1. A Thai bank account must be set up in your name in order to transfer money to yourself before exchanging your currency to Thai Baht. Any foreign currency can be used to purchase a condominium unit. The foreign currency must be transferred into Thailand as foreign currency and then exchanged into Thai Baht by a local bank in Thailand. In many cases, the developer may offer to help you establish a bank account in Thailand due to the complexity of establishing an account yourself. This may come at an extra cost, however developers are always willing to negotiate or waive this cost if it helps get the deal done.
2. Foreigners are required to remit at least USD 20,000.00 into Thailand per transfer to receive a FOREX Transfer Form. (Transfers of funds must be made in FOREIGN CURRENCY only and NOT in Thai Baht, i.e. if you are working in US Dollars then remit in US Dollars. Do not remit in Thai Baht. This form will be needed to transfer the unit under foreign ownership and also remit money back out of Thailand if so needed in the future.
3. Documents needed when buying a property in Thailand: For foreigners to be eligible to purchase a condominium unit in Thailand they must present proof to the Department of Lands that the funds have been remitted from overseas in foreign currency. Without such proof, the Department of Lands will not register the transfer of ownership to the foreign buyer.
4. Remittances must be sent in exactly (“to the letter”) the same name as appearing on the purchase contract, (i.e. if Tom Smith is the buyer then the name Tom Smith must appear on the remittance advice. T. Smith or Smith Enterprises are unacceptable.) If the buyers are two individuals, then two names should appear on the contract and two separate remittances should be made by such two persons, in equal amounts.
5. The purchaser has to include the transfer instruction indicating that the purpose of this money is to buy a condominium unit. The bank that receives money in foreign currency will issue the document (Foreign Exchange Transaction Form) which contains the following information:
• The transferred amount in foreign currency
• The transferred amount in Thai Baht
• The name of money sender
• The name of money receiver
• The purpose of transferring
Normally throughout the transfer process, the purchaser has to instruct the gateway bank to identify the name of the sender to be the same as the receiver’s. For choosing your Thailand property we have the most comprehensive selection. The Land Department will accept the name of purchaser to be either sender or receiver of the transferred money.