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How to bring over £100000 in cash for Condo purchase

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How to bring over £100000 in cash for Condo purchase

I intend to purchase a Condo in Thailand over £100000 GBP. I would like to know if anyone has done this or similar from the UK to Thailand and what the rules and regs are in regard to it.

I plan to use SuperRich to do the transfer and provide the FET as their rates are better than all the banks and for a large sum they can do better than the displayed rates. Any help regarding restrictions, if any, from UK side and any form filling to do notices to give etc. Practicality of taking approx 120000 GBP

Any help appreciated.

Seeker

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31 replies to this topic
Copenhagen, Denmark
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1. Re: How to bring over £100000 in cash for Condo purchase

Hi Patrick,

I was just here by chance, raising a question for another topic when i saw this post.

Bear in mind that i have ZERO experience within this area and that i have never set foot in Thailand, but i would just like to suggest that you contact an official party (lawyer or otherwise) as i assume 100k pounds is a significant amount for you. You dont want to end up being on the short end of a scam due to lack of knowledge concerning local infrastructure, laws etc. Even if you have to pay 1000pounds for the services, it would still be a negligible amount as opposed to taking unnecessary risk.

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Chesterfield...
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2. Re: How to bring over £100000 in cash for Condo purchase

Hi Patrick I have never actually done this but I do know that you must declare (and be able to show that it is legally yours') any amount above the equivalent of 10,000 Euros when leaving the UK and any amount over the equivalent of 20,000 USD on entering Thailand.

You would probably get better answers on the Thai Visa forum as there are more expats on there who are more likely to have done this sort of thing.

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Berlin/Bangkok
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3. Re: How to bring over £100000 in cash for Condo purchase

As far as I know, SuperRich is a currency exchange outfit and does not do funds transfers. You will need to prove you transferred the foreign funds into a Thai bank account. I can’t see any reference to either of the Super Rich outfits providing these banking services. Perhaps I’m wrong.

You need to open a Thai bank account to receive the funds. One way to save on fees and get an advantageous exchange rate (probably similar to Super Rich) is to use Transferwise, which costs a lot less than a SWIFT transfer.

As per the previous answer you definitely need to hire a Thai lawyer because the contracts will be in Thai. And the Thai Visa forum will be a better resource than Tripadvisor, which is a travel forum.

Edited: 21 February 2018, 18:34
Poulton Le Fylde...
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4. Re: How to bring over £100000 in cash for Condo purchase

I agree with Bill2p

I used Transferwise to transfer cash to my Kasikorn Bank Account last November for our 4 month stay in Khao Lak. The £ and baht were fluctuating quite a bit at the time and I actually got more after the very modest Transferwise fee than SuperRich were offering at that date. They offer tiered rates and for a sum like £100k, considerably more than I transferred, I would have got more. I wouldn't dream of taking £100k in cash.

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Khao Lak
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5. Re: How to bring over £100000 in cash for Condo purchase

so much cash could be seen as money laundering, you will have to provide evidence of where it comes from, so rather do the old fashioned way, stick it in a bank, and do the transfers to the recipients bank.

Wirral, United...
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6. Re: How to bring over £100000 in cash for Condo purchase

Transferwise is only good for relatively small amounts. For example on £10,000 the fee is £54 in contrast Nationwide's SWIFT transfer fee is £20 no matter how much you send. If you have a Thai bank account you can send in GBP and have the Thai bank do the conversion which will end of a much better rate.

I do agree with the others that a solicitor will be needed, even if for Due Diligence on the contracts and you can transfer to their account to make the purchase.

Berlin/Bangkok
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7. Re: How to bring over £100000 in cash for Condo purchase

I stand corrected on Transferwise. If you can make such a large transfer for only £20 through a bank, then that’s the way to go. TW would charge £548 and their limit is 2 million baht. I’m not sure the lawyer would provide the bank account though. I think it has to be your personal account.

South Pole
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8. Re: How to bring over £100000 in cash for Condo purchase

We can wire cash from usa. Wired 90,000 right to my bank in Thai to purchase condo. Was worried at first cause no routing numbers in thailand. It worked out fine and got the rate the bank gave that day.

South Pole
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9. Re: How to bring over £100000 in cash for Condo purchase

Actually I wired the money to my sons mom account. The condo people were keep asking where the money come from not the bank. So was easier her to show money from her bank then mine. Silly country. No questions asked if your Thai.

Poulton Le Fylde...
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10. Re: How to bring over £100000 in cash for Condo purchase

I have a Nationwide Flex Plus Account and the Transferwise net value of the transfer for my amount bettered the Nationwide's. Obviously if you can transfer £100k for £20 and get a net rate that beats SuperRich go for it - after all the due diligence checks of course.

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