Transfering Money To Thailand For Property Purchase: different names

[alyx]

Hey everyone 

simple straightforward question:

Does the name of the sender ( account abroad )  has to match the account's name of the beneficiary in Thailand for the purpose of buying a condo in Bangkok?

 

thank you 

[baansgr]

Yes it does

[alyx]

Thanks for the reply Baansgr

can anyone confirm that ? As I went to the bank this morning after posting and they said that the origin was not their problem

sorry to insist 

[Langsuan Man]

54 minutes ago, alyx said:

As I went to the bank this morning after posting and they said that the origin was not their problem

Of course it is not their problem, it's the land offices problem 

 

They are not going to have to repatriate the money in the future.  Why do you think that the condo law requires funds to come from outside of Thailand and in the name of the buyer

[alyx]

Hey 

thanks 

now, I am really confused 

let me correct it: I summarise by saying that this wasn't their problem

the bank explicitly said that the only problem could come from the bank of origin before sending the money oversea

But you seem to confirm that the only requirements are that the money is wired from overseas and arrives in the name of the buyer 

does the law stipulates that the money has to be sent from the buyer's account ? 

That would seem kind of odd to me but please confirm

[Langsuan Man]

8 hours ago, alyx said:

does the law stipulates that the money has to be sent from the buyer's account ? 

No, no one cares about the name on the account that the money comes from here in Thailand,  they only care about the name on the receiving account and that it is sent from a foreign source

 

You are getting confused about what a Thai bank is tellling you about a foreign bank.  They would not know what a foreign bank would require.  You should check with the foreign bank that your are going to use and determine if they will send funds to a "third party" 

 

Some absolutely will not.  E*trade Bank,  for instance,  will not honor "third party" wires;  they require that the name on the account receiving the money in Thailand be exactly the same as the name on the account initiating the wire transfer

 

Other banks are not so restrictive about the destination account ownership for sending a wire 

[alyx]

Thank you so much 

that is a clear crystal explanation 

 

[johndudorn]

On 3/16/2017 at 8:43 AM, Langsuan Man said:

No, no one cares about the name on the account that the money comes from here in Thailand,  they only care about the name on the receiving account and that it is sent from a foreign source

 

You are getting confused about what a Thai bank is tellling you about a foreign bank.  They would not know what a foreign bank would require.  You should check with the foreign bank that your are going to use and determine if they will send funds to a "third party" 

 

Some absolutely will not.  E*trade Bank,  for instance,  will not honor "third party" wires;  they require that the name on the account receiving the money in Thailand be exactly the same as the name on the account initiating the wire transfer

 

Other banks are not so restrictive about the destination account ownership for sending a wire 

I have an account with Chase in the US and have sent wire transfers to several different account holders in Thailand. Not sure why the sending bank should care, its your money as they say!  

[English Engineer]

I have sent money from a number of banks to different accounts in Thailand and elsewhere. Apsolutely no problem.

[Tchooptip]

1 hour ago, johndudorn said:

I have an account with Chase in the US and have sent wire transfers to several different account holders in Thailand. Not sure why the sending bank should care, its your money as they say!  

Depends on the amount of money, small sums no problem of course, not sums for buying properties, most bank will asked for the same name, countries have laws to fight money laundering.

[anfh]

Just to add my five pence worth to this, having sent money and bought a condo etc, the land office require a letter from bank confirming money came from abroad, but that letter does NOT state, nor is it required to state, where the money actually came from .

 

also, only transfer exactly the price of the condo, as this amount will then be stated on letter. If you transfer more than required, the bank will state the whole transfer amount in the letter. The Land Office may well , as in my case, charge you a "tax" on the whole amount. I still never worked out what this was, or indeed, why it was. But this is Thailand, and as it was not too much, I just paid etc.

 

[david555]

11 minutes ago, anfh said:

Just to add my five pence worth to this, having sent money and bought a condo etc, the land office require a letter from bank confirming money came from abroad, but that letter does NOT state, nor is it required to state, where the money actually came from .

 

also, only transfer exactly the price of the condo, as this amount will then be stated on letter. If you transfer more than required, the bank will state the whole transfer amount in the letter. The Land Office may well , as in my case, charge you a "tax" on the whole amount. I still never worked out what this was, or indeed, why it was. But this is Thailand, and as it was not too much, I just paid etc.

 

it could also be that the value of the condo is valued more than the agreed price between seller and buyer ...they have their own  lists of condo values ...

[foxboy]

Would the Land Office requirement be different if you had, accumulated over time, a balance in a Thai bank account of say 600,000 baht and bought a cheap condo with that?

 

Any input appreciated from anyone who knows or has done similar

[Peterw42]

6 minutes ago, foxboy said:

Would the Land Office requirement be different if you had, accumulated over time, a balance in a Thai bank account of say 600,000 baht and bought a cheap condo with that?

 

Any input appreciated from anyone who knows or has done similar

So long as the Thai bank can provide a letter (under 50k US) or a FET (over 50k), stating the funds, for the full purchase price, came from outside Thailand. The bank may be reluctant to provide one letter/FET covering several transactions. 

[foxboy]

4 hours ago, Peterw42 said:

So long as the Thai bank can provide a letter (under 50k US) or a FET (over 50k), stating the funds, for the full purchase price, came from outside Thailand. The bank may be reluctant to provide one letter/FET covering several transactions. 

Thanks Peter, I really wasn't aware of these regulations. I can see now it will be easier to transfer all purchase funds from UK in one lump as and when I need it. Thanks again 

[david555]

6 hours ago, Peterw42 said:

So long as the Thai bank can provide a letter (under 50k US) or a FET (over 50k), stating the funds, for the full purchase price, came from outside Thailand. The bank may be reluctant to provide one letter/FET covering several transactions. 

A contradiction seems to be about that .... as I had questions about sending in several transfers , here the answer on Thai visa Blackcab bm. who seems to be different informed , also I asked some other questions concerning transfer and F.E.T. form funds

here the TV. link from the posting

 

Edited March 17, 2017 by david555

[KittenKong]

7 hours ago, anfh said:

also, only transfer exactly the price of the condo, as this amount will then be stated on letter. If you transfer more than required, the bank will state the whole transfer amount in the letter. The Land Office may well , as in my case, charge you a "tax" on the whole amount. I still never worked out what this was, or indeed, why it was. But this is Thailand, and as it was not too much, I just paid etc.

 

I transferred more than 1MB extra at the time of my purchase. No tax was asked for or paid on this.

 

 

7 hours ago, Peterw42 said:

So long as the Thai bank can provide a letter (under 50k US) or a FET (over 50k), stating the funds, for the full purchase price, came from outside Thailand. The bank may be reluctant to provide one letter/FET covering several transactions. 

 

They can provide multiple letters/FETs. Even multiple letters/FETs from multiple banks are acceptable. In Pattaya all you need is to show something that proves that you have imported at least the amount that the Land Office is taxing the sale on. Some Land Offices may interpret the rules differently.

[alyx]

Thanks everyone for their answers