I recently closed a U.K savings account and today received a cheque drawn on the U.K bank in Sterling. I have doubts as to whether this cheque can be deposited into my Thai baht bank account. Can anyone clarify this for me?

Cheers!

I recently closed a U.K savings account and today received a cheque drawn on the U.K bank in Sterling. I have doubts as to whether this cheque can be deposited into my Thai baht bank account. Can anyone clarify this for me?

Cheers!

Sure it can! SCB will take the cheque and put a hold on it for 15-60 days.

But you might experience considerable difficulty finding anybody who knows what Sterling is. Some might even think it is a type of Swiss chocolate.

Cash the cheque quickly, convert to USD and zap 'em with the proceeds. Do this soon as the Dollar is ready to fly northwards again soon -- anytime now.

Thanks for that Harmonica! I have an account with SCB as it happens.

Sterling = GBP = Currency of the United Kingdom/Great Britain

Cash the cheque quickly, convert to USD and zap 'em with the proceeds. Do this soon as the Dollar is ready to fly northwards again soon -- anytime now

Why convert to USD?

You can deposit in Bangkok Bank, costs about 400 Baht, will be credited to your bank acc in Baht. Takes 2 to 6 weeks to clear.

Probably similar with other Thai banks.

If you want money to stay in Sterling you would have to open a foreign currency account (get's a better interest rate).

Go talk to your bank.

I had already a bank which did not know what GBP is (Bank of Asia), also a large Bangkok bank, which told me that money transfers outside the country (is there a outside thailand, does it exist), is not possible or only in the main bangkok bank office.....

So maybe, better you take a world map with you to show them where the money comes from

Thanks for that Harmonica! I have an account with SCB as it happens.

Sterling = GBP = Currency of the United Kingdom/Great Britain 

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h90,

That's a very tempting thought...can you imagine the look on their faces if I were to walk in with a map!?? lol..

Cash the cheque quickly, convert to USD and zap 'em with the proceeds. Do this soon as the Dollar is ready to fly northwards again soon -- anytime now

Why convert to USD?

You can deposit in Bangkok Bank, costs about 400 Baht, will be credited to your bank acc in Baht. Takes 2 to 6 weeks to clear.

Probably similar with other Thai banks.

If you want money to stay in Sterling you would have to open a foreign currency account (get's a better interest rate).

Go talk to your bank.

Because the Pound is going to get flogged again soon. And so will the Baht. The smarter thing to do is to open the account in USD -- all this predicated upon the premise that we are talking about a large amount . If not, don't bother with any creative financing.

Cash the cheque quickly, convert to USD and zap 'em with the proceeds. Do this soon as the Dollar is ready to fly northwards again soon -- anytime now

Why convert to USD?

You can deposit in Bangkok Bank, costs about 400 Baht, will be credited to your bank acc in Baht. Takes 2 to 6 weeks to clear.

Probably similar with other Thai banks.

If you want money to stay in Sterling you would have to open a foreign currency account (get's a better interest rate).

Go talk to your bank.

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Because the Pound is going to get flogged again soon. And so will the Baht. The smarter thing to do is to open the account in USD -- all this predicated upon the premise that we are talking about a large amount . If not, don't bother with any creative financing.

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That is of course your opinion, are you going to compensate JingJingNa if the $ dives? The original post simply asked about depositing a cheque, didn't ask for financial investment advice.

For your strategy, I hope you are right. For me, my income is in Sterling, so I hope you are wrong about the £ getting flogged . Of course if the £ and the Baht get flogged at the same sort of % rate, will make no difference to me as will still be getting around 73 Baht to the £

I just talked to SCB yesterday(12 hours ago) about SWIFT transferring into a Forex Acct. Minimum to open is $10,000 US (didn't ask about GBP but assume its the same) . They charge .25% to transfer in (min 300baht, max 500 baht). See my post in this thread in a related topic of a few minutes ago for details) . I didn't think of asking them to accept overseas bank drafts/checks since I need to wire transfer in for visa purposes(to prove i brought it in from outside the country); however, one of the managers of the wire transfer section as SCB told me that to make deposits to the Forex acct from within Thailand(implication is that this would be wire transferred out of LOS) incurs a 1% fee.

Go Figure

Edited August 3, 200520 yr by phormio

sure helpfull, when you get some stupid chicken again, you can point with your finger on the map and tell "I want to transfer my money to that place, here, it is called AAAmmmeriga" hahahahaha

Not try it with Austria, because too small and to simillar with Australia :-)

But I don't want to complain about thai people in Austria as well I got asked if UK stands for Ukraine. that was also a moment where I had to search one minute for a proper answer.....

h90,

That's a very tempting thought...can you imagine the look on their faces if I were to walk in with a map!?? lol..

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