Answered3 years ago
Do I need an FET form to buy a condo in Thailand from another foreigner under 50k USD?
Looking to buy a condo here owned by another foreigner.
Any experts here on whether I need an FET here to complete this as price sub 50k usd.
In theory I guess I can transfer cash and also ownership at land office without FET but letter from bkk bank ? Doubt this is possible tho. Reason for asking is I already have the cash here but didn’t stipulate was for a condo purchase.
Additionally WISE reason for fund transfer states property purchase , it doesn’t have ability to add condo name unit etc so looks like a no go using that method. Plus the fact funds remitted would be in THB and not subject to fx onshore by bkk bank whereby they can take another 1 baht off my remitted amount versus WISE trading at spot fx
Thx for any input 👍
Any experts here on whether I need an FET here to complete this as price sub 50k usd.
In theory I guess I can transfer cash and also ownership at land office without FET but letter from bkk bank ? Doubt this is possible tho. Reason for asking is I already have the cash here but didn’t stipulate was for a condo purchase.
Additionally WISE reason for fund transfer states property purchase , it doesn’t have ability to add condo name unit etc so looks like a no go using that method. Plus the fact funds remitted would be in THB and not subject to fx onshore by bkk bank whereby they can take another 1 baht off my remitted amount versus WISE trading at spot fx
Thx for any input 👍
Answer summary
The discussion revolves around the process of purchasing a condo in Thailand from another foreigner, particularly focusing on whether a Foreign Exchange Transaction (FET) form is required for transactions under $50,000 USD. Several commenters suggest that while the FET form is generally required to prove the source of funds when transferring money abroad, there may be exceptions based on the currency of the account and the method of payment. Additionally, guidance is given on using bank transfers versus services like Wise, as well as advice on due diligence when buying property and ensuring all fees are accounted for.
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Dave *********
I just went through this process to get a FET certificate with a well known high street bank. The FET is required by the Land Office if you are a foreigner buying the condo. Do check with your bank where is the nearest office which can raise the paperwork for you. In my case I had to go to Korat 1½ hours away... The local banks where clueless and if you use a mobile banking app contact the bank via that so you can speak to someone in English who can understand you and what you need.
You will probably need: bank book, passport, a signed copy of the Property Purchase Agreement and the address of the land office where you will complete the transfer.
You will probably need: bank book, passport, a signed copy of the Property Purchase Agreement and the address of the land office where you will complete the transfer.
Jamie ********
OP@Dave ********
thanks 🙏
Alan ******
Any experts on here???? Are you joking, its full of experts on here, every single one of them, not just this topic either, every single topic you care to mention, all experts.
Brook ********
Hire a local, experienced, competent attorney to do due diligence.
It won’t cost much and it’s well worth it.
It won’t cost much and it’s well worth it.
Bob ********
Make sure Juristic charges are free and paid up as well, as you might get a massive bill on top of your purchase price.
Jamie ********
OP@Bob *******
cheers Bob thanks that was on my list also thank you 🙏Howard *******
That's fine just go to your local bank and get the paper 100 baht, tell them to change the old transaction reason to buying condo. Have done several times.
Jamie ********
OP@Howard ******
well that’s fantastic news then 👍👍Jamie ********
OPThx
@Howard ******
Howard *******
@Jamie *******
getting them to understand that without a translator is rough and getting them to understand what paper you need is like 90% of the battle.
John **********
Is the money in a foreign currency account in Thailand? I think you can bypass the need for a FET if it is.
Jamie ********
OP@John *********
it’s in my bangkok bank account in Chiang Rai as thbJamie ********
OPThx John much appreciated
John **********
@Jamie *******
speak to your bank about getting a FET for when the money was transferred. You can get one retrospectively.Jamie ********
OPI didn’t think a FET form required under 50k usd but yes seems like I might have to go bkk bank and ask for their form if possible even tho I am paying another foreigner in cashiers check
Colin **********
@Jamie *******
the FET is used for a foreign transfer, so money coming into your thai bank from your bank account abroad, I would suggest you contact the land office if your paying another way, especially if its a resale property.Colin **********
The FET is form which cost a few hundred Baht and you can get from the bank you tranfer the money too, I'm pretty certain it's needed at the land office as prove of funds being transfered abroad.
Graham *******
Usual process is you pay a small deposit, you make an appointment for close at the registry, you have in cash the money for taxes and a banker's draft made payable to the seller, you exchange Infront of the registrar! anything else is dangerous or illegal!
Nirmal *******
@Jamie *******
Can a foreigner purchase a condominium & own it 100% or does it have to be 51% in a Thai’s name?Nirmal *******
cheers
@Ja***
that’s good to know thanks for your responseJamie ********
OP@Nirmal ******
most welcome mate anytime 👍👍Jamie ********
OP@Nirmal ******
hi morning it’s 100% in my name with a yellow book now from the tesabaan. It was an Aussie to a Brit transaction so didn’t change the outstanding allocations of foreigners in the whole condo building . That allocation of units owned has to be 51% Thai I believe still but I own my unit outright to be clear . Cheers 👍Jamie ********
OPUpdate on this
Condo bought and completed
Land office wanted the proof of funds sent from abroad which Bangkok bank did for me , typed up a letter that was provided from an old case as template.
Multiple lines of credits sent via wise and didn’t need to be in one lump sum so long as met total cost of condo.
Thx all for help and comments
Condo bought and completed
Land office wanted the proof of funds sent from abroad which Bangkok bank did for me , typed up a letter that was provided from an old case as template.
Multiple lines of credits sent via wise and didn’t need to be in one lump sum so long as met total cost of condo.
Thx all for help and comments
Steve **********
@Graham ******
always thru 'land deed dept'Graham *******
I said registry.
Jamie ********
OPThanks Graham, so at what stage will i face an issue then as i can get a bankers draft to pay Mr XYZ and take to land office on day of appointment in front of registrar.....
Graham *******
@Jamie *******
I do not understand you.Graham *******
@Jamie *******
I do not know much about wise, you can send money to yourself but where is it now? I think the only way to pay is via a bank draft, issued with money in Thailand. If u want to take it out again you need to prove where it came from, in my BBK bank account all inward remittance is labeled "Foreign Telegraphic transfer" and as such that money can be repatriated! How you do this with wise, i do not know.Jamie ********
OP@Graham ******
money was sent by me via Wise to myself with no tag on it for property purchase, gbp fx offshore with wise. Adviser wise there are 2 ways this doesn’t work either at the bank or land office so will find out on my own …. I don’t stand to lose any money only learn from experience on what they tell me . No time limit on purchase but thanks for flagging that part .
Graham *******
@Jamie *******
you cannot get a banker's draft unless the money was transferred to your account preferable from outside Thailand! Since you have no adviser, I suggest you find one! If there is a time limit in your agreement, you lose your deposit!Jamie ********
OP@Graham ******
nope found a seller myself. Well instead of hiring a lawyer first off I thought someone with similar knowledge may know the correct t answer first off. I’ll go ahead and see what pitfalls I come up against, ultimately I may have to transfer more here and have it all recorded via swift etc
Was trying avoid that tho
Thx for yr help 👍
Graham *******
@Jamie *******
Did you buy this condo through a realtor? If so they should be helping you with this! If not, maybe you should hire a lawyer to help you! It's not uncommon for the seller to have a power of attorney at the close! What happens at close is you pay the closing costs in cash to the cashier, you get a receipt, you take this to the registrar, the seller presents the title doc, your name is put on the title doc for all to see, you hand over the draft and you get the title there and then. Within a few days you will get the blue book, if u do not speak Thai, this is gonna be a challenge! On the day of closure if you fail to close you lose your deposit, so do not f*** it up!Jamie ********
OP@Graham ******
initially yes however in response to your comment am happy to do a bankers draft of course.Graham *******
@Jamie *******
You said "transfer cash" not "hand over bankers draft".Jamie ********
OP@Graham ******
I am buying from a foreigner same as me. We meet at land registry/ land deed dept and I pass him cashiers check for balance of condo and pay taxes due . At what point do I face an issue then given I have obtained the check from bkk bank to pay the guy.
I don’t see where this course of action fails as I am paying a foreigner not a developer. And / or it will fail as I need a FET or equivalent form to show despite paying foreigner directly in front of them.
Brandon ************
You shouldn't be using Wise for something like this generally, you should be using SWIFT bank to bank transfers.
Dave *********
@Brandon ***********
Why?Brandon ************
@Dave ********
it's much more "official" and you're guaranteed to be able to easily show the funds are from overseas and were transfered to Thailand as a foreign currency which is a requirement for foreigner property purchasesDave *********
@Brandon ***********
I'm a chancer (used Wise :) ).Jamie ********
OP@Brandon ***********
yep appreciate that however I was not planning on buying something few months back when sent fundsActivity
12 joined12
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