Cashing A Us Dollar Check?

[Spaniel]

I received a $41.00 refund check from a company in the USA. Since I don't have an account in the US to send it to is their any way to cash it here in Bangkok?

[BillyBobThai]

If you have an account here in Thailand, you can deposit it and wait 3 to 4 weeks for it to clear before getting the funds.

[Microwave]

I doubt that you'd receive the full amount of the cheque as there would be some % of commission (or flat fee) for depositing a foreign currency cheque into your account.

[uptheos]

Bangkok Bank charge 150 Baht for the deposit and give you whatever the exchange rate is on the day it goes through.

[Sateev]

If you have an account here in Thailand, you can deposit it and wait 3 to 4 weeks for it to clear before getting the funds.

More like 45 days.

[Spaniel]

Thanks for the info. I do have an account with Bangkok Bank so next week when I'm in town I'll try to deposit it.

[WilliaminBKK]

Bangkok Bank charge 150 Baht for the deposit and give you whatever the exchange rate is on the day it goes through.

Just to clarify

"Exchange rate is on the day it goes through" if I deposit on 01SEP and it clears on 15OCT it will be the exchange rate on 15OCT ? ? ? meaning the date it is credited to the account not posted ?

[Tafia]

If you have an account here in Thailand, you can deposit it and wait 3 to 4 weeks for it to clear before getting the funds.

More like 45 days.

Paid numerous UK cheques into my Bkk Bank Acc only ever taken between 20-28 days

[kamalabob2]

You might look at the Bangkok bank web site. You might also consider phoning them and they can tell you on the phone ALL of the fees to deposit a check from America. Below is from the Bangkok Bank web site. I've never deposit a check here, drawn on a US bank, so I do not personally know how ALL the fees work out.

• Bangkok Bank advances the payment prior to
  collection from the foreign bank
  

200 Baht plus 3 Baht stamp duty per draft

• Foreign bank returns the draft as it cannot be collected
  

200 Baht per draft plus any additional fee imposed

by the foreign bank. Bangkok Bank will also charge

interest for advance payments to customers. The

default payment loan interest rate is calculated from

the date that the bank makes an advance payment

to the customer until the date that the customer

makes a repayment.

• Bangkok Bank collects from the foreign bank
  before paying to the customer
  

USD 10 plus 3 Baht stamp duty per draft and any

additional fees collected by the foreign bank

[Pib]

Beginning to look like after all the fees are applied there won't be much left to deposit.

[asiawatcher]

It would be far easier to assign the cheque if not marked 'Account Payee Only', and endorse it over to a relative who can then bank it in the US without extraneous charges and have your endorsee bank Thai Baht to your account here from overseas.

[Spaniel]

Thanks for all the suggestions. Here is what I did. Last night I called my son's bank in the USA to enquire if they would cash it. They said they would but I had to be there to endorse it and show ID. Then I could deposit it to my son's account. Well that's out since I don't have any immediate plans to go to the USA. So this morning I went to the Bangkok Bank branch where I have my account (Sukhumvit Road near Soi 8). They said I must go to the main branch on Silom. So I went to the Silom head office, completed a form, presented my bankbook, and a copy of my passport and visa and the check. They said it would be credited to my account in Bhat in 7 days and they would deduct 203 bhat service charge. They said if the check "bounces" then their would be several other charges plus they will charge interest for the money they already paid. Pretty simple as long as the check doesn't bounce.

[Pib]

Good deal. But too bad your branch made you go to the HQ to cash the check....all of that adds up cost-wise in getting the check cashed not to mention inconvenience.

Do you know what exchange rate they gave you? That is, TT Buying Rate like you get in wire transfers, Sight Bill Buying Rate like you get for traveler checks, Notes Buying Rate, etc.? If I had to guess I would guess the Sight Bill Rate.

[lopburi3]

Do not believe you have to go to Silom but you do have to do at a branch authorized foreign exchange (not all are).

[Spaniel]

Good deal. But too bad your branch made you go to the HQ to cash the check....all of that adds up cost-wise in getting the check cashed not to mention inconvenience.

Do you know what exchange rate they gave you? That is, TT Buying Rate like you get in wire transfers, Sight Bill Buying Rate like you get for traveler checks, Notes Buying Rate, etc.? If I had to guess I would guess the Sight Bill Rate.

I didn't ask about what exchange rate they would use since it was only a $41.00 check. I would have certainly paid more attention if it were a bigger check.

[Spaniel]

Do not believe you have to go to Silom but you do have to do at a branch authorized foreign exchange (not all are).

Could be. I would have thought that the branch on Sukhumvit would do it as they deal with lots of foriengers, but not so.