Paying a foreign currency check into a Thai bank.

[Geekfreaklover]

Hey guys,

Is it possible to simple pay a foreign bank cheque / check into a Thai bank and have them convert into Baht.

Say if you have a $100 dollar check from a US bank would Bangkok Bank / Kasikorn / Siam etc be able to process it?

Anyone tried this before?

Thanks,

GFL.

[KhunOr]

Yes you can do it in any bank that you have an account at, but usually not in the very small branches. Pick the head branch or a large one.

They won't credit your account immediately, but will give you a receipt. It will take 4-8 weeks before you receive the money in your account in baht, because they have to return the cheque to the issuing bank in the US (wherever) to confirm that it is genuine first. i know, seems crazy, but that's the system. Some banks (like KTB) may exchange at the rate on the day you present the cheque to them and you'll see this on your receipt. Most don't, but use the exchange rate on the day that they credit your account.

[Pib]

Also, there will be approx. a 300 baht fee and you'll probably get the check/sight bill rate that is approx. 0.1 to 0.2 baht/USD lower than the TT Buying Rate used for incoming wire transfers.

Here's a recent ThaiVisa thread on basically the same subject.

[sustento]

Yes you can do it in any bank that you have an account at, but usually not in the very small branches. Pick the head branch or a large one.

They won't credit your account immediately, but will give you a receipt. It will take 4-8 weeks before you receive the money in your account in baht, because they have to return the cheque to the issuing bank in the US (wherever) to confirm that it is genuine first. i know, seems crazy, but that's the system.

It's not really crazy at all. A cheque is only a piece of paper with no worth until the issuing bank redeems it.

[Torrens54]

Yes, takes time to get the cheque cleared.

Could you imagine the hoops you'd have to jump through if you tried to cash a THAI Cheque at a bank in Australia, the UK or the U.S. ?

[Tafia]

They will tell you 4-8 weeks but in my experience (UK Cheques) usually cleared in 14-21 days.

[MYKTHEMIN]

I used to do this fee was 300 ish baht 10 dollars, and then a 10 pound undisclosed fee in the return payment and always got the TT rate, usually took 3 weeks but was 8 weeks once so I now use the bangkok bank and it is a direct transfer and is in the next day, excellent fast service.

[USNret]

These days, many American banks have a iPhone/Android app with which you can snap a picture of your check and deposit to your Western bank account instantly. If I had a U.S. check to deposit in Thailand, that's what I would do. It's quick, easy, and you can then pull the cash (in baht) out of any ATM as soon as the check clears, probably within a day.

[CaptHaddock]

Otherwise, just mail the check in for deposit to the US account. All banks permit mail-in deposits. Assuming the OP has a US bank account.

These days, many American banks have a iPhone/Android app with which you can snap a picture of your check and deposit to your Western bank account instantly. If I had a U.S. check to deposit in Thailand, that's what I would do. It's quick, easy, and you can then pull the cash (in baht) out of any ATM as soon as the check clears, probably within a day.