What are safe options for DTV visa holders when transferring money to buy a condo in Thailand?

Question

Condo purchase with a DTV visa 🇹🇭

Since DTV holders usually cannot open a Thai bank account easily, how do you safely transfer the money when buying a condo?

We currently have two options:
1. Send the money directly from our European bank account to the Russian owner’s Thai bank account
(I honestly don’t feel comfortable with this option, because once the seller receives the full amount, they could theoretically disappear without transferring the condo title.)
2. Use our lawyer’s escrow account
(This feels much safer, but the lawyer charges 1% of the transaction amount, which becomes quite expensive.)

Are there any other common or safer solutions for DTV holders buying property in Thailand?

Would really appreciate hearing real experiences from others who already went through this process 🙏

Thank you everyone!

Ask Thailand · Answer

DTV visa holders face challenges in safely transferring funds for condo purchases in Thailand due to difficulties in opening local bank accounts. Two main options discussed are sending money directly to the seller's Thai bank account, which carries a risk of losing funds without receiving the condo title, and using a lawyer's escrow account for additional security at a fee of 1%. Community members suggest various alternatives, including using real estate agencies familiar with these transactions, highlighting the need for trustworthy legal counsel, and ensuring compliance with Thai regulations such as obtaining a Foreign Exchange Transaction (FET) certificate for property registration.

Rick *********** · Answer

I would be willing to bet that that lawyer doesn't have a true escrow account as defined under Thai law.

Maikel ****** · Answer

Best way is usually to use the agency handling the sale. You transfer the money to them, they make sure everything is okay and release the funds to the seller accordingly. Usually you only pay transfer and exchange fees.

Dylan ****** · Answer

I would recommend speaking with [mention redacted]. They are experienced legal experts who can assist you.

Johnny ******** · Answer

try bkk bank main office silom

Daryl ****** · Answer

1% fee vs 100% loss

Ben ****** · Answer

1 percent is a tiny amount to pay for the security of escrow

Riley ******* · Answer

Is this your first time purchasing real estate anywhere?

Yuriy ************ · Answer

What does your real estate agent suggest? They usually handle these things on regular basis when dealing with expat clients.

Jody ******** · Answer

To register the Condo with the land office you will need FET confirmation from a Thai bank. Honestly get a better lawyer.

May ******* · Answer

You many want the newly enacted long stay visa for condo purchase of more than 3mb to settle. It's been started in Phuket

What are safe options for DTV visa holders when transferring money to buy a condo in Thailand?

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