Options: Transferring Funds From UK For Condo Purchase

[Cockroach 4U]

Hi Everyone, hoping some of you may be able to help in way of advice for the following:

 

I will shortly be transferring funds from UK to my BangkokBank account.

 

I understand that for a condo purchase here the funds have to be shown to have been sent from abroad.

 

My bank in the UK, NatWest, whilst not charging fees for such transfers, do show a shockingly bad exchange rate (well below 40 Baht / £). The other issue is that the max daily transfer amount is 10k, which means I would be making the transfer at least 10 times over 10 days, taking  serious hit on each.

 

The far more cost-effective option would be to use Wise (already have an account here). They state a flat fee, with a far more decent exchange. Just wondering if any of you have transferred this way? Also, with Wise, is there a daily max to how much can be sent? The final part is that, does a transfer this way show up in my Thai bank as a Foreign Transfer, which I believe it must to satisfy requirements at the Land Office here?

 

Any help, advice if you've had a similar dilemma would be much appreciated - many thanks in advance.

[LoneCelt]

Hi,

I did this six months ago.

 

Wise (or Revolut) is perfect.

For the purchase, Thai authorites insist on the conversion being done in Thailand but either bank will transfer funds in £ for a trivial fee c£5. The receiving bank in Thailand will call you when funds arrive and offer you a rate. They have you over a barrel so the rate isn't the best but not an expensive tourist rate.

Thai accounts have a max transfer on THB 2m in one transaction but you can send as many times as you want.
 

For real estate transactions this is the way it has to be or the Land office will be difficult. For everyday tranactions, Wise will give you a great rate and lodge THB direct to your Thai account.

Either UK bank will want solid proof of where and how the money was earned and the purpose of the transaction. They will be looking for very forensic proof, be warned.

Congratulations on your purchase, wear it well.

 

[talung66]

On 03/12/2023 at 13:39, Pattaya Piggy said:

Hi Everyone, hoping some of you may be able to help in way of advice for the following:

 

I will shortly be transferring funds from UK to my BangkokBank account.

 

I understand that for a condo purchase here the funds have to be shown to have been sent from abroad.

 

My bank in the UK, NatWest, whilst not charging fees for such transfers, do show a shockingly bad exchange rate (well below 40 Baht / £). The other issue is that the max daily transfer amount is 10k, which means I would be making the transfer at least 10 times over 10 days, taking  serious hit on each.

 

The far more cost-effective option would be to use Wise (already have an account here). They state a flat fee, with a far more decent exchange. Just wondering if any of you have transferred this way? Also, with Wise, is there a daily max to how much can be sent? The final part is that, does a transfer this way show up in my Thai bank as a Foreign Transfer, which I believe it must to satisfy requirements at the Land Office here?

 

Any help, advice if you've had a similar dilemma would be much appreciated - many thanks in advance.

I have never gone through prosses but had looked at it previously + other threads  on similar subject useful in for there

As for wise amount depends on the Thai bank, you need to check the for purchase of property drop down box.

Then confirm it arrived on bank as a international transfer if any issues you can ask  wise for a foreign transaction statement 

On 03/12/2023 at 21:19, LoneCelt said:

Thai accounts have a max transfer on THB 2m in one transaction but you can send as many times as you want.

BKK bank yes not all.

[Pheat]

On 03/12/2023 at 17:19, LoneCelt said:

Hi,

I did this six months ago.

 

Wise (or Revolut) is perfect.

For the purchase, Thai authorites insist on the conversion being done in Thailand but either bank will transfer funds in £ for a trivial fee c£5. The receiving bank in Thailand will call you when funds arrive and offer you a rate. They have you over a barrel so the rate isn't the best but not an expensive tourist rate.

Thai accounts have a max transfer on THB 2m in one transaction but you can send as many times as you want.
 

For real estate transactions this is the way it has to be or the Land office will be difficult. For everyday tranactions, Wise will give you a great rate and lodge THB direct to your Thai account.

Either UK bank will want solid proof of where and how the money was earned and the purpose of the transaction. They will be looking for very forensic proof, be warned.

Congratulations on your purchase, wear it well.

 

I purchased a house for a few million baht about 2years ago and used Wise to send the funds over for the purchase.

I had no issues at all with the land office about this .

Just got a letter from Bangkok Bank stating the funds came from the UK

[ronthebrummie]

I used Currencies direct when I bought my place in Tenerife, great exchange rate and service.

[Soi7]

On 03/12/2023 at 09:39, Pattaya Piggy said:

understand that for a condo purchase here the funds have to be shown to have been sent from abroad

When I bought my condo I had my money in Thailand because I earned my money here despite that it had to be shown that it came from out of the country the money I used to buy my condo. Well I wasn't going to send it out and back that was silly so I went to the main office of TT exchange they deal with the bank the yellow Bank Krungthai or a name similar to that up near tukcom.

TThey charged me 5000 baht and then about 30 minutes later I had the letter that the land office needed stating that the money I was buying my condo with had come in from out of the country.

[Mattthenose]

1 hour ago, Soi7 said:

When I bought my condo I had my money in Thailand because I earned my money here despite that it had to be shown that it came from out of the country the money I used to buy my condo. Well I wasn't going to send it out and back that was silly so I went to the main office of TT exchange they deal with the bank the yellow Bank Krungthai or a name similar to that up near tukcom.

TThey charged me 5000 baht and then about 30 minutes later I had the letter that the land office needed stating that the money I was buying my condo with had come in from out of the country.

This is really good info - thanks for sharing.

When you’re used to dealing with UK bureaucracy like me, it’s easy to forget how much easier life can be if you figure out how to grease the right palms.

There’s always a solution if you know who and how much.