Cash Cheques From Usa

[pattani]

Who have experience with cash cheques from the USA, follow the Siam Commercial Bank you pay only 0.2% bank fee of the total amount.

Now via transfer money via Intrust Bank US$ 20 goes via many banks - Chase Manhattan Bank US$ 20 - American Express US$ 18 - Siam Commercial Bank THB 220 we pay a lot of bank fees.

Total US$ 58 + THB 220 bank fee.

Or is there a otherway ?

Please your comments.

Thanks.

Pattani.

[PeaceBlondie]

I'm from the USA. What's a 'cash cheque'? Americans spell it 'check.' Cash is currency, legal tender. Checks are paper to draw out an amount from a checking account. Is this some new financial instrument since I left in 2003?

Are you trying to transfer dollars in an American bank to your account in Thailand? Is it an American bank, savings & loan, credit union, stock brokerage account?

[pattani]

Cashiers checks is the name in USA, our bank Siam Commercial Bank charge minimum THB 300 or 0.25% of the amount and accept all US$ checks.

Pattani.

[PeaceBlondie]

Thanks for clarifying that; now it makes sense. Yes, if you need a paper instrument for a fairly large sum, the bank in the USA writes a very good check on its OWN account, thus guaranteeing it. They're not cheap in the USA, but I can't recall paying more than $5, unless it was for over $5,000, perhaps. Then I would carry that cashier's check to the party I was paying (or send it by mail, post). I would think that electronic transfer should be cheaper.

I'll check next week when I go home, because I'm thinking of transferring US$11,000 for buying a truck when I return to Thailand. I wouldn't carry that paper on me all the way with me, though.

[ernieK24]

Thanks for clarifying that; now it makes sense.  Yes, if you need a paper instrument for a fairly large sum, the bank in the USA writes a very good check on its OWN account, thus guaranteeing it.  They're not cheap in the USA, but I can't recall paying more than $5, unless it was for over $5,000, perhaps.  Then I would carry that cashier's check to the party I was paying (or send it by mail, post).    I would think that electronic transfer should be cheaper. 

I'll check next week when I go home, because I'm thinking of transferring US$11,000 for buying a truck when I return to Thailand.  I wouldn't carry that paper on me all the way with me, though.

<{POST_SNAPBACK}>

I am planning, in the not too distant future, to transfer a sizable amount of funds from my CitiBank acct. in Calif., USA, to a Thai bank, probably Bangkok bank. I can't see a more economical way of transferring funds than by paper check. If the Thai bank charges only .25%, which amounts to a little over $12.50 and your home bank doesn't charge for a "cashier's check", (and they won't if your acct. is large enough), by comparison the cheapest Swift transfer is about 30 dollars plus whatever the Thai bank charges you. And what more secure way would there be than to carry the "check" with you, on your person, on the plane, on the way toThailand. If you get "mugged", or robbed, or lose the check.....it's fully insured, and if the plane goes down.....what the heck do you care anyway. Just a thought.

I'm going to have to get money over there to qualify for my "O" visa, for retirement and I've been wondering which method I should choose. This seems pretty good. Interested in hearing other comments from more knowledgable than me. Thanks, ErnieK.

[PeaceBlondie]

Thanks much; you're right. I can do that. In fact, I have paper checks from my US banking account here in Chiang Mai. I wonder if Bank of Ayutaya would let me deposit a personal check. Tthey charge at least 20 baht service fee, maybe 200 for this. I'd just put it into my savings account and then wait a month for it to clear. They took a Thai check from BUPA.

[Maka]

The problem w/ checks drawn on US banks is that it takes so long to clear here in LOS. Typically a month, and you pay a hefty svc. charge.

What I do...is use my ATM card from my US bank. Take it to my Thai bank and they (my Thai Bank) transfers any amount of money from my US acct. to my Thai Bank acct. Instantly. No service charge. No charge from my US bank either because its bank to bank as opposed to an ATM machine where I do pay a fee.

Hope this helps

[ernieK24]

The problem w/ checks drawn on US banks is that it takes so long to clear here in LOS. Typically a month, and you pay a hefty svc. charge.

What I do...is use my ATM card from my US bank. Take it to my Thai bank and they (my Thai Bank)  transfers any amount of money from my US acct. to my Thai Bank acct. Instantly. No service charge. No charge from my US bank either because its bank to bank as opposed to an ATM machine where I do pay a fee.

Hope this helps

<{POST_SNAPBACK}>

O. K......sounds good. I have the same opportunity, except that my home bank in the U.S. doesn't charge me for using a foreign ATM. But......will this qualify me when I go to my Thai bank, (probably gonna be BKK Bank), and request a letter of confirmation that the funds in my account came from a foreign source, when I apply for my extension for retirement. It is my understanding that funds transferred by ATM's are not neccessarily proof, as a "Swift" transfr would be, and it appears doubtful that Immigration would accept ATM transfers.

I've been using my ATM for years to finance my expenses over there, taking very little cash with me. And this would be very good for every-day living expenses and once or twice a year making a swift transfer to replenish the account balance to sufficiently satisfy immigration when time to renew, as has been suggested by others on this board. Any ideas.....? ErnieK.....thanks