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BANGKOK 19 June 2019 14:07
JohnHauser

Funds from EU to T. for Condo buying. How ?

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Dears,

I plan to buy a Condo and need to get the funds from the EU (Euro) to here.

What would be the best and most efficient options ?

What do I need  to take care that it is accepted for a foreigner to buy a condo ?

(Bring cash ? and change it at Vasu Exchange,Bkk).

Thanks a lot.

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You probably need to wire the funds from your overseas bank to your Thai bank. The Thai bank will provide a document to prove the funds came from overseas. This is needed by the land office in your community here.

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I think that it needs to be shown that the money comes from outside of Thailand.  Unless your heart is set on a particular condo and you are young enough to extract the cost of years of residence that would equal the price of renting a similar place, perhaps it is better to rent.  I’m sure that many TV posters will correct me if I’m wrong but I don’t think that anybody gets a very good resale price.  Personally, I rent and leave my funds invested in the US.  I make about 4.5%.  If you were to buy a condo for 6.5 million, that would be equal to about $209,000.  That money invested could bring in an income of about $9,000 per year.  Of course, one’s age is a big factor.  I am very old at 76.5 and I want to conserve money for my daughter’s inheritance.  If I were 12 years younger, I wouldn’t hesitate to buy a reasonably-priced condo.

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the easier way is to have a Thai bank account, if you don't live here it may be a little tricky to get one but feasible, once you have the account just complete a wire transfer from your EU account tot he Thai account. To buy a condo you need the passport and make a down payment to reserve the unit, it can be in cash it all depends on the seller but 10-20,000 baht are acceptable for a down payment. After that set up the actual purchase date, make sure you have enough time to transfer the money. Be aware that some construction companies would advise you to transfer final payment to their account, I wouldn't advise on that because if one day in the future you want to sell you need proof of the original transfer to purchase the condo, the bank receiving your funds from EU will give you a document stating the purpose of the transfer

 

Where are you buying?

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Thanks for the feedback.

I am just concerned that I loose some money due to the bank exchange rates.

I assumed it was possible to bring in cash (to be declared at the leaving EU airport) and exchange it (better exchange rate at Vasu than any Bank)

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no you can't, if you buy a condo then you need a FET form and you need to have the money wired in.

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50 minutes ago, JohnHauser said:

Thanks for the feedback.

I am just concerned that I loose some money due to the bank exchange rates.

I assumed it was possible to bring in cash (to be declared at the leaving EU airport) and exchange it (better exchange rate at Vasu than any Bank)

you need to do a wire transfer, cash is not acceptable, you need to proof (in Thailand) where the money come from...can't understand somebody buying a condo being worried about exchanges rates and ot worried about carrying a large amount of cash

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According to Thai law, when you transfer money to buy property, the transfer must be made in your country’s currency, in your case euros, and not converted to Thai baht first. The Thai bank will then convert the amount to baht after receiving the money in euros. So, don’t let your bank convert to baht, keep it in euros. The reason for the transfer should be “Purchase of condo”.

 

Thai banks seem to use a reasonable exchange rate. This worked out well for me when I bought my condo, as the rate used by the Thai bank was way better than the rate an Australian bank would have used if I’d converted $A to baht before doing the transfer.

 

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Posted (edited)

Thanks y'all !!! Great information provided.

Now it is nailed (Bank transfer).

 

I have 2 Thai Bank accounts (Kasikorn, Bangkok Bank).

Will try to check/verify today the exchange rate used, costs of Bkk Bank.

No idea yet, if there is a significant difference.

Just in case if somebody has information which is the best Bank  to use (Wouldn't mind open another account)

 

Edited by JohnHauser

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Posted (edited)

You can check the rates here, select "TT" in the "Currency Type" box.

 

https://daytodaydata.net/

 

Check the dates, sometimes updates are late or missing

 

Some banks are consistently better than others on rates, keep an eye out for who is best.

 

Receiving fees for most Thai banks are only 0.25% with a maximum charge of 500 Baht, so for the sums involved in a condo purchase the fee will be 500 Baht.

Edited by The Fat Controller

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If you used your Bangkok Bank account:
https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

Check "TT Buying Rates".

 

I did it recently, the SWIFT transfer was fast (few hours), the exchange rate USD/THB is more interesting than EUR/THB, so I sent USD even if my country uses EUR, the law says it has to be a foreign currency, they don't state which one.

The bank didn't want to give me the FET Form or any letter, they asked me a contract with the owner showing that I'm buying his condo to issue me a letter... I think they don't really know.

Is a "Credit Advice / Receipt" from the bank enough for the Land Office? That's the only thing they could give me:

bkkbankcreditreceipt.jpg.3ddd16a45d95ca25bf6e04951a7bbd2f.jpg

 

Edited by janemi

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Go to the main branch to request the letter or FET document. They have a dedicated foreign exchange department that knows what to do. Your little local branch probably doesn't.

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