Depositing a check in a Thai bank drawn on a US bank

[connda]

Has anyone had success depositing a check in a Thai bank that is drawn on a US bank.  If so, what did you have to do?

[Mike Lister]

8 minutes ago, connda said:

Has anyone had success depositing a check in a Thai bank that is drawn on a US bank.  If so, what did you have to do?

UOB will not, CIMB used to but it took around 4 weeks to clear, I don't know what the current position is of BBL and Kasi. etc. The foregoing is true, even of Treasury Department checks, it's a FATCA  issue I believe.

[KhunLA]

I would avoid doing that.   I went to deposit a check many years back, and the gal at the bank who liked me, advised against it, as they would have charged 1/3 to deposit it.  Along with waiting for the worse rate over  a 45 day period before they said it would clear.

 

Back then, checks took 2 days to clear.  Hopefully changed not, but I understand the still do the long wait to clear, which is BS, as they should clear in a few hours.  No less than 12 hrs.

[racyrick]

US Treasury checks at Bangkok Bank took a little over 3 weeks to clear last October, November and December.

[Srikcir]

If possible do direct deposits from foreign sources (ie., US Treasury, US banks) to your Thai Bank. Skip bank checks.

[Jingthing]

I did once at Bangkok Bank but it was a U.S. treasury (government) check so obviously more official than a personal check. Not certain, but I think it took over a month to clear. Did it at a customer service desk. A high fee of course. I recall something like 500 baht. 

I think in theory you could do regular transfers that way assuming you have a Thai bank that will play along. 

[Kwaibill]

I receive monthly payments on a small real estate transaction. It costs $15.00 and a month to clear via BKK Bank. Re:the process, the bank sends the countersigned check physically via mail to the originating bank. Not sure why it can’t be done electronically ( security issue?), but it is what it is. Explains part of the time lapse.

I would prefer direct deposit but the payer refuses to do it. No real explanation, but it is( again) what it is.

We do wait to accumulate two checks before beginning the process as it is a PITA paper work wise at BKK Bank. Also I am stroke disabled which makes the trip to the branch difficult for all concerned.

Also recently found that one check never got processed. US mail or on this end? Who knows? But the originator charges $30 to re-issue.

One solution would be to have a. US bank account which the payer WOULD direct deposit to, but setting up a U.S. account from Thailand seems to be problematic these days. I mistakenly closed my existing US accounts after moving here.( Cautionary note.)

Suggestions on any of the above welcomed.

[soyaleman]

A country of unbelievable backwardness. The curse and misfortune of being from a country awash with "checks." 2024 and still into cheques (or "checks"), money orders, Fahrenheit, gallons...

 

I can't thank my lucky stars enough for my DE passport.  

[bbko]

I did it before with my Kasikorn bank, but it took about a month to clear.

These days you can take a photo of the check (front & back). send it to your US bank and many will accept it. try that,

[skatewash]

1.  Try to open an online bank account in the US.  Here are some:

https://www.marketwatch.com/guides/banking/best-online-banks/#:~:text=Our picks for the best,choose an online-only bank.

2.  Here's a bank that advertises opening US bank accounts for non-residents:

https://zenus.com/en/group/blog/how-to-open-a-bank-account-in-the-us-as-a-non-resident/#:~:text=Zenus Bank makes opening a,and complete the application form

3.  In any case you will need a US address.  This could be a friend's or relative's address, or a Commercial Mail Receiving Agency (CMRA) also called a virtual mailbox.  There are many available, for example:

https://travelingmailbox.com/

4.  Once you have an online US bank account you can get many payers to use that account directly (i.e., not send you a check).  For ones that insist on sending you a check, you can use your mobile banking app to deposit the check via your smartphone.  I've had my virtual mailbox scan the check, printed out the check while in Thailand, and used my mobile banking app (from my US bank account) to deposit the check into my US bank account.  You can sometimes have your virtual mailbox deposit the check for you (for a fee) as an alternative.

5.  Don't burn bridges.  Keep all US financial accounts open because it can be difficult to open new ones.  Tell no US financial institution you live outside the US, always use your US mailing address.

[lopburi3]

1 hour ago, Kwaibill said:

I receive monthly payments on a small real estate transaction. It costs $15.00 and a month to clear via BKK Bank. Re:the process, the bank sends the countersigned check physically via mail to the originating bank. Not sure why it can’t be done electronically ( security issue?), but it is what it is. Explains part of the time lapse.

Bangkok Bank indeed did have electronic clearing at one time - but check amounts/types were limited and it seems to have only lasted a few years.  If no US bank endorsing to relative in USA might be an option.

[Thailand J]

To deposit a US check, I open the Schwab app on my phone linked to my US brokerage account.

Enter amount of the check.

Take a pic of the front and back of the US check.Submit.

Done.

Check will clear in one or two days.

 

[AAArdvark]

If you have a US bank can't you do a photo deposit? 

[Dante99]

2 minutes ago, Thailand J said:

To deposit a US check, I open the Schwab app on my phone linked to my US brokerage account.

Enter amount of the check.

Take a pic of the front and back of the US check.Submit.

Done.

Check will clear in one or two days.

 

now all you have to do is get us all Schwab accounts too

[Dante99]

7 minutes ago, AAArdvark said:

If you have a US bank can't you do a photo deposit? 

If you read you will know he does not have a US bank account.

[Thailand J]

10 minutes ago, Dante99 said:

now all you have to do is get us all Schwab accounts too

I believe I can also deposit US checks on Interactive Brokers app but I haven't try.

Schwab and Interactive Brokers will accept your Thai address and phone number to open a new account.

 

[Dante99]

7 minutes ago, Thailand J said:

Schwab and Interactive Brokers will accept your Thai address and phone number to open a new account.

For Schwab to do that they want a minimum deposit of US$25,000.00 and an international account, not the usual domestic kind of account.  Or has something changed recently?

[Wrwest]

On 2/9/2024 at 6:16 AM, connda said:

Has anyone had success depositing a check in a Thai bank that is drawn on a US bank.  If so, what did you have to do?

Long time ago since I took as check drawn on a USA bank to BKK Bank to ask about depositing. I was put off by the time it would take and the bank charge for the service. Found that I could send a copy of front and back of the check to mt USA bank and they credited the amount immediately.

[Kwaibill]

3 hours ago, Thailand J said:

To deposit a US check, I open the Schwab app on my phone linked to my US brokerage account.

Enter amount of the check.

Take a pic of the front and back of the US check.Submit.

Done.

Check will clear in one or two days.

 

Clear to where? I need to deposit the funds to my BKK account, not having access to any fungible accounts in the U.S.

[J Branche]

If you have a US Bank just download the app and deposit through the app into your bank.  Wait till it clears then send money via Wise or other preferred service.  

 

 

[StayinThailand2much]

On 2/9/2024 at 6:16 AM, connda said:

Has anyone had success depositing a check in a Thai bank that is drawn on a US bank.  If so, what did you have to do?

 

I did it many years ago; it wasn't complicated. However, I did it at the local branch of HSBC, which closed down years ago. If I were you, I wouldn't go to a small branch, but, if possible, the main branch, or a branch regularly dealing with foreign customers.

[Liverpool Lou]

On 2/9/2024 at 6:16 AM, connda said:

Has anyone had success depositing a check in a Thai bank that is drawn on a US bank.  If so, what did you have to do?

The cheque is deposited in your Thai bank account, uncleared (the funds cannot be used), which then physically sends the cheque to the US bank.   When the cheque is cleared in the US, by the US bank, your Thai bank will be advised and credited internally.  Your Thai bank will then clear the funds in your account here (minus any charges) and they can then be utilised.  It can be a long-winded exercise and may not be worthwhile if it's not a large amount.

[cjinchiangrai]

I have done it a few times. It takes 4-6 weeks to get the money but it can be done.

[connda]

On 2/10/2024 at 9:35 AM, Thailand J said:

To deposit a US check, I open the Schwab app on my phone linked to my US brokerage account.

Enter amount of the check.

Take a pic of the front and back of the US check.Submit.

Done.

Check will clear in one or two days.

 

And there's the answer!  Perhaps.  Is Schwab expat-friendly as in allowing the Schwab app to be loaded on a phone with a Thai SIM / telephone number?

[NoDisplayName]

On 2/10/2024 at 9:38 AM, Dante99 said:

now all you have to do is get us all Schwab accounts too

 

https://international.schwab.com/open-account-intro

[Thailand J]

On 2/10/2024 at 12:39 PM, Kwaibill said:

Clear to where? I need to deposit the funds to my BKK account, not having access to any fungible accounts in the U.S.

Wire from Schwab to BKK, or use the Schwab ATM card.