Answered3 years ago
Do Thai banks offer similar exchange rates for foreign currency transfers when purchasing a condo?
Condo purchase - exchange rate for fund transfer
For condo purchase it is required to transfer foreign currency from overseas inoa Thai bank and for conversion to be done by the bank and issue a FET certificate.
Question - do all the banks offer pretty much same exchange rate for $? or does it vary significantly?
On a largish amount could make a fair bit of differene.
Grateful for any experiences/wisdom.
PS: Before saying WISE - I dont think they qaulify. Exchange has to be done in Thailand by the receiving bank!
For condo purchase it is required to transfer foreign currency from overseas inoa Thai bank and for conversion to be done by the bank and issue a FET certificate.
Question - do all the banks offer pretty much same exchange rate for $? or does it vary significantly?
On a largish amount could make a fair bit of differene.
Grateful for any experiences/wisdom.
PS: Before saying WISE - I dont think they qaulify. Exchange has to be done in Thailand by the receiving bank!
Answer summary
When purchasing a condo in Thailand, buyers must transfer foreign currency which is then converted to Thai Baht by the receiving bank, issued with an FET certificate. The discussion revolves around whether all banks offer similar exchange rates for such transactions, as differences can significantly impact large sums of money. Community members suggest comparing rates online, negotiating with bank managers, and using reputable services like DeeMoney for smoother transactions. Concerns about the legitimacy of processes and risks in property purchases, especially involving Thai partners, are also highlighted.
24 repliesnewest first
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Russell *******
Wise has all the information about FET in there app .
Grant *******
Use a reputable FX in your country
London *****
OP@Grant ******
you can't do that FOR a property purchase. Rules require funds to arrive in foreign currency AND be converted by the receiving THAI bank.Nivant ******
@London ****
I guess its a matter of interpretation or something is lost in translation, the emphasis is on money must be sent from overseas and then converted to Thai baht and most importantly the purpose of sending money must be clear on FET form.. My FET form says something along the line, FYI its in Thai so there you go, chances of something lost in trans.. Larger point is my form is legit and the fact that WISE declaring and DM issuing it is the proof, they wouldnt play with Thai authority if its not legit..Nivant ******
@London ****
Just curious where is such writtem law? Perhaps some misconception or random requirement by specific bank branch, happens quite often in Thailand, law changes from bank to bank and branches.. If you look at WISE website, they have clearly explained procedure to get FET form from its partner and my form clearlt mentions the purpose of remitting money..London *****
OP"If you know you definitely need a FET, it’s best that you send a SWIFT transfer with your bank this time. SWIFT is a more expensive method, because it’s not a local transfer. But it does mean you’ll be able to prove that the money came from abroad." on Wise website.
Of course the issues may only be apparent when you sell the property and want to remit the funds out!
*******************************************************************************************************
*****
35/guide-to-thb-transfers?origin=search-buying+property+in+thailandOf course the issues may only be apparent when you sell the property and want to remit the funds out!
London *****
OP"Foreign Exchange Transfer Form Explained
The Foreign Exchange Transfer (FET) form, also known as Tor Tor 3 or TT3, is the official form required to transfer money over 50,000 USD to Thailand in any currency to purchase a property. In simple words, the FET form serves as evidence that foreign funds were transferred to Thailand and then converted into Thai Baht by a local bank. The form contains the following information:
The transferred amount in foreign currency
The transferred amount in Thai Baht
"
The Foreign Exchange Transfer (FET) form, also known as Tor Tor 3 or TT3, is the official form required to transfer money over 50,000 USD to Thailand in any currency to purchase a property. In simple words, the FET form serves as evidence that foreign funds were transferred to Thailand and then converted into Thai Baht by a local bank. The form contains the following information:
The transferred amount in foreign currency
The transferred amount in Thai Baht
"
London *****
OP@Nivant *********
That's an interesting point. I saw this on a website:Nivant ******
Who says WISE doesnt qualify, i have done with thema dn their local banking partner DeeMoney has issued me FET form.. Excellent service by DeeMoney sending me overseas by courier for a small fee, very smooth.. You neex to cjeck transaction details in WISE to see who is local banking partner, more often its DeeMoney..
Alistair **********
I've seen posts where they recommend going and talking to the bank manager in Thailand first and negotiating a rate, as you can get a better rate on large transactions
Gregg *************
I’d be super careful over there bro buying real estate esp if thai gf/wife is involved
Make sure you do all your research then do some more before you jump or sign anything
Many farangs have been taken for a big ride and lost
Trust me I know
I lived in thailand for six yrs went to school
There for 11 yrs and exported furniture out of chiangmai for 15 yrs
Proceed with caution
Get reliable advice
Make sure you do all your research then do some more before you jump or sign anything
Many farangs have been taken for a big ride and lost
Trust me I know
I lived in thailand for six yrs went to school
There for 11 yrs and exported furniture out of chiangmai for 15 yrs
Proceed with caution
Get reliable advice
Gio *****
@Gregg ************
what about the Buffalo, can I buy a farm for him?Gregg *************
@Gio ****
yes but who’s gonna sing back the buffalo???Gregg *************
Gio pio
Khang lang mon quai kop
Khang lang mon quai kop
Gregg *************
Of course real estate can be tricky anywhere
I work in real estate here in the USA but thailand will always be my second home but I’d never buy there as it’s to cheap to rent and renting is risk free
I work in real estate here in the USA but thailand will always be my second home but I’d never buy there as it’s to cheap to rent and renting is risk free
Gregg *************
Real estate in thailand can be super tricky sir
Plenty of folks here on this forum can share all kinds of stories I’m sure
Plenty of folks here on this forum can share all kinds of stories I’m sure
Gregg *************
Esp in this current financial and political /global climate of unstable everything
London *****
OP@Gregg ************
Thanks Greg. No Thai involved. I always wanted to own a high up sea view apartment for my retirement! Though just been doing the numbers - with current UK interest rates and Pattaya rental, rental is significantly cheaper. What a difference a year makes!Gregg *************
@London ****
rental is also a lot safer bro and gives you more freedom to walk away and buys you time to be fully aware and clear on all frontsI suggest not rushing into any big like real estate in thailand
Gregg *************
@London ****
I got burned once in pattaya on a Land Rover bought from a gangster Cost me 8000 usd to get out of and upset my dad
It was a cheap lesson but a great lesson
Gregg *************
Anything-typo
London *****
OP@Gregg ************
Thanks. its good advice.
Jeffrey *********
You can compare bank TT rates at
Normally the rates are fairly similar, other than Krungsri (Bank of Ayudhya), which is usually worse than the others.
*************************
Normally the rates are fairly similar, other than Krungsri (Bank of Ayudhya), which is usually worse than the others.
London *****
OP@Jeffrey ********
Thanks. Very helpful.Activity
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