larryX

I have a friend in Spain who has just sold his studio. He will get a euro bank draft in a couple of weeks.

He intends to buy a property in Patayya

He is anticipating opening a bank account there and then paying in the bank draft.

Any advice about how he might achieve his purpose and how he might do that most efficiently, also advice on pitfalls to be avoided, etc. would be very welcome..

Thank you
Larryx

Nabbie

See: http://www.thaivisa.com/forum/topic/...t-in-thailand/

In order to get the approval of bank account, the decision will depend on the individual bank manager - non-tourist passport, work permit, residence proof, ...and even possibly marriage certificate are the ones you need to show.

This above is based on my experience.

Jackwow

I understand that when transferring money from overseas to buy property in Thailand that you have to clearly state that this is what the transfer is for.

bakedbean

Yup that's how it always was in the past. And make sure you keep ALL the paperwork. If you ever need to sell the property and take the money OUT of Thailand again, you will need that paperwork.

Atilla

More and more I can see the reasons some say "live in Malaysia, party in Thailand" I pondered Thailand long and hard before choosing. I think I have a more 'comfortable' feeling about arrangements here.

oswaldcassidy

Hi Larry

Tell your friend not to bring in cash as he is more likely to lose it. If he has not opened up an account in Thailand I would suggest he converts all his money that he need into travellers cheques as you get a better rate than cash. When I left the UK I went to my bank and asked for £100 cheques as it costs 30 baht to cash in 1 cheque ( about 70/75 pence ) I purchased £10,000 with no problems as the money was sitting in my UK account. once I arrived in Thailand I then opened up a savings account and now transfer monies over when as required by internet banking, you will always get a better exchange rate if you change your money in Thailand my son in law to be came out last year but did not take my advise went to a UK travel agent to change his money and ended up over £100 worse off. hope this helps.

oswaldcassidy

Larry

Tell your friend to rent a property and not dive in the deep end there are good parts of Pattaya and also many bad parts . I have lived in Thailand for 6 years and rented for the first 4 years and once I decided that I had found the right place I purchased my property. Anything over $20,000 US or equivelant you can get a form from your bank which will allow you to repatriate the funds your sent over if you ever sell the property, however you must transfer monies from bank to bank it is no good walking in with a case full of dosh.

abalaois

Hi Larry.

As we all know that it basically depends on the value of the property he's acquiring for, just as long as he complies all the pertinent guidelines as to why he has the right to use or possess any properties in a foreign place.

Arrangements between your his preferred local Thai bank and the bank of from country will be a big deal to practice as well.

Good luck.

nonthaburi

lot of variation about opening a bank account, what you need could vary from bank to bank and place to place. Banks are usually quite happy to take your money though.

Jackwow

It can even vary from branch to branch of the same bank.

I am going to Thailand in June so if anyone needs any money transferred there I could take it for them.

bakedbean

wow that is really nice of you

Jackwow

I know, I'm a really nice guy.

rjay

I've been here in Thailand for 13 years. My advice:-

Rent don't buy.
Do anything slowly and carefully.
Don't bring anything into Thailand that you aren't prepared to lose/say goodbye to.

If you bring money into Thailand, have it sent by your home country bank in that currency to your Thai bank, and then exchanged into Thai baht by the Thai bank (better exchange rate).

If it's a large amount for house or condo purchase, ensure you get the Thai bank to provide you with a certificate (I forget the name and number of it), but it certifies that the money was brought in legally and then if you ever did want to take it back out, you can do so legally. If you bring it in by TQ's or in cash, you won't be able to take it back out legally.