USD to THB for Property Purchase: Direct Transfer or FCD Account?
Hi everyone,
My partner and I are preparing to purchase a property in Bangkok. My partner is Thai, but she grew up overseas and has not lived in Thailand for most of her life.
The funds for the purchase will be transferred from the country where we currently reside, and we are scheduled to complete the property transfer in August.
At the moment, the USD/THB exchange rate is quite favorable, so we are considering two options:
Option 1
Transfer USD directly from our overseas bank account to a Thai bank account and have it converted to THB upon arrival.
Option 2
Transfer USD into a Thai Foreign Currency Deposit (FCD) account first, then convert to THB gradually when the exchange rate is favorable.
Our concern with Option 2 is whether there are any additional fees or hidden costs when converting USD from an FCD account into THB.
We have already spoken with the bank, and they advised that the incoming international transfer fee is capped at around 500 THB. However, we are still unclear whether there are any additional charges for exchanging USD held in an FCD account into Thai Baht, apart from the exchange rate spread itself.
The property will be registered under my partner’s name, as she is a Thai citizen.
Has anyone here gone through a similar process? Any advice or experiences would be greatly appreciated.
Thank you!