"How to bring money to Thailand" - this is one of the most important questions which you ask buying a real estate here. There are several options of payments and each of them has advantages and disadvantages. Let`s focus on this options.
Cash
Firstly this is not the most saving and convenient method. The loss can be up to 2-2,5% when you buy the currency of the house and then sell it. There are no any limits for the amount of imported money in the Thai Kingdom, but there are some restrictions for Russia, Ukraine, Kazakhstan and etc. So, it is too hard to bring to Thailand a big sum of money in cash. Even if you manage to import a prominent sum in cash, you will meet some obstacles in Thai bank. There will be problems with handing out a special document required for buying a condominium "FET". So, for cash you will be able to buy a territory, house or a townhouse.
Foreign ATM cards
Thailand has a perfect bank system. It is possible to pay buy a debit or credit card, VISA and Mastercard are accepted everywhere except those small private shops. And you can find ATM in every street. When you withdraw cash in ATM from foreign bank cards the commission is 180 THB. The commission doesn`t depend on the sum you withdraw. You can take only 20 000 THB, sometimes 25 000 or even 50 000 THB at a time. If you go directly to some bank office, you will manage to withdraw up to 150 000 THB per day per bank office. Moreover, every card has a limit for daily withdrawal and you will be able to take the second part of the sum only the next day. Also European bank consider Thailand to be a high risk area concerning electronic money deception, so your card can be blocked at any time for your safe. It really happens here! In this case you will have to call your bank and ask to unblock the card. As a result we don`t advice you to come to Thailand without any cash and holding only one credit card.
Bank ATM cards are useful to pay for the reservation of the flat in the office of the developer. The sum usually varies from 20 000 to 50 000 THB. But this option will cost 3% of the sum.
Mainly, the money withdrawn from the card won`t allow to get in a bank an obligatory document for the flat purchase - FET. So, this money can be used for buying a territory, a house or a townhouse.
Payment by the credit card isn`t a cheap and useful way to operate.
Travelers' Cheques
Holding travellers cheques is convenient to transport money to buy both secondary market property and new flat. The most popular and handy travellers cheques are American Express. When you cash travellers cheques, their purchasing rate will be higher than purchasing rate of usual money. If you lose your travellers cheques you will always be able to restore them because this documents possess the ID of the holder and can be cashed only by the buyer. The process of the recovery can take a month but you won`t lose your money. You can buy travellers cheques in any bank. It is better to buy the bank papers with a big denomination as 500 euro or 500 dollar. Because you will have to pay a fixed commission (33 THB) for any denomination. Please, remember that sometimes it can be hard to buy many traveller cheques at once, so you should order them in the bank in advance. Also it is better to check the prices of the cheques in different banks because they can differ. In order to buy the cheques it is necessary to present the ID. You should save all the documents confirming the buying of the cheques which you will get in the bank because they will be required in Thailand bank. When you buy a cheque you sing it, and when you sell it in Thailand you will sign it again.
The travellers cheques are convenient to buy property because when you cash them every Thai bank will provide you with document which is necessary for purchasing a flat. The document is called "Foreign Exchange Transaction Form". Now dayly limit to exchange Travel Cheques is 25,000 USD per day.
International bank transfer
International bank transfer is the best way to operate money in travelling, moreover, this is the cheapest way. Every international currency which comes to Thailand will be automatically converted into THB. This course is more profitable than cash and travellers cheques.
Bank transfer can be used both for buying a new flat and transferring money to a private account in Thailand for purchasing flat in a secondary market. You can send your money to any country from a bank office. You have two options. International transfer can be made without opening an account or can be realized from an existing account. The first option is more expansive than the second one. Besides this, it is easy to use an internet-client of the bank account as you will operate your money from home. The limits of money are set by the bank. For example, the commission held by the bank is 1.5%, 1.0% or 0.5%. In addition to this there is a special commission which you should pay to the bank-responders. As a rule, when you send money to Thailand the loss is 30-45 dollars regardless from the sum of the transfer.
Copyright © Mr.Ernest Novik. 2008-2023 All Rights Reserved.
Unauthorized redistribution of this content is prohibited.
FAQs
Cash is widely used in Thailand and it's still the number one method of paying. Although the number of cash payments is declining, they currently make up over 80 percent of all transactions. Large businesses, hotels and restaurants all accept international credit and debit cards.
How to buy a property in Thailand? ›
Buying Property in Thailand
- Select a Property Agent in Thailand. Since you will be looking for property in a foreign country you need expert local assistance. ...
- Legal Planning with your Property Lawyer in Thailand. ...
- Do a Title Search. ...
- Make a Deposit. ...
- Review of the Thai Property Contract.
You need to consider how much of a down payment you can afford and what percentage you need to finance. Most Thai mortgage companies will expect a 30-40% down payment and that you will borrow 60-70% of the home's value. It used to be nearly impossible for a foreigner to get a mortgage in Thailand.
Is it worth buying property in Thailand? ›
Thailand also has a strong rental market for Thai locals, tourists, and expats. This makes Thailand an excellent option for property investors. Short-term rentals are an option for some properties (but not all properties allow this). This means investors can access the tourist market.
What is the most popular payment method in Thailand? ›
Thailand: Popularity of various payment methods for online shopping across genders
- E-wallet. 51% 49%
- Cash on delivery. 48% 50%
- Mobile banking. 38% 40%
- PromptPay. 29% 36%
- Credit card. 21% 16%
- Internet banking. 18% 16%
- Debit card. 15% 13%
- ATM bank transfer. 6% 6%
Additionally, visitors are expected to demonstrate financial capability by carrying sufficient cash during their stay, with an estimate of at least THB15,000- THB20,000 per person.
How long can I stay in Thailand if I own a condo? ›
According to Royal Thai Police Bureau Order No. 327/2557, dated June 30, 2014 and effective Aug 29, foreign owners of condominium units in Thailand are eligible to extend their stay in the country for a period of one year, renewable each year, through means of a one-year visa.
How much is rent in Thailand? ›
How much you spend on rent per month will depend on where you stay in Thailand. In Thailand, expect to pay $1,000 per month for a luxury house and around $250 to $565 per month for a one-bedroom apartment. Rent fluctuates depending on the availability of amenities and how close the place is to transportation.
How much does an average house cost in Thailand? ›
Cost Of A House In Thailand
For quality real estate, starting prices range from $100,000 to $140,000. This can get you a decent 45 sq. meter furnished apartment in the city. If you are looking to buy a villa in Thailand and you are looking for something grander, then starting price for that luxury is around $200,000.
Can an American finance a house in Thailand? ›
To qualify for protection under Thai law for a mortgage, foreigners must have the property's right to ownership, and the mortgage contract must be in writing and registered. In practice, it is difficult for foreigners to receive loans from Thai banks to purchase property in Thailand.
Conventional mortgages, like the traditional 30-year fixed rate mortgage, usually require at least a 5% down payment. If you're buying a home for $200,000, in this case, you'll need $10,000 to secure a home loan.
Can I buy a house in Thailand as an American? ›
To answer that question, plain and simple, it IS legally possible for foreigners to buy property in Thailand. Foreigners are allowed to own property with some restrictions. Foreigners are allowed to own condos but are prohibited from entirely owning land (such as villas or townhouses).
Is it risky to buy property in Thailand? ›
Avoiding the purchase of property from a mismanaged project is paramount when going through the real estate landscape in Thailand. Investing in a development plagued by mismanagement can lead to a cascade of issues, ranging from construction delays to compromised quality.
Do you pay property taxes in Thailand? ›
Thailand Property Taxes
1% of the appraised value or registered sale value of the property (whichever is higher and if the seller is a company). If the seller is an individual, withholding tax is calculated at a progressive rate based on the appraisal value of the property.
Why are Thailand houses so cheap? ›
Economic Factors: Thailand is considered a developing country, and its economy may not be as robust as those of more developed nations. As a result, property prices may be lower due to factors such as lower demand and purchasing power. Foreign Owne.
Is it better to take cash or card to Thailand? ›
Using credit cards and debit cards in Thailand
So, it could be a good idea to carry some cash on you at all times. If you're spending on a card, make sure you tell your home bank before heading out to Thailand. Otherwise, there's a risk that your transactions will be flagged up as fraud.
Should I use cash or card in Thailand? ›
Cash is still very commonly used in Thailand, although cards will be accepted in larger places and where there are a lot of tourists. Generally having one or two cards including a prepaid travel card, and a little cash is a sensible move as you'll always have a back up if one payment method isn't possible.
Is it better to use cash or credit in Thailand? ›
Cash is the preferred method of payment for most Thai people, so using an ATM to make withdrawals can be a convenient option for travellers. To find an ATM near you, use one of these locator tools.
Is it better to carry cash in Thailand? ›
Avoid travelling with cash if you can
Travelling with large amounts of cash is a real security concern, so it's best avoided unless absolutely necessary. Consider withdrawing cash at an ATM on arrival instead, or having the money sent by bank transfer.
