# best way to transfer money to Thailand to buy a condo



## duncbUK

I hope someone can help with this.

As I understand it (and as the property developer understands) the funds have to be sent from my UK account in pounds to my Thai account (KTB), there also has to be a note on the transfer saying its for a condo purchase. Correct so far? Then the bank issues a form which satisfies whoever and allows me to have the condo in my name. The only issue is no-one can tell me the rate I am going to get until after its sent

I am just wondering if my understanding is correct, because I would rather use a money transfer provider and be sure about the rate I am getting (and it will invariably be higher). Can anyone shed some light on this?

Thanks


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## philobert

Someone I know also did this. he simply got a bank account in thailand and transferred the money through his home (US) bank account to his thai account. it seems to me that he needed a routing/account numbers or something from the thai bank. he transferred thai baht into the account from US dollars and was given the exchange rate (and amounts) at the time of the transfer. it was pretty straight forward-his home bank in the US took care of it all. call your home bank, they should be able to give all the details and required info. there was never any questions about what the money was going to be used for. 

phil


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## duncbUK

philobert said:


> Someone I know also did this. he simply got a bank account in thailand and transferred the money through his home (US) bank account to his thai account. it seems to me that he needed a routing/account numbers or something from the thai bank. he transferred thai baht into the account from US dollars and was given the exchange rate (and amounts) at the time of the transfer. it was pretty straight forward-his home bank in the US took care of it all. call your home bank, they should be able to give all the details and required info. there was never any questions about what the money was going to be used for.
> 
> phil


Phil
Thanks for the reply. Out of interest you need an IBAN and/or a swift code for the Thai bank. The money has to be sent in the home currency and the Thai bank has to convert it to baht. On the reference section you need to state the funds are for the purchase of a condo. The bank (Thai bank) issue a document (I forget the name) which you present to the land registry which proves the money has come into the country through the required channels and allows the property to be registered in your name. 

Maybe the rules have changed, and my UK bank know nothing about the legislation in Thailand with regard to buying a condo there (they (the Thai Gvernment) have some very specific rules in this regard). The rate for the Thai baht is changing daily and varies by about 1 baht, that equates to 100,000 baht if I get a lower rate.
I really want to know if I can use a money transfer specialist, who can confirm a rate, when I place the order- my bank say they can't because its not immediate and a priority transfer takes seven, yes seven days!!

If anyone has any first hand and recent experience with regard to this that would be appreciated.


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## philobert

duncbUK said:


> Phil
> Thanks for the reply. Out of interest you need an IBAN and/or a swift code for the Thai bank. The money has to be sent in the home currency and the Thai bank has to convert it to baht. On the reference section you need to state the funds are for the purchase of a condo. The bank (Thai bank) issue a document (I forget the name) which you present to the land registry which proves the money has come into the country through the required channels and allows the property to be registered in your name.
> 
> Maybe the rules have changed, and my UK bank know nothing about the legislation in Thailand with regard to buying a condo there (they (the Thai Gvernment) have some very specific rules in this regard). The rate for the Thai baht is changing daily and varies by about 1 baht, that equates to 100,000 baht if I get a lower rate.
> I really want to know if I can use a money transfer specialist, who can confirm a rate, when I place the order- my bank say they can't because its not immediate and a priority transfer takes seven, yes seven days!!
> 
> If anyone has any first hand and recent experience with regard to this that would be appreciated.


seems I miss understood the original question. my bad. i'm still pretty sure about the part about not being asked why the money was being transferred as I was 'sorta' sure it is nobodies business why you would be doing the transfer, but asia is different than other places. hope it works out for you 

wouldn't hurt to update us when you get it worked out. surely it'll help someone.

good luck

phil


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## wazza

Hi 
I have just made a similar request to my bank in aus,I was told i had to have a thai bank acc, and get the swift coad of the bank and the transfer can be done ,also she said if thai banks have a netbank acc I could possabily transfer via my net acc at home and save on fees, i have not soursed out weather thai banks have netbank accounts,or if a falang can set one up ,It would make life so much easier there ,but knowing the thais if they carnt make money of it they are not interested, can anyone shead some light on the netbank side of things it could be usefull to all.
WAZZA

goodluck with your purchase,check it out and make sure its all leagal,we have shark's in aus but there are some different shark's in thailand.


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## duncbUK

wazza said:


> Hi
> I have just made a similar request to my bank in aus,I was told i had to have a thai bank acc, and get the swift coad of the bank and the transfer can be done ,also she said if thai banks have a netbank acc I could possabily transfer via my net acc at home and save on fees, i have not soursed out weather thai banks have netbank accounts,or if a falang can set one up ,It would make life so much easier there ,but knowing the thais if they carnt make money of it they are not interested, can anyone shead some light on the netbank side of things it could be usefull to all.
> WAZZA
> 
> goodluck with your purchase,check it out and make sure its all leagal,we have shark's in aus but there are some different shark's in thailand.


Hi
I am quite confident. The developer is LPN and they seem very very good. I am really just trying to find out if there is a better way to make the transfer. My bank in Thailand is Krung Thai, at the moment their rate for the pound is 48.7 but financial institutions in the UK are offering 49.2. I suspect I will have to just use the banks, but its just a little frustrating to accept a lower rate. Good luck yourself


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## Greyman

Have you checked to see if there is a KTB branch in London?
Bangkok Bank and Kasikorn have branches and I have personal experience of transferring pounds sterling into baht with Bangkok Bank, many years ago.
It was a simple process and painless, although the waiting time was about the same.
Might get a better rate as it's the same Bank.
Just a thought.


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## Escondido

Correct me if I'm wrong, but I have heard you get a better exchange rate if you large denominations ($50, $100. etc). Has that been the experience of people on the forum?


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## duncbUK

Greyman said:


> Have you checked to see if there is a KTB branch in London?
> Bangkok Bank and Kasikorn have branches and I have personal experience of transferring pounds sterling into baht with Bangkok Bank, many years ago.
> It was a simple process and painless, although the waiting time was about the same.
> Might get a better rate as it's the same Bank.
> Just a thought.


Hi
I must confess, I never even considered this. I will have a look.
Thanks


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## duncbUK

Escondido said:


> Correct me if I'm wrong, but I have heard you get a better exchange rate if you large denominations ($50, $100. etc). Has that been the experience of people on the forum?


Thats correct, when you are in Thailand, take a look at superrich.co.th

at the moment 1 USD bill buys 28.2 baht
a 100 USD bill buys 2975 baht (or 29.75per dollar)


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## Greyman

duncbUK said:


> Hi
> I must confess, I never even considered this. I will have a look.
> Thanks


Your welcome. I hope you get something sorted soon.
Good luck.


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## Kalambur

I think, the best way is travel check.


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## cnx_bruce

Guys, 

1. there is no reason why you cannot know with a fair degree of certainty what exchange rate you will get. Whatever your UK bank says is irrelevant as you are transferring in pounds. The conversion is at the Thai end. You look up the Thai bank's web site just before you do the transfer and you have it (except for the fees which is another issue). Obviously, exchange rates can change several times a day so - depending on how long the transfer takes - you may get a better or worse rate.

2. If the best your UK bank can do is a week for an expedited transfer then switch to another bank. Is that using internet banking? if not then get internet banking turned on or switch to a bank that offers this facility

3. The idea of paying into a thai bank in your country of origin means a saving on fees. I have only heard of bangkok bank having overseas branches (incl. New York and London) though. Google on "bangkok bank london money transfer" or similar to find more details on that service.

4. You don't have to specify the purpose of the transfer (but you are usually asked to do so) UNLESS you are buying a condo as the OP is. Then you need to request the bank - at the time of transfer and not later - to issue a 'foreign exchange transaction form'. To obtain one the minimum transfer size is now USD50,000

5. If you are using a non-bank monet transfer company then you need to ensure they can provide the FETF and you need to compare both the exchange rate offered and ALL applicable fees and charges


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## duncbUK

Thanks Bruce
1. My bank says about 8 days, it may be sooner. As such there is a degree of certainty, but with rates being very volitile one would know the rate on the day my bank is instructed, but it could vary a lot in the next 7 days
2 Its acually 8 working days for standard service or 7 for express. Can't transfer cash overseas using the internet banking
3.I am in touch with BKK bank in London. I want certainty, so am hoping I can open account, Check and secure the rate, then instruct them to transfer the funds.

4. intereting point You don't have to specify the purpose of the transfer (but you are usually asked

5. I have tried such companies, but they seem only interested in changing the £ to Baht and then sending it. As I understand £ must be sent to Thailand and then exchanged by the Thai bank

Thanks for you informed response it is appreciated.


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## kenskyfish

*Sending money to Thailand and the exchange rate*



duncbUK said:


> As I understand it (and as the property developer understands) the funds have to be sent from my UK account in pounds to my Thai account (KTB), there also has to be a note on the transfer saying its for a condo purchase. Correct so far? Then the bank issues a form which satisfies whoever and allows me to have the condo in my name. The only issue is no-one can tell me the rate I am going to get until after its sent
> Thanks


I've sent money to Thailand on many occasions in amounts from 200K to nearly 3 million baht at a time, and from several different banks in the US and in Singapore.

You are correct, if you send the money in UK pounds, you can’t know what rate you’ll get when the receiving bank converts to baht. HOWEVER, if your bank converts the money to baht first, then you can rest assured the receiving bank will assess only a small fee, certainly less than 0.5%. This is the only level of control you have - at least your bank can tell you what exchange rate they plan to use.

Fortunately in either case, banks are banks and will generally scam you out of only 1-3% on the exchange rates, whether the Thai bank does the conversion or you do it with your UK bank. I’ve tried both. Also, if the sending and receiving banks are the same bank, this doesn’t help in the least in terms of how much the banks will take. I’ve tried that twice – once HSBC, once UOB, and resolved never to try it again.

If you have a friend/girlfriend you trust in Thailand, I’d recommend sending small amounts various ways, see what kind of exchange rates you get, and then have them pay your developer, even if it is piecemeal so you don’t exceed the monetary limits of the relationship.

Two ways I have found that provide the best rate are the small “remittance” shops you find wherever the local Thais like to hang a shingle, and ATMs. In Singapore the remittance shops are in Golden Mile Complex, and their “fee” amounts to less than 0.5% of the total transferred. I’m sure there are similar operations in the UK and anywhere else Thai people need to send money home. If there’s a queue of Thai people waiting to send cash off, you found the right place. ATMs seem to give the fair exchange rate for the day, less the international flat fee of $5-$15. EXCEPTION CHINA. Use and ATM in China and you’ll pay an exorbitant fee. I have no idea how to get money into China other than carry cash or wear it in as gold jewelry.

Ken


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## duncbUK

Thanks to all concerned. 
Just to let you know that having spoken to the very helpful bangkok bank in London (who treated me like a valued customer!), the quickest option that I found is to transfer the funds to them and they will in turn transfer to BKK bank in Thailand who will forward to my Thai account.
This will take 2 days, a lot less than Barclays 8 day standard or 7 day "priority" service


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## philobert

duncbUK said:


> Thanks to all concerned.
> Just to let you know that having spoken to the very helpful bangkok bank in London (who treated me like a valued customer!), the quickest option that I found is to transfer the funds to them and they will in turn transfer to BKK bank in Thailand who will forward to my Thai account.
> This will take 2 days, a lot less than Barclays 8 day standard or 7 day "priority" service


sounds like very good service to be sure...especially from a thai business. you will have to let us know if it really works out like this.

good luck


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## LONDON34UK

I am buying a Condo in Bangkok too. You have two options transfer funds from your UK account into your Thai account and then onto the developers Thai account, or transfer payments direct to the developers bank account. If you pay into your Thai bank account and then transfer to the developers Thai account you have the responsibility to get the relevant government certificate showing you brought in foreign money for a condo purchase. So its actually safer (and the developer usually prefers) if you transfer the funds direct to his account. He is then responsible to do all the paperwork and deal with the banks if there is any problems. I have been making payments for 16 months using the second method and never had a problem.

I check the rate (Telex Transfer) by looking at the bank which the developers account is with, in my case :-

Foreign Exchange Rate - KASIKORNBANK


Next when you make the payment in the UK, you need can state if you will pay just your transfer fee's or also the developers fee's too. I initially payed all fee's but then started to just pay mine and the developer neither noticed or complained. So for the last 6 months I just pay my fee's. I think a saving of about 12 pounds a month.

So I just logon to my UK online account (I am working in HK) and send the following online secure message to my bank every month (as I am making monthly payments :-

Please make a SWIFT transfer of £XXXX Pounds stirling from my account XXXXXXX into the following bank account:-

Bank Account No xxxxxxxxxxx
Bank Account Name AP Pacific Star (Sathorn) Co Ltd
Bank Name Kasikorn Bank
Bank Address Ratchada Phisek Road, Khlong Toei District, Khlong Toei, Bangkok 10110
SWIFT Code KASITHBK
FUNDS to be transferred and received in British Pounds Stirling
REF for Transfer: TO PURCHASE CONDOMINIUM UNIT No XXXX AT THE NAME OF YOUR CONDO
(Please state the above Ref in the SWIFT Transfer exactly as written)
Reason for Transfer :- I Mr XXXXXXXXX am making this transfer TO PURCHASE CONDOMINIUM UNIT No XXXX AT THE NAME OF YOUR CONDO
(please also include this reason for transfer in the SWIFT transfer if possible)
I will PAY ONLY MY transfer fees and NOT the beneficiaries. I am in agreement with the foreign transfer declaration. Call me on XXXXXXXXXXX should you require further information.

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Yes you can get a better exchange rate sending in large sums of money into Thailand using one of the online firms such as Money Transfer, Travel Money, Dollar Exchange Rates and Foreign Exchange Rates Services - OnlineFX But you CANNOT do this for property purchase as they give you a better rate by exchanging in baht and you need to send foreign currency (ie UK Pounds) into Thailand. Then you can take your money out of Thailand in the future should you ever sell your property.


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## Maverick1984

There is some really good advice on here which i didn't know previously. 
What are the things you guys look for exactly when it comes to finding the best service? 
Just out of interest as thee are quite a few independent brokers that offer similar services.


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## thongdee48

Wazza.
I assume because of your reference to net bank that you are an Aussie. I've had a Thai bank account for more than ten years and each time I've done a transfer from my Commonwealth Bank account in Australia, I've done it the hard way with an international transfer although in latter years I've been able to do it myself online and save around $20.

I have asked both the banks I use in Thailand about net bank and they look at me as though I'd just broken wind.
The people you talk to about such things in your Australian bank have no idea whatsoever about how the Thais banks work or their systems.


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## wazza

Thongdee48
I was not sure if the thai banks had internet banking,Iwas sugesting that it might be an avenue for him to persue,getting of that track i now know that the comm bank has stoped travelers using aus travelers cheques because our dollar is to strong, you have to buy forign curriencies or american exp cheq's, this sucks because now our own banks are getting at us .


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## thongdee48

Hi Waz.
Well there's nothing new about our banks getting at us. Personally I just take a wad of Aussie dollars and change them according to the best exchange rate I can find.
Of course that can't be done with large amounts in which case I do an online transfer from my CBA account into my Thai bank account.

If it's a large amount you can sometimes do a deal with your Thai bank manager before doing the transfer and make extra money.


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## wazza

Its good to know that you can haggel with the bank manager,


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