Is it mandatory to open a bank account when buying real estate in Thailand?
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- Şeyda Şen
- 12/16/2024
Bank Account Opening Requirement: It is not mandatory for foreign investors (including Turks) who want to buy real estate in Thailand to open a bank account. In other words, Turkish investors can send money to the seller's bank account in Thailand and complete the purchase.
How to Transfer Money?
Transfer from Turkish Bank to Thai Bank: Turkish investors can transfer foreign currency from their bank accounts in Turkey to the seller's bank account in Thailand. This transaction is carried out through any bank in Thailand.
Money Transfer to Bank Account in Thailand: If the Turkish investor decides to open a bank account, money can also be transferred to his own bank account in Thailand. However, this is not mandatory. Opening a bank account is an optional process for investors who only want to manage transfers made from their own accounts.
Foreign Exchange Transfer and TT3 Form
When buying real estate in Thailand, if a money transfer of 20,000 USD or more is to be made, the TT3 (FET) form must be filled out. This is required by banks in Thailand to keep records of the money transfer. The purpose of this form is to monitor foreign capital movements and ensure that transactions are transparent.
TT3 Form Requirement: Turkish investors must fill out this form if they are going to transfer $20,000 or more in foreign currency. Although there is no need to open a bank account for the transfer, the TT3 form is mandatory to record the transfer correctly.
Conclusion: Opening a Bank Account When Buying Real Estate in Thailand
Turkish investors in Thailand are not required to open a bank account to buy real estate. Investors can complete the transaction by transferring money directly to the seller's bank account. However, when a large transfer ($20,000 and above) is made, the TT3 (FET) form will need to be filled out.
Opening a bank account in Thailand is only optional and is not required for the transfer and payment process.