Kasikorn holding my money?

[NewInPatts]

A few days ago I sold my car at a local dealership. I went with the car dealer to the kasikorn branch which was on the other side of the street and he transferred the money into my account. I got the receipt, sales contract and everything.

Today I went to Kbank and wanted to take out 300,000 baht and was refused. The reason being they want to see where the money came from. I told them to check in their system that its from a car sale and even showed them the sales contract. The lady told me she will have to check with the head office before she can release the funds and I should come back in one week.

Can they really hold my money? Is that a normal procedure?

When can I expect my money or how should I proceed now?

Edited November 13, 2015 by NewInPatts

[Crossy]

Try a different branch or even a different teller at the same branch.

[RT85]

i suppose you should have asked the guy to transfer via service counter.. that way they can witness where the money came from..

dealing with large amounts of money it's always better to deal at the 'main branches'.. learnt the hardway too.. simple stuff takes so much longer because they had to call/check at main branch.

anyway it's an interesting case.. do let us know the outcome..

have u tried.. raising the withdrawal limit to 'unlimited' and just do it at the ATMs like a few times.

just a thought

[NewInPatts]

Did that and had the same issue. Obviously they must have put a note on my account or something.

[NewInPatts]

have u tried.. raising the withdrawal limit to 'unlimited' and just do it at the ATMs like a few times.

just a thought

It won't even show my balance when I log into the K-online banking on my phone. I don't have a debit card since it got cloned a few years ago, so I always take my bank book and take out cash.

[blackcab]

In my experience branches in Emquartier are very good to do business with (SCB, K Bank, Bangkok Bank and Krungsri). They seem very used to cash going in and out of accounts and don't bat an eyelid at amounts such as 300k.

It could be you got stuck with Anti Money Laundering/Know Your Customer. As haa been mentioned, try elsewhere.

[Pib]

I wonder the lady identified the real reason. Sure hope the car dealer didn't contact the bank after doing the transfer saying he transferred money to the wrong account and wants it pulled back into his account which has caused the bank to put a hold on the funds. But it's probably just a case of a clearing time required on certain types of transfers...kinda like different clearing times of some checks.

Edited November 13, 2015 by Pib

[NewInPatts]

I wonder the lady identified the real reason. Sure hope the car dealer didn't contact the bank afterward doing the transfer saying he transferred money to the wrong account and wants it pulled back into his account which has cause the bank to put a hold on the funds.

No he was kind enough to contact the bank on my behalf as well but they didn't tell him a reason other than they have to check with their 'head office'.

[Pib]

It probably just a clearing time thing since it involved a large amount. The Bangkok Bank webpage talks about Anti Money Laundering Office (AMLO) requirements for certain amounts of money transfers "within Thailand." I know you are talking K-bank but the Bangkok Bank website has so much good info about Thai banking....stuff that applies to all Thai banks.

Maybe in the AMLO regulations fine print or Bank of Thailand regulations Thai banks have to complete some reporting and verification of big amount transfers before you can withdraw the money. Heck, when I cashed my Thai tax return check each year which is usually only around Bt4K at Bangkok Bank they say it will appear on my account balance immediately (which it indeed does) but I cannot withdraw that amount for 1 business day....I expect they need to confirm the check which is a KrungThai bank check actually clears first.

Edited November 13, 2015 by Pib

[swissie]

Nobody is holding your money. = The check must clear first. Payments per check are unusual in Thailand, as it is in the rest of the world. Payments per check are only common practice in the US.

= "You are not in Kansas, Tonto".

But the very fact, that a Thai pays a Farang by check, must catch the attention of any bank-teller.

Cheers.

[KhunBENQ]

In my experience branches in Emquartier are very good to do business with (SCB, K Bank, Bangkok Bank and Krungsri). They seem very used to cash going in and out of accounts and don't bat an eyelid at amounts such as 300k.

It could be you got stuck with Anti Money Laundering/Know Your Customer. As haa been mentioned, try elsewhere.

Last week withdraw 600 k from SCB in cash.

Walked over the hallway to Bangkok Bank and put it on the desk.

Credited without any questions.

Edited November 13, 2015 by KhunBENQ

[Pib]

Nobody is holding your money. = The check must clear first. Payments per check are unusual in Thailand, as it is in the rest of the world. Payments per check are only common practice in the US.

= "You are not in Kansas, Tonto".

But the very fact, that a Thai pays a Farang by check, must catch the attention of any bank-teller.

Cheers.

If you are referring to the OP' s post, his payment was by transfer not check.

[curtklay]

Tonto has never been to Kansas.

[hgma]

avoid mall sub divisions of any bank.

Keeping the subject alive prohibits me from lenghty nonsense stories coming out of these sub branches which are corrected by head offices.

Some 'suggestions' ALLWAYS verbal!! are illegal and denied when climbing the company ladders.

anyway good luck.

[Thailand J]

A week? Whatever the reason may be, this is unfair to the customer...and very strange .

Which Kbank branch is this? I have been to the one in Big C Extra Pattaya Klang, taking cash in and out up to 200,000B, they have never asked anything.

[WorkingTourist]

It won't even show my balance when I log into the K-online banking on my phone []

That is concerning.

I would call the main office and ask whats going on and how to resolve this ASAP.

Ive had a transfer frozen myself because of some anti-money laundering check, but the threshold is $10k, and the check should happen when you receive the money, not when you want to withdraw them.

[NewInPatts]

It won't even show my balance when I log into the K-online banking on my phone []

That is concerning.

I would call the main office and ask whats going on and how to resolve this ASAP.

Ive had a transfer frozen myself because of some anti-money laundering check, but the threshold is $10k, and the check should happen when you receive the money, not when you want to withdraw them.

Thats interesting about AMLO. The amount was like 4 Million baht.

[WorkingTourist]

Thats interesting about AMLO. The amount was like 4 Million baht.

He transferred about 4 million to your account?

Then it does sound like it was this transaction that got frozen because ฿4,000,000 ≈ $111,351, and that explains why the amount doesnt show on your account.

When it happened to me, I had to sign some form and they made a copy of my passport. But it was coordinated by the main office, i.e. I effectively went to a branch and handed them my phone, on which I had called the main office, the main office then told the clerk which form she had to have me sign etc.

[Pib]

are you an American? . that could be the problem..

Oh, come on...give us a break. Can you reveal the reason an American would have the problem. And please don't say FATCA as that's unrelated.

[NewInPatts]

are you an American? . that could be the problem..

Went to my wifes bank account. She is Thai. Should have mentioned that earlier I guess.

[Pib]

are you an American? . that could be the problem..

Went to my wifes bank account. She is Thai. Should have mentioned that earlier I guess.

When you look at that Bankgok Bank link I gave earlier about money transfers and AMLO it takes about the bank needing to verifying/provide the identity of the customers involved in the transaction like Thai ID/passport. I expect in your case that would be the ID of the car salesman and your wife's ID...if the bank don't get/have both then that could be an issue.

[NewInPatts]

Will go with the car dealer to the bank on Monday and see what happens. As of this week they told us they (the bank) submitted the sales contract, which already includes a copy of each ID go the head office and we will have to wait a week. Will let you know the outcome.

[Pib]

Will go with the car dealer to the bank on Monday and see what happens. As of this week they told us they (the bank) submitted the sales contract, which already includes a copy of each ID go the head office and we will have to wait a week. Will let you know the outcome.

You'll probably be fine. Over the last year the Thailand AMLO has seemed to get more serious in monitoring large money movements...new monitoring/reporting requirements placed on Thai banks. Also, since grey market cars and import taxes not being paid on those cars got a lot of attention over the last year, maybe that has something to do with it. And this may be purely a internal K-bank funds clearing policy they are following for large sums and the AMLO stuff is just a side reporting issue.

[NewInPatts]

Went to K-Bank just a few minutes ago. Same answer like last time. Wait one week, we will call you once it clears.

Car dealer thinks it has something to do with the government holding the money since so many corrupt 'people' get moved to inactive posts all fall from high buildings by accidents.

He will go in the evening to the brach where he transferred the money and will try to find out whats really going on.

Edited November 16, 2015 by NewInPatts

[inzman]

This is bull crap. I would be very concerned! You can't trust Thai banks or car dealers. Don't take this lying down, call the head office.

[NewInPatts]

Went to the head office today and just like the car deale suspected it, that is the reason for the hold up.

Many high ranking people are moving their money to their mia nois and other places to avoid trouble so the government is investigating everything from the proof of funds to purchase the car to the actual sale and so on.

Simply told us to wait another week.

To clarify, went to a normal Kbank branch and later today to the headoffice in payonyhotin.

[4evermaat]

In the future, i recommend the payor pull the money out and pay it into CDM or branch. Or cash. If you demand immediacy.

[blackcab]

In the future, i recommend the payor pull the money out and pay it into CDM or branch. Or cash. If you demand immediacy.

Not every branch has 4 million in cash on hand. I have been asked to collect cash the next day as the branch didn't have enough. If you need the money immediately it might mean a trip to more than one branch, depending on the amount required.

[WorkingTourist]

In the future, i recommend the payor pull the money out and pay it into CDM or branch. Or cash. If you demand immediacy.

Why do you recommend that?

Going into a bank with 4 million in cash will certainly raise more flags than doing a domestic bank transfer where they can easily see exactly where the money are from.

Normally there shouldn’t be a problem transferring ฿4m from one account to another, heck, my daily limit when doing internet banking is higher.

That the OP hasn’t even been told the reason for the delay indicates that this is not a routine check that he is being subjected to.

[Pib]

In the future, i recommend the payor pull the money out and pay it into CDM or branch. Or cash. If you demand immediacy.

Why do you recommend that?

Going into a bank with 4 million in cash will certainly raise more flags than doing a domestic bank transfer where they can easily see exactly where the money are from.

Normally there shouldn’t be a problem transferring ฿4m from one account to another, heck, my daily limit when doing internet banking is higher.

That the OP hasn’t even been told the reason for the delay indicates that this is not a routine check that he is being subjected to.

But if you do decide to carry around that much cash be sure to tell me in advance so I can get some of my Thai buddies recently released from prison to escort you.