re Cashiers Cheque

[giddyup]

Never needed a cashiers cheque here before, so wondering if it has the recipients name on it, or is it just the cash amount?

 

I wanted to transfer 2 million baht recently to my partners account, and the SCB actually gave it to me in cash as they said this was the easiest way. Then we had to wait in her bank while the 2 mil was counted 3 times. I asked about a Cashiers Cheque but the SCB didn't seem to want to do it that way.

 

We tried to open a joint account recently with Bangkok Bank and the teller said that my partner had to buy 15000 baht of health insurance first. Ended up opening an account with Kasikorn no problems. The rules vary from bank to bank, teller to teller.

[Photoguy21]

Recipients name is on it along with the amount.

[richard_smith237]

1 minute ago, giddyup said:

Never needed a cashiers cheque here before, so wondering if it has the recipients name on it, or is it just the cash amount?

I've used cashiers cheques when purchasing a car - if I’m not mistaken they had the name of the business on them (account name). 

 

1 minute ago, giddyup said:

I wanted to transfer 2 million baht recently to my partners account, and the SCB actually gave it to me in cash as they said this was the easiest way. Then we had to wait in her bank while the 2 mil was counted 3 times. I asked about a Cashiers Cheque but the SCB didn't seem to want to do it that way.

The easiest way is simply a Bank Transfer - but it may not be instant as cash is. 

So, if you want an ‘instant response’ cash is the way.

IF you don’t mind waiting for the Banks to ‘clear’ the transaction which may take a day, then the Bank Transaction would work.

 

You could also do an online transaction but you may have to adjust your online Banking maximum transaction limits. It’s likely you’d need to contact the Bank to approve this limit as the the limits you can set yourself don’t usually go higher than 500k trx within same bank and 300k to different banks (within Thailand) - mileage may vary here. 

 

1 minute ago, giddyup said:

We tried to open a joint account recently with Bangkok Bank and the teller said that my partner had to buy 15000 baht of health insurance first. Ended up opening an account with Kasikorn no problems. The rules vary from bank to bank, teller to teller.

This sounds very dodgy. 

Its not uncommon for Bank Staff to try and sell insurance with an account. 

Some push the sales so hard they’ll tell you that you cannot open an account without insurance.

As far as I know, there is no insurance requirement for any account or joint account. 

 

You did the right thing - if a bank is peddling insurance, go to another Bank. Or, perhaps even complain to the manager. These sorts of *scams have been going on for too long (*Not really scams the insurance is legit, but the Bank Staff gets commission for selling the insurance - they’re ripping you off). 

[MJCM]

And make sure that the recipients name is absolutely 100% correct!

 

When we bought the property next door, we received a copy of the ID card of the Buyer and with that we went to the bank and had the bank clerk write down the name and double check it with my wife before they printed out the Cashiers Cheque!

Edited October 1, 2022 by MJCM

[giddyup]

2 minutes ago, richard_smith237 said:

I've used cashiers cheques when purchasing a car - if I’m not mistaken they had the name of the business on them (account name). 

 

The easiest way is simply a Bank Transfer - but it may not be instant as cash is. 

So, if you want an ‘instant response’ cash is the way.

IF you don’t mind waiting for the Banks to ‘clear’ the transaction which may take a day, then the Bank Transaction would work.

 

You could also do an online transaction but you may have to adjust your online Banking maximum transaction limits. It’s likely you’d need to contact the Bank to approve this limit as the the limits you can set yourself don’t usually go higher than 500k trx within same bank and 300k to different banks (within Thailand) - mileage may vary here. 

 

This sounds very dodgy. 

Its not uncommon for Bank Staff to try and sell insurance with an account. 

Some push the sales so hard they’ll tell you that you cannot open an account without insurance.

As far as I know, there is no insurance requirement for any account or joint account. 

 

You did the right thing - if a bank is peddling insurance, go to another Bank. Or, perhaps even complain to the manager. These sorts of *scams have been going on for too long (*Not really scams the insurance is legit, but the Bank Staff gets commission for selling the insurance - they’re ripping you off). 

I wanted to do a bank transfer but SCB said it would cost 1500 baht for 2 mil baht, that's why we ended up taking it in cash, but It only costs 20 baht for a cashiers cheque and there are no deposit fees, but it does take a couple of days to clear.

 

[giddyup]

18 minutes ago, MJCM said:

And make sure that the recipients name is absolutely 100% correct!

 

When we bought the property next door, we received a copy of the ID card of the Buyer and with that we went to the bank and had the bank clerk write down the name and double check it with my wife before they printed out the Cashiers Cheque!

Would that mean my name and account details as well as Kasikorn bank? Because it will be going into my (our) account.

[richard_smith237]

27 minutes ago, giddyup said:

I wanted to do a bank transfer but SCB said it would cost 1500 baht for 2 mil baht, that's why we ended up taking it in cash, but It only costs 20 baht for a cashiers cheque and there are no deposit fees, but it does take a couple of days to clear.

 

That sounds about par for the course for banking in Thailand.

 

In some aspects its so advanced, mBanking with QR codes, prompt pay etc etc... 

 

Then actually go ‘into’ a bank and we step back decades into pathetic rules, bureaucracy and being ‘anchored’ to our Bank-Book !!!.... 

 

Charging 1500 baht for a transfer is outrageous...  the issue for me is that if ‘forces’ (ok encourages) the customer to walk out of the Bank with 2 million Baht cash, go down the road to another Bank and pay that cash in....   there’s an elevated risk of theft. 

 

Its fortunate the criminals in Thailand are so feckless.... All they’d need to do is to camp out around the Banks and rob people walking out of there with a bag !!!...  

 

 

 

 

[scubascuba3]

bank transfers should be free,  using the app i did two 400k transfers in a minute, free, Bangkok Bank to Krunsgri 

 

 

[giddyup]

7 minutes ago, scubascuba3 said:

bank transfers should be free,  using the app i did two 400k transfers in a minute, free, Bangkok Bank to Krunsgri 

 

 

Don't have the app, this was doing it in person at the bank.

[giddyup]

9 minutes ago, richard_smith237 said:

That sounds about par for the course for banking in Thailand.

 

In some aspects its so advanced, mBanking with QR codes, prompt pay etc etc... 

 

Then actually go ‘into’ a bank and we step back decades into pathetic rules, bureaucracy and being ‘anchored’ to our Bank-Book !!!.... 

 

Charging 1500 baht for a transfer is outrageous...  the issue for me is that if ‘forces’ (ok encourages) the customer to walk out of the Bank with 2 million Baht cash, go down the road to another Bank and pay that cash in....   there’s an elevated risk of theft. 

 

Its fortunate the criminals in Thailand are so feckless.... All they’d need to do is to camp out around the Banks and rob people walking out of there with a bag !!!...  

 

 

 

 

Fortunately the banks were in the same building, just a trip on the elevator, but 2 mil. Baht is a sizeable package.

[richard_smith237]

3 minutes ago, giddyup said:

Fortunately the banks were in the same building, just a trip on the elevator, but 2 mil. Baht is a sizeable package.

Yup...  I’ve encountered it a couple of times selling cars...  Buyer turned up with 2.95MB in cash... had to drive to the Bank with him and pay it in.... 

Another time we went to the buyers Bank and he asked to transfer to my account but we were told it wouldn’t be instant, so he withdrew the 2.85MB took time to count, then went to my Bank, paid it in and of course it took time to count again.

 

Whenever I’ve bought expensive items (i.e. cars) I’ve used a cashiers cheque. 

On other occasions when people have bought my car they’ve paid by cashiers cheque to me and I’ve called up the Bank to verify the cashiers check. 

 

Conversely, while stuck in the UK (covid) for 6 months, I bought a car (instead of hiring one), and sold it once Thailand re-opened and I was returning....

The online transfer was free and took 10mins to show up in my account (from a different Bank in the UK to my Bank in the UK).

 

Why Thailand charges 1500 baht ???.... because it can (and because of greed). 

 

 

 

[ballpoint]

I realise this isn't the OP's bank, but FYI, I can, and have, transferred 2M baht at a time using the KBank app.  Just increase the daily limit to that amount (which is the maximum possible), make the transfer, which arrives in the other bank account instantly, and drop the limit back to whatever you feel comfortable with.  (If you want to transfer up to 4M, transfer 2M just before midnight and another 2M just after).

[richard_smith237]

15 minutes ago, ballpoint said:

I realise this isn't the OP's bank, but FYI, I can, and have, transferred 2M baht at a time using the KBank app.  Just increase the daily limit to that amount (which is the maximum possible), make the transfer, which arrives in the other bank account instantly, and drop the limit back to whatever you feel comfortable with.  (If you want to transfer up to 4M, transfer 2M just before midnight and another 2M just after).

 

I’ve just checked my Mobile Banking App (SCB and BKK Bank) and discovered I was wrong with my limits earlier in the thread: 

 

Limits are: 

Trx to other SCB account:  5,000,000 baht 

Trx to other Bank account: 2,000,000 baht

Prompt Pay: 2,000,000 baht.

 

Trx to other BKK account:  2,000,000 baht 

Trx to other Bank account: 2,000,000 baht

Prompt Pay: 2,000,000 baht.

 

 

So... As the Op wants to Trx 2,000,000 baht -  mBanking is the way to go IF he has his mBanking App operational.

 

[Golden Triangle]

We got a cashiers cheque when we bought the new car, it had the name of the dealer on it, all went very smoothly, that was 8 years ago, don't think anything has changed.

[MJCM]

1 hour ago, giddyup said:

Would that mean my name and account details as well as Kasikorn bank? Because it will be going into my (our) account.

Only recipient and amount is printed on the Cheque

 

Also make that it says on the Cheque AC Payee ONLY else someone else could cash it if the owner loses it

 

This is the Cheque we used to pay the seller

 

 

Here the thread I opened asking about it