Cashing Checks

[phetaroi]

I just came here on a here on a retirement visa. In mail I have gotten from home I received several checks. One for $3,000, the others rather small (all under $100).

When I went to HSBC today they said they could not deposit the checks because based on the rules of the US Federal government, I had to have an account with them for a full year.

The only option I can think of is Fed-Exing the checks back to HSBC in America with deposit slips for my American HSBC account.

Anything else come to mind?

[longball53098]

You don't mention what bank you use locally. Don't know the rules here but I doubt the US has any restriction regarding depositing a US drawn check into a foreign account. The local banks here generally will accept a US check for depsoit into a Thai account but the money will not be available for 3 to 6 weeks until the check clears.

Sending back to the US is a better option I think. As the local bank will charge you a service fee and you may not get the exchange rates you think. Fedex to the US may cost you 25 USD but its a done deal.

[lopburi3]

There is no need to FedEx. Just send by mail. Checks can be replaced if lost so there is little danger. I do almost monthly (insurance) and have never lost any and the cost is normally about 66 baht at local soi mail service counter. It is slower than normal postal mail (taking 2-3 weeks) but suspect it is sent by courier and local mailed. If post office convenient I would use them and registered mail for faster service.

Edited June 24, 2009 by lopburi3

[longball53098]

I suggested Fedex only for the speed. Snail mail may not fit the OP's needs

[noahvail]

I think HSBC here has given you the runaround. I've used Kasikorn, waited 4-6 weeks, for US checks, even one from Uncle Sam himself. Gotta agree with Longball, if you need quick access to the funds, Fedex. If not, good ole snail mail will do.

[phetaroi]

I think HSBC here has given you the runaround. I've used Kasikorn, waited 4-6 weeks, for US checks, even one from Uncle Sam himself. Gotta agree with Longball, if you need quick access to the funds, Fedex. If not, good ole snail mail will do.

Well, I don't think so...although I could be wrong.

She had spent several minutes checking each check. Then she pulled up my account on the computer and had a funny look on her face. "When did you open the account?" When I told her just a month ago she made a call and explained about not being able to cash the checks due to an American government regulation.

[JR Texas]

There is no need to FedEx. Just send by mail. Checks can be replaced if lost so there is little danger. I do almost monthly (insurance) and have never lost any and the cost is normally about 66 baht at local soi mail service counter. It is slower than normal postal mail (taking 2-3 weeks) but suspect it is sent by courier and local mailed. If post office convenient I would use them and registered mail for faster service.

Hi Lopburi3.........I own a business in the USA and sometimes a check is sent instead of a wire transfer.......one time my local bank (Thai bank) told me that they "can't cash any checks under US$500."

Knowing Thailand, I did not even attempt to find out why.

Knowing the USA, I do know that you can't wire US$10,000 or more abroad without some type of "govt. clearance" supposedly designed to prevent money-laundering or tax evasion.

Banks worldwide (not all) are even required to report transactions at or above that amount for US citizens.

For all I know, a check for US$9,999 might present no problem.

It is possible that the same logic applies to checks........US$10,000 or more and you must get a clearance and that is why the local Thai bank can't cash it.

In addition, the local Thai bank would not cash my check, BUT, they said that if I went to the main branch in Bangkok they would do it...BUT, the check was not even close to US$10,000.

If I were the OP, I would ask them if the main branch in Bangkok can cash it and what the rules are.

[Tywais]

It is possible that the same logic applies to checks........US$10,000 or more and you must get a clearance and that is why the local Thai bank can't cash it.

I just deposited a US check for $10,000 4 weeks ago at Bangkok Bank (not a main branch) without any questions. 3 weeks later the funds had cleared and were in my account. I've done it several times at the same bank over time and never an issue. Just filled out the form and stated on it the purpose of it. Charged $10.00 (340 Baht) for it. The conversion rate was that of the date it cleared and nothing else taken out.

Perhaps being a customer for 20 years or that they know me may have simplified it for me. However, smaller checks that I get for various payments, I wait until I get several then send them by mail to my account in the US, also no problems.

[Rainmon]

sorry, I don't understand why do people use checks anymore anyway, I can transfer funds from my online bank in USA to my Bangkok Bank because they have a ABA number with their NY branch... the Bkk bank website has a link about how to do set this up.

[phetaroi]

sorry, I don't understand why do people use checks anymore anyway, I can transfer funds from my online bank in USA to my Bangkok Bank because they have a ABA number with their NY branch... the Bkk bank website has a link about how to do set this up.

Because writing a check is easy? Frankly, I found it easier to write a check and mail it than setting up the account process and wiring funds. Further, I can hand someone a check, but I can't very well carry around a computer and look for a secure internet connection every time I want to pay something other than in cash. Besides, it's rather irrelevant if you are the one receiving a check.

[JR Texas]

sorry, I don't understand why do people use checks anymore anyway, I can transfer funds from my online bank in USA to my Bangkok Bank because they have a ABA number with their NY branch... the Bkk bank website has a link about how to do set this up.

I think along the same lines.......it is like writing on a stone tablet.......the fact is that some companies, in my case a very well known and large corporation......still issue checks as payment. I even asked them about this and asked them to please send any payments via wire transfer. They said it was company policy not to send money via wire transfer....go figure........odd......is this 2009?

[lopburi3]

Because of fraud. A wire goes astray the sending account/bank takes the hit - a check gets paid by fraud it is the paying bank that takes the hit. Most banks/investment companies will only send a check to the registered address as a security measure. Insurance companies also pay by check (which is what most expats need to cash).

[Rainmon]

i have some good buggy whips for sale...

don't get me wrong, i still have one client that pays with a check, but most transfer the funds directly into one of my accounts, i think it's an outdated method, just one man's opinion...

Besides, I don't carry around my computer everywhere, that's just plain silly, I have my assistant carry it!

Edited June 26, 2009 by Rainmon

[phetaroi]

As an update, my SO (a Thai national) and I attempted to deposit into their account by signing the checks over. That was a no-go, also. So, today off they went via Fed Ex for just $20 USD. Not bad.

[lopburi3]

Knowing the USA, I do know that you can't wire US$10,000 or more abroad without some type of "govt. clearance" supposedly designed to prevent money-laundering or tax evasion.

There is special paperwork involved but it is not a problem (for most people). In South Florida it was any transaction above 4,000 that required the special paperwork when I lived there 20 years ago (due to drug trade). It is just a reporting requirement - not a limitation on transfers.