Opening a Bank account for Buying a Condominium
One of the requirements in buying a Condominium in Thailand is to transfer money overseas, this may require you to open a bank account in Thailand. “Difficult” is the first impression of foreigners when they hear that they need to open a bank account, for our firm, it is quite an easy process. It is a standard to have a proof of residency and work permit when opening a bank account in Thailand, or a Non-immigrant Visa, but there are some banks that doesn’t require such hard-earned documents to open an account.
Our firm knows a number of banks that doesn’t require a Work Permit or Working Visa (except Tourist Visa) to open an account. Although some banks are stricter than others, the process is usually straightforward and for the most flexible banks you will only be required to bring the following documents:
For foreign currency accounts, you will need an additional document which is:
It is a must that the money you will use to buy, rent or lease any property in Thailand should come from overseas bank transfer. According to the Condominium Act B.E. 2522 (1979), the foreigner needs to ensure funds for the purchase of a Condominium are transferred from overseas, funds transferred also need to exceed purchase price of the property.
The money needs to enter Thailand as foreign currency and the purpose of transfer should be provided in the bank remittance instructions. Once the transfer has been received, the funds can be converted into Thai Baht by the local Bank.
The purchaser can subsequently request a Foreign Exchange Transaction Form (FET) for amounts above US$ 50,000 or a Bank Certificate for amounts under US$ 50,000. The FET and/or Bank Certificate are important documents required by the Government Land Office to approve and process the transfer of the condominium’s title deed into a foreign national’s name.
Please note that there are the important details for FET and/or Bank Certificate details:
Our firm can assist you with opening a bank account in Thailand for your property and real estate transactions, or just simply wanting to have an active bank account in Thailand. For this matter, if you are residing in Bangkok or Phuket, we will personally accompany you to the bank. We have a number of banks that we can easily contact to have your bank account opened with only a few documents required.
You may think that it is quite a hard and tedious process, but with us here at Sabai Property Law Firm, every thing will be at ease, all you have to do is give us a call or send us an email, provide your documents and then we will take care of the rest.
If you are looking forward to opening a bank account in Thailand, please do not hesitate to contact us through our respective contact numbers, or simply send us an email at