transferring money to thailand from england

[carpediem 0]

I intend to buy a condo and was looking into opening an account with a thai bank followed by a transfer of funds. On the former there's been a useful thread of recommended baks which will give me the necessary info.

 

But on the transferring of money the relevant form of my bank, nationwide, requires that transfers to thailand need an explanation. I have noticed that some of you are with nationwide and wonder if you have inquired what this is about, whether it is just a formality, or whether there are important guidelines to follow in my reponse.

 

Grateful for any enlightenment.

[The_Fat_Controller 25]

I am with Nationwide, and sent my GF the money to buy our condo last year.

 

I just put the true reason on the form, and it was not queried, I think they just need it for money laundering regulations.

 

Nationwide will probably try and get you to convert to Baht before sending, and although the rate was reasonable it was not as good as at the receiving end, I had checked online before leaving home!

 

The customer service agent had never done an international transfer to Thailand before, and was surprised that I wanted it sent in Sterling, but the electronic form they used seem to accept it all OK.

 

I sent the transfer with the recipient paying the fees at the other end, and that cost a whole 500 Baht (the maximum Krung Thai charge).

 

The Thai banks seem to charge 0.25% of the incoming Baht amount, with a maximum of 500 Baht.

 

The money was sent at about midday on a Tuesday, and was in my GF's bank account at the start of business on Thursday morning.

 

I am sure you know, but NW charge a fee of £20 regardless of the amount.

[carpediem 0]

Thanks for that - Controller.

 

I intend to open a local bank account when I get there next month, so I don't have specific a/c details for remittance yet. Nationwide require their money transfer to be downloaded, printed out and posted to them - which I'd have to from Thailand.

 

I'm wondering if there are practical steps I can take now to do this better - at least for the initial payments I'll have to make to secure the condo. (I'm likely to choose a flat from one of the two developments I've identified on the internet, and woulld want to move quickly.) So Nationwide will have to make my cash available in Thailand to me or send to the developer asap.

 

I don't have the 'sending to my gf' option.

[spacebass 0]

Thanks for that - Controller.

 

I intend to open a local bank account when I get there next month, so I don't have specific a/c details for remittance yet. Nationwide require their money transfer to be downloaded, printed out and posted to them - which I'd have to from Thailand.

 

I'm wondering if there are practical steps I can take now to do this better - at least for the initial payments I'll have to make to secure the condo. (I'm likely to choose a flat from one of the two developments I've identified on the internet, and woulld want to move quickly.) So Nationwide will have to make my cash available in Thailand to me or send to the developer asap.

 

I don't have the 'sending to my gf' option.

If you want the condo in your name you must send it to your bank account with 'Buy condominium' as reason for transfer on Swift transfer form. Then you get a form from the bank when you collect the money that certifies it originated abroad which you take to the land office when you get the Chanute put into your name. It is now called something like an 'International transfer certificate' it used to be called a Tor Tor 3 which is now obsolete.

 

The money must be transferred in GBP for conversion at the Thai receiving bank. I do not think you are likely to get a better rate from a GB bank anyway. It has been strongly advised against transferring into developers accounts direct anyway, for obvious reasons. Do not do this.

 

The whole process in Thailand is dead simple the biggest problem I had was when I walked into Nationwide to do the transfer with flexaccount debit card etc and they made me go away and come back with two forms of photo ID!!

[carpediem 0]

Thanks Spacebass.

 

Your advice and tips are clear enough (except what's a 'chanute'?). However it looks like I have a logistical problem because I'll only have thai bank account opened when I can get there to do it. (How much cash will I need as an initial deposit to do that?)

 

My next (or simulateous) step will be to decide on the condo. I've noticed that the devlopments want a reservation fee, followed within 7 days by signing of the contract and payment of a more

substantial amount.

 

At that point I'll need the money for the initial payments in my thai bank. I could then download/complete/print/sign and post the transfer form to nationwide - from thailand (they refuse to act on a fax). I certainly can't walk into their office as you did.

 

I guess I'd better speak to them about this. But I'm hoping that there is something I'm missing which will solve my problem and that someone will spot it.

 

carpediem

[Cennn3 0]

Have you got an address in Thailand to open a bank account there. I think maybe you will need one.

Edited April 12, 2006 by Cennn3

[carpediem 0]

Cenn - only the hotel I'll be at. But surely the lack of a permanent address isn't going to sink the whole exercise of getting a bank a/c as a step towards buying a condo. Maybe the developer/estate agent - or one of you guys - will know how to overcome any such technicality. (I can't be the first overseas buyer of a condo.)

[bob2005 0]

Siam Commercial, Sukhumvit soi 45 Bangkok, opened an account for me when I was living in a hotel. Bangkok Bank wanted a Work permit. Later in Pattaya, SC 2nd Road opposite Tops, opened a second account but maybe I had a flat lease by then.

[carpediem 0]

Thanks for that encouraging info Bob.

 

If anyone has recently done it in Pattaya or Jomtien I'd be grateful to know which bank/branch.

[Gabor 296]

Cenn - only the hotel I'll be at. But surely the lack of a permanent address isn't going to sink the whole exercise of getting a bank a/c as a step towards buying a condo. Maybe the developer/estate agent - or one of you guys - will know how to overcome any such technicality. (I can't be the first overseas buyer of a condo.)

I bought already two condo. The first I managed through the internet, just sending the money to the real estate agency and when I arrived, my documents were already made and the agent was wait me in the condo with the keys. ( if you need details PM me ) The second one I bought myself with a lawyer's office assistance. It was more hassle, but no more time, than an ante meridiem. You can open a bank account without permanent adress. ( for me Ayudhya bank ) Yes, it is important, that the money must come from abroad. The bank gives you the tor-tor document, that the money come from abroad. First time it must shown in the land office, then you must to hold it, because if you want to sell your condo in the future, you will need this document to buy a new one, or transfer the money abroad. The chanotee is a yellow paper, authenticate your ownership.

Edited April 12, 2006 by Gabor

[carpediem 0]

Gabor, just in case each branch has its own policy would you specify the ayudhya branch where you opened your account, and how recent that was? Thanks.

[steveuk 0]

Just in the process of buying a condo i sent 40% of the price over by transferring the money into the sellers bank (Llloyds to siam in this case £20 charge) arrived within 2 days.

 

I plan to take the rest with me in June and open a bank account in Thailand and then transfer the rest 60% into the sellers bank.

 

Can anyone see a problem there any help would be useful.

Cheers

[spacebass 0]

Just in the process of buying a condo i sent 40% of the price over by transferring the money into the sellers bank (Llloyds to siam in this case £20 charge) arrived within 2 days.

 

I plan to take the rest with me in June and open a bank account in Thailand and then transfer the rest 60% into the sellers bank.

 

Can anyone see a problem there any help would be useful.

Cheers

The money has to be transferred from outside Thailand and has to be in GBP.

 

Things are not very straight forward here if you go outside the ' normal ' way of doing things and variable as well you can't count on what you think is going to happen, happenning (in Farang terms).

 

E.g. when I was in Thailand about to buy a condo , it took an hour long meeting with bank manager with my Thai lawyer to persuade him to allow the lawyer to have access to the funds I was going back to the UK to send to pay for it and effect the transfer in my absence.

 

I do not think bringing it with you is on, how would you bring it? Many mediums will probably take quite a long time to clear and cash would not be accepted.

 

The normal way of doing this would be to send the money via a swift transfer a couple of days about GBP20 (as you probably did with the deposit). Maybe you could contact Bangkok Bank in London and see if they will open you an account in Pattaya, might want to see your visa. Or you could set up a swift transfer and fill in a transfer form signed up and phone back the bank details when you have opened an acount here.

 

To register the condo in your name and give you proof that you brought the money in (so you can maybe take it out one day) you have to get a certificate from the bank to prove the money originated abroad, the fact that you have sent 40% of the money to someone elses account is a complication as you will have to get this certificate from someone elses bank, I don't know how that works. This certificate is issued for amounts over US$20,000 so your splitting the price 60/40 might have a bearing on that. You can get a letter from the bank certifying the money originated abroad which will put it in your name but you will lose the reexport of the money facility without the certificate. Though I am sure there are ways round this.

 

E&OE (!!!)

[spacebass 0]

I bought already two condo. The first I managed through the internet, just sending the money to the real estate agency and when I arrived, my documents were already made and the agent was wait me in the condo with the keys. ( if you need details PM me ) The second one I bought myself with a lawyer's office assistance. It was more hassle, but no more time, than an ante meridiem. You can open a bank account without permanent adress. ( for me Ayudhya bank ) Yes, it is important, that the money must come from abroad. The bank gives you the tor-tor document, that the money come from abroad. First time it must shown in the land office, then you must to hold it, because if you want to sell your condo in the future, you will need this document to buy a new one, or transfer the money abroad. The chanotee is a yellow paper, authenticate your ownership.

Gabor,

 

The Tor Tor document does not enable you to but another condo with the same money,

you still have to export it when you sell and bring it back in, which the Tor Tor document allows you to do, though I have read this sometimes still problematic.

Edited April 13, 2006 by spacebass

[Gabor 296]

Gabor, just in case each branch has its own policy would you specify the ayudhya branch where you opened your account, and how recent that was? Thanks.

The branch on Pattaya Tai. ( South road )

Spacebass, thanx.. good to know.

Edited April 13, 2006 by Gabor

[JollyMan 0]

For an address I have used a freindly bar owner who rents flats out, he has allowed me to use his address even if not staying there. So if you drink regularly any place just ask and pick the post up from there or have them forward the post.

[Eneukman 1]

Just for information. I opened an account with the Bangkok Bank on Pratamnak Road using my hotel for my address and with only a 30 day stamp in my passport. I think they will open accounts with as little as 500 baht, (I deposited 2,000 baht into my account).

 

Alan

[carpediem 0]

Alan

Thanks for that bit of encouraging info. I'll assume you did that not too long ago.

Based on that I'll just offer my hotel address and I hope I won't have to try many banks before being successful.

cd

[carpediem 0]

I assume also that Pratamnak Road - when I look for it - will not turn out to be the boon docks.

[dotcom_OD 0]

Pratamnak or Pratumnak (spelled different ways in different maps), is a major road from South Pattaya road to Jomtien. If you have been to either The Golden Buddha or Royal Cliff house/beach, you have used this road.

 

Definitely not the boonies here.