Transferring Funds for a Property Purchase

[rickfarang]

I suppose it would be too easy to just ask at the bank?

 

Regards,

SD

 

My thoughts exactly. Krung Thai sent me complete details via email. No problem, for them at least. I suspect that most of the banks get this question all the time and have the most up-to-date info.

 

Ask your bank. They know better than us.

[WorldFun]

SD etc who I assume lives in bkk most of the time should know by now that to get 'technical details' out of thai staff even by thais is a tedious affair & thus after having 'sent' several thais to inquire in branch we're still far from having the exact details of how various inward remittances from overseas will be handled by Kasikorn bank :-(

 

At the moment I'm going for the under the 20k USD radar method, but I may try with at least 1 major transfer just to see how that goes lol ;-)

 

thanks anyways!

[..]

Actually, it is not. Kasikorn Bank handles my biz and personal accounts and are very helpful and efficient. Jing jing. They get funds x-fers in-out faster than my US bank (which is quite good as well). I deal with large x-fers (US$25k+) all the time and have no issues, as long as my paperwork (POs and/or invoices) is in order. The bank just attaches copies of that paperwork to the x-fer paperwork and puts the money into my account (or sends it on its way, depending). I generally do it all my fax and phone.

 

Go to the K-Bank branch on Suk at soi 33 in the UBC II building. Go to the second floor (1st if you are a Limey). That's the biz department, who also deal with large x-fers on personal accounts. Ask your questions. Do it yourself, because things get lost in translation when letting someone else do it for you. You should be able to get it all in writing. Yes, in English.

 

If you are too lazy and/or too cynical to deal with that, then I'm sorry, I can't help you.

 

Regards,

SD

[Paillote]

The process is very easy. You just have to fax a copy of the property contract to your bank. Until you do that, they will withhold your money. As you stay in Australia, they might not be able to get hold of you (or even try), so probably best you arrange with the fax before you transfer.

 

Another option is to transfer to your real estate agent. Then the agent will do the neccesary paper work for you. Anyway, whatever you do, be sure to transfer in foreign currency and more than 10,000USD a shot. Multiples of lesser amounts and incoming Thai baht do not qualify at the land office.

 

Paillote

[WorldFun]

SD thanks for your sound advice.

However being not just yet resident of the LoS I'm prone to the usual TiT about who you get on the phone or which branch you visit will mean a world of difference. I suppose being a well known major business guy as opposed to a new account holder or even a Thai from the government ranks just doesn't always cut it!

 

Meanwhile it seems my relatively 'simple' question has been answered crystal by a kind fellow board member with first hand experiences presumedly Thanks Paillote. Hope to make it up one of those days

Then I'll even try to be overbearing with the 'aussie thingy'?

[Paillote]

Kiteflyer/World fun (confusing this)...

 

Just forgot one thing, when you make the transfer, state that you are transfering money for downpayment on real estate and the name and/or address of the unit you bought. With me they always contact me as they know my phone number and I have to fax the details every time (several installments). Processing time has always been less than 24 hours, so at least that is good.

 

Paillote

[samak]

Suadum

i do not have so much confidence in the professionalism of thai banking staff.

when i raised this question, they came up with the solution to transfer money in fractions under 20'000 usd; they either are not sure or they want to avoid paperwork! as i do not have any intention (at least at the moment) to invest in property, i did not pursue this.

i have a bit experience in dealing with thai banks as i worked for a mid size company in LOS during the 1997 crisis and was also in charge of financing; it was just amazing!

[..]

Well, I have x-ferred at least US$750k/yr for my biz -- incoming receipts from various countries and outgoing payments to the US (mostly) -- through K-Bank for the past several years. Never had a drama and they are always helpful. And obviously I am not a huge company (i.e., that amount is small), so it is not because I am a "good customer."

 

We all have different experiences I guess.

 

Cheers,

SD

[thegreatone]

why not just get a mortgage and have auto payments taken from either a thai bank account or your home land account???

[samak]

maybe this issue does not need to be discussed anymore soon

 

that's from today's Bangkok Post:

 

Abhisit reaffirms plan to scrap BoT's 30% capital reserve rule

PARISTA YUTHAMANOP

 

The Democrats will scrap the Bank of Thailand's 30% reserve requirement if they form the new government following the Dec 23 election, party leader Abhisit Vejjajiva reiterated yesterday.

 

Instead of penalising foreign investors, he said, the government would depend on better co-ordination between the central bank and the Finance Ministry in managing currency volatility.

 

The capital controls, introduced last December with an aim to curb baht speculation, shook economic confidence and undermined the bond market, he said.

 

''The economic direction has changed since the implementation of the 30% reserve requirement. We must have measures to manage foreign exchange that are accepted internationally. This must be done right away,'' Mr Abhisit told the Bangkok Post yesterday.

 

He said the baht's appreciation had been driven by strong exports and weak domestic demand. Increased government investment and management of capital outflows would help address market speculation.

 

''We are not saying the central bank should stop intervening in the market. However, it and the ministry should work hand in hand and better manage market psychology,'' he said.

 

In addition, the central bank should increase flexibility in monetary policy. For example, the Democrats believe the Monetary Policy Committee (MPC) should not raise interest rates to contain inflation at the expense of economic growth. More aggressive action was also needed to cope with market turmoil.

 

The MPC was set up in 2001 to set the direction of interest rates every six weeks with a target to keep core inflation in a range of zero to 3.5%.

 

''My party set up the MPC,'' Mr Abhisit said. ''Inflation [as is now the case] is not derived from the business cycle, but from rising costs. It should not be addressed with monetary policy.''

 

Mr Abhisit said that controlling cost of living was the Democrats' economic policy in the short term.

 

The party would maintain caps on cooking gas prices and cut levies paid to the state Oil Fund for diesel and gasohol.

 

''A higher gap between gasohol and gasoline prices would help promote the use of biofuel. We will also offer discounts on power to low-income [consumers].''

 

Mr Abhisit said the Democrats would also halt efforts to tighten foreign ownership rules under the Foreign Business Act.

 

''We should not amend the definition of a foreign entity from the past. Other mechanisms should be in place to encourage investors to declare themselves as foreigners,'' he said.

 

The existing law allows a revision to be made on a yearly basis to improve the law's effectiveness, but it has never been utilised, he added.

 

Mr Abhisit said the Democrats' move to lift the 30% reserve rule should not be regarded as interfering with the central bank.

 

''The central bank must change the way it operates. But this does not mean it will be less independent,'' he said.