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BANGKOK 23 January 2019 23:13

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Hi there , it’s great to have this forum for Thai lovers.   I m from New Zealand, I m hoping to buy condo in Thailand,hopefully in 2 years time asi need to save up for it.  I prefer to save in Thailand bank preferably Bangkok bank, I want send money from New Zealand every month to my Thai savings bank,via Telegraph transfer method.  It’s not good for me to save up money until full amount in New Zealand because I am afraid I may spend on something else.  So by transferring money to Thai bank every month for 2 years makes multiple transfer ,possibly 20 plus , is this a problem? I m worried how can thai bank issue 20 plus EFT forms!    What are the options?  I will keep record of every telegraph transaction as a proof that money indeed come from overseas,    It’s kind of frustrating with these rules ,after money is money, these governments never make people lives easy, rather make more hard,something don’t make sense.  I highly appreciate your answers, I m new to this forum.  Thank you.

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Your bank will issue one form for each transfer and the Land Office will accept them. This is not a problem.

 

If it concerns you then you could open a currency account here in which the money would not be converted to THB until a later date of your choosing. See your Thai bank for details.

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First you need to open a Thai bank account and while you do that consult the bank manger regarding your plans and and needs and see what they say, if not happy with the answers try another bank, sending money with the view of purchasing a condo is somewhat unusual, mostly people send the lump sum to buy the condo after the bank issue them with the TO TO 3 to certify that the funds came from overseas, in your can it might be diffident as you are tricking the funds in but there is no problems in sending in as much and as many times as you like...

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Seems overly complicated and expensive to do 20+ transfers, 20+ lots of fees, 20+ exchange rate variations etc, 20+FETs. Standard swift transfer rates x 20, would be $400-500 NZ.

 

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36 minutes ago, ezzra said:

First you need to open a Thai bank account and while you do that consult the bank manger regarding your plans and and needs and see what they say, if not happy with the answers try another bank, sending money with the view of purchasing a condo is somewhat unusual, mostly people send the lump sum to buy the condo after the bank issue them with the TO TO 3 to certify that the funds came from overseas, in your can it might be diffident as you are tricking the funds in but there is no problems in sending in as much and as many times as you like...

Yes I agree with you, but unfortunately by doing only this way I would be able to save up, me being 32 years old ,not have lump sum haha ,and if I keep saving in NZ, I may spend on something else,   By sending to Thailand I get more motivated to save faster ,work harder and achieve the dream. It would be good if bank in Thailand issue a bank Certificate to confirm that funds are from overseas as they can clearly see, but I don’t have experience in this matters.  I thank you for all you guys feedback, I do value them and take into practice where necessary. 

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How much you want to spend and what area? Better Make sure you have realistic expectations

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1 minute ago, madmen said:

How much you want to spend and what area? Better Make sure you have realistic expectations

Yes I did research on that, I just looking at 14 major currencies that Thailand allow to hold foreign currency account, NZ Dollar is amongst them, so do you guys think it’s better option in my case as     It can’t disprove that money is from overseas, 

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9 minutes ago, madmen said:

How much you want to spend and what area? Better Make sure you have realistic expectations

It will be just one bedroom,up north ,around 2 million bhat is good enough 

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Even if you buy a low end condo in not the best area your looking at 2 million baht so around 87000 nz
About $ 3600 a month for 24 months

Now that's some serious saving

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Having bought condos here, my guess is doing it over 2 yrs may very well not be accepted by the Land Office. If that occurs you would have to transfer it out and then back again. An expensive exercise. Save in NZ and hopefully get a better exchange rate down the line. 

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20 minutes ago, inThailand said:

Having bought condos here, my guess is doing it over 2 yrs may very well not be accepted by the Land Office. If that occurs you would have to transfer it out and then back again. An expensive exercise. Save in NZ and hopefully get a better exchange rate down the line. 

It is the bank who deliver the needed doc F.E.T. form or tor tor sam (old name ) , no problem , only keep in mind that Example K bank keep until 7 years only record ,that is what the Foreign currency lady KK branch second floor Pattaya Klang told me as she calculated mine …, remember also that per transaction search must be paid by piece , if lump sum is 1 time pay .No problem if in many deposits ,BUT keep in mind the put the reason for transfer as "for condo buying Thailand" (example) as needed to identifies the purpose 

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On 12/4/2018 at 5:43 PM, chrisatchch said:

Yes I agree with you, but unfortunately by doing only this way I would be able to save up, me being 32 years old ,not have lump sum haha ,and if I keep saving in NZ, I may spend on something else,   By sending to Thailand I get more motivated to save faster ,work harder and achieve the dream. It would be good if bank in Thailand issue a bank Certificate to confirm that funds are from overseas as they can clearly see, but I don’t have experience in this matters.  I thank you for all you guys feedback, I do value them and take into practice where necessary. 

i understand your point....but your money is FAR  better in NZ  bank---double the interest rate, for a start...

just transfer larger sums to thailand, when the exchange rate is over 22thb- nz$

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46 minutes ago, coppywriter said:

If you are only 32 years old, how are you expecting to stay in Thailand long term? I.E. what visa?

the op has a lot more to learn about thailand, first-before thoughts about buying a condo.

any money he saves is far better in the auckland,wellington christchurch property market, than anywhere in thailand..cap gains very rare in thailand...interest rates in nz are on historcal lows..rental shortages most areas.

it will be very hard for him to earn a decent income in thailand..

best to work and invest in nz until he can afford to support a good lifestyle in thailand, without working..

if he likes thailand--just have regular holidays here-by then he will have learnt what area he likes and know something about condo buying, bank accounts, visas etc..

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the op has a lot more to learn about thailand, first-before thoughts about buying a condo.
any money he saves is far better in the auckland,wellington christchurch property market, than anywhere in thailand..cap gains very rare in thailand...interest rates in nz are on historcal lows..rental shortages most areas.
it will be very hard for him to earn a decent income in thailand..
best to work and invest in nz until he can afford to support a good lifestyle in thailand, without working..
if he likes thailand--just have regular holidays here-by then he will have learnt what area he likes and know something about condo buying, bank accounts, visas etc..
Serious? A condo? 2 million baht buys him a new Honda sedan in NZ..

There is good money to be made buying a condo but it's all about location

I bought 13 years ago lower Sukhumvit a few hundred meters from Nana bts 74 sqm sub 5 million and currently rented on Airbnb at 45 k a month and not that long to go before it pays for itself in rent alone.

Everybody screamed don't buy. Well then those screamers got whacked by GFC and their OS houses and rentals got smashed

However having said that 2 million baht condos in rural type settings won't move much and should be looked at as a home not an investment

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