Bringing Euros Via Check?

[sbaker8688]

Hello, was just looking over the options for wiring money into my Thai bank account (SCB). I saw an option for my American bank called "Foreign Currency Draft Request." This allows me to "Request a check from my account in a foreign currency."

To explain, my American bank allows me to hold money in a variety of currencies. I currently own euros and several other currencies. I would like to bring euros with me to Thailand. It appears that my bank will issue me a check in euros. My question is whether SCB will accept this to fund my account?

Has anyone ever done it this way before? If so, any disadvantages?

Thanks.

[Naam]

"I would like to bring euros with me to Thailand. It appears that my bank will issue me a check in euros. My question is whether SCB will accept this to fund my account?"

what is the purpose of this curious procedure? of course SCB will take a cheque made out in any freely convertible currency and of course it will take ages till the cheque is cleared and of course there will be charges. why not wiring/swifting €URos to fund your account?

[gotlost]

21 to 30 days for any check from any bank from any country to clear (personal or bank draft) US government check instance clearance.

[sbaker8688]

"I would like to bring euros with me to Thailand. It appears that my bank will issue me a check in euros. My question is whether SCB will accept this to fund my account?"

what is the purpose of this curious procedure? of course SCB will take a cheque made out in any freely convertible currency and of course it will take ages till the cheque is cleared and of course there will be charges. why not wiring/swifting €URos to fund your account?

My idea was 1) I am guaranteed to get the onshore conversion rate if I bring a check, and 2) the charges for a check may be less than wiring it (wiring it from here runs $30-$50).

Does anyone know what the general charge for handling a check would be?

Also, I don't have a checking account, just a savings account. Does this matter, i.e. can I still deposit a check into a savings account?

Thanks.

[Naam]

"I would like to bring euros with me to Thailand. It appears that my bank will issue me a check in euros. My question is whether SCB will accept this to fund my account?"

what is the purpose of this curious procedure? of course SCB will take a cheque made out in any freely convertible currency and of course it will take ages till the cheque is cleared and of course there will be charges. why not wiring/swifting €URos to fund your account?

My idea was 1) I am guaranteed to get the onshore conversion rate if I bring a check, and 2) the charges for a check may be less than wiring it (wiring it from here runs $30-$50).

Does anyone know what the general charge for handling a check would be?

Also, I don't have a checking account, just a savings account. Does this matter, i.e. can I still deposit a check into a savings account?

Thanks.

that onshore/offshore rates exist is a myth since more than two years. correct is that most (not all) banks located abroad will use a worse exchange rate when you buy Baht and transfer these Baht. but you have the option of transferring foreign currency and you will get the prevailing rate when the amount is converted in Thailand. if your bank abroad charges you more than €20 / $25 for a wire transfer the bank is run by gangsters.

it's been some years that, due to certain circumstances, i deposited a cheque but i recall that the charges were higher than a wire/swift transfer and it took ages to clear. and yes, SCB will accept a cheque and credit the money to your savings account in due course.

[MYKTHEMIN]

The cost to deposit a cheque in your SCB account is approx 300 baht it varies from time to time as the charge is based on $10 plus a small tax, the clearance is normally 3 weeks and all very simple and so much cheaper than any other method of getting money to your account that I know of, there are no other charges and the exchange rate is higher than the cash rate and is based on the TT rate.

[Naam]

...the clearance is normally 3 weeks and all very simple and so much cheaper than any other method

and you are at the mercy of the exchange at the time when the cheque clears. if the amount is or exceeds $ or € 10,000 i'd call the cheque business "pennywise, pound foolish".

addendum: if the amount has a value of min USD 20,000 SCB gives you the option to select a conversion date up to three weeks after the money was received.

Edited October 5, 2010 by Naam

[martin81]

You can make yor overseas bank make a check in thai baht in your name.

I once did that for 100K baht and I only had to pay the check fee of around 35 baht to deposit it in thailand.

No waiting time as the check issued by the foriegn bank was actually drawn on an account in the thai bank.

[Naam]

You can make yor overseas bank make a check in thai baht in your name.

I once did that for 100K baht and I only had to pay the check fee of around 35 baht to deposit it in thailand.

No waiting time as the check issued by the foriegn bank was actually drawn on an account in the thai bank.

if it's an american or british bank the exchange might not be favourable. to the best of my knowledge Deutsche Bank, Bangkok is the exclusive "Baht correspondence bank" for many banks located abroad.