Changing Baht To Dollars From The Us

[bachismo]

I just moved back to the US from Thailand. I still have a check due to me in baht. The problem is I have already closed out my Thai bank account. The banks in the US told me that they would cash the check, however, it would take up to 2 months and at a rate of 51.5. I'm looking for some way that I can get a rate closer to the published rate. I assume this would mean somehow depositing the money in Thailand and then converting it to dollars. There are two possibilities, but I'm not sure if they would work in Thailand.

1. Opening up a Thai bank account via internet, or by having a friend acting as proxy in person with a copy of my passport.

2. Having the check mailed to me, endorsing it to my friend in Thailand and having her deposit it into her bank account.

Does anyone know if a Thai bank would go for either one of these?

Does anyone have any other suggestions?

Let me obviate anticipated posts warning me about the dangers of trusting a Thai woman with large sums of cash. This is not a concern for me.

Thank you

[lopburi3]

I would give option 1 a zero chance on a scale of 10. 2 would involve mailing back (another chance to lose) and her bank accepting a second party check with a foreigners signature they can not verify. That may be possible (no credit until clears) but then that person has baht but you want dollars so will have to change and transfer at added costs. Probably possible but the key is the amount of check and is it worthwhile all around.

[bachismo]

I would give option 1 a zero chance on a scale of 10.  2 would involve mailing back (another chance to lose) and her bank accepting a second party check with a foreigners signature they can not verify.  That may be possible (no credit until clears) but then that person has baht but you want dollars so will have to change and transfer at added costs.  Probably possible but the key is the amount of check and is it worthwhile all around.

<{POST_SNAPBACK}>

200,000 B check. At 50 + to 1 I stand to lose over $1000

[The Dude]

Wow dude, bum trip. I got burned for $1500 US on a condo buy so dont feel bad.

[AmeriThai]

Depending on the size of the check, it might be worth making a trip back to Thailand just to cash it and convert it to US$ there.

[sonthaya]

Depending on the size of the check, it might be worth making a trip back to Thailand just to cash it and convert it to US$ there.

<{POST_SNAPBACK}>

That sounds like a good excuse for a short holiday in LOS.

Edited November 19, 2005 by sonthaya

[AmeriThai]

Depending on the size of the check, it might be worth making a trip back to Thailand just to cash it and convert it to US$ there.

<{POST_SNAPBACK}>

That sounds like a good excuse for a short holiday in LOS.

<{POST_SNAPBACK}>

Not only that, but if he's going to be out $1000 anyway by cashing it in the US, then he might as well put the money to good use for himself. Giving that kind of money to the bank would be like flushing it down the toilet.

[Patex]

Why not looking for a thaibank-branch in the us?

Patex

[AmeriThai]

There are a few Thai bank branches, most of which seem to be located in New York.

Bank of America (BoA) has a branch in BKK. If the OP has (or opens) a BoA account at any branch in the US, I would think the check could be deposited at the BKK branch and be available to him in the US. He’d need to give his account number to his friend. Since it would be a deposit, I don’t think a passport would be necessary, just the correct account number.

It would be best to check the details about that with BoA first. Maybe someone else can better clarify if that can be done or not.

[bachismo]

There are a few Thai bank branches, most of which seem to be located in New York.

Bank of America (BoA) has a branch in BKK. If the OP has (or opens) a BoA account at any branch in the US, I would think the check could be deposited at the BKK branch and be available to him in the US. He?d need to give his account number to his friend. Since it would be a deposit, I don?t think a passport would be necessary, just the correct account number.

It would be best to check the details about that with BoA first. Maybe someone else can better clarify if that can be done or not.

<{POST_SNAPBACK}>

I contacted Citibank which has a branch in both NY and BKK. It is not possible to have 1 account in the US and Thailand. They would b two seperate accounts.

[sierra01]

I think whichever way you change it you're gonna lose money, Thai baht isn't exactly a sought after currency either. Would it be possible to have the cheque made out a Thai friend then let them put the money somewhere giving a reasonable rate of interest? You'll probably be coming back here for hols or whatever so you can use it then.

[Patex]

bachismo,

Someone owe you 200 000 ฿ and gave you a check?

Why not ask this person/company to send the money to your us account and delete the given check?

Patex

[AmeriThai]

I contacted Citibank which has a branch in both NY and BKK.  It is not possible to have 1 account in the US and Thailand.  They would b two seperate accounts.

<{POST_SNAPBACK}>

I also checked with BoA. Like you said, it would require 2 accounts and would be more hassle than it's worth.

However, there’s another option to consider, like Patex mentioned.

If the check is from an employer, why not have the employer wire the money directly to your bank account in the US? You’d need to provide the employer with your bank, branch, account number, Swift code, your full address, etc. The money could be sent as an International Wire. Any major bank in Thailand should be able to do it. I’d suggest the home branch for best results, as some smaller branches might not be able to do it.

We frequently wire money to Bangkok Bank branches in Saraburi and Don Meung routed through the Main branch on Sillom in Bkk. I'm fairly certain your money can be wired from Thailand directly into your bank account in the US. There would probably be a fee involved which would have to be paid first in Thailand. I'm guessing there'd also be a transaction to convert the money from Thai Baht to US Dollars. But the combined costs of the fees would be very slight compared to what you said about the cost to cash the check in the US.

[Curt]

I just moved back to the US from Thailand.  I still have a check due to me in baht.  The problem is I have already closed out my Thai bank account.  The banks in the US told me that they would cash the check, however, it would take up to 2 months and at a rate of 51.5.  I'm looking for some way that I can get a rate closer to the published rate.  I assume this would mean somehow depositing the money in Thailand and then converting it to dollars.

<{POST_SNAPBACK}>

Kasikornbank, with an office in Los Angeles, will transfer up to $10,000 US to Thailand for $20.

There is also the 1/2 of 1% interbank currency exchange discount

I don't know what the rate is for Thailand to the US transfers, but they do offer the service.

"Checks" aren't a normal way of doing business in Thailand.

Most businesses will pay by transfers.

You might try to get the payer to transfer the money to your US account.

Another option might be Western Union.

Kasikornbank Info:

Suite 3050 , 350 South Grand Avenue , Los Angeles , CA. 90071 , U.S.A.

Tel. (213) 680-9331-7

Edited November 22, 2005 by Curt