Can I use Wise for international transfers to purchase a condo in Thailand?

International Money Transfer Wise Condo Purchase Thailand Visa FET Form Banking in Thailand Property Purchase Expat Finances

September 20, 2023

a year ago

Terary **********

ORIGINAL POSTER

Ok I saw the question asked about transfer for condo purchase.

However, my bank will only do international transfers if I show up at a bank branch, which is not practical.

Does anybody have experience using Wise (or similar service) to transfer the money to be used for a condo purchase?  Is it possible to use Wise (it may be my only option).

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TLDR : Answer Summary

The post discusses the user's difficulty with traditional bank transfers for a condo purchase in Thailand and seeks advice on using Wise for international money transfers. Comments provide varying experiences with Wise, including the need for a Foreign Exchange Transaction (FET) form from Thai banks and the process of indicating properties in the transfer details. Other users have successfully used Wise for large transfers and offer alternatives such as exploring different banks that accommodate such transactions.

Todd *********

Yes - no problem with Wise. Up to $2M baht per transaction

a year ago

Todd *********

And then scroll down the menu

a year ago

Terary **********

ORIGINAL POSTER

@Todd ********

so the fund arrived after 5 days.. I selected the reason for the transfer 'Purchase Property' but Bangkok Bank only shows "International Transfer". Does it need to indicate Purchase of Property?

a year ago

Terary **********

ORIGINAL POSTER

I choose 'Buying Property' but the transfer is supposed to take a week. The delay is not an issue but I am not sure how it will look on my bank statements.

a year ago

Reply to

Terary **********

ORIGINAL POSTER

@Todd ********

How do you indicate in Wise the purpose of the funds are for purchase of property?

a year ago

Todd *********

@Terary *********

in the process of sending you will come to this page

a year ago

Terary **********

ORIGINAL POSTER

I did that, I am waiting to see it how it turns out.

Thanks for the help.

a year ago

Reply to

Terary **********

Dennis *********

An obvious option you seemed to have overlooked is to search around for a bank that will... should not be difficult. I know chase does as I've used them for this. You can have more than one bank. You'll need to get their international routing number and not the normal one used locally Swift code is what it's called. Can be transferred from a brokerage account as well although never tried it.

a year ago

Hubert *******

You need a FET form from your Thai bank to approve the international transfer for condo purchase when using WISE transfer. Check WISE website for detailed information about how to obtain this form.

a year ago

Neil ******

I've sent over hundreds of thousands of dollars for villa construction through Wise.

a year ago

Florian *********

I just did it as a testrun with a few bucks with wise, but as a swift transfer. On my Bangkok bank account it shows beautifully "international transfer" but not my comment "purchase Condominium". Continue doing test runs with different setups... Maybe theres a cheaper way 🤷‍♂️

a year ago

Terary **********

ORIGINAL POSTER

I just transfer $100/US, I selected "purchase property" for the reason and wrote 'Purchase condo" in the reference field. It said the transaction will take 6 days.

a year ago

Florian *********

@Terary *********

swift took me 12 hours. The comment didn't show up, but it was marked as international transfer... Think that's enough

a year ago

Reply to

Florian *********

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