Has Bangkok Bank changed its policy regarding depositing foreign cheques?

[shepsel]

For the past eight years residing in Thailand, I have done periodic money transfers from my bank (Scotiabank) in Canada. I write a personal cheque to myself and deposit it into my Bangkok Bank account. It roughly takes three to four weeks for the funds to clear, but charge for doing this was US$10 by Bangkok Bank. I have found this the most inexpensive way of transferring money from Canada to Thailand. This time I deposited a cheque and paid the US $10 fee for the transfer, and about a week later was told that they would require another $150 to $200 for service fees. Has anyone else had this experience? The additional service fees make the transfer outrageously expensive. Is there an official or department at Bangkok Bank to complain to? Or, have the rules changed?

[camble]

I use electronic transfer like most. It costs the bank more to process a check so it would make sense for them to raise the check processing fees accordingly.

[lopburi3]

Have not used check deposit for many years but even then believe there were two fees involved - one was $10 but then another about the same but believe in Baht. That was US checks and not using the electronic clearance system which believe is now available.

Believe the US ACH system is available to many banks in Canada so that might be worth checking - direct transfer to Bangkok Bank New York often is the cheapest way to transfer funds to your Thailand account.

[flyingdoc]

Try private banking at SCB ! They often don't charge but it can take 45 days to clear!

[Berkshire]

I didn't think BKK Bank even took personal checks. I remember trying to deposit a check from my mother years ago and they flatout wouldn't take it. Only US Treasury checks. Anyways, sorry I can't help the OP, but I'm amazed they took your personal checks all these years.

[Irishrogue]

I deposit a check from the UK approximately every 6 months and drawn on Bank of America it takes as you mentioned about 4 weeks to clear and the cost is THB314.0 the last was in Aug this year.

[Jeffrey346]

I deposited a refund check from Apple. BKK charged me B320 and the check cleared in 3 days..

Last month I deposited a US Government check and was charged a total of $35. and it took 4 weeks to clear.. I can't figure out why 1 check took 3 days and B320 and the other 4 weeks and 35. US

[lopburi3]

Because the Apple check was under $500 so processed with new express processing as outlined in this link

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/CurrencyExchange/Pages/ForeignChequesDraftsBuyingService.aspx

[gandalf12]

I recently had the same experience. I wanted to cash my tax refund cheque from my employment in Canada and I was told it would be the same. I didnt pay it instead I sent the cheque to the Royal Bank of Canada and then transferred it back to my Bangkok Bank account using the useless C$2,500 limit / day

Edited December 17, 2015 by gandalf12

[koo]

Cheques? I can vaguely recall seing one mid 1970's. I thought they had been obsolete for at least 20 years all over the world. No wonder they are not accepted any more or are highly expensive to use...

How about moving on finally and at least trying to reach the 21st century?

[Pib]

Actually using the personal cheque approach is a cheap way to accomplish a money transfer...can be lot cheaper than many of the 21st century ways such as a SWIFT transfer and ATM withdrawal where SWIFT fee, ATM user fee (i.e., the Bt200 fee on foreign cards), and card-issuing bank foreign transaction fees usually in the 1 to 3% range will apply.

Using the OP's method he's had the the $10 fee and he would gets the Sight Bill Buying exchange rate which is only approx 0.25% lower than the TT Buying Rate exchange used for incoming SWIFT/wire transfer. And since he not doing a SWIFT/wire transfer he' not incurring the receiving/conversion fee of 0.25% (Bt200 min, Bt500 max). Fee-wise it's been a cheap way to get funds...the only downside is the 3-4 week clearing time.

Yeap, 21st century methods are great (and I use them) but depending on a person's home country bank and how much they charge for a SWIFT/wire transfer, how much of a foreign transaction fee the may apply to your debit card for a foreign transaction and whether they reimburse ATM use fee or not, that 21st century method can easily cost more than using the personal cheque method the OP and some others use.

But something in my gut is telling me some details are missing like more specifics on that out-of-the-blue $150 to $200 service charge on-top of the standard $10 fee. The OP didn't say how much he wrote the check for to see how that $150-$200 fee related percentage-wise, but something just don't seem right. And why did it take the bank a week to get back with the OP regarding the additional fee? If I was the OP I would be asking for more specifics on the $150-$200 fee such as is this a new fee, is it a percentage based fee, just more details.

[Dumbastheycome]

Cheques? I can vaguely recall seing one mid 1970's. I thought they had been obsolete for at least 20 years all over the world. No wonder they are not accepted any more or are highly expensive to use...

How about moving on finally and at least trying to reach the 21st century?

I can see by your spelling choice of "cheque" you are not American. However in many places in the world "checks" or cheques" are still issued for re-imbursment or refunds and in another number of payment situations. In countries where eftpos or direct credit is considered the norm it may appear Bank certified paper notifications authorising a transfer of funds ( cheques) Electronic transfers are convenient. But at the cost of Big Brother having instant access to every detail of that transfer. Welcome to your 21st century. Eventually "money" will become personal "exchange" units. Freedom for the exchange of them will be removed from personal control. Enjoy.

[Dumbastheycome]

Cheques? I can vaguely recall seing one mid 1970's. I thought they had been obsolete for at least 20 years all over the world. No wonder they are not accepted any more or are highly expensive to use...

How about moving on finally and at least trying to reach the 21st century?

I can see by your spelling choice of "cheque" you are not American. However in many places in the world "checks" or cheques" are still issued for re-imbursment or refunds and in another number of payment situations. In countries where eftpos or direct credit is considered the norm it may appear Bank certified paper notifications authorising a transfer of funds ( cheques) are redundant. Electronic transfers are convenient. But at the cost of Big Brother having instant access to every detail of that transfer and those details possess a saleable potential.As with all credit cards using the same system.. Welcome to your 21st century. Eventually "money" will become personal "exchange" units. Freedom for the exchange of or movement of them will have statutory overide control. Enjoy.

[MichelBangkok]

Same experience also at Bangkok Bank two weeks ago with a check on Canadian Royal Bank; was told initially that the old rule applied, only a fee of 303 Baht at this end, but when the check reached the main processing branch downtown was then informed that the "other side" (aka the Canadian bank) would require approximately 7,000 Bahts for the compensation process, a new rule in place allegedly for two months only. They returned my check and reimbursed the 303 baht processing fee and we are now back to SWIFT electronic transfers... No idea if a similar charge would be levied from banks in other countries or if it is a charge imposed only by the Thai side and covered up with a "nice saving the face" message...

[Farang99]

Have not used check deposit for many years but even then believe there were two fees involved - one was $10 but then another about the same but believe in Baht. That was US checks and not using the electronic clearance system which believe is now available.

Believe the US ACH system is available to many banks in Canada so that might be worth checking - direct transfer to Bangkok Bank New York often is the cheapest way to transfer funds to your Thailand account.

I used to receive one of my pensions by cheque, which I paid into Bangkok Bank for a fee of 300 baht, and the proceeds were credited to my account the same day. Now it is all done by SWIFTelectronic transfer.

[Pib]

Counting the OP that's three posters so far who have had the same issue and they have all been "Canadian" checks. Maybe it's just a change dealing with the processing of checks drawn on Canadian banks vs checks drawn on other countries' banks such as U.S. banks....just wondering.

Edited December 18, 2015 by Pib

[elgenon]

I was told if the check is made out to BB it takes about 3 days to clear. Can't you make it out to them?

[mahtin]

Can anyone tell me how long foreign cheques are considered valid after date of issue?

A friend has recently received a cheque in sterling he wants to pay into his Thai bank account when he arrives in February.

The question has been raised as to whether the Thai bank will accept a cheque that old.

[Pib]

In the U.S. checks are usually good for 180 days unless noted otherwise on the check.

[Pib]

From some googling I found a 2011 Thanachart Bank and Siam City Bank were Thanachart was answering some questions regarding it acquisition of Siam City Bank and the snapshoQ&A D13 implies 6 months to me. But I've seen ThaiVisa posts which say 90 and 180 days. Probably best just to go to the bank and try to cash the check.

[mahtin]

Thanks for your answers.

Looks OK, but I'm waiting for an answer to my email to info at Kasikorn. Think they need to escalate to second level support.

Cheers everyone.

[mahtin]

Just in case anyone is googling for an answer, here is Kasikorn's reply:

Referring to your enquiry regarding Cheque, we would like to inform you that the validity period of Cheque depend on the issue bank's condition. Anyway,our bank acceptable all of the Cheque and the process takes 30-45 working days.

[Pib]

Just in case anyone is googling for an answer, here is Kasikorn's reply:

Referring to your enquiry regarding Cheque, we would like to inform you that the validity period of Cheque depend on the issue bank's condition. Anyway,our bank acceptable all of the Cheque and the process takes 30-45 working days.

Or said another way, whatever expiration date may be noted on the check....and if no expiration date then we'll just have to wait and see if the issuing bank pays it....and if it don't then we get to collect some additional bounced check fees.

[mahtin]

Such a cynic, Pib.

Next thing you'll be suggesting UK pensions is issuing dud cheques :-)

[Pib]

Nope. It's just some checks come with an expiration date like may 3, 6 or 12 months...must be cashed before that date. And for personal checks with no expiration date on them countries have different practices as to how long they will be honored. In the U.S. it's generally 6 months for a personal check; in the UK it appears to be the same....but as always it's up to the discretion of the bank.

[mahtin]

This got me nervous until noticing it was India.

Edited December 21, 2015 by mahtin

[watcharacters]

Just in case anyone is googling for an answer, here is Kasikorn's reply:

Referring to your enquiry regarding Cheque, we would like to inform you that the validity period of Cheque depend on the issue bank's condition. Anyway,our bank acceptable all of the Cheque and the process takes 30-45 working days.

I would take a guess and say those 45 days are charged against the time limit of validity.

[mahtin]

The cheque gets sent back to the issuing bank physically by snail mail for confirmation, then sent back here.

No probs with that, was concerned that the bank here might say it was too old and not accept it.

[ableguy]

I deposit my usa tax refund every year with Bangkok Bank, I opened the account at head office Bangkok, and deposited the cheque in Hua Hin, it took four weeks to clear. I was then told if I opened an account at the Hua Hin branch it would clear in two days and yes it did, I since moved to Korat and was told the same here and yes this years cheque cleared in two days. There is a small fee involved but cannot find the paperwork.

[lopburi3]

Why? You should be able to have direct deposited using the Bangkok Bank New York routing number (026008691) and your normal account number on the 1040 form. No wait for check clearing or mail.