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Answered3 years ago

Should I wire money in baht or dollars to my Thai bank for a real estate purchase?

Chris ****
asked Sep 16, 2023
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Wire for Real Estate purchase. Monies coming from USA. Should I wire in baht or dollars to my Thai bank? It’s giving me the option to send baht or dollars. If I do baht it shows conversion rate with total. If I send dollars it only shows it’s sending dollars. I don’t really care I just want to make sure the Thai bank recognizes the transfer as correct for used to purchase property.
Answer summary
When wiring money for a real estate purchase in Thailand, it's typically recommended to send funds in US dollars rather than Thai baht. This is because Thai banks will convert the dollars to baht and often offer better exchange rates for foreign currency. Moreover, the transfer should be reported as having a specific purpose, and having proof of the transaction is necessary for the property ownership transfer processes. It's also important to consult with legal advisors for compliance with local regulations.
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Thomas ************
Thomas ************
What is the best way to wire small amounts like $5000 from USA Bank account to Thailand bank account
Mike *****
Mike *****
@Thomas ***********
Wise online transfer service for bank to bank or bring fifty (clean, undamaged, excellent condition) $100 bills and exchange in Thailand at TT or an exchange with the best rate.
Thomas ************
Thomas ************
@Mike ****
thank you sir and what is TT
Michael *******
Michael *******
Steve *******
Steve *******
Wire in USD convert in Thailand
Ally ************
Ally ************
Surely it depends upon whether he is remitting the funds directly to a lawyer (ie. the lawyer handling the transaction) or into his own Thai bank account before passing the money on to the lawyer (or to the seller) because if the money goes through your own bank account before you pay for the property there should be no rules concerning what currency was remitted from overseas.. all that matters is that you can afford to pay for it in Thai Baht when you need to.. the difficulty in remitting in dollars without conversion by the remitting bank is that you don't know exactly how much will be credited in local currency by the Thai bank upon receipt of your dollars.. it all becomes 'hit and miss' and tbh either method could be more beneficial depending upon the day of the week.. meaning one day you get more baht sending the dollars and the next you don't.. personally i like the certainty that conversion with my home bank gives me.. and it also removes an unknown layer of charges with the receiving bank in Thailand.. however if you don't have a Thai bank account and have to remit to a Thai lawyer directly.. then the lawyer should, advise on any laws concerning the transfer.. since like everything else here these laws can change over time.. so best to check with them first imo.
Chris *********************
Chris *********************
12 years ago I brought cash from uk, better exchange at supper rich

50+ back then I bought land and built family home, if you do it that way keep proof from your bank withdrawal , declare to customs fill in form at you departure airport.

I didn't declare it at Bangkok, everything went OK.just a suggestion.
Andreas *********
Andreas *********
in case you use WISE for the transfer, make sure you tick in their menue the "purpose" correctly, or it will show as an inside Thailand transfer
Brandon ************
Brandon ************
@Andreas ********
a transfer like this shouldn't be done through Wise it should be done through Swift with the banks.
Andreas *********
Andreas *********
@Brandon ***********
correct. Actually a SWIFT transfer of a high amount by a home bank, will offer better conditions than a WISE transfer, as many banks charge only a low fixed fee. The slightly better exchange rate of WISE compared against their fee might turn into a disadvantage for WISE
Ric ****
Ric ****
Has to be sent in Foreign exchange and changed in Thailand. You'll get a better rate. You can see it on the receiving banks foreign exchange rate link..look for TT Buy/Sell! Plus the incoming currency can't be THB, even of it's from a overseas bank...in order to do he foreigner property transfer. Maybe get an agent or lawyer to advise u as well..
Chris *******
Chris *******
Must be send on the currency from the country you transfer the money..

Your bank abroad must mention the purpose of the transfer.

Your bank in thailand will the FET or similar.. with the amount of the purchase, origin of the funds with the exchange rate.

You need this document at the land office to transfer the ownership
John *****
John *****
@Chris ******
Whst does the purpose of transfer needs to state? Just property purchase or must have exact property details listed too?
Chris *******
Chris *******
@John ****
property details will be listed on the FET.. must go to the bank with the purchase agreement. The bank will make the FET and cashier cheque according the amount mentioned on purchase agreement.
Chris *******
Chris *******
yes condo purchase .. i replied you yes evening😊
John *****
John *****
@Chris ******
Thx Chris. What about when remitting the money from home country bank, can just state condo purchase or must have the exact property details?
Chris *******
Chris *******
@John ****
property purchase only
Ivan ************
Ivan ************
Besides the possible FET requirement a Thai bank will likely give you a better rate than your home one. So send in dollars.
Eric *******
Eric *******
When I purchased mine 8 years ago, they were quite specific that the transfer has to be in foreign currency, and they will convert to THB at the Thai bank.

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