Sold my car - buyer brings cashier check.. 100% Safe?

[RayHaas]

Dont issue a receipt.. or if you do issue a receipt than state clearly that this receipt is only valid once the money clears. Both sign on the receipt and its done. Still not guarantees you get the cash but at least you have back up once things get nasty.

[8OA8]

Ask the person with the cashiers cheque to show you the documents that show he has purchased ot from the bank, there will be a paper trail that you can check.

Personally I much prefer a cashiers cheque to receiving cash. Cash may be being folled by;

1. The guy that hands it to you.

2. Someone else who saw the guy withdraw the cash.

3. Someone who is aware that your car was being sold and was awaiting an opportunity.

[Acharn]

We had a small problem with a cashiers cheque during a property purchase a couple of years ago.

GSB wouldn't accept a cashiers cheque issued by KTB despite the KTB manager talking to the GSB manager.

In the end on KTB managers advice we and the seller went to KTB, exchanged the cashiers cheque for cash then gave the cash to the seller.

Yes, I've never quite understood why checks never caught on in Thailand. I suppose it has something to do with Chinese commercial practice. All the currently large banks started as services to send money to China. Thai banks are very reluctant to accept checks. Used to be in Bangkok it would take three to five days for a check to clear, so everybody used motorcycle messengers carrying bags of cash instead. A cashier's check from a bank should be as good as cash, but all managers seem to be terrified of taking a forgery.

[GlutinousMaximus]

I sold some property a while back and was also iffy about the cashier's cheque they were paying with. I went down to the TFB branch it was drawn on and they verified it as genuine and although they weren't officially open at the time they said we could come back later and draw the full amount of cash on it. So we transferred the property, then immediately went down to the bank, drew the cash and had the security guard walk us over the 10 metres to our own bank (this was in a shopping mall) and deposited it there and it was all fine. I certainly didn't want to wait for 2 or 3 days while the cheque was floating around the byzantine Thai banking system.

I was nervous though - the problem in Thailand is that doing this kind of thing is like musical chairs, and if you're left standing when the music stops, you'll get some nice wais and "terribly sorry sir" but it's tough tittie for you and there are no guarantees.

Edited February 4, 2016 by GlutinousMaximus

[gandalf12]

In a country where you see people at the Land office selling their homes/farms/condos holding bags or cases of the actual folding stuff, why would he want to go to the trouble and expense of getting a cashier's cheque just to buy a car of what value, half a mill??

I've done a bit of business in Thailand, and never yet seen a cheque, cashier's or otherwise.

Tell him to save himself the hassle and bring a brown bag. If he doesn't show up, you'll have your answer.

I would always get a bank cheque to buy a car as it is made out to the Manufacturer e.g. Honda, Toyota but I would be giving it to a sales person. The cheque should be the banks not what the buyer has written, that isn't a bank cheque.

[SpokaneAl]

Last month we bought a new car and brought a bank cashiers check when we visited the dealer to pay for the car.

The sales guy made a quick call to the bank and all was well. I suggest that you do the same.

[carter1882]

A cashier's check is as the name implies, for all intents and purposes it is cash. I suppose you could argue that one could be bogus but then you could argue that the notes in the brown bag are counterfeit cash. Cashier's checks are a completely standard way of doing business in Thailand and are, especially from a buyer's perspective, much safer than carrying large amounts of cash around with all the pitfalls that could entail. And did no one think of the possibility that having handed over cash to a buyer that the buyer could be followed by an accomplice and robbed of the cash he had just received!

[richard_smith237]

Today we have mobile/online banking, we can transfer with a push of a button on the phone, and it will be in the others account in just minutes even inter-bank.

you are very likely being scammed! And even if not, it will only make things more complicated like this. Please be careful.

Incorrect - Online Banking only lets you transfer limited amount online in Thailand...

My OLB (SCB) will not let me transfer large sums to a 3rd Party (Limited to 100,000 baht per day I believe).

I'm also limited to 500,000 baht between my own accounts and 300,000 baht to the SCB account of a 3rd Party.

These are the maximum limits - thus, Online Transfers are pretty much useless when transferring 2 or 3 million baht.

The Best / Safest Option is to have the buyer meet you in your bank with the cash - However, that places them at risk too.

Hence - The norm would be to receive the details of the Cashiers Cheque - call the bank and check the validity. Go to the Bank and deposit the Cashiers Cheque, then go onto the DLT and sign the car over (there will also be some transfer tax to pay at the DLT).

[csabo]

Why not meet at his bank (mutually convenient branch) and watch him get the check? We even do this in the states.

[8OA8]

Last month we bought a new car and brought a bank cashiers check when we visited the dealer to pay for the car.

The sales guy made a quick call to the bank and all was well. I suggest that you do the same.

I've always used a personal cheque when purchasing a new car. I'm not sure what process the dealer does, but I don't recall having to wait for a clearing of the cheque although it probably happened. Admittedly there was usually, but not always, a vehicle being traded in to them, so at least they had a fairly decent value in hand should my cheque not have cleared.

Edit to add. Last new vehicle purchase was a bike and the personal cheque was delivered to the dealership the day before I collected the bike

Edited February 4, 2016 by 8OA8

[Crash999]

A cashier's cheque is supposed to be like cash but it can be cancelled or amended. I have personal experience with that as I made a mistake with the recipient name. I needed to take the original cheque back with me to do it though.

One thing to be careful of is that cheque processing between different provinces can be delayed. Especially if the bank is not the same. In the interim time the buyer could try some funny business with the cheque.

Would suggest cash unless it's several million baht. I bought a car cash before and although it can be disconcerting to carry around 1m baht or so it'll easily fit into a smaller tote bag.

[mortenaa]

Thanks for all the answers.

Cash is out of the question as it is several millions (3.2MB), and online transfer have limits..

So listen to your advice, I have come to the conclusion:

- He will send a picture of the cashiers check first - I will call to the bank to verify its authenticity.

- On the day of the transfer, I will demand going to the bank first and deposit the check. Hopefully the clearing will be instant. Lets see

Thanks for all the feedback!

Edited February 4, 2016 by mortenaa

[jacko45k]

In a country where you see people at the Land office selling their homes/farms/condos holding bags or cases of the actual folding stuff, why would he want to go to the trouble and expense of getting a cashier's cheque just to buy a car of what value, half a mill??

I've done a bit of business in Thailand, and never yet seen a cheque, cashier's or otherwise.

Tell him to save himself the hassle and bring a brown bag. If he doesn't show up, you'll have your answer.

I bought my house using a cashiers cheque, I believe the money was taken from my account when the cheque was issued.

I bought my car with cash though.

To the OP, be wary.

[watcharacters]

Tell him to cash the check himself and hand you the cash.

Absolutely what I'd do so there's no doubt about the money issue.

Hire a security guard for the day if you're concerned about safety.

[Ulic]

No. Cashiers checks are forged/counterfeited all the time. This is a common scam. Go to

the issuing bank or branch and have him/her not you cash the check and you take the cash.

If you deposit the cash into your account the check will clear in 3-5 days. If the money is

not in the account you are responsible not the bank.

BTW This could be legitimate but why take the chance.

[jesimps]

Forget the cashier's cheque Morten.

I'm assuming you have accounts at a number of different banks like quite a few expats.

You both go to the bank together and he transfers the money directly to your account. Both of you then go to the Land Transport Department together and transfer the car to him. Job done, simple.

Yes but then you have his money and he has no car. That's why it's mainly done at the land office.

[MorristheRunt]

In any country I would be suspicious of a cheque.

In Thailand I would red flag it.

Bank transfer is the only way to go, 100%.

[scorecard]

Cashiers cheques:

- If it's same bank they will often cash on the spot, if cheque issued and cashed within same bank zone.

- If different banks but same city / location then receiving cash can be as above but more likely will take the usual cheque clearance time ( deposit before lunch, automatically cleared for conversion to cash at lunch time on next working day).

- If different banking zones (usually meaning different province) then can take 2 to 5 days for clearance before you can get cash.

- About 3 years back my Thai son sold a house in Pattaya. Buyer was a loud Thai lady and her loud farang husband. They wanted to pay by cashiers cheque. My Thai adult son checked and discovered the 3 to 5 days delay if different provinces. Son then told the lady cheque had to be issued by a bank in Pattaya, 1 cheque only and it had to be converted to cash in sons hands before he would allow LTO to change name on the land title.

- Thai and husband turned up 3 days late with 5 cashiers cheques, issues in 5 different provinces.

- Son took lady and her husband to his bank, and bank indicated they were unhappy with the 5 cheques issued from 5 provinces and bank manager refused to accept them. Son asked why but bank manager refused to give any details.

- Son gave the buyer 24 hours to come up with hard cash to be handed over at the LTO.

- Lady buyer abused the bank staff and my son, but did turn up next day with hard cash for the whole amount.

Edited February 4, 2016 by scorecard

[bluejets]

Saw one like this a few years back in Aus.

Buyer presents bank cheque to the seller at 4:50 Friday afternoon and takes the car.

Then the buyer rings the bank and says he lost the cheque so please cancel.

No paperwork done at this stage so seller has no idea about the buyer who had said, just fill in your part, i'll fill in mine tomorrow and lodge at main roads on Monday.

Seller checks with the bank first thing Monday morning and told the news about the cheque.

Buyer by this time gone interstate.

Go to the bank and get direct deposit and avoid potential problems.

[scorecard]

Checks can bounce Cash does not contain any rubber

Yes but would you want to walk around with 1-2 million in cash on you. I would be very nervous. Cheques can't be stolen cash can.

Therefore go the bank transfer route.

Can be done at ATM, and many banks will up daily limit if requested. But feees not all that cheap.

Another route is the Banknet transfer system which is not all that well known, fees much cheaper and can be a few hours delay to appear in your account. Banknet is an overall national system which all banks use, it's not a product from one specific bank.

Banks don't talk about Banknet very much because they want customer to use their own mainstream transfer processes for much higher fees.

[OMGImInPattaya]

In a country where you see people at the Land office selling their homes/farms/condos holding bags or cases of the actual folding stuff, why would he want to go to the trouble and expense of getting a cashier's cheque just to buy a car of what value, half a mill??

I've done a bit of business in Thailand, and never yet seen a cheque, cashier's or otherwise.

Tell him to save himself the hassle and bring a brown bag. If he doesn't show up, you'll have your answer.

I've bought a house and two cars using a bank cashiers check...these are checks drawn on one's own bank account for the amount of the check. I believe as has been stated the funds are frozen in the account until the check is cashed/cleared. I'm glad my two car sellers and home seller had no problem with such a check as there are real risks to one's financial and physical health from carrying around millions of baht in a plastic grocery bag.

As mentioned, you can verify with the bank if the check is genuine before completing the transaction.

[OMGImInPattaya]

When I sold my D-Max I asked the buyer to e-mail me a copy of the cashiers cheque ... then I took it to my bank and asked if it looked okay .... Getting it on a Friday could mean that you can't bank it until Monday and your car is long gone. You selling the blue one!

If he wants to deal ... tell him to buy the cheque on Thursday and e-mail or LINE a copy of it .... better safe than ....

Also, can take a copy of their Thai ID card with one's phone and a picture of the bloke.

[OMGImInPattaya]

Tell him to cash the check himself and hand you the cash.

What, and spend hours counting and recounting the cash if it's a substantial amount...not very practical.

[OMGImInPattaya]

Checks can bounce Cash does not contain any rubber

Do you know what a cashier's check is...may I suggest Google.

[bizader]

A cashier's cheque is as safe as cash, as before issuing a Cashier's cheque, the bank will block the money from the issuer's account until the Cashier's cheque is deposited by the receiver. You should however be sure that the buyer has issued a Cashier's cheque and not a normal bank cheque. I suggest that you ask the Buyer to send you a picture of the Cashier's cheque that he has issued before going to the Transport office and you can show the picture at the Bank to confirm that it is indeed a Cashier's cheque. The Cashier's cheque will usually take working 2 days to clear.

[seedy]

post containing one symbol removed.

[billphillips]

How to sell or buy a car in Thailand ....

Step one .... Pay money.

Step two .... Transfer ownership.

Try taking a cashiers payment to a car dealer. You will sit and wait while staff take it to a bank and clear it before anything else happens. Your purchaser should expect you to do the same. At the moment the funds are cleared give him a receipt for the money as payment for the car, keys and blue book. Agree to meet at the transport office.

I would not accept a bankers payment on face value, here or anywhere, it's far too easy to forge these days. I strongly suspect your purchaser will be a "no show" once he knows you intend to clear the payment first.

[ardokano]

Today we have mobile/online banking, we can transfer with a push of a button on the phone, and it will be in the others account in just minutes even inter-bank.

you are very likely being scammed! And even if not, it will only make things more complicated like this. Please be careful.

1. more easy be scammed from online banking.

I evry month get massege from bank care about security online banking. So its mean have problem. And its nean some one can trasfer money from scammed account. After even few hour its amount can be hold if owner scamed account call bank and police.

Even you can be arested. So risk with online transaction highest .

2. Have some limit any bank from this is limit amount cant be hold on. So you even do not see in you account money.

Different country and bank different limit. Do you know how much is in Thailand?

Edited February 4, 2016 by ardokano

[inzman]

Checks are worthless in Thailand. There are no protections for anything in Thai banks, money talks bull scat walks. Bought and sold many cars houses bikes here, always cash. Btw, 3 million will just fit under my bike seat.

[mankondang]

When I bought my home, the Real Estate Agent, a farang, demanded payment by cashiers cheque. Itwas good for me, as it stays as proof of payment.