Transferring Money Procedure
While transferring money from overseas for the purchase of a Condominium in Thailand may seem like a mundane process, foreign buyers needs to follow a strict set of guidelines set by the 1991 Condominium Act.
Firstly non-residents need to ensure funds for the purchase of a Condominium are transferred from overseas; funds transferred also need to exceed purchase price of the property. The money needs to enter Thailand as foreign currency and the purpose of transfer should be provided in the bank remittance instructions.
Purpose of International Transfer, example format:
“Money Transfer for the Purchase of [Unit Number], on [Floor], in Condominium [Full Condo Name]”
Once the transfer has been received, the funds can be converted into Thai Baht by the local Bank. The purchaser can subsequently request a Foreign Exchange Transaction Form (FET) for amounts above US$ 50,000 or a Bank Certificate for amounts under US$ 50,000.
The FET and/or Bank Certificate are important documents required by the Government Land Office to approve and process the transfer of the condominium’s title deed into a foreign national’s name.
FET(s) and/or Bank Certificates issued by the local Thai bank needs to include the following details:
– Transferred Amount in Foreign Currency
– Transferred Amount in Baht (Including Currency Conversion Rate)
– Name of Sender Account
– Name of Beneficiary Account
– Purpose of Transfer
It is important to note that:
– Permanent Residents of Thailand are exempt from providing an FET/ Bank Certificate.
– The Government Land Department can accept international transfers (FET/Bank Certificates) even if the Sender’s account name is not the same as the Beneficiary’s account name (Or in the case the condo is transferred into 2 individual buyer names).
However the purpose of transfer (On the remittance instructions), should clearly mention the buyer’s (Or multiple buyers) name.
“Money Transfer for the Purchase of [Unit Number], on [Floor], in Condominium [Full Condo Name] on behalf of [Mr. /Ms. Full Passport Name]”
Opening a Local Bank Account
The exact document requirements may vary from bank-to-bank and surprisingly from branch-to-branch. However foreign nationals looking to open a local bank account for the purpose of purchasing a Condo can usually do so with the following documents in hand:
– Original Passport and Immigration Departure Card
– Signed/ Official Sales and Purchase Agreement
– Deposit or Booking Fee Receipt