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Transfer money when buying a condo in Thailand?

By Submitted Message
Posted in Reader question
Tags:
February 2 2019

Dear readers,

Although I have already diligently read and copied a lot of important information from Thailandblog about buying a condominium, I would like advice on the following. It is about a purchase of a double condo with 2 separate title deeds. My wife, who has a Thai and a Dutch passport, pays for one of these.

Because the condos are in a foreign name, she also uses her Dutch passport. We both have a separate Dutch bank account with ING and here with Kasikornbank. We must of course demonstrably transfer the euros from the Netherlands to Thailand.

When I see the exchange rate at Kasikorn and SCB, they are significantly lower than Transferwise and TT exchange office. Unfortunately, in this case, I am not allowed to use it. Yet I have read somewhere on Thailandblog that for example the Krungsribank gives a better exchange rate when transferring large amounts.

Finally, can I open an account with any bank?

Regards,

Jan

Number of times read: 286

13 responses to “Transfer money when buying a condo in Thailand?”

  1. Koen Lanna says up
    2 February 2019 at 08: 57

    Dear Jan,

    What is the reason why you cannot/are not allowed to use Transferwise? we are considering similar steps and have concluded that it is better to have a THB account here and to put money in it with TransfeWise from the Netherlands (at favorable exchange rates). That seems much cheaper to us than EUR to an FCD and converting it later (also at favorable exchange rates). The traditional banks charge far too bad rates and far too high transfer costs.

    • Cornelis says up
      2 February 2019 at 09: 54

      The problem could be that money deposited into your Thai account with Transferwise does not 'visibly' come from abroad – which, as Jan writes, is a requirement in this case. Transferwise works through certain Thai banks, which transfer the money to your bank account as a domestic transaction.

    • VHC says up
      2 February 2019 at 11: 19

      Just transfer directly from your Dutch bank to your Thai bank, slightly lower exchange rate, but you don't buy a condo every day. Don't forget to mention that the money is for a condo purchase and best in English. If you don't, you can count on higher costs.

    • Jan S. says up
      2 February 2019 at 13: 46

      The bank costs are not too bad at ING. The maximum amount that I can transfer in one go is € 50.000. Then I pay 0.1% and because I take care of all costs (OUR) € 25,= is added.
      So a total of 75,=.
      When buying a Condo, it MUST come in euros, after which the Thai bank will exchange it.
      That is also an important question: Which Thai bank gives the best exchange rate?

  2. eugene says up
    2 February 2019 at 11: 59

    A few years ago I made a few videos, including one about buying a condo and what steps you should take. It might be useful to take a look anyway.
    (the advertisement during the last seconds is no longer valid).
    https://www.youtube.com/watch?v=bXJ2UBwM8GU

    • Jan S. says up
      2 February 2019 at 13: 55

      Thank you Eugeen for your clear information.

    • Bob says up
      3 February 2019 at 04: 07

      Hi Eugene,

      I watched your video with great interest. Bravo. Why does the advertising no longer apply in the last seconds, in other words, do you no longer have an office where you can get all kinds of advice?

  3. Johnny B.G says up
    2 February 2019 at 12: 36

    Take the cash with you, file a declaration with customs in NL and TH. With the declaration certificate from the Thai customs you can prove the origin.
    Cash can sometimes have an advantage in terms of purchase price.

  4. wim says up
    2 February 2019 at 13: 33

    Just make sure you get a FETF from the bank, that's it.

  5. Rob Thai Mai says up
    2 February 2019 at 13: 39

    First the Euro is worth less by: 1st Dollar, 2nd Greece, Spain Italy. 3rd The refugees. 4th the US/China trade war.

    I don't understand why your Thai wife buys on her Dutch passport. A Condo bought by a Thai is about 10% cheaper, because Farang has to pay extra tax.

    • Jan S. says up
      3 February 2019 at 04: 45

      They are 2 adjacent condos that have been converted into a living room and bedroom.
      In foreign name with 2 separate title deeds. You do indeed pay extra in a foreign name, but when you sell it, it is of course also worth more and easier to sell. That is why I have it registered with her Dutch passport.
      In the event of a sale, it will simply be offered as a one-bedroom condo. I gave her the choice to buy in both names or 1 condo entirely in her name. Instinctively, she enjoys owning a condo of her own.

  6. eduard says up
    2 February 2019 at 15: 26

    If you take the cash with you, I did too, don't forget to bring the admission statement from your Dutch bank and be careful with those 3 papers. a lot of money from euros to baht and no money gets stuck anywhere. In any case, don't exchange your euros at a bank in Thailand. And you can't open an account at every bank, but there are.

  7. Michael Kleinman says up
    3 February 2019 at 07: 07

    Does this only apply to a condo?

    When buying a house, it must also be clearly demonstrable that the amount has recently come from the Netherlands or may the amount have been there for some time?


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