Wiring Money in Thai Baht for Condo Purchase

[sanukcanuck 0]

Hey all,

 

So I just finished my payments for my new condo at the View Talay Residence, the one across the road from the new Immigration office. Got it all done and paid for, and what is the first thing I hear when checking on the title deed transfer? Umm, well, you didn't do your transfer in Thai baht, but actually exchanged it into Thai baht in the UK before it got here, so you don't have a Thor Thor 3 form.

 

Ok, so I admit it's partly my fault for not doing the research beforehand. But I was aware of the Thor Thor 3, and knew that I needed it, but when i asked the sales guy, he just said no worries. We'll work that out later, it's not a problem. It's something that we can deal with at the ownership transfer.

 

Well, obviously not. Now that I'm done with the payments, they say that I can't put it in my name and the only option is to put it in a company name. Now I know the problems lately with farang companies owning property, and I figured it was a simple deal since farangs can own condo's in their name, minus the land underneath.

 

So now I figure the only option is to pay them again with a full transfer of the full amount, and have them refund the original money back to me. That way we are square and no one owes no one nothing. Of course I'm not stupid enough to do a straight transfer from overseas again to their bank account, and trust them to refund my original 2.5 mill plus baht back. So I want to open an account with a Thai bank from overseas, wire the money in foreign funds to my account, get the Thor Thor 3 (I think it's got another name now i've heard), and when I show up there in Feb I can just meet with the property company and get them to wire my cash back to my local Thai account, and then wire them domestically the full funds. That way they get the cash with the Thor Thor 3 form, I get my original cash back, and we can sign the ownership over with no issues into my own name.

 

This is my plan, I think it's a good one. But if anyone can think otherwise, or a better way please let me know.

 

But more importantly, if anyone can tell me exactly how to open a Thai bank account from overseas, and the best/easiest one to open. And any other experiences similiar to this which may help me out would be most appreciated.

 

PS. Before buying a condo make sure you do your research. I thankfully didn't get stiffed by these guys, but it was a lot of tense weeks and months between phone calls and emails before I got confirmation that my cash didn't disappear into cyberspace, forever to be lost...

 

Thanks...

SC

[bangkapiboy 5]

My wife and I have been hired to manage the decoration of an empty shell in VT3 and in VT5. Anyway the owner didn't know about the TT3 document at all -- no thanks to the private agency she bought from.

 

So here is what they did to be able to put the title deeds in their names. The agency was able "buy" a foreign exchange document for around 4000B from some currency exchange office and use that in place for the land office. So, that is another option maybe?

[sanukcanuck 0]

Bangkapiboy,

 

I've PM'd you, and thanks for your help.

 

This sounds like the answers to some sleepless nights. Does anyone have any experience with this? I'm sure this must be a very, very common thing, since I was far from the naive investor, but still got caught up in the sale and figured it would all come out right in the end.

 

But there must be quite the side business on providing this sort of service, since I know for a fact that I didn't deserve getting mislead and was only taken for a ride for the sheer sake of the quick sale. Anyone with experience in my situation please PM me privately and I'd be forever in your debt.

 

SC

[Owen` 2]

I know nothing of this in detail, but in the context of a big picture . . . guy, this has GET A LAWYER and get onsite written all over it. Some things can't be sorted out unless you're there.

 

Too much money at stake here to be screwing around.

[laffnliv 78]

I hope that those reading this thread and possibly comtemplating a purchase in the future have learned something.

 

DON'T change your money to baht before you send it. Why do that? You get a terrible exhange rate that way in addition creating the problems stated above. I bought a condo over 4 years ago and had dollars sent to my Thai bank. The exhange rate doing the wire transfer was just fine. And there were no problems.

 

Little Roy

[monsterman 0]

I bought 2 condos last month in Jomtien Codominium , with no TT3 and both in my name , sold 1 on today no problem with transfer.

Somebody is giving u bullshit or wants more money mate.

 

also sent money back to UK last weel without a TT3.

 

monstorman

[biggles 509]

I wired $A9000 in thai baht, to my thai bank account. the conversion rate given in oz was 25.7 to the $A1. when I got to Pattaya I changed a bit of cash for a friend, conversion was 27.45 to the $A1. Sending the money in baht cost me around $500!! Never again.

[spacebass 0]

The land office interest in farang companies owning land does not extend to condos. Although not an ideal solution.

 

From what I hear people are walking into banks with foreign exchange cash and getting a letter/ tor tor 3 that satisfies land office to put in their name.

 

You look hard enough you will get through.

[redwood13 56]

You'll have to be in Thailand to open a bank account here.

 

Don't know how it works with Canadian banks, but in the US to send money by SWIFT you'd need to set up a wire transfer agreement with your US bank. In my case it's a "repetitive wire transfer agreement" which allows me to initiate the transfer of money from my US account to my Bangkok Bank account. ("repetitive" in that the agreement is valid for 10 years.) I telephone a number in the US and give them instructions re the amount, the currency I want sent - always US dollars, not baht - and my code number. Money arrives here in 12-16 hours and Bangkok Bank then converts the dollars to baht at the going rate.

 

What I think you should investigate doing is setting up a SWIFT transfer agreement with your Canadian bank and when you arrive back in Thailand open a bank account here. You'll have to make arrangements with your Canadian bank to complete the SWIFT agreement once you have your Thai bank information - name, address, account number, SWIFT code, etc.

 

Once the above is done transfer the required amount of money into your Thai bank account with the notation that the money being transferred is for the purchase of a condominium. You can then request that your bank issue you an FET Form (Foreign Exchange Transaction Form) to take to the Land Office.

 

-redwood

[mb3house 0]

I dont understand why the land office need to see TT3, you only need that normally if you import foreign exchange into Thailand thru a local bank account, and WANT to export it again at a later date. The TT3 gives you the legal paper to export baht out again.

 

Update; Just spoke to my mate a Realtor who say you do need a TT3 register at land office (maybe only for new condo) and that the company you sent the money to must obtain it for you as you sent them the money direct & not thur a Thai account. Speak to them, and tell them they need to get it for you, as they are the ones who received the money. Of course they could be spinning a yarn because they have sold more than 49% to foreigners and need some in company names. This has happened before.

[pattayamad 0]

I just sent money from my bank (Barclays) for my condo (Nova Atrium)....in Sterling and got 69. Baht to the pound....cost £28 to send.........

[whitespider 1]

I just sent money from my bank (Barclays) for my condo (Nova Atrium)....in Sterling and got 69. Baht to the pound....cost £28 to send.........

 

Good for you mate but make sure YOU get the Tor Tor 3 certificate or you will have the same problem. The receiving bank will issue it on request and its VITAL believe me. If you don't have one you cannot transfer the proceeds from any future sale out of Thailand.

 

Actually the Tor Tor 3 doesn't exist anymore - well it does but it is called something different now.

 

FOR FUCKS SAKE guys - get a lawyer when you buy property!!

 

If they don't advise you properly then try and do something about it. Ive never experienced it but there must be something akin to "negligence" in the Thai Law Society

 

I bought 2 condos last month in Jomtien Codominium , with no TT3 and both in my name , sold 1 on today no problem with transfer.

Somebody is giving u bullshit or wants more money mate.

 

also sent money back to UK last weel without a TT3.

 

monstorman

 

Monstorman - they are NOT giving him bullshit.

 

As I said the TT3 doesn't exist anymore - maybe your receiving bank issued the necessary document (I cant remember what its called now) without you really being aware. Either that or you have been lucky.

[redctt 0]

I have made the same mistake in sending money converted as thai bht to

my TG, and was still doing the same thing for nearly a year after my TG came

to Oz permenantly as my wife, then one day a friend told me i was doing it wrong,

he said send it in your own currency and you will get hell of a better rate,

damn true too, i would hate to think how much $$$$ i have lost over the years

So send the money in whatever currency your home country is, you cannot go wrong