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Has anyone successfully used Wise for transferring funds for a condo purchase in Thailand?

WiseCondo PurchaseThailandBank TransfersForeign Property PurchasesBanking in ThailandTransfer Options
Sep 27, 2023
a year ago
Terary **********
ORIGINAL POSTER
Has anybody in this group used Wise to transfer funds for foreign-owned condo purchase?

Careful!!! I am asking about people's experiences and not their speculation. I know there is an option on the Wise platform to indicate the purpose of the transaction, and I know one of those options is 'purchase condo'. However, I am asking has anybody actually used it and gotten what they need.

Last week create a transfer of $100 US, I indicated that it was to purchase property(condo). A week later when I finally got the funds I went to my local Bangkok Bank and asked if the transaction meets their requirements. The lady printed the form with the transaction details and there is no mention of Condo Purchase. She told me it MUST be there for the bank to do what they need to facilitate the transaction.

Anybody with experience with this matter have any suggestions?
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TLDR : Answer Summary
The discussion revolves around experiences of using Wise for transferring funds for purchasing a condo in Thailand. Several users caution that while Wise can be economical for smaller transfers, traditional SWIFT bank transfers are preferred for larger, official transactions due to better compliance with Thai bank requirements. Users have reported mixed experiences with Wise regarding documentation and banking requirements, emphasizing the need for proper proof of purpose in transfers to avoid issues with the Land Office. Recommendations include using the SWIFT option in Wise and printing transaction references for clarity.
Klaus ***********
Cash exchange is better by a lot just exchanged got €/Thb 38.83 with wise I get only 38.66 and it’s even not yet in my account.
a year ago
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Terary **********
ORIGINAL POSTER
@Klaus **********
 "Cash Exchange" ?? This is a money transfer service? Will it support the necessary documentation for the Land Office?
a year ago
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Terary **********
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Chris ****
No, because after testing it failed to satisfy bank so went with chase.
a year ago
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Terary **********
ORIGINAL POSTER
@Chris ***
 Several people said Wise would work. I tested it, went down to the bank and the lady was kinda weird. She said the notes weren't there but it was coded properly. I contacted Wise about it (not that they would know), they said it was sent properly and that the bank can see the details. Someone mentioned taking printouts from Wise down to the bank.
a year ago
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Terary **********
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Ken ******
anyway a new tax policy just announced,

(on worldwide tax) not too sure about its impact on long stayers, retirees and real eastes
a year ago
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Ken ******
save a lot using WISE than SWIFT but hk agents acting for thai developers typically do not advise or know about this trick. The risk is whether you can prove the purpose of the transaction and the receiving thai bank agree to issue the FET which the land office require for issuing title deed. As far as i know, WISE will pay into your account (effect local transfer) if they have enough money in theirS Thai bank account. If not, then WISE will do international transfer AND only the latter route may be accepted to issue FET (The ultimate treatment lies with thai authority)
a year ago
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Amanda *********
It can take longer for larger transfer by the way
a year ago
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Amanda *********
I use wise all the time
a year ago
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Jorge *******
I used Wise and had no issues with bangkok bank issuing a letter that the funds were for property purchase and I did not specify that they were for property purchase. Just make sure the funds coming into your thai bank has the international code (funds coming from overseas).
a year ago
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David *****
I'm shocked, shocked I tell you! Where is the inevitable ” Why buy when you can rent post??"
a year ago
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Greg ********
@David ****
 Buying is better thaN renting
a year ago
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Terary **********
ORIGINAL POSTER
@Greg *******
 First time buyer for me. I am not sure I really love the idea but I like the no rent part. :)
a year ago
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David *****
@Greg *******
 agree
a year ago
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David *****
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Richard **************
@David ****
 Why buy when you can rent?
a year ago
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Richard **************
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Pat *****
My landoffice asked that too, i did not know and i did not mention the purpose" buy condo". They even ask to have the adress of the condo i wanted to buy! I went to Wise online, took the big transfer and added a " personal note" on each of them and made printscreen... that was OK. I must say that the tranfer was organised by the sellers lawyer ( who could not be present)
a year ago
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John *******
When sending a small amount, even $100, wise will dispense with any of the reason codes and it will ALWAYS show up as "interbank transfer" rather than "international transfer"
a year ago
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Peter *******
Wise "should" show as International transfer if you select reason for transfer "long term stay" or "buying a property" and use Bangkok Bank. Slight caveat, occasionally if Wise has funding issues it may go via a different intermediary and not show as International. To test do a small test transfer first, don't send over weekend or hols to avoid any delay and issues. I'd choose Tues, Weds or Thurs
a year ago
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Colin **********
***************************************************************
a year ago
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Florian *********
I use wise for these matters, however i use the swift transfer (international transfer) in the wise app. The comment "purchase condo" will not appear on your receiving account, but on the "wise transaction invoice" it will be written on the reference field (3rd page). Just print this out. It also clearly states your international transfer.
a year ago
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Kool *******
Use a SWIFT bank to bank transfer, and you will never have a problem with the money, and for large amounts it is the safest way. SWIFT transfers are recognized in every legal transaction in Thailand, with no questions.
a year ago
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Darren ********************
@Kool ******
 Can I ask what SWIFT is? Is that something within Wise? I am also soon to be using Wise to make a condo purchase. Depsosit went through fine but the full transfer is obviously much larger.
a year ago
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Kool *******
@Darren *******************
 ask your bank. They will explain it, as you have to do it through your bank.
a year ago
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Kool *******
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Nongnuch ********
in case the transaction is coded in the bankbook as "coming in from abroad", you will encounter absolutely no problems. Because that's all the Land Office will ask for. Proof that the funds came from abroad. Have you checked and identified the code in your bankbook, yet?
a year ago
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Colin **********
a year ago
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Nongnuch ********
@Colin *********
 alright. . . . . The Bangkok Bank should know and prepare the FET form. The purpose of the transaction ("purchase of property") seems to be irrelevant. The FET only proves a transfer of a sum of money has been made from abroad, and that the report has been made to the Bank of Thailand. I guess the Land Office will be fine with what you got
a year ago
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Nongnuch ********
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Colin **********
@Nongnuch *******
 I think part of what she means is that the bank produce a FET form which is needed in the purchase process (or it was) you need to check this out.
a year ago
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Richard ************
@Colin *********
 is this form required if you ever want to repatriate funds after selling a condo?
a year ago
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Nongnuch ********
@Colin *********
 The bank has no dealings to do with a condo purchase. It's the Land Office that needs only the proof that the money came from abroad. The correct code in your bankbook, should be enough. Visit the Land Office and ask, or visit the agent or lawyer you are running the purchase with. They will tell you what you need
a year ago
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Colin **********
@Nongnuch *******
 yes indeed but the process was that they provide the FET. It may of changed but worth checking
a year ago
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Colin **********
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Brandon ************
There's literally zero reason to do such a large and important transfer with Wise. The advantage of Wise is low fees for relatively small amounts and a fast transfer time. For large amounts and official reasons you should be using normal bank Swift transfers.
a year ago
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John ************
@Brandon ***********
 Swift transfer was definitely best/easiest INTO Thailand. Is it just as easy FROM Thailand back to Canada? Are there restrictions of any sort?
a year ago
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Brandon ************
@John ***********
 if you are using the same bank account you received the money into then it'll be easy since your bank already has the proof you brought the money in from overseas
a year ago
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Brandon ************
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John *******
@Brandon ***********
 Before leaving America I did not sign up for International Wire Transfer acknowledgement or pn with Regions Bank. In their chat, they said to come to the branch but live here now and do not want that expense. Used the XE app but they closed the account I think because the addresses didn't match. Any help is appreciated. I have Kasikorn Bank Hua Hin now.
a year ago
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Steve ********
@John ******
 the one saving grace is if they don't except it tgen you just get the Chinese send it out next day get it back with correct paperwork I know this works
a year ago
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Terary **********
ORIGINAL POSTER
@John ******
 That is the issue I am having. My US bank will do international transfer if I come in person but I live here. So far Wise has not worked for me but I am will keep trying.
a year ago
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Brandon ************
@John ******
 have you tried Wise?
a year ago
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Brandon ************
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