (paper post, envelopes with stamps on 'em) from abroad.

Took some time, but worked out in the end.

 

[Peterw42]

Its often difficult to open accounts on a visa exempt or tourist visa, but not impossible. Its usually a matter of going from bank to bank until you find one that will. Lots of threads on here about it.

It doesn't need to be a foreign currency account, just transfer in as a foreign currency and converted here.

 

 

 

[mesquite]

He's buying it from you.  Why can't he transfer the money to your account?

[Peterw42]

OP, I believe it is possible for the buyer to transfer the money into your Thai account and your bank gives an FET showing the buyer as the sender of the funds. Thats what happens when people transfer funds straight to the developer to buy a condo.

Getting your bank to understand may be a different matter.

[les1]

52 minutes ago, Peterw42 said:

OP, I believe it is possible for the buyer to transfer the money into your Thai account and your bank gives an FET showing the buyer as the sender of the funds. Thats what happens when people transfer funds straight to the developer to buy a condo.

Getting your bank to understand may be a different matter.

Thanks for this reply & I will check it out with my bank tomorrow. In the meantime how would he be made to feel secure about his money being deposited into my account if he is overseas. Obviously he would have a signed contract but he would need to know that the transfer will take place. Do you know how it works with developers? Thanks a lot...

[Peterw42]

9 minutes ago, les1 said:

Thanks for this reply & I will check it out with my bank tomorrow. In the meantime how would he be made to feel secure about his money being deposited into my account if he is overseas. Obviously he would have a signed contract but he would need to know that the transfer will take place. Do you know how it works with developers? Thanks a lot...

I dont know much more about it, just seen it mentioned in other threads. Enquiries to bank and land office could confirm. The land office wants an FET saying the buyer sent funds into Thailand, if the bank can provide an FET that says that, it should be acceptable. 

Yes, the buyer probably would not feel comfortable. Maybe a lawyer to act for both parties would help. Payment into a lawyers trust account, lawyer arranges FET on behalf of the buyer etc. If the lawyer had power of attorney for the buyer, then the lawyers account is (in theory) the buyers account.

[les1]

12 minutes ago, Peterw42 said:

I dont know much more about it, just seen it mentioned in other threads. Enquiries to bank and land office could confirm. The land office wants an FET saying the buyer sent funds into Thailand, if the bank can provide an FET that says that, it should be acceptable. 

Yes, the buyer probably would not feel comfortable. Maybe a lawyer to act for both parties would help. Payment into a lawyers trust account, lawyer arranges FET on behalf of the buyer etc. If the lawyer had power of attorney for the buyer, then the lawyers account is (in theory) the buyers account.

Thank you...