Depositing US Covid Check

[Sheryl]

On 2/23/2021 at 12:34 AM, shortstop said:

 

I also received Form 1444 in the middle of last year.

 

After reading https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-f-payment-issued-but-lost-stolen-destroyed-or-not-received#qf3

 

I called the IRS, 800-919-9835, tonight on Skype expecting to initiate a payment trace.

 

Instead the rep said I should check online https://sa.www4.irs.gov/irfof-wmsp/login

 

It showed despite receiving the letter that the initial $1200 check was never sent but the second $600 check was sent.   So there is no need for me to do a payment trace for the first check. The rep said to just claim it when I file my 2020 tax return.

 

--------------------

 

As far as the second $600 stimulus payment,  March 31st is the first day that a payment trace can be requested.   Have no idea how long a payment trace takes.

If the trace determines the check was not cashed but is not completed before the 2020 return is filed supposedly they will automatically adjust 

 

 

 

 

Thanks for this, very useful.

 

How ling did it take you to connect with a human when you called the IRS?

[Pib]

6 hours ago, mtls2005 said:

 

Regular airmail THL-->USA for me has been 14 days. ~ 50 THB. Very reliable for me.

I recently mailed a "registered airmail envelope" via the postal system from Bangkok to Los Angeles.  Mailed 11 Jan 2021...arrived 20 Feb 2021...40 days mailing time.   This is significantly longer than registered airmail envelopes mailing time in 2019 based on my experience.   Maybe COVID related.

 

I guess a person could say that Jan 2021 "registered" airmail mailing was still in the ballpark of my past registered airmail envelopes to the U.S.   In mid 2019 three different registered airmail envelopes to Houston took 21, 32, and 33 days to arrive.

 

However, in mid 2019 when sending three "regular" airmail envelopes (i.e., approx Bt50, no tracking, etc) to Houston like you sent they arrived in 11, 11, and 14 days. 

 

Based on my mailing experience from Bangkok to the U.S. seems "registered" airmail envelopes take significantly longer than regular airmail   And each registered airmail has went Missing in Action (MIA) for weeks to over a month after leaving Bangkok airport and before coming out of MIA status when showing up in the USPS tracking system when processing thru the U.S. International Service Center (ISC)  & Customs  in places like NYC, LA, etc....the ISC is where all mail entering the U.S. must clear before being released for delivery to its final destination in the U.S.

 

I plan to do another test mail via "regular airmail" to LA to see if it arrives in approx two weeks like my mid 2019 test mailings did....if it takes significantly longer I guess it's COVID related on the Thai and/or U.S. end.

 

My theory based on my mailings from Thailand to the U.S.  is "registered" airmail gets bogged down in U.S. ISC/Customs as it's probably shipped in the same container as registered packages/parcels which almost always draw review by Customs.  And until Customs clears/releases the "whole" container of registered packages then even the registered envelopes in that same container are delayed.  Maybe the same happens to EMS mail. 

 

 

[shortstop]

9 hours ago, Sheryl said:

How ling did it take you to connect with a human when you called the IRS?

 

Called at 7:09 PM Thai time and the recording said they were closed and to call back during regular hours which begin at 7:00 PM Thai time, go figure. Called back at 7:36 PM Thai time and got connected right away.

[lagarto]

Thank you Joe and to all of you guys who respond to this topic I really appreciated, please stay safe , we almost beating this virus up for good. P/S: A check and a Debit Card was sent to my daughter in Nov, 2020 she then send it to me via USPS and just got it here on Feb,18. banking with KB for more than 25 years I tried to deposit/cash the check they are not accepting this check because the don't have a contract with the US Treasury and sent me to the Bangkok Bank where the officer told me to open an Account with the check all I have to do is get an affidavit from the US Embassy to open the Ac.  pay $15 for the service and takes around 3 weeks to clear at the rate of the  clearance date. so I do have a homework next week to get to the Embassy to get the affidavit. BTW I activate the debit card and I can transfer funds to my bank for a fee between $0.25 to 2.50 for transaction once you check if there is any balance available. thanks for the attention.

[longball53098]

I still maintain an account at Chase Bank in US for my SSA and pension. I recently got a 600 dollar treasury check in he Thai post. I use the Chase mobile banking app on my phone and they have a really slick service for quick deposits of checks into my account. I followed their instructions on the app and the check was deposited and accepted and cleared in my us account in less than 24 hours. Great service and easy. No hassles with Thailand and the banks here and service charges.

I am pretty sure other banks in US offer something similar as Chase. Look into it.

[JimmyJ]

8 hours ago, longball53098 said:

I still maintain an account at Chase Bank in US for my SSA and pension. I recently got a 600 dollar treasury check in he Thai post. I use the Chase mobile banking app on my phone and they have a really slick service for quick deposits of checks into my account. I followed their instructions on the app and the check was deposited and accepted and cleared in my us account in less than 24 hours. Great service and easy. No hassles with Thailand and the banks here and service charges.

I am pretty sure other banks in US offer something similar as Chase. Look into it.

The Chase app does not demand Location access?

 

I assume you keep a USA phone #.

?

[jeffandgop]

16 hours ago, JimmyJ said:

The Chase app does not demand Location access?

 

I assume you keep a USA phone #.

?

Similarly, I maintain an account with the credit union I enrolled in while I was still working/living in Seattle...I am able to continue having the account, depositing pension and social security payments directly, as well as paying bills and daily expenses with the VISA card I have as well.  I also have the benefit of the mobile app to deposit the occasional Treasury check when they disregard my direct deposit info I have had on my tax returns for the last 15 years. My address with the credit union is my Chiang Mai address and no requirement to have a US address or telephone number.

[JimmyJ]

6 hours ago, jeffandgop said:

Similarly, I maintain an account with the credit union I enrolled in while I was still working/living in Seattle...I am able to continue having the account, depositing pension and social security payments directly, as well as paying bills and daily expenses with the VISA card I have as well.  I also have the benefit of the mobile app to deposit the occasional Treasury check when they disregard my direct deposit info I have had on my tax returns for the last 15 years. My address with the credit union is my Chiang Mai address and no requirement to have a US address or telephone number.

 

It's good that some financial institutions don't demand a USA address.

 

I have accounts at many financial institutions  but have no banking apps installed.

 

I continue to use a USA address.

 

Wondering about those in a like situation - are you able to use financial institution apps?

 

No problems with Permissions the apps demand, nor with being able to register with the app using whatever  USA phone number they have on file?

 

 

[Etaoin Shrdlu]

On 2/27/2021 at 3:34 PM, JimmyJ said:

The Chase app does not demand Location access?

 

I assume you keep a USA phone #.

?

When I visited the US a couple of years ago I opened an account with Chase using my Thai address and phone number. I use the Chase banking app to deposit the odd check that I receive without any issues with respect to geofencing. Chase even mailed checks and a debit card to me directly here in Thailand after opening the account.  Chase did not require a US phone number or address. 

[shortstop]

On 2/19/2021 at 6:55 PM, OliverKlozerof said:

I thought I'd heard Fidelity was getting strict about customers living outside the US. Or do you use a US address with them?

 

I use a US address with Fidelity but tried downloading their app today and the message was not available in my location.

[shortstop]

On 2/18/2021 at 4:45 PM, Dagfinnur Traustason said:

No problem. All big Banks like: Bangkok Bank, Kasikorn, Krung Thai Bank, Siam Commercial Bank and Bank of Ayudhya will accept a check from US government. They will charge a small fee of all from 10 to 60 dollar. The biggest problem is the time is takes very a lot.

 

Anyone know the fee for cashing a $600 stimulus check at Krungsri, Kasikorn, or Bangkok Bank?  I have accounts at all three so no sense spending extra money if one is cheaper.

[Pib]

10 minutes ago, shortstop said:

 

Anyone know the fee for cashing a $600 stimulus check at Krungsri, Kasikorn, or Bangkok Bank?  I have accounts at all three so no sense spending extra money if one is cheaper.

At Bangkok Bank is should be $15 plus some small stamp duty fee...saw a post very recently where a guy cashed his stimulus check at Bangkok Bank and the cost to him was Bt464.  

[Thomas J]

On 2/18/2021 at 3:42 PM, OliverKlozerof said:

I'm wondering how to deposit i

Not sure about Schwab but I have a Chase bank account and had checks deposited without a problem.  I even had some checks that were sent to my daughter in the USA.  She took photo's and emailed them.  I printed them off, signed them and scanned them into my bank account without a problem.  If Schwab offers it, they must be using a USA bank.  Schwab is a brokerage firm so it would need a bank.  Schwab in Hong Kong uses Citibank so I suspect that the USA Schwab account is a citibank account and you scan it, deposit it, and they sort through that account to credit your check to your brokerage account.  Really the same as if you mailed a personal check to them for deposit into your brokerage account.  They deposit the check into Schwab's checking account then post the credit to your Schwab account. 

[shortstop]

Pretty much decided to cash my $600 stimulus check instead of losing it and reporting it lost.   So i went to my three banks to see how they would handle the transaction.

 

Bangkok Bank said my fee would be 30.45 (their TT Selling Rate) time $15 = 456.75 plus 3 baht which equals a grand total of 459.75 baht. I did not verify that the exchange rate would be the TT Selling Rate.

 

Kasikorn told me to go to a different branch.

 

Krungsri said she thought it would be 203 baht then went to check. She was gone a long time and said yes it would be 203 baht.  17,790 baht minus 203 equals 17,587 baht.  I didn't have my Krungsri bankbook as I was only planning to go to Bangkok Bank on another matter so went home figuring I would deposit the check tomorrow. 

 

When home, I did the math and 17,790 divided by 600 equals 29.65 which does match any of the exchange rates on the Krungsri website  nor does it match any of the numbers  minus 1%.

 

Perhaps the lady made a mistake or there is a secret haircut that does not exactly 1%.

 

So on this particular time and day assuming that Bangkok Bank uses the TT Buy Rate when cashing my check and assuming Krungsri's calculation was accurate cashing the check at Bangkok Bank would give me an extra 43 baht.

 

It appears that Bangkok Bank has a wider spread between their Buy and Sell rate than Krungsri does.   Both have wider spreads than the Visa Interbank Rate.  Best spread I've seen is for cash at Super Rich Thailand which is sometimes as low as 3 satang.

 

For foreign government checks do banks use the TT Rate, Sight Bill Rate, $100 Cash Rate, or some other rate not shown on their websites?

[lopburi3]

8 hours ago, shortstop said:

Bangkok Bank said my fee would be 30.45 (their TT Selling Rate)

That my be your fee rate but rate of exchange will be the current rate on day check is credited to your account unless things have changed.

[Pib]

10 hours ago, shortstop said:

For foreign government checks do banks use the TT Rate, Sight Bill Rate, $100 Cash Rate, or some other rate not shown on their websites?

There are difference between Buying and Selling Rate.  Buying Rate is used when a bank is giving your baht for your foreign currency (i.e., the bank is buying your currency)....Selling rate is used when the bank is selling your foreign currency in exchange for baht.

 

The exchange rate they give for cashing a check  would be their  Cheque/Sight Bill Buying.   That is how much money they give you for your check.

 

TT Buying Rate (Telegraphic/Telex Transfer) is used for incoming international transfers like a SWIFT/ACH transfers.  A higher rate is better for the customer as that gives you more baht for your incoming foreign currency.  This rate shouldn't be in play for a check since it's not an international SWIFT/ACH transfer.

 

TT Selling Rate is used when you are using baht to SWIFT/send-out another currency....like sending money back to the home country.  Before you can send out that foreign currency you have to buy it from the Thai sending bank which means the bank "sells" you that foreign currency.   A lower rate is better for the customer as that means the customers must fork out less baht to buy a foreign currency for send-out.   Now you are not sending out any money so the TT Selling Rate is not in play for "cashing" of the check in terms of how much money they give you for your check....how much they deposit in your acct.

 

Now when a Thai bank quotes a "fee in a foreign currency vs baht" (like the $15 fee for cashing your USD check) they will still collect that fee in baht, but in order to collect that fee they "Sell" you those dollars using their Selling Rate.  Remember a lower selling rate is better for the customer; an higher rate is worst for the customer (more profit for the bank...you are paying more baht to get each USD).   Summary: the bank uses a different rate to determine the cashing rate and fee rates.

 

Like at Bangkok Bank notice the various rates such as for Notes Buying, Notes Selling, TT Buying, TT Selling,  Sight Bills (this usually includes checks like Travelers Cheques, checks like US Treasury Checks, personal checks, etc)....and then Bill-DD-TT Selling Rate.

 

See below partial snapshot of 3 March 2021 Bangkok Bank exchange rate for the various types of exchange rates.  Notice the Bill-DD-TT Selling Rate matches up with the rate they gave for the fee...but that's not the rate you will get for the cash they give you for  your check where they will use the Sight Bill (cheque) Buying Rate.

 

 

[shortstop]

4 hours ago, lopburi3 said:

That my be your fee rate but rate of exchange will be the current rate on day check is credited to your account unless things have changed.

 

Is the day the the check is credited to my account the day I deposit the check?

 

If not, then there would not be any entry in my bankbook for a month or so.

 

I understand the funds are not available for withdrawal until the check clears.

[lopburi3]

1 minute ago, shortstop said:

 

Is the day the the check is credited to my account the day I deposit the check?

 

If not, then there would not be any entry in my bankbook for a month or so.

 

I understand the funds are not available for withdrawal until the check clears.

There will not be any entry until the check clears in a few weeks.

[shortstop]

Deposited the check today at Krungsri.  Nothing in bank book but I think the exchange rate is locked in.  If not, doesn't really matter as 50/50 chnace it could go up or down.

 

They used the (Sight Rate times 600) minus 203 baht which works out better than if I deposited in Bangkok Bank even though Bangkok bank's rate was 12 satang better today.

 

I think I would have been in and out of Bangkok Bank in less than 5 minutes but I was at Krungsri for 40 minutes.    They either didn't like my signature as it varies or it is possible that they had a copy of someone else signing twice they wanted me to sign the check  twice.  Since I am under the impression that you cannot mark the check other than the top fifth of the back, I wouldn't sign the check twice and explained that the check could be rejected if i signed twice.   They relented.   

[lopburi3]

11 hours ago, shortstop said:

Deposited the check today at Krungsri.  Nothing in bank book but I think the exchange rate is locked in.  If not, doesn't really matter as 50/50 chnace it could go up or down.

Actually this used to be a big subject of contention - as some people found the check was held to be credited when exchange rate favored bank. 

[shortstop]

3 hours ago, lopburi3 said:

Actually this used to be a big subject of contention - as some people found the check was held to be credited when exchange rate favored bank. 

 

I do have a receipt showing the exchange rate, and amount before and after the 203 baht fee.  I will report back when the money hits my account to verify whether or not they uses yesterday's rate or a future rate.

 

I didn't want to cause confusion by asking theoretical questions to the bank about other matters  yesterday but I am curious if Thai banks would deposit my personal check made out to myself in this manner.  I am trying to figure out how to get money from Fidelity to Thailand other than their debit card.  The debit card which rebates the 220 baht fee and uses the Visa Interbank Exchange Rate is great but I figure at some point they could change their policy or state that I overuse my card. 

[Etaoin Shrdlu]

2 hours ago, shortstop said:

I didn't want to cause confusion by asking theoretical questions to the bank about other matters  yesterday but I am curious if Thai banks would deposit my personal check made out to myself in this manner.  

A couple of years ago a family member mailed me a check. I took it to Bangkok Bank's headquarters on Silom where I had brought SSA checks for deposit. BBL would not accept a personal check. I don't know if this is still the case or if other banks have the same policy.

[Pib]

Been a fair amount of TVF posts over the years of people writing personal checks to themselves for deposit at their Thai bank and their Thai bank processed  the checks.   By processed it I mean the money appeared in the Thai bank acct after the clearing process which took 2 to 6 weeks.  Normally the people who were doing this was folks who had challenges in accomplishing electronic transfers from their home country bank to their Thai bank.   But I expect the advent of money transfer services like TransferWise and others helped many to get around that internet banking challenge...expect very few folks use the cashing of personal foreign checks made to themselves now days.   

 

However, if you have a friendly Thai bank that gladly processes foreign personal checks at a fair fee...and considering the Cheque/Sight Bill exchange rate given for checks is typically only 0.1 to 0.2 baht lower than the TT Buying Rate used of incoming international transfers....it not too bad of a deal "if you can wait weeks for the check to clear."  But if you cash such a check on a regular reoccurring basis like once a month, once every three months, etc., the clearing time shouldn't be a impact on the person's money flow.

 

But generally I doubt Thai banks are too interested in dealing with foreign checks now days....kinda like how they lost a lot of interest in cashing travelers cheques around a half dozen years ago "by raising the cashing fee 5 fold from 30  baht per cheque to 150 baht...then add on the 3 baht govt stamp/duty.  Don't get me wrong...they will still cash travelers cheques, but it's something they are not really interested in doing any more since so few people use them now, but if a person wants to at 153 baht per travelers cheque  (around 5 USD which equates to 5% per $100 travelers cheque) then they will gladly accept your money.  

 

[Pib]

4 hours ago, shortstop said:

 

I do have a receipt showing the exchange rate, and amount before and after the 203 baht fee.  I will report back when the money hits my account to verify whether or not they uses yesterday's rate or a future rate.

 

Krungsri's of 203 baht sure beats Bangkok Bank fee of $15 (approx Bt450 depending on fee exchange rate) plus 3 baht stamp duty for around Bt453.

 

Below is a snapshot for Krungsri fee schedule reflecting the cashing fee they charged.

 

https://www.krungsri.com/Krungsri2020/media/Banking-Rate/service-fees/en/international-payment-system-service-09112020-en.pdf

 

[Sheryl]

Well I finally got my US bank mobile app deposit function to work. Turns out the instructions were misleading as made it sound like the check pix should fill the frame whereas it needed to be much, much smaller than the frame so that all sides were visible.

 

So problem solved and no need to trigger a trace.

 

i do wish there was some way one could log on and provide bank details for this but it seems nto if one is a tax filer. So next stimulus payment will be the same long wait. (Or even, ideally, to specify that one wants it applied to one's taxes, since I have to make estimated tax payments it would be very helpful if I could just do that).

 

 

 

[lopburi3]

14 minutes ago, Sheryl said:

Well I finally got my US bank mobile app deposit function to work. Turns out the instructions were misleading as made it sound like the check pix should fill the frame whereas it needed to be much, much smaller than the frame so that all sides were visible.

 

So problem solved and no need to trigger a trace.

 

i do wish there was some way one could log on and provide bank details for this but it seems nto if one is a tax filer. So next stimulus payment will be the same long wait. (Or even, ideally, to specify that one wants it applied to one's taxes, since I have to make estimated tax payments it would be very helpful if I could just do that).

 

 

 

Good the money is on the way and at least next check you have the internet option (after wait for check).  I received the 600 deposit to account as do have bank listed on tax return (did not get the first one because of wife having ITIN).  Got nice letter from IRS yesterday (dated 5 Feb) advising not to declare as income on current tax return.  So appears mail may be a month getting here (although may not have been immediately mailed).

[shortstop2]

On 3/5/2021 at 3:57 PM, Pib said:

kinda like how they lost a lot of interest in cashing travelers cheques

I see American Express has an office in the IBM building in Bangkok.  I have some AMEX traveler's checks about 20 years old in $20 denomination.   Anyone if they will cash them for me and what the fee, if any, would be?

[Pib]

7 hours ago, shortstop2 said:

I see American Express has an office in the IBM building in Bangkok.  I have some AMEX traveler's checks about 20 years old in $20 denomination.   Anyone if they will cash them for me and what the fee, if any, would be?

The cheques don't have an expiration date so they should still be good.  Can't say if an AmEx office would cash them...below website seems to indicate you can "not" cash them at an AmEx office...must go elsewhere like at a bank/use another method like maybe even online cashing with AmEx.  Below AmEx webpage talks how to redeem AmEx travelers cheque to include an online method but I didn't see how that online method actually puts cash in your hand as I didn't investigate it that far. 

https://www.americanexpress.com/us/travel/travelers-cheques/

[mtls2005]

On 3/11/2021 at 2:16 AM, shortstop2 said:

Anyone if they will cash them for me and what the fee, if any, would be?

It used to be 30+3, so 33 baht per check regardless of denomination, back in the Pleistocene Epoch.

 

 

 

 

 

 

[KannikaP]

On 2/18/2021 at 6:24 PM, Pilotman said:

I thought 'checks' went out with  flared trousers, big collars and string ties.  Who uses them nowadays? 

No, it was in 1993 when Czechs became Republicans and the rest became Slovaks.   LOL

Edited March 12, 2021 by KannikaP