Banking A Us Cheque

[TheGeneral]

Hello all. I have a real problem here.... I have a US bank account with Wachovia/Wells Fargo and 90% of my customer revenue originates there. I have been using my debit card to withdraw the maximum daily limit of $500 from ATM anf then banking into my Kasikorn bank every few days but the fee's are killing me and its a hassle.I have my cheque book here although I have never used it. Would it be possible to write myself a cheque for $5 or $6000 and bank it into my Kasikorn account? I live in Hua Hin so they are ferange friendly, so to speak.My main concern is alarm bells going off with Wachovia. Some type of fraud department jumping all over it. I say this as the account is on a friends address in the USA who has since moved back to the UK. I wont be going back to the States for a while and I worry the bank will write to the address or something and ask for confirmation. I cant loose this account at the moment. Most of my customers are in the USA and they use this account to deposit funds easily.Do you think it would be ok? I dont mind waiting a few weeks for it to clear. Just as long as it clears.ANy advice appreciatedThanks so much

[CharlieH]

If you are concerned about the bank fraud dept etc, warn them its coming, tell them via email what you are going to do, where and for how much, and get their confirmation.

You can also send them a copy of your passport etc if required for ID confirmation.

[pomchop]

I would first ask wachovia if they can increase your max daily withdrawal. Then i would try and find an AEON bank ATM where you can withdraw money without paying the 150 baht fee. Wachovia lets me withdraw 20,000 baht a day no problem. I have an account with them and a second bank where I can also withdraw 20,000 a day. If you need more than 40,000 baht a day then congratulations as you seem to be doing very very well.

Don't know about depositing USA checks in Thai bank but i suspect that would be a hassle at best and also have some fees attached.

[DocW]

I have an SCB account here and have put Canadian Government checks in and after 15 days up to 30 days if it clears then Bob's your uncle.

[TheGeneral]

If you are concerned about the bank fraud dept etc, warn them its coming, tell them via email what you are going to do, where and for how much, and get their confirmation.

You can also send them a copy of your passport etc if required for ID confirmation.

Thanks for the reply. I did call and ask if it was possible and they said yes. I got the imppresion however that they did not know for sure and just assumed the correct answer. I could email them yes - I'll do that. My on line banking has a message service, so I will try that also

[TheGeneral]

I would first ask wachovia if they can increase your max daily withdrawal. Then i would try and find an AEON bank ATM where you can withdraw money without paying the 150 baht fee. Wachovia lets me withdraw 20,000 baht a day no problem. I have an account with them and a second bank where I can also withdraw 20,000 a day. If you need more than 40,000 baht a day then congratulations as you seem to be doing very very well.

Don't know about depositing USA checks in Thai bank but i suspect that would be a hassle at best and also have some fees attached.

Thanks for the reply. I called and asked for a daily limit increase and was declined. I think its the typw of debit card I have - its the blue checking card. There is also a gold one available and i think that alows you to withdraw more. Since Wells Fargo have taken over the fees have gone crazy. Im tired of it. I just made an on-line payment to a supplier in Germany for $8000 and was charged almost $300 "international fee's". Looking at my on-line banking its one long records of fee's. They make me sick.

But then again, it was incredibly easy for me to open the account and I am not a US resident so I guess I should be gratefull I have it.

[TheGeneral]

I have an SCB account here and have put Canadian Government checks in and after 15 days up to 30 days if it clears then Bob's your uncle.

Thanks - thats encouraging. I guess as the Wachovia account is in my name and the Thai account is in my name, it should make things a little easier....

[WebBangkok]

I wonder this too.

If someone send me a cheque in US, how do I go about banking it?

WHat fees are in place? I guess I coud just go ask the bank, but I just couldnt be bothered to go there just to ask the question.

[pomchop]

I would first ask wachovia if they can increase your max daily withdrawal. Then i would try and find an AEON bank ATM where you can withdraw money without paying the 150 baht fee. Wachovia lets me withdraw 20,000 baht a day no problem. I have an account with them and a second bank where I can also withdraw 20,000 a day. If you need more than 40,000 baht a day then congratulations as you seem to be doing very very well.

Don't know about depositing USA checks in Thai bank but i suspect that would be a hassle at best and also have some fees attached.

Thanks for the reply. I called and asked for a daily limit increase and was declined. I think its the typw of debit card I have - its the blue checking card. There is also a gold one available and i think that alows you to withdraw more. Since Wells Fargo have taken over the fees have gone crazy. Im tired of it. I just made an on-line payment to a supplier in Germany for $8000 and was charged almost $300 "international fee's". Looking at my on-line banking its one long records of fee's. They make me sick.

But then again, it was incredibly easy for me to open the account and I am not a US resident so I guess I should be gratefull I have it.

actually i have the blue wachovia card as well but went in person and got to a manager and explained i live in Thailand most of the time and to my semi amazement they fixed it and said ok?....I always think it is a good idea to have two different banks in usa and two different ATM cards just in case...and ideally keep them in separate places in case you lose one or a machine eats one or whatever..don't know about on line payments to foreign suppliers but am sure if they can figure a way to charge you a fee they will sure give it a shot....i have found most banks are very happy to loan you an umbrella for an exhorbitant fee as long as the sun is shining and you give them six umbrellas as collateral....

[Tywais]

This is Bangkok Bank but I've often deposited US checks with them with no problems. Takes 3 weeks and $10.00 handling fee and conversion matched the TT rates the day it showed in my account. Believe that there is a flag for US checks at $5000.00 but I recently deposited 20k with no issues.

[thaimancnx]

I have an account with Wells Fargo Bank which has very high fees but I need to keep the account because of clients making automatic deposits to the WFB account.

I have a Schwab One account which is attached to my brokerage account.

Client makes deposit in the USA to my WF bank and WFB sends me email alert that deposit has been made to my account. Then I use Internet to transfer the amount from WFB to my Schwab account (takes 1 business day or less). I can do this from my home using internet without going to the bank. There is no charge for this.

I then go to my Bangkok Bank and give them my Schwab ATM debit card and they make either a purchase transaction or a cash advance on the Schwab debit card which has a $15,000 daily limit. (This is not done at the ATM machine but at the desk of the person that handles international transactions.) Then I deposit the cash in my Bangkok Bank account. There is not a charge even if treated as a cash advance because the money is in the Schwab account and neither Schwab or Bangkok bank charges me. You may need to make friends with your Thai branch manager but they have authorized this for me for several years at Bangkok Bank through 3 different managers. Immediately I have the cash in my account. If I am asking for a larger amount than usual I call Schwab toll free and tell them to lift the filtering on my account for 24 hours because I want to make a large transaction. No problems.

So from the time I get email notice from Wells Fargo that a client has deposited into my account until I get the money in my Bangkok Bank is usually 2 to 3 days. My cost $0.00

If I need cash faster, I have a SWIFT transfer set up with Schwab to transfer to my Bangkok Bank which would cost $25. I can activate the SWIFT transfer by calling Schwab during the office hours of their International Transfer office and I get the money in the Bangkok Bank with in 1 hour. If after hours for the International Transfer office, I talk with a Schwab 24/7 agent/broker and they initiate the transfer which will be checked as soon at the Transfer office opens and then the transfer is executed.

Another advantage of Schwab is using the Schwab Debit card at an ATM in Thailand or any where in the world. If the ATM Bank charges me a fee, then Schwab will refund that fee to my account. Apparently in the transaction from the bank in Thailand to Schwab they can tell if I was charged a fee for the ATM transaction. I have been with Schwab for many years so I do not know what the requirements for this benefit is but it is really nice. If I go any where in the world with my Schwab debit card and get local currency and if the ATM charges me a fee then Schwab refunds the fee to my account. I am sure this is linked to the benefits of my brokerage account.

[Pib]

I then go to my Bangkok Bank and give them my Schwab ATM debit card and they make either a purchase transaction or a cash advance on the Schwab debit card which has a $15,000 daily limit. (This is not done at the ATM machine but at the desk of the person that handles international transactions.) .....

If I need cash faster, I have a SWIFT transfer set up with Schwab to transfer to my Bangkok Bank which would cost $25. I can activate the SWIFT transfer by calling Schwab during the office hours of their International Transfer office and I get the money in the Bangkok Bank with in 1 hour.

I've never heard of a debit card having a $15,000 daily limit....but maybe high dollar accounts get special cards. I've also got a Schwab debit card and the terms of agreement and my testing of it reflect a $1,000 daily limit....but I've only done ATM withdrawals with it up to almost $1000.

You can also do an ACH transfer from Schwab, which Schwab does not charge a fee for, compared to the Schwab $25 SWIFT fee. The ACH method takes 2-3 business days to hit my Bangkok Bank account.

Edited September 25, 2011 by Pib

[thaimancnx]

I've never heard of a debit card having a $15,000 daily limit....but maybe high dollar accounts get special cards. I've also got a Schwab debit card and the terms of agreement and my testing of it reflect a $1,000 daily limit....but I've only done ATM withdrawals with it up to almost $1000.

Pib,

Your are right that the default limit for the Schwab debit card is limited to $1,000 per day at an ATM machine but can be increased by a telephone call to Schwab.

But I do not use the ATM machine but rather go inside the bank and have the transaction processed by a teller who is responsible for international tranactions. They classify the transaction as either a purchase or cash advance which in my case can be a limit up to $15,000. There are 2 limits associated with your Schwab debit card. 1) ATM withdrawal 2) purchase or cash advance.

With a purchase or cash advance you have to do it inside the bank in person and show additional identification such as your passport for additional security.

[Pib]

Any Schwab fee for a Cash Advance on their debit card? I know for credit cards, the typical cash advance fee is 3%.

[sotsira]

This is Bangkok Bank but I've often deposited US checks with them with no problems. Takes 3 weeks and $10.00 handling fee and conversion matched the TT rates the day it showed in my account. Believe that there is a flag for US checks at $5000.00 but I recently deposited 20k with no issues.

I,ve done the same on numerous occasions but never got the conversion at the TT rates always the cash rates.

[Pib]

Additional question for thaimancnx. Are you really saying the in-bank cash withdrawal transaction you described is handled like a Point of Sale transaction?

I see in my Schwab Visa Debit Card Agreement that the Daily Purchase Limit is $15,000 and is note coded that this amount can be increased with approval from Schwab. But for the Daily Cash Withdrawal Limit it is $1000 for ATM or by presenting your card to a teller....and there is no associated note coded saying this amount can be increased.

Thanks for any clarification.

[Tywais]

This is Bangkok Bank but I've often deposited US checks with them with no problems. Takes 3 weeks and $10.00 handling fee and conversion matched the TT rates the day it showed in my account. Believe that there is a flag for US checks at $5000.00 but I recently deposited 20k with no issues.

I,ve done the same on numerous occasions but never got the conversion at the TT rates always the cash rates.

Strange. As I said above, I checked the date for that 20k and when it showed into my account and cross checked the Baht rate for that date and it matched the TT rates.

[gk10002000]

I wonder this too.

If someone send me a cheque in US, how do I go about banking it?

WHat fees are in place? I guess I coud just go ask the bank, but I just couldnt be bothered to go there just to ask the question.

I know some of you only have Thai bank accounts, or bank accounts in other countries. I am a US citizen and even if I do retire in Thailand, I will keep a US bank account, unless I totally sever all US ties which is unlikely. Too much retirement stuff tied to US accounts. So if I got a US check I would just mail it off to my bank in the US, mark it for deposit only. Of course, this doesn't address the Original Poster's issue of transferring cash often. And of course the Thai regular mail is a bit suspect on delivery accuracy.

[thaimancnx]

Any Schwab fee for a Cash Advance on their debit card? I know for credit cards, the typical cash advance fee is 3%.

Pib,

I really don't know all the details just that it has worked for me for several years with no charge.

Bangkok Bank manager told me they would use either a purchase or cash advance ...just know it works.

My Schwab statement description says BBL.KADSUANKAEW BR. CHIANGMAI TH type: VISA CASH ADVANCE

Perhaps on the debit card cash advance there is not a charge for cash advance since this is attached to my brokerage account and it is not a loan but actually my own money. If I do not have enough cash on deposit, Schwab initiates a margin loan for me automatically. Actually my Schwab account has saved me a lot of money in fees over the years as compared to commercial banks like Wells Fargo.

You said you used ACH for money transfer. I use ACH for bank to bank transfer in the USA because all banks in USA have unique routing numbers.

I was told I would have to use SWIFT for international money transfer because the bank routing code outside the USA is only supported by SWIFT.

Have you found a way to use ACH to transfer from USA bank to Thai bank without a charge?

[Pib]

Have you found a way to use ACH to transfer from USA bank to Thai bank without a charge?

Yes, it's a way many U.S. citizens transfer money from their U.S. banks to Bangkok Bank. Basically, you use the Bangkok Bank New York Branch "routing number" and your in-Thailand Bangkok Bank "account number." When I need to move over large chunks of money fast, I've been doing this for many years from various U.S. banks I have or have had an account with. I've got my Schwab funds transfer link to Bangkok Bank already setup...you set it up via online trial deposits and/or mailing in a form depending on the type of account(s) you have. Once the link is setup, then it just takes a few minute to logon and initiate the transfer of funds. Here's the Bangkok Bank web page Link that provides the details.

There is no Schwab ACH fee, there is a small slice/fee as the money flows through the BKK Bk New York Branch (i.e., $5 for $100.01 to $2000 transfers, $10 for $2000.01 to $50,000 transfers, etc), and then the standard in-Thailand Bangkok Bank conversion/receiving fee of 0.25% (200 baht min, 500 baht max). So, if you send $5000, $10 is sliced off as it flows through the NY branch...$4990 arrives your in-Thailand Bangkok Bank branch for conversion to baht. This conversion/receiving fee applies to SWIFT transfers also, so this receiving fee is a wash whether you use SWIFT or ACH.. The ACH transfer will be in your account in 2 to 3 business days, sometimes in 1 business day. So, save the $25 SWIFT fee and instead pickup the $5-$10 BKK Bk NY branch fee...when the dust settles you have saved $15 to $20 per transfer.

[IMA_FARANG]

Okay, it's a little off topic but I think the quote you're looking for is from the poet Robert Frost who supposedly said, "Banks are always happy to lend you an umbrella, but want it back...with compound interest added on...as soon as it starts to rain."