Banking A Large Uk Cheque In Thailand

[paddydubai]

Hi.

I've had a look through the forum but couldn't find anything that quite answers my question.

A 25 year endowment policy has just matured. The amount payable is 25k+ (about 10 more than I was expecting so, yes, I will be buying the beers tonight!)

The company, Scottish Provident (now Phoenix) will only pay a cheque, in sterling, direct to me - no third party.

I'm worried about them sending me the cheque in thre post, which has proved erratic. And once it gets here, I don't know how bank it.

I don't have a UK bank account and haven't done for years. I have one in Thailand with Kasakorn.

The company - who I must say have been very helpful - are investigating ways to pay me in Thailand. I'll also go into Kasakiorn and ask them.

But if anyone has any experience and advice, that would be great. Hard information only, though, please. No offense, but opinions aren't really required.

[gotlost]

If you have an account with K bank see if your endowment can be direct deposit if not have them send it to you by DHL or another express company. Once you receive the check K bank will deposit it for you . They will convert GBP to Baht and there will be a a slight service charge.

[liveinlos]

25,000 a large check?

[opalhort]

A couple years ago I received a EURO cheque (only a few hundred €) to deposit in my K Bank account.

The problem was only that it was issued "pay to" my first name, initials of middle names and family name, but my account was only first name and family name. Took a lot of talking with the branch manager to accept it for clearing (clearing took 4 weeks). It probably worked because of the rather small amount but in the OP's case he should make very sure the "pay to" and account name match 100%.

opalhort

[gotlost]

I have been with Bangkok Bank for some time. I have deposited in my account cheques from the UK/USA/AUS/Canada. These have been bank drafts, personal, company cheques. These had a combination of different formats of my name on them. They have all been accepted by Bangkok Bank and processed. Cost 340 baht per cheque and 21 to 28 days to clear. US government cheques are instant accredited to my account.

[gotlost]

With the GBP at 48.36 you had better get with it.

[opalhort]

Just a general question:

Considering the amount in GBPs isn't it possible for the OP to open a foreign currency account? Eventually the GBP should recover and the Baht go down somewhat.

As for the name issue I mentioned in my above post I can not say if this is K Bank policy or if it was only because of a picky branch manager.

opalhort

[thaicbr]

25,000 a large check?

Umm i would say 25,000 UK pounds ( 1,225,639.20 THB) is a large cheque.

If you don't can you send me some of your small cheques (say any under 5.000 UK. pocket change). Please, pretty please

[BWPattaya]

Another option is to open a sterling account with the HSBC in Bangkok. Then deposit the cheque into that account. It is easy to open a sterling account in Hong Kong as well.

Forget any idea about opening an account in the UK, it is so difficult to do these days.

[rak sa_ngop]

Forget any idea about opening an account in the UK, it is so difficult to do these days.

It's difficult, but not impossible.

You can open an offshore (Jersy, Isle of Man) account with a number of UK banks and building societies with proof of ID (certified passport) and 2 bank or utility bills (translated into English) containing your Thai address. In addition my latest account with Alliance and Leicester Intl. required proof of the source of my wealth.

Last month I invested a 'large cheque' into a new A&L fixed 2 year bond at 3.75 pc. (now the best rate has reduced to 3.6 pc).

So every day you delay in investing the money could be costing you 2.46 GBP, unless of course you intend drinking it all away!

[lopburi3]

Both mailing and deposit should be easy. If a check is lost in the mail they will issue a new one. That is the reason for checks. But in the last 20 years I have had one case of a missing check (get several a month) and none are sent by anything but normal international mail. The one time of loss checks were immediately re-issued without charge.

As said there will be a charge and hold time for 3-4 weeks for clearance by most banks here (at least for US source checks).

[BWPattaya]

Another thought. I had 4 endowment policies mature last year and every one was paid direct into my bank account. UK though, not Thai.

As cheques are to be phased out in the UK in a few years time what will companies do then?