Cashing Check From Us Bank Into Bangkok Bank Acc

[Smithson]

I have a customer who wants to send me a check from the US, is it possible for me to deposit this check into my bangkok bank acc (Thai baht acc, not US$ acc).

Thanks!!

[Chang_paarp]

This was covered last month.

The general consensis is that yes it is possible. There will be fees involved, and it will take time to get access to the money, up to 6 weeks acording to some.

If the person at the bank counter looks confused ask to speak to the next person up the food chain.

[Gumballl]

If you have an account at Bangkok Bank, ask your US client to deposit the monies directly into your account, via the NYC branch of Bangkok Bank. You will need to give your client the ABA number of this branch and your account number.

Similarly, it should be possible for the client to deposit monies into your foreign account by using the Swift code and account number.

[taxout]

Banks have two choices when you present an overseas check.

They can send it for collection, in which case you won't see the money till they're satisfied the check has cleared and won't be bounced back: up to six weeks.

Or they can purchase the check from you and credit you immediately with the funds: just like they purchase a traveller's check when you present it. Of course, if there's a problem with the check, they'll make a charge-back to your account, so banks will generally only purchase overseas checks when you have a solid banking relationship with them.

And yes, there are fees involved, whatever the approach.

Edited August 8, 2006 by taxout

[causticme]

I just go to my credit card co and make a payment with checks.

[IMA_FARANG]

This was covered last month.

The general consensis is that yes it is possible. There will be fees involved, and it will take time to get access to the money, up to 6 weeks acording to some.

If the person at the bank counter looks confused ask to speak to the next person up the food chain.

I did not see the previous discussion on yhis subject. It just so happens that I have personal knowledge of the procedure.

I have deposited a personal check on a nuimber of occassions into a Bangkok Bank account "for collection" bangkok Bank will accept the check for collection, but they will not enter the amount into your account until the check clears and funds are made available (i.e. check clears thru staesie account). The amount you will get in Baht depends on the dollar rate quoted for the day the check clears. There will be a fee for the process, and they may take a 10 percent (or more) cut from the amount of the check. One check I cashed was for $1500 and the total cost was about $40. It took about 3 weeks for that check to clear the states. I recieved a reciept for the check as cashed which showed the amount deposited, the Baht/Dollar rate, and the fees charged. This was a check written on my personal U.S. bank account by myself. A check from another party that has to clear through a U.S. bank may take longer to be processed (expect 6 weeks). The larger the U.S. bank, the faster the service usually is. Going thru a major Thai bank (such as the Bangkok Bank) will be faster than going thru a less well known Thai bank or a bank outside of Bangkok.

I wouldn't recommend the whole process unless you are prepared to accept the fees charged (if you need the money). Expect to pay at least 1 percent in fee, and up to 10 percent off the amount. However, as you see, I deposited a $1500 check and actually only paid about $40 in fees. I think Bangkok bank gave me a break on the fees, as I am a regular customer transferring money into the bank from the states on a monthly basis.

Edited August 8, 2006 by IMA_FARANG

[Maestro]

It just so happens that I have personal knowledge of the procedure...There will be a fee for the process, and they may take a 10 percent (or more) cut from the amount of the check.

Your post starts out so authoritatively (personal knowledge of the procedure), but your mention of “a 10 percent (or more) cut from the amount of the check” is silly and outright wrong. Bangkok Bank charges a flat fee for foreign cheques deposited into your account, and it may well be the $40 you say that you have been charged, although I am inclined to believe that it is a flat fee in Thai currency. It is possible, though less likely, that the bank may have a fee as a small percentage, with a maximum amount for the fee.

I have never deposited a foreign cheque into my Thai bank account and therefore cannot talk from personal experience, but any bank will be happy to explain its fee structure to an account holder.

Anyway, the original poster was not asking about fees; he wanted to know if it was possible to deposit such cheque and he has received confirmation that this is possible.

---------------

Maestro