Bank only allow loan payment in cash?

[patjk]

I was chatting with my girlfriend about one of her loans, a loan for her house.  She has around 130k baht left on the loan.  It is from Government housing bank (ธนาคารอาคารสงเคราะห์).  I told her to pay it off as the interest rate is high and she has the money to do it, however, she said that they don't allow you to do a bank transfer to pay it off, it can only be done in cash.  I told her don't pay it in cash. 

 

This sounds absolutely absurd that a bank won't accept a transfer payment or something else electronic to pay off the loan.  Walking around with 130k in cash sounds crazy.  Anyone familiar with this bank and if this is indeed the case or if there is a way around it?

Thanks.

 

[worgeordie]

Banks seem to be wanting you to use less cash,and

would prefer digital transactions,so something strange

going on here,would suggest you go to the bank with her

with a cashiers cheque for the amount,they can hardly

refuse it, wanting cash sounds suspicious to me. P.S. made out to GHB

regards Worgeordie

Edited September 25, 2018 by worgeordie

[patjk]

1 minute ago, worgeordie said:

Banks seem to be wanting you to use less cash,and

would prefer digital transactions,so something strange

going on here,would suggest you go to the bank with her

with a cashiers cheque for the amount,they can hardly

refuse it, wanting cash sounds suspicious to me. P.S. made out to GHB

regards Worgeordie

Thanks. Have you ever heard of a bank only allowing cash payments?  Especially for a government bank that doesn't make sense.  It's Thailand, I could see them refusing a cashiers check, haha.

[worgeordie]

2 minutes ago, patjk said:

Thanks. Have you ever heard of a bank only allowing cash payments?  Especially for a government bank that doesn't make sense.  It's Thailand, I could see them refusing a cashiers check, haha.

Sounds like they want cash ,so they can do a bit of creative accounting,like

1 for me,1 for the bank, make sure the amount they say she owes is correct.

regards worgeordie

[lopburi3]

Does not sound suspect to me - expect for them to sign loan as paid they need proof payment made - cash is immediate proof - a check or electronic payment can be rescinded so would probably require a few days wait (and person paying probably would not want that).  People walk around with such sums of cash often here. 

[poohy]

Not overly surprised

I paid in a tax rebate check of 15k in a few months ago, paying in was not a simply procedure and involved a cast of seemingly thousands half of the amazon rain forest in paper and every piece of documentation you could think of including my dogs rabies vaccination.

 

That a  gov chq going into a private BKK bank account 

[yankee99]

All my vehicle loans have no option besides cash payments. I would assume a cashiers check would also be acceptable. 

[dotpoom]

You would prefer your lady continue to pay "high interest rates".... rather than bring the cash to the bank,?

  You will be the only person that knows you have it on you ..it's in your head only. .

 I have a photo in my computer of me sitting in a n agent's car holding up 1 MB. I had withdrawn it in Jomtien (for a deposit on a condo) and got the Baht bus into Pattaya  to meet the Agent on 2nd. Road, Pattaya.

  I was well aware that I had the same chance of getting mugged as I had if I only had 500 Bt. on me.

(I did check initially that nobody who might have been in the bank was following me.

[robblok]

Seems logical to me as its not a normal payment. In a more advanced country I can see it go by bank transfer. But here finalizing everything then signing that the loan is now paid off and all, probably better to do with cash while sitting at a bank. I think it could even be done with just sending money from your bank account to the banks account if you are there present. I think its more a matter of going to the bank and arranging this in person than them wanting a cash payment.

[inThailand]

It sound like ur gf is a financial genius and hoping some idiot will give cash. 

[lopburi3]

2 minutes ago, inThailand said:

It sound like ur gf is a financial genius and hoping some idiot will give cash. 

It sounds like you did not read the OP - he says she has the money to pay.

[inThailand]

And yes, she said she is a virgin too. 

[bangkoken]

Maybe she should take some time and read the loan agreement. Always good to do before signing.

[krabi local]

My wife had exactly the same with GHB (government housing bank).

as she was paying the mortgage  off early she had to go to their head office in Huai Khwang and not at a local branch.

Third floor accounts office with a huge stack of cash.

She then had to return to collect the chanote a week later.

 

All very strange through Western eyes but true.

Edited September 26, 2018 by krabi local

[micmichd]

20 hours ago, worgeordie said:

Banks seem to be wanting you to use less cash,and

would prefer digital transactions,so something strange

going on here,would suggest you go to the bank with her

with a cashiers cheque for the amount,they can hardly

refuse it, wanting cash sounds suspicious to me. P.S. made out to GHB

regards Worgeordie

Thai banks might want to send the cheque to a European bank just to check if the issuer hasn't filed for bankruptcy in the meantime. 

A Thai national could guarantee for you. She might do this if you can show her that you get permanent income, eg pension(s) from your country. 

[worgeordie]

1 minute ago, micmichd said:

Thai banks might want to send the cheque to a European bank just to check if the issuer hasn't filed for bankruptcy in the meantime. 

A Thai national could guarantee for you. She might do this if you can show her that you get permanent income, eg pension(s) from your country. 

Thai Bank, Cashiers Cheque, thats a cheque issued by Thai bank,

nothing to do with Europe,it covers you ,as you have paperwork,

paying cash,all you have is a receipt,which for a large amount would 

not be good enough for me.

regards worgeordie

[micmichd]

6 minutes ago, worgeordie said:

Thai Bank, Cashiers Cheque, thats a cheque issued by Thai bank,

nothing to do with Europe,it covers you ,as you have paperwork,

paying cash,all you have is a receipt,which for a large amount would 

not be good enough for me.

regards worgeordie

What's the difference between a number on papers and a number in bits and bytes?

[DJ54]

We’ve a monthly at payment that I pay at Tesco. I tried to convince the lady at service counter to use my debit card. No needs to be cash. 

 

First house I bought in China was USD $70k (converted to Yuan).The seller wanted  me to bring cash to their bank which was different than mine. I’m like are you crazy what if I get robbed. Ended up all paperwork done and they came to my bank and took the cash

 

[worgeordie]

30 minutes ago, micmichd said:

What's the difference between a number on papers and a number in bits and bytes?

In this case you would have a 3rd party involved,the Bank issueing

the cashiers cheque,the Bank only requesting the mortgage be paid

in cash,is not kosher to me,too suspicious ,maybe,but this is Thailand and

cash is involved,doing everything to protect yourself is the thing to do.

 

A cashier's  cheque would have to be entered into the system,as it would

be made out to the bank,Cash is different..........2 parties, you and them.

 

regards worgeordie

[BigT73]

51 minutes ago, DJ54 said:

We’ve a monthly at payment that I pay at Tesco. I tried to convince the lady at service counter to use my debit card. No needs to be cash. 

 

First house I bought in China was USD $70k (converted to Yuan).The seller wanted  me to bring cash to their bank which was different than mine. I’m like are you crazy what if I get robbed. Ended up all paperwork done and they came to my bank and took the cash

 

I didnt think you could buy a house outright in China, I thought it was a 99 yr lease?

[4MyEgo]

23 hours ago, patjk said:

I was chatting with my girlfriend about one of her loans, a loan for her house.  She has around 130k baht left on the loan. 

 

23 hours ago, patjk said:

I told her to pay it off as the interest rate is high and she has the money to do it

 

23 hours ago, patjk said:

she said that they don't allow you to do a bank transfer to pay it off, it can only be done in cash.  I told her don't pay it in cash

 

Me thinks reading through your post that she hasn't got the money, but that you offered to pay it off and her reply was the bottom reply and you are thinking, if I give her the cash, will she pay it off, if it actually has a loan on it ?

 

I could be wrong, but read the above and in particular her reply at the bottom reply, I mean what kind of reply is that, e.g. you were chatting with her about her home loan (why would you do that) and you told her to pay it off as the interest is too high, now at 10% on 130,000 baht, the interest is 1,000 baht per month, then she said they don't allow you to do a bank transfer ?

 

Sounds like someone is being set up for the fall here.....

 

Her home loan, her debt, let her sort it, because if its legit and she does pay it off, no doubt she will be 130,000 baht poorer, then who is she going to lean on, just saying.....

 

If I am correct in my way of thinking then you just saved yourself 130,000 baht plus.

 

Do tell us how long have you been with your GF ?

 

Do you live in "her" house ? 

Edited September 26, 2018 by 4MyEgo

[shy coconut]

The girlfriend has the money to pay off the loan, I think the gist of the post

was the fact that the loan had to be paid in cash and no other method.

 

[4MyEgo]

16 hours ago, shy coconut said:

The girlfriend has the money to pay off the loan, I think the gist of the post

was the fact that the loan had to be paid in cash and no other method.

 

 

My wife advises me that she paid off her parents loan of 60,000 baht a few years ago by a bank transfer, it was with Farmers Bank, can't see why any other bank couldn't accept an electronic transfer to pay off a mortgage in Thailand.

 

Has the person enquiring checked this with the lender ?

 

I also not that he hasn't replied to 2 of my questions which tells me what I suspect.