How to pay for buying a house in Thailand?

According to the apartment law 199 1, foreigners who are not Thai residents must remit money from overseas to buy apartments. This means that all money must be remitted to Thailand in the form of "foreign exchange". The receiving bank shall issue a certificate of "foreign exchange transaction" and submit it to the land department when registering the ownership of the apartment.

For each remittance, the receiving bank only provides a "foreign exchange transaction" report with an amount exceeding $50,000. If the amount is less than $50,000, the bank will issue credit notes, which will be submitted to the land department when registering the ownership of the apartment.

If you don't have a bank account in Thailand, you can directly remit the remittance to the developer's account. In this case, the developer, as the payee, will represent the buyer

Obtain the certificate of "foreign exchange transaction" from the bank. The developer will keep all supporting documents and/or credit notes until the transfer date of the ownership of the apartment.

If the buyer wants to keep these documents, he can ask the developer. If you have a bank account in Thailand, the procedure is the same. But you will be the payee, so you must obtain the bank's "foreign exchange transaction" certificate yourself.

In order to obtain the certificate of Foreign Exchange Trading, please ensure that you have followed the following instructions.

1. 1 The names of the remitter and the buyer should be consistent as far as possible (if the remittance is made by someone else, please indicate the name of the purchased goods, the name of the buyer and the company number in the remittance postscript), and please fill in the full names and addresses of the remitter and the payee.

1.2. Payment must be remitted in foreign exchange. It is suggested that foreign currency should be remitted mainly in US dollars, not directly converted into Thai baht, and not converted into Thai baht before remittance.

The procedures for changing Taiwan beads are completed by the receiving bank.

1.3 Please indicate the name of the purchased goods, the name of the buyer and the unit number in the remittance postscript (don't make a mistake).

1.4 Please include the handling fee of overseas and receiving bank for each payment (generally, it is recommended to remit 50- 100 USD more).

2. Draft (debit notice)

After each remittance, please scan the remittance slip and send it to the developer for review.

Step 3 Pay the balance

Each payment (US dollars or other currencies) will be automatically converted into Thai baht after it reaches the local bank in Thailand, which may cause excess or insufficient amount. Therefore, customers are advised to remit more money (for example, 1). 4), and the extra amount will be settled in the late payment of the purchasing unit, so don't worry about the waste of excessive remittance. If the customer's down payment is less, it may be necessary to make up (remit money again) or the commission cannot be settled normally.

I suggest that after you buy a house in Thailand, you set up a non-resident bank account in a local bank in Thailand, so that the transfer well can issue cashier's checks in the future, so that you don't have to worry about problems with the developer's company account when handing over the house.