Congratulations on deciding to purchase a property in Bangkok! After paying the initial booking fee, the next step is to transfer 15% of the contract price to the developers. We have compiled a sample of bank forms to guide Singaporeans through filling out telegraphic transfer forms.
Understanding Telegraphic Transfers
A telegraphic transfer (TT), also known as a wire transfer, is an electronic method of transferring funds from one bank account to another, often used for international transactions. When purchasing property overseas, TTs are commonly used to transfer the required payments to the developers. Each bank has its own form and specific requirements, but the general process remains similar. It’s crucial to ensure the payment is made in the correct foreign currency, such as SGD or USD.
Tips for a Smooth Telegraphic Transfer Process
Follow Developer’s Instructions: The developer will provide a document with the necessary details required to fill out the bank form. Follow these instructions closely.
Double-check Details: Ensure all beneficiary and transaction details are correct to avoid delays.
Exchange Rates: Be aware of the current exchange rates and how they might affect your transfer amount.
Bank Charges: Understand the fees associated with telegraphic transfers by both banks and include these in the total amount.
Message to Beneficiary: Match this exactly with the developer’s instructions.
Keep Records: Retain copies of the completed forms and any confirmation slips for your records. Send these records to the developer.
Sample Forms from UOB, OCBC, and DBS
1. UOB (United Overseas Bank)
2. OCBC (Oversea-Chinese Banking Corporation)
3. DBS (Development Bank of Singapore)
Filling up telegraphic transfer forms may seem daunting, but with careful attention to detail and understanding the required sections, the process can be straightforward. The provided sample forms from UOB, OCBC, and DBS should serve as a useful guide. Always reach out to your bank for any clarifications or assistance needed to ensure a seamless transaction.